Astra makes SAR 237.6 mln profit in H1 2023; Q2 at SAR 114.7 mln

03/08/2023 Argaam Exclusive

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Astra Industrial Group reported a net profit of SAR 237.6 million in H1 2023, a decline of SAR 25.2% from SAR 317.8 million in the year-earlier period, as H1 2022 included gains from discontinued operations.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,243.06	1,399.67	12.6 %
Gross Income	499.64	589.41	18.0 %
Operating Income	186.71	265.81	42.4 %
Net Income	317.79	237.63	(25.2 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	3.97	2.97	(25.2 %)

Q2 2023 net profit dropped 52.8% year-on-year (YoY) to SAR 114.7 million, as Q2 2022 included gains from discontinued operations and some of the company segments reported higher general and administrative expenses (G&As).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	608.54	659.59	8.4 %
Gross Income	225.76	277.70	23.0 %
Operating Income	91.40	125.25	37.0 %
Net Income	243.10	114.74	(52.8 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	3.04	1.43	(52.8 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	748.28	659.59	(11.9 %)
Gross Income	311.97	277.70	(11.0 %)
Operating Income	138.78	125.25	(9.7 %)
Net Income	122.88	114.74	(6.6 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.54	1.43	(6.6 %)

On a sequential basis, net earnings fell 6.6% from SAR 122.88 million.

Shareholders’ equity, no minority equity, reached SAR 1.88 billion as of June 30, 2023, compared to SAR 1.64 billion prior year.

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