Al Naqool 2021 net profit up 42% to SAR 9.2 mln

31/03/2022 Argaam Exclusive

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Mohammed Hasan Al Naqool Sons Co., which was listed on Nomu–Parallel Market in June, reported a net profit after Zakat and Tax of SAR 9.2 million in 2021, a 42% increase compared to SAR 6.5 million the year before.

Financials (M)

Item	2020	2021	Change‬
Revenues	44.84	53.32	18.9 %
Gross Income	10.21	11.01	7.9 %
Operating Income	6.58	8.16	23.9 %
Net Income	6.48	9.20	42.1 %
Average Shares	2.90	2.90	-
EPS (Riyals)	2.23	3.17	42.1 %

The company attributed the rise in net profit to an 18.9% increase in revenues and a 4.4% drop in operating costs, along with a 9.2% decrease in administrative expenses in 2021. Al Naqool also logged SAR 1.2 million in net profit as a result of its investment in the Graphene Venture Fund.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	26.03	30.08	15.5 %
Gross Income	7.39	4.97	(32.7 %)
Operating Income	5.02	4.00	(20.2 %)
Net Income	4.96	5.16	4.1 %
Average Shares	2.90	2.90	-
EPS (Riyals)	1.71	1.78	4.1 %

Item	H1 2021	H2 2021	Change‬
Revenues	23.25	30.08	29.4 %
Gross Income	6.04	4.97	(17.7 %)
Operating Income	4.16	4.00	(3.8 %)
Net Income	4.04	5.16	27.7 %
Average Shares	2.90	2.90	-
EPS (Riyals)	1.39	1.78	27.7 %

Shareholders’ equity, excluding minority interest, stood at SAR 50.229 million as of Dec. 31, 2021, compared to SAR 41.023 million a year earlier.

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