Amwaj International posts 3% profit growth to SAR 29 mln

Amwaj International Co. posted a 3% rise in 2022 net profit to SAR 29 million, compared to SAR 28.3 million in 2021, backed by a 19.7% rise year-on-year (YoY) in revenues to SAR 323.92 million.

This strong performance was mainly attributable to strong growth in the heating, ventilation, and air conditioning (HVAC) solutions segment, which includes the enterprise projects and consumer segments, as well as strong aftermarket performance. Although the home appliances segment was challenged by inflationary pressures and market conditions, the HVAC strong performance offset the slowdown.

Gross profit reached SAR 64.18 million in 2022, an increase of 10.91%, from SAR 57.86 million in 2021.

The rise in gross profit was driven by higher sales, improvement in diversification of the company's portfolio and continued improvement in cost of goods sold (COGS).

Operating profit jumped 12.57% YoY to SAR 40.40 million for 2022.

On the other hand, selling and distribution expenses increased on an annual basis due to higher sales volume. In addition, general and administrative expenses increased due to a rise in fixed costs throughout the year.

Shareholders' equity, no minority rights, rose to SAR 122.50 million as of Dec. 31, 2022, from SAR 93.11 million a year earlier.

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