Arabian Contracting Services Co. (Al Arabia) reported a net profit after Zakat and tax of SAR 206.3 million for 2021, over a seven-fold increase compared to SAR 25.2 million in the previous year.
The gain in net profit is attributed to the return to normalcy after the travel ban was lifted as tourist visas were issued and Umrah resumed.
In addition, schools and universities opened, and the Riyadh season started during Q4 2021. Moreover, the company reported the continuation of digital transformation and increased new projects and advertising spaces.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 497.59 | 720.63 | 44.8 % |
| Gross Income | 99.05 | 330.28 | 233.5 % |
| Operating Income | 51.43 | 261.33 | 408.2 % |
| Net Income | 25.20 | 206.25 | 718.4 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.50 | 4.12 | 718.4 % |
The company reported a net profit of SAR 70.6 million in Q4 2021, a 51% increase from SAR 46.6 million in Q4 2020.
On a sequential basis, net profit grew 23.7% from SAR 57.1 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 175.83 | 226.13 | 28.6 % |
| Gross Income | 69.60 | 107.32 | 54.2 % |
| Operating Income | 52.03 | 89.90 | 72.8 % |
| Net Income | 46.63 | 70.60 | 51.4 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.93 | 1.41 | 51.4 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 188.39 | 226.13 | 20.0 % |
| Gross Income | 86.76 | 107.32 | 23.7 % |
| Operating Income | 68.84 | 89.90 | 30.6 % |
| Net Income | 57.09 | 70.60 | 23.7 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.14 | 1.41 | 23.7 % |
Total shareholders’ equity rose 39% to SAR 731.28 million as of Dec. 31, 2021, from SAR 526.42 million a year earlier.
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