Tadweeer’s 2022 net profit jumps 61% to SAR 18.1 mln

29/03/2023 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) reported a net profit jump of 61% to SAR 18.1 million in 2022, compared to SAR 11.3 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	153.60	402.45	162.0 %
Gross Income	18.73	30.89	64.9 %
Operating Income	10.68	23.40	119.1 %
Net Income	11.26	18.12	60.8 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.19	0.31	60.8 %

This profit rise came as sales grew 163% year-on-year (YoY). This is in addition to the efficient management of the cost of sales as well as general and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	86.45	210.76	143.8 %
Gross Income	8.07	16.87	109.1 %
Operating Income	2.56	12.30	380.7 %
Net Income	1.50	9.64	543.6 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.03	0.17	543.6 %

Item	H1 2022	H2 2022	Change‬
Revenues	191.69	210.76	9.9 %
Gross Income	14.02	16.87	20.4 %
Operating Income	11.11	12.30	10.7 %
Net Income	8.47	9.64	13.8 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.15	0.17	13.8 %

Total shareholders’ equity, no minority interest, stood at SAR 156.5 million by Dec. 31, 2022, compared to SAR 138.3 million a year earlier.

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