Financial Results : Rayan Advanced Industrial net profit down 11% to SAR 14.5 mln in H1 2022

Rayan Advanced Industrial net profit down 11% to SAR 14.5 mln in H1 2022

31/10/2022 Argaam Exclusive

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Rayan Advanced Industrial Co. reported a net profit of SAR 14.5 million in the first half of 2022, an 11% decline compared to SAR 16.4 million in the year-ago period.



The downturn was due to a lower gross profit margin (GPM) of 22% during the six-month period, compared to 26% in the year before. Besides, other revenue plummeted to SAR 559,000 from 680,000 in H1 2021, while selling and distribution expenses jumped 60% year-on-year (YoY). Zakat expenses and financing costs also grew.  

 

This was partially offset by an increase in revenue.



Shareholders’ equity grew to SAR 138.9 million as of June 30, 2022, from SAR 134.4 million in the year-earlier period.

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