TAM Development’s profit falls 16% to SAR 2.4 mln in H1 2022

13/04/2023 Argaam Exclusive

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TAM Development Co. reported a 16% fall in net profit to SAR 2.4 million in H1 2022, compared to SAR 2.8 million in H1 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	25.10	38.26	52.4 %
Gross Income	9.05	12.43	37.3 %
Operating Income	3.31	3.31	(0.1 %)
Net Income	2.81	2.37	(15.6 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	0.77	0.65	(15.6 %)

TAM’s performance was impacted by a drop in gross profit margin to 32% on higher cost of revenues. The operating profit margin also slowed to 9% in H1 2022 from 13% in the year before as general and administrative expenses climbed to SAR 9 million from SAR 6.1 million in H1 2021.

The company reported an increase in financing costs and Zakat provision.

It also realized other revenues of SAR 38,000 in H1 2022, compared to none for the current period a year ago.

It recorded a provision for impairment of receivables of SAR 85,000 for the current period, compared to provision reversal of SAR 352,000 for the similar period a year earlier.

Revenues jumped 52% year-on-year (YoY) as a result of a SAR 13 million rise in the revenues of the consulting services and project management segment.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	25.10	38.26	52.4 %
Gross Income	9.05	12.43	37.3 %
Operating Income	3.31	3.31	(0.1 %)
Net Income	2.81	2.37	(15.6 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	0.77	0.65	(15.6 %)

Item	H2 2021	H1 2022	Change‬
Revenues	64.75	38.26	(40.9 %)
Gross Income	26.38	12.43	(52.9 %)
Operating Income	14.48	3.31	(77.2 %)
Net Income	13.70	2.37	(82.7 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	3.74	0.65	(82.7 %)

Total shareholders’ equity, no minority interest, rose to SAR 46.25 million by the end of the six-month period from SAR 31.29 million a year earlier.

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