Financial Results : Astra posts more than twofold rise in H1 2020 profit to SAR 58.3 mln

Astra posts more than twofold rise in H1 2020 profit to SAR 58.3 mln

19/08/2020 Argaam Exclusive

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Astra Industrial Group reported a net profit after Zakat and tax of SAR 58.3 million in the first half of 2020, a more than twofold increase, compared to SAR 24.6 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 963.59 951.02 (1.3 %)
Gross Income 397.61 372.93 (6.2 %)
Operating Income 118.81 106.32 (10.5 %)
Net Income 24.68 58.32 136.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.31 0.73 136.3 %

The earnings increase was driven by a decrease in financial charges in the specialty chemical, pharmaceuticals and power and steel sector, along with lower provision for impairment of financial assets due to non-recurring reversal in the power and steel sector.

 

Additionally, selling and distribution expenses declined mainly in the pharmaceutical sector despite gross profits dropping in pharmaceuticals, and power and steel sectors.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 493.41 441.51 (10.5 %)
Gross Income 209.98 165.76 (21.1 %)
Operating Income 64.99 43.27 (33.4 %)
Net Income 15.78 24.22 53.5 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.20 0.30 53.5 %

The company reported a net profit after Zakat and tax of SAR 24.2 million in Q2 2020, climbing 53.5% year-on-year (YoY), driven by a decline in selling and distribution expenses in the pharmaceuticals sector, a drop in finance charges in the specialty chemicals sector and lower Zakat expenses in the pharmaceuticals sector.

 

On a quarterly basis, Q2 earnings decreased 28.9% on a decline in sales in all sectors except specialty chemicals, as well as a drop in gross profit in all sectors except power and steel sector.

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