Aqaseem H1 2023 profit soars to SAR 5.8 mln

15/08/2023 Argaam Exclusive

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Aqaseem Factory for Chemicals and Plastics Co.'s net earnings for H1 2023 surged to SAR 5.8 million, compared with SAR 1.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	61.24	74.62	21.9 %
Gross Income	12.27	17.81	45.2 %
Operating Income	2.24	6.46	188.6 %
Net Income	1.71	5.77	237.0 %
Average Shares	2.50	2.50	-
EPS (Riyals)	0.69	2.31	237.0 %

This was due to a 5% year-on-year decline in the cost of sales on lower raw material prices, in addition to the company’s direction to pay cash to some suppliers to obtain discounted prices.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	61.24	74.62	21.9 %
Gross Income	12.27	17.81	45.2 %
Operating Income	2.24	6.46	188.6 %
Net Income	1.71	5.77	237.0 %
Average Shares	2.50	2.50	-
EPS (Riyals)	0.69	2.31	237.0 %

Item	H2 2022	H1 2023	Change‬
Revenues	79.27	74.62	(5.9 %)
Gross Income	16.76	17.81	6.3 %
Operating Income	4.96	6.46	30.2 %
Net Income	4.31	5.77	34.0 %
Average Shares	2.50	2.50	-
EPS (Riyals)	1.72	2.31	34.0 %

Shareholders’ equity, no minority interest, reached SAR 51.54 million as of June 30, 2023, compared with SAR 41.65 million a year earlier.

Historical Development of Financials (SAR mln)
Period	Revenues (SAR mln)	Net Earnings (SAR mln)	EPS (SAR/Share)
H1 2020	35.48	3.52	1.41
H2 2020	34.77	4.05	1.62
H1 2021	45.58	3.96	1.58
H2 2021	53.14	3.26	1.31
H1 2022	61.24	1.71	0.69
H2 2022	79.27	4.31	1.72
H1 2023	74.62	5.77	2.31

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