Anaam swings to profit of SAR 2.9 mln in H1 2022; Q2 loss at SAR 1.2 mln

26/09/2022 Argaam Exclusive

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Anaam International Holding Group turned to a net profit of SAR 2.9 million for the first half of 2022, against a net loss of SAR 1.8 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	3.90	7.19	84.2 %
Gross Income	1.33	0.47	(64.3 %)
Operating Income	(5.27)	(8.34)	(58.3 %)
Net Income	(1.82)	2.89	258.6 %
Average Shares	622.01	630.00	1.3 %
EPS (Halala)	(0.29)	0.46	256.6 %

The positive results were driven by increased revenue of the newly-acquired entity, revaluation of investment properties and gains from the other investments. This came despite a 64% plunge year-on-year (YoY) in gross profit, due to the higher cost of sales for the newly-acquired entity. Overall, the cost of sales increased by 161% YoY despite an 84% rise in revenue.

In Q2 2022, Anaam turned to net losses of SAR 1.2 million, from a net profit of SAR 650,000 in the prior-year period, on the higher cost of sales related to the newly-acquired entity and lower fair value of other investments.

Anaam turned to a loss from a profit of SAR 3.52 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1.91	3.97	108.3 %
Gross Income	0.60	0.20	(67.3 %)
Operating Income	(2.52)	(1.96)	22.2 %
Net Income	0.65	(1.15)	(276.8 %)
Average Shares	622.01	630.00	1.3 %
EPS (Halala)	0.10	(0.18)	(274.6 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	3.22	3.97	23.4 %
Gross Income	0.28	0.20	(29.5 %)
Operating Income	(6.39)	(1.96)	69.3 %
Net Income	4.03	(1.15)	(128.4 %)
Average Shares	622.01	630.00	1.3 %
EPS (Halala)	0.65	(0.18)	(128.0 %)

Total shareholders’ equity, after minority interest, stood at SAR 307.761 million as of June 30, 2022, compared to SAR 84.329 million a year earlier.

Accumulated losses reached SAR 7.239 million, representing 2.3% of capital, as of June 30, 2022.

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