Astra net profit up more than seven-fold to SAR 77.5 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Astra Industrial Group’s net profit after Zakat and tax increased by more than seven-fold year-on-year (YoY) to SAR 77.5 million for the first nine months of 2020, driven by lower financial charges, decreased loss share from joint ventures (JVs), and a decline in selling and distribution expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,410.75	1,384.86	(1.8 %)
Gross Income	559.41	552.30	(1.3 %)
Operating Income	148.09	135.88	(8.2 %)
Net Income	10.06	77.52	670.6 %
Average Shares	80.00	80.00	-
Earnings Per Share before unusual items (Riyals)	0.13	0.97	670.6 %
EPS (Riyals)	0.13	0.97	670.6 %

The third-quarter net profit after Zakat and tax stood at SAR 19.2 million, versus net loss of SAR 14.62 million in year-earlier period, due to higher gross profit, lower financial charges, and lower loss share from JVs.

The company also cited lower Zakat and income tax expenses.

On a sequential basis, Q3 2020 net profit dropped by 20.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	447.16	433.83	(3.0 %)
Gross Income	161.80	179.38	10.9 %
Operating Income	29.27	29.56	1.0 %
Net Income	(14.63)	19.20	231.3 %
Average Shares	80.00	80.00	-
Earnings Per Share before unusual items (Riyals)	(0.18)	0.24	231.3 %
EPS (Riyals)	(0.18)	0.24	231.3 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	441.51	433.83	(1.7 %)
Gross Income	165.76	179.38	8.2 %
Operating Income	43.27	29.56	(31.7 %)
Net Income	24.22	19.20	(20.7 %)
Average Shares	80.00	80.00	-
Earnings Per Share before unusual items (Riyals)	0.30	0.24	(20.7 %)
EPS (Riyals)	0.30	0.24	(20.7 %)

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