Thob Al Aseel Co. posted a net profit of SAR 27.8 million in Q1 2023, a 46% increase from SAR 19 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 186.30 | 190.49 | 2.2 % |
| Gross Income | 63.45 | 66.28 | 4.4 % |
| Operating Income | 24.54 | 33.83 | 37.9 % |
| Net Income | 18.98 | 27.76 | 46.3 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.05 | 0.07 | 46.3 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 100.44 | 190.49 | 89.7 % |
| Gross Income | 43.43 | 66.28 | 52.6 % |
| Operating Income | 15.32 | 33.83 | 120.9 % |
| Net Income | 5.75 | 27.76 | 382.4 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.01 | 0.07 | 382.4 % |
The positive performance was driven by a 4.45% year-on-year (YoY) increase in gross profit to SAR 66.28 million during Q1 2023, due to the growth in sales and improved profit margins.
Meanwhile, provision for credit losses fell by 58% YoY on collection improvement.
Sequentially, net profit saw almost a four-fold increase from SAR 5.75 million in Q4 2022.
Shareholders’ equity, no minority interest, stood at SAR 570.42 million as of March 31, 2023, compared to SAR 568.23 million a year earlier.
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