APICO profit rises 38% to SAR 6.5 mln in H1 2023

03/09/2023 Argaam Exclusive

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Arabian Plastic Industrial Co. (APICO) posted a net profit of SAR 6.5 million in H1 2023, up 38% from SAR 4.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	77.31	82.47	6.7 %
Gross Income	10.71	14.31	33.6 %
Operating Income	6.07	8.16	34.4 %
Net Income	4.74	6.51	37.6 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.95	1.30	37.6 %

The profit increase was driven by a 34.5% increase in gross profit due to effective mix of profitable products, in addition to lower materials prices.

Shareholders’ equity, no minority interest, stood at SAR 89.10 million as of June 30, 2023, compared to SAR 78.02 million a year earlier.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	77.31	82.47	6.7 %
Gross Income	10.71	14.31	33.6 %
Operating Income	6.07	8.16	34.4 %
Net Income	4.74	6.51	37.6 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.95	1.30	37.6 %

Item	H2 2022	H1 2023	Change‬
Revenues	77.26	82.47	6.7 %
Gross Income	10.63	14.31	34.7 %
Operating Income	5.67	8.16	43.9 %
Net Income	4.57	6.51	42.6 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.91	1.30	42.6 %

Quarterly Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2021	57.21	3.64	0.73
H2 2021	59.47	4.17	0.83
H1 2022	77.31	4.74	0.95
H2 2022	77.26	4.56	0.91
H1 2023	82.47	6.51	1.30

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