APICO posts 19% profit growth to SAR 9.3 mln in 2022

29/03/2023 Argaam Exclusive

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Arabian Plastic Industrial Co. (APICO) reported a rise of 19% in 2022 net profit to SAR 9.3 million, compared to SAR 7.8 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	116.68	154.57	32.5 %
Gross Income	17.68	21.34	20.7 %
Operating Income	9.27	11.74	26.7 %
Net Income	7.81	9.30	19.1 %
Average Shares	5.00	5.00	-
EPS (Riyals)	1.56	1.86	19.1 %

The higher profit was buoyed by a 32.47% year-on-year increase in revenue on strategic initiatives of expansion in sales footsteps to various Saudi regions as well as growth in customer base.

This was despite an increase in sales expenses and finance cost.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	59.48	77.26	29.9 %
Gross Income	8.82	10.63	20.5 %
Operating Income	4.92	5.67	15.2 %
Net Income	4.17	4.57	9.6 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.83	0.91	9.6 %

Item	H1 2022	H2 2022	Change‬
Revenues	77.31	77.26	(0.1 %)
Gross Income	10.71	10.63	(0.8 %)
Operating Income	6.07	5.67	(6.6 %)
Net Income	4.74	4.57	(3.6 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.95	0.91	(3.6 %)

Total shareholders’ equity, no minority interest, reached SAR 82.6 million at the end of 2022, compared with SAR 73.3 million a year earlier.

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