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.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 385.75 | 270.55 | (29.9 %) |
| Gross Income | 75.48 | 57.87 | (23.3 %) |
| Operating Income | 51.66 | 35.89 | (30.5 %) |
| Net Income | 44.69 | 28.26 | (36.8 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 7.45 | 4.71 | (36.8 %) |
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.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 63.35 | 26.81 | (57.7 %) |
| Gross Income | 12.38 | 5.98 | (51.7 %) |
| Operating Income | 4.56 | (0.46) | (110.2 %) |
| Net Income | 1.73 | (0.71) | (140.8 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 0.29 | (0.12) | (140.8 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 78.32 | 26.81 | (65.8 %) |
| Gross Income | 15.71 | 5.98 | (61.9 %) |
| Operating Income | 10.11 | (0.46) | (104.6 %) |
| Net Income | 7.89 | (0.71) | (109.0 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 1.31 | (0.12) | (109.0 %) |
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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