Tadweeer posts 20% profit rise to SAR 10.1 mln in H1 2023

13/08/2023 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) recorded a 10% increase in H1 2023 net profit to SAR 10.1 million from SAR 8.5 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	191.69	257.99	34.6 %
Gross Income	14.02	17.14	22.3 %
Operating Income	11.11	13.11	18.0 %
Net Income	8.47	10.15	19.8 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.15	0.17	19.8 %

The profit growth was buoyed by an around 35% rise year-on-year (YoY) in sales volumes.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	191.69	257.99	34.6 %
Gross Income	14.02	17.14	22.3 %
Operating Income	11.11	13.11	18.0 %
Net Income	8.47	10.15	19.8 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.15	0.17	19.8 %

Item	H2 2022	H1 2023	Change‬
Revenues	210.76	257.99	22.4 %
Gross Income	16.87	17.14	1.6 %
Operating Income	12.30	13.11	6.6 %
Net Income	9.64	10.15	5.2 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.17	5.2 %

Shareholders’ equity, with no minority interest, declined to SAR 186.14 million as of June 30, 2023, from SAR 146.68 million a year earlier.

Historical Data
Period	Revenue	Net Profit	EPS
H1 2021	67.15	9.77	0.17
H2 2021	86.45	1.5	0.03
H1 2022	212.93	8.47	0.15
H2 2022	212.24	9.65	0.17
H1 2023	257.99	10.15	0.17

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