Astra Industrial H1 2021 profit up 80% to SAR 105.2 mln

09/08/2021 Argaam Exclusive

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Astra Industrial Group reported a net profit after Zakat and tax of SAR 105.2 million in the first half of 2021, an 80% increase, compared to SAR 58.3 million in the same period last year.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	951.02	1,127.63	18.6 %
Gross Income	372.93	463.38	24.3 %
Operating Income	106.32	188.23	77.0 %
Net Income	58.32	105.21	80.4 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.73	1.32	80.4 %

The earnings increase was driven by higher sales in all segments, along with lower selling and distribution expenses in the pharmaceuticals, and power and steel segments.

Additionally, other expenses increased in the pharmaceuticals business and provision for impairment of financial assets expenses for specialty chemicals segment.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	441.51	533.09	20.7 %
Gross Income	165.76	205.37	23.9 %
Operating Income	43.27	71.02	64.1 %
Net Income	24.22	54.60	125.4 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.30	0.68	125.4 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	594.55	533.09	(10.3 %)
Gross Income	258.01	205.37	(20.4 %)
Operating Income	117.21	71.02	(39.4 %)
Net Income	50.61	54.60	7.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.63	0.68	7.9 %

The company reported a net profit after Zakat and tax of SAR 54.6 million in Q2 2021, rising more than twofold year-on-year (YoY). This was backed by higher sales in all segments and rise in other income from pharmaceuticals, power and steel, and specialty chemicals segments.

On a quarterly basis, Q2 earnings rose 7.8% on a decline in other expenses in pharmaceuticals, power and steel, and specialty chemicals segments.

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