Astra H1 2022 profit surges to SAR 317.8 mln; Q2 at SAR 243.1 mln

11/08/2022 Argaam Exclusive

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Astra Industrial Group’s H1 2022 net profit after Zakat and tax more than tripled to SAR 317.8 million, from SAR 105.2 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,127.63	1,243.06	10.2 %
Gross Income	463.38	499.64	7.8 %
Operating Income	188.23	186.71	(0.8 %)
Net Income	105.21	317.79	202.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.32	3.97	202.1 %

The group cited gains from discontinued operations, along with higher sales and gross profit from the pharmaceuticals and specialty chemicals segments.

It also reported a decline in other expenses in the pharmaceuticals segment, and lower provision for impairment of financial assets in all segments.

On the other hand, Astra recorded an increase in selling and distribution expenses, as well as general and administrative (G&A) expenses in all segments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	533.09	608.54	14.2 %
Gross Income	205.37	225.76	9.9 %
Operating Income	71.02	91.40	28.7 %
Net Income	54.60	243.10	345.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.68	3.04	345.2 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	634.52	608.54	(4.1 %)
Gross Income	273.88	225.76	(17.6 %)
Operating Income	95.31	91.40	(4.1 %)
Net Income	74.69	243.10	225.5 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.93	3.04	225.5 %

In Q2 2022, net profit after Zakat and tax skyrocketed to SAR 243.1 million, from SAR 54.60 million in the prior-year period, driven by gains from discontinued operations, along with higher sales and gross profit from the pharmaceuticals and specialty chemicals segments.

Compared to Q1 2022, net profit increased by over threefold from SAR 74.69 million, on lower selling and distribution expenses, as well as G&A.

Shareholders’ equity, after minority interest, stood at SAR 1.644 billion as of June 30, 2022, up from SAR 1.352 billion a year earlier.

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