Aqaseem’s net profit down 57% to SAR 1.7 mln in H1 2022

23/08/2022 Argaam Exclusive

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Aqaseem Factory for Chemicals and Plastics Co. reported a net profit after Zakat and tax of SAR 1.7 million for the first six-month period of 2022, a 57% decline from nearly SAR 4 million in the same period a year ago.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	45.58	61.24	34.4 %
Gross Income	11.92	12.27	2.9 %
Operating Income	3.95	2.24	(43.4 %)
Net Income	3.95	1.71	(56.7 %)
Average Shares	2.50	2.50	-
EPS (Riyals)	1.58	0.69	(56.7 %)

The profit decline is due to the increase in the prices of raw materials and the company's acquisition of an additional market share, which resulted in a growth rate of 134% year-on-year (YoY).

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	45.58	61.24	34.4 %
Gross Income	11.92	12.27	2.9 %
Operating Income	3.95	2.24	(43.4 %)
Net Income	3.95	1.71	(56.7 %)
Average Shares	2.50	2.50	-
EPS (Riyals)	1.58	0.69	(56.7 %)

Item	H2 2021	H1 2022	Change‬
Revenues	53.15	61.24	15.2 %
Gross Income	11.97	12.27	2.5 %
Operating Income	4.34	2.24	(48.4 %)
Net Income	3.27	1.71	(47.6 %)
Average Shares	2.50	2.50	-
EPS (Riyals)	1.31	0.69	(47.6 %)

Total shareholders’ equity after minority interest stood at SAR 41.652 million as of June 30, 2022, from SAR 39.940 million a year earlier.

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