Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 175.9 million in H1 2023, a rise of 38% from SAR 127.7 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 551.04 | 606.68 | 10.1 % |
| Gross Income | 235.37 | 285.79 | 21.4 % |
| Operating Income | 185.70 | 226.60 | 22.0 % |
| Net Income | 127.68 | 175.86 | 37.7 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 2.55 | 3.52 | 37.7 % |
This was spurred by the increase in revenues from the indoor and outdoor advertising segments. This came despite a 19% year-on-year growth in operating expenses.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 263.64 | 294.32 | 11.6 % |
| Gross Income | 106.26 | 142.23 | 33.9 % |
| Operating Income | 79.69 | 111.88 | 40.4 % |
| Net Income | 62.79 | 85.04 | 35.4 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.26 | 1.70 | 35.4 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 312.37 | 294.32 | (5.8 %) |
| Gross Income | 143.56 | 142.23 | (0.9 %) |
| Operating Income | 114.72 | 111.88 | (2.5 %) |
| Net Income | 90.82 | 85.04 | (6.4 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.82 | 1.70 | (6.4 %) |
Meanwhile, Q2 2023 net profit amounted to SAR 85 million, up 35.4% from SAR 62.80 million in the year-ago period.
Sequentially, the second-quarter profit tumbled by 6.4% from SAR 90.82 million due to quarterly seasonal changes in the company’s main activity, paired with a 13% rise in Zakat expenses amid a 6% quarter-on-quarter drop in revenues.
Shareholders’ equity, no minority interest, advanced to SAR 971.62 million by the end of H1 2023, from SAR 765.96 million in the prior-year period.
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