Amwaj International’s H1 net profit down 32% to SAR 10.2 mln

03/09/2023 Argaam Exclusive

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Amwaj International Co. reported a net profit of SAR 10.2 million for the year to June 30, 2023, a decline of 32% from SAR 15 million a year ago.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	166.22	154.89	(6.8 %)
Gross Income	29.70	27.56	(7.2 %)
Operating Income	17.91	14.04	(21.6 %)
Net Income	15.03	10.15	(32.4 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	2.50	1.69	(32.4 %)

Revenue declined 6.8% year-on-year (YoY) on lower sales of the heating, ventilation, air conditioning and home appliances solutions sector. The company also cited seasonal factors, high cost of financing, and increased marketing expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	166.22	154.89	(6.8 %)
Gross Income	29.70	27.56	(7.2 %)
Operating Income	17.91	14.04	(21.6 %)
Net Income	15.03	10.15	(32.4 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	2.50	1.69	(32.4 %)

Item	H2 2022	H1 2023	Change‬
Revenues	157.70	154.89	(1.8 %)
Gross Income	34.48	27.56	(20.1 %)
Operating Income	22.49	14.04	(37.6 %)
Net Income	14.00	10.15	(27.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	2.33	1.69	(27.5 %)

Total shareholders’ equity, no minority interest, reached SAR 132.65 million by June 30, 2023, compared to SAR 108.14 million in the prior year.

Quarterly Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	165.43	21.08	3.51
H2 2021	105.12	7.18	1.20
H1 2022	166.22	15.03	2.50
H2 2022	157.70	14.00	2.34
H1 2023	154.89	10.15	1.69

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