Al Arabia turns to profit of SAR 135.7 mln in 9M 2021

15/11/2021 Argaam

Logo of Arabian Contracting Services Co. (Al Arabia)


Arabian Contracting Services Co. (Al Arabia), which was listed on Tadawul today, Nov. 15, reported a net profit of SAR 135.7 million (SAR 2.71 a share) for the first nine months of 2021, against a loss of SAR 21.4 million a year earlier.

 

Income Statement – Interim

Items

September 2020

September 2021

Variation

Sales

321.8

494.5

+54%

Gross Income

29.4

223.0

+65%

Gross Profit Margins

9.2%

45.1%

+35.9%

Net Profit

(21.4)

135.7

--

No. of Shares

50.0

50.0

--

EPS

(0.43)

2.71

--

 

The profit growth is driven by a remarkable improvement in profit margins, as revenue increased by 54% year-on-year (YoY) on a collective rise in operating segments' revenue.

 

The nine-month financials included SAR 11.5 million losses from the exclusion of equipment and machinery.

 

The following table shows the company's Q3 financials compared to year-earlier period:

 

Income Statement – Quarterly

Items

Q3 2020

Q3 2021

Variation

Sales

107.4

188.4

+75%

Gross Income

12.3

86.8

+605%

Gross Profit Margins

11.5 %

46.1 %

+34.6%

Net Profit

(6.1)

57.1

--

No. of Shares

50.0

50.0

--

EPS

(0.12)

1.14

--

 

The three-month profit growth is boosted by an improvement in profit margins, as revenue increased remarkably YoY on a collective rise in operating segments' revenue.

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