Amwaj International’s 2021 net profit drops 37% to SAR 28.3 mln, Q4 loss at SAR 700,000

Amwaj International Co. posted a 37% fall in net profit to SAR 28.3 million for 2021, compared to SAR 44.7 million a year earlier.  

The profit decline was attributed to a 30% drop year-on-year (YoY) in revenue, despite a rise in gross profit margins to 21.4% from 19.6% in 2020. Moreover, selling, general and administrative expenses (SG&A) went lower.  

In Q4 2021, Amwaj swung to a net loss of SAR 700,000 against a net profit of SAR 1.73 million in the year-earlier period. 

The loss was incurred on a 58% decline YoY in revenue and a 64% increase in selling and distribution expenses.  

On the other hand, gross profit margins expanded to 22.3% from 19.5% in Q4 2020. General and administrative expenses declined to SAR 1.5 million in Q4 2021, compared to SAR 4.8 million in the year-earlier period.

The company also reported negative results, against a net profit of 7.89 million in Q3 2021, as revenue dived 66% despite a rise in gross profit margins to 22.3% from 20.1% in the previous quarter.

Shareholders’ equity, excluding minority interests, stood at SAR 93.1 million in 2021, up from SAR 85 million in 2020.

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