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.
| 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.
| 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 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 509.51 | 441.51 | (13.3 %) |
| Gross Income | 207.17 | 165.76 | (20.0 %) |
| Operating Income | 63.05 | 43.27 | (31.4 %) |
| Net Income | 34.09 | 24.22 | (29.0 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.43 | 0.30 | (29.0 %) |
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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