Thob Al Aseel Co. reported a drop of 8% in net profit after Zakat and tax to SAR 47.7 million in the first nine months of 2022, compared to SAR 52 million in the prior-year period.
The company was hit by increasing credit loss provisions in line with the general rise in trade receivables, according to the requirements of IFRS 9.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 390.22 | 408.36 | 4.6 % |
| Gross Income | 139.23 | 168.78 | 21.2 % |
| Operating Income | 67.78 | 63.46 | (6.4 %) |
| Net Income | 52.04 | 47.68 | (8.4 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.13 | 0.12 | (8.4 %) |
In Q3 2022, net profit after Zakat and tax grew by 2% to SAR 3.7 million, from SAR 3.58 million in Q3 2021, thanks to improved profit margins, due to better sales of high-margin products compared to the corresponding quarter of the previous year. The profit margin rose to 44% from 37% in Q3 2021.
Compared to the previous quarter, the company’s net profit tumbled 85.4% from SAR 25 million, on lower sales due to seasonality factors.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 83.33 | 65.43 | (21.5 %) |
| Gross Income | 30.66 | 28.68 | (6.4 %) |
| Operating Income | 8.07 | 7.52 | (6.9 %) |
| Net Income | 3.58 | 3.66 | 2.2 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.01 | 0.01 | 2.2 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 156.63 | 65.43 | (58.2 %) |
| Gross Income | 76.64 | 28.68 | (62.6 %) |
| Operating Income | 31.40 | 7.52 | (76.1 %) |
| Net Income | 25.05 | 3.66 | (85.4 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.06 | 0.01 | (85.4 %) |
Total shareholders’ equity, excluding minority interest, declined to SAR 566.89 million by the end of the nine-month period, from SAR 571.68 million a year earlier.
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