Thob Al-Aseel Co. reported a net profit after Zakat and tax of SAR 48.5 million for the first half of 2021, a fall of 30.6% from SAR 69.8 million in the year-ago period.
The company was hit by lower sales and gross profit, due to the increase in low-profitability product sales. Moreover, the Saudi government initiatives had a positive impact on net profit during the first half of 2020.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 311.29 | 306.89 | (1.4 %) |
| Gross Income | 117.84 | 108.57 | (7.9 %) |
| Operating Income | 77.76 | 59.71 | (23.2 %) |
| Net Income | 69.84 | 48.46 | (30.6 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.17 | 0.12 | (30.6 %) |
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 193.84 | 168.06 | (13.3 %) |
| Gross Income | 74.86 | 61.02 | (18.5 %) |
| Operating Income | 56.01 | 40.55 | (27.6 %) |
| Net Income | 52.32 | 34.49 | (34.1 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.13 | 0.09 | (34.1 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 138.84 | 168.06 | 21.0 % |
| Gross Income | 47.56 | 61.02 | 28.3 % |
| Operating Income | 19.16 | 40.55 | 111.7 % |
| Net Income | 13.97 | 34.49 | 146.8 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.03 | 0.09 | 146.8 % |
The second-quarter net profit decreased by 34% to SAR 34.5 million from SAR 52.32 million in Q2 2020
When compared to the previous quarter, the company’s net profit after Zakat and tax more than doubled from SAR 14 million, driven by higher sales, due to seasonal factors.
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