Thob Al Aseel Co. reported a net profit after Zakat and tax of SAR 44 million in H1 2022, a decline of 9%, compared to SAR 48.5 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 306.89 | 342.93 | 11.7 % |
| Gross Income | 108.57 | 140.09 | 29.0 % |
| Operating Income | 59.71 | 55.94 | (6.3 %) |
| Net Income | 48.46 | 44.03 | (9.2 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.12 | 0.11 | (9.2 %) |
This was driven by higher credit loss provisions due to an increase in trade receivables in line with International Financial Reporting Standards (IFRS) 9 requirements.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 168.06 | 156.63 | (6.8 %) |
| Gross Income | 61.02 | 76.64 | 25.6 % |
| Operating Income | 40.55 | 31.40 | (22.6 %) |
| Net Income | 34.49 | 25.05 | (27.4 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.09 | 0.06 | (27.4 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 186.30 | 156.63 | (15.9 %) |
| Gross Income | 63.45 | 76.64 | 20.8 % |
| Operating Income | 24.54 | 31.40 | 28.0 % |
| Net Income | 18.98 | 25.05 | 32.0 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.05 | 0.06 | 32.0 % |
The company’s Q2 2022 net profit after Zakat and tax dropped 27% to SAR 25 million from SAR 34.49 million a year earlier on higher credit loss provisions as a result of increased trade receivables.
On a sequential basis, net profit increased by 32.1%, on higher profit margins amid increased sales of highly profitable products quarter-on-quarter.
Total shareholders’ equity, excluding minority interest, stood at SAR 593.49 million by the end of H1 2022, compared to SAR 590.82 million in the year-earlier period.
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