Tadweeer’s H1 2022 net profit falls 13% to SAR 8.5 mln

14/09/2022 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) posted a drop of 13% in H1 2022 net profit after Zakat and tax to SAR 8.5 million, compared to SAR 9.8 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	67.15	191.69	185.5 %
Gross Income	10.67	14.02	31.4 %
Operating Income	8.13	11.11	36.7 %
Net Income	9.77	8.47	(13.2 %)
Average Shares	45.00	58.08	29.1 %
EPS (Riyals)	0.22	0.15	(32.8 %)

The lower profit was attributed to a decline in gross profit margins (GPMs), due to the nature of business. The company explained that it deals with various types of minerals, and the sales of the current period included low-margin minerals. Accordingly, GPM decreased from 15.9% to 7.6%.

Moreover, the company’s Safe Information Modern System Co. was acquired in Dubai, which increased net profit by SAR 2.350 million in H1 2021

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	67.15	191.69	185.5 %
Gross Income	10.67	14.02	31.4 %
Operating Income	8.13	11.11	36.7 %
Net Income	9.77	8.47	(13.2 %)
Average Shares	45.00	58.08	29.1 %
EPS (Riyals)	0.22	0.15	(32.8 %)

Item	H2 2021	H1 2022	Change‬
Revenues	86.45	191.69	121.7 %
Gross Income	8.07	14.02	73.7 %
Operating Income	2.56	11.11	334.1 %
Net Income	1.50	8.47	465.5 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.03	0.15	465.5 %

Shareholders equity, after minority interest, reached SAR 146.686 million as of June 30, 2022, up from SAR 55.813 million a year earlier.

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