Thob Al Aseel’s 9M 2022 profit down 8% to SAR 47.7 mln; Q3 at SAR 3.7 mln

25/10/2022 Argaam Exclusive

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. 



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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Share Price

Thob Al Aseel Co.
4.33
0.03 0.70 %

Thob Al Aseel Co. (ALASEEL)

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Financial Ratios
Current
Market Cap (M Riyal) 1,732.00
Enterprise Value (EV) (M) 1,640.67
Shares Outstanding ((M)) 400.00
EPS ( Riyal) (TTM) 0.21
Book Value (BV) ( Riyal) 1.45
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 20.67
P/E (TTM) 20.67
Price/book 2.98
Return on Average Assets (%) (TTM) 12.2
Return on Average Equity (%) (TTM) 14.5
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