MIS Q1 2022 net profit down 51% to SAR 4.6 mln

The company posted a decline in revenue from contract to SAR. 106.6 million in the current quarter from SAR 143.44 million in Q1 2021. Gross profit decreased to SAR 28.79 million, from SAR 32.4 million in Q1 2021, leading to lower gross profit margins. Moreover, selling and marketing expenses rose to SAR 2.82 million, from SAR 2.65 million in Q1 2021. General and administrative expenses also increased to SAR 16.34 million in Q1 2022, compared to SAR 12.6 million a year earlier.

Net profit after Zakat and tax contracted by 52.1% from SAR 9.61 million in the fourth quarter of 2021, due to lower revenue from contracts, a decline in gross profit and a rise in finance costs to SAR 5.24 million from SAR 4.17 million in Q4 2021.

Shareholders equity, after minority interest, stood at SAR 311.91 million by the end of the three-month period, down from SAR 312.63 million a year earlier.