Anaam Holding posts 46% profit fall to SAR 11 mln in 9M 2022; Q3 at SAR 8.1 mln

10/11/2022 Argaam Exclusive

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Anaam International Holding Group posted to a net profit after Zakat and tax of SAR 11 million for the first nine months of 2022, a drop of 46% from SAR 20.2 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	5.85	17.79	204.4 %
Gross Income	2.03	6.65	227.7 %
Operating Income	(8.49)	(7.36)	13.3 %
Net Income	20.17	11.00	(45.5 %)
Average Shares	622.01	630.00	1.3 %
EPS (Halala)	3.24	1.75	(46.2 %)

The profit drop was attributed to higher selling, distribution, general and administrative (G&A) expenses. Growth in the gain from the revaluation of investment properties as well as in other revenues also impacted positively on the net profit for the current period compared to the same period of the previous year.

In Q3 2022, net profit after Zakat and tax plunged 63% to SAR 8.1 million, from SAR 22.0 million a year earlier, on an increase in selling, distribution and G&A expenses.

The plunge came despite a 446% year-on-year (YoY) surge in sales during the third quarter.

The company incurred a net loss of SAR 1.15 million in Q2 2022. Anaam turned profitable in Q3 of this year by gaining SAR 8.2 million from the revaluation of investments at fair value, against a loss of SAR 1 million during the previous quarter. The gross profit increased during the current quarter, mainly due to a jump in additional rental income from the new real estate investment.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1.94	10.61	445.9 %
Gross Income	0.70	6.17	780.5 %
Operating Income	(3.22)	0.98	130.6 %
Net Income	21.99	8.11	(63.1 %)
Average Shares	622.01	630.00	1.3 %
EPS (Halala)	3.53	1.29	(63.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	3.97	10.61	167.2 %
Gross Income	0.20	6.17	3049.0 %
Operating Income	(1.96)	0.98	150.3 %
Net Income	(1.15)	8.11	807.9 %
Average Shares	630.00	630.00	-
EPS (Halala)	(0.18)	1.29	807.9 %

Total shareholders’ equity, no minority interest, rose to SAR 315.872 million by the end of the nine-month period, from SAR 107.956 million a year earlier.

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