Al-Rashid Industrial Co., which filed for direct listing on Nomu Parallel-Market, reported a 9% profit rise to SAR 16.5 million in 2022, compared to SAR 15.2 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 95.15 | 116.50 | 22.4 % |
| Gross Income | 30.34 | 35.58 | 17.3 % |
| Operating Income | 16.12 | 17.70 | 9.8 % |
| Net Income | 15.22 | 16.55 | 8.7 % |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 1.90 | 2.07 | 8.7 % |
The profit growth was driven by a 23% leap in revenues to SAR 116.7 million in 2022 from SAR 95.1 million in 2021, thanks to the private sector revenues, which increased by 26% year-on-year (YoY).
Other income also rose to SAR 864,3000 in 2022 from SAR 375,800 a year earlier.
This came despite a decline in the operating profit margin to 15% from 17% in 2021, as operating expenses increased by 24%.
Al-Rashid reported impairment in financial assets of SAR 180,400 against a provision reversal of SAR 189,400 in 2021.
Shareholders’ equity, no minority interest, reached SAR 106.30 million by the end of the 12-month period, compared to SAR 98.44 million a year earlier.
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