TAM Development’s profit falls 16% to SAR 2.4 mln in H1 2022

TAM Development Co. reported a 16% fall in net profit to SAR 2.4 million in H1 2022, compared to SAR 2.8 million in H1 2021. 

TAM’s performance was impacted by a drop in gross profit margin to 32% on higher cost of revenues. The operating profit margin also slowed to 9% in H1 2022 from 13% in the year before as general and administrative expenses climbed to SAR 9 million from SAR 6.1 million in H1 2021.

The company reported an increase in financing costs and Zakat provision.

It also realized other revenues of SAR 38,000 in H1 2022, compared to none for the current period a year ago.

It recorded a provision for impairment of receivables of SAR 85,000 for the current period, compared to provision reversal of SAR 352,000 for the similar period a year earlier.

Revenues jumped 52% year-on-year (YoY) as a result of a SAR 13 million rise in the revenues of the consulting services and project management segment.

Total shareholders’ equity, no minority interest, rose to SAR 46.25 million by the end of the six-month period from SAR 31.29 million a year earlier.