Amwaj International records net profit down 29% to SAR 15 mln in H1 2022

07/09/2022 Argaam Exclusive

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Amwaj International Co. reported to a 29% drop in H1 2022 net profit after Zakat and tax to SAR 15 million, from SAR 21.1 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	165.43	166.22	0.5 %
Gross Income	36.18	29.70	(17.9 %)
Operating Income	26.24	17.91	(31.7 %)
Net Income	21.08	15.03	(28.7 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.51	2.50	(28.7 %)

The company cited higher cost of sales amid increased provisions for customer discounts and higher agent’s sales commissions. It also reported higher general and administrative expenses (G&A) on a rise in staff costs due to annual increments and new appointments in vacancies.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	165.43	166.22	0.5 %
Gross Income	36.18	29.70	(17.9 %)
Operating Income	26.24	17.91	(31.7 %)
Net Income	21.08	15.03	(28.7 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	3.51	2.50	(28.7 %)

Item	H2 2021	H1 2022	Change‬
Revenues	105.13	166.22	58.1 %
Gross Income	21.69	29.70	37.0 %
Operating Income	9.65	17.91	85.7 %
Net Income	7.18	15.03	109.3 %
Average Shares	6.00	6.00	-
EPS (Riyals)	1.20	2.50	109.3 %

Shareholders’ equity, after minority interest, rose to SAR 108.140 million as of June 30, 2022, from SAR 93.112 million a year earlier.

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