Clean Life profits rise 33% to SAR 8.3 mln in 2022

22/08/2023 Argaam Exclusive

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Clean Life Co. reported a net profit of SAR 8.3 million by the end of 2022, a 33% increase from SAR 6.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	20.96	33.21	58.4 %
Gross Income	12.51	24.09	92.6 %
Operating Income	6.51	8.34	28.1 %
Net Income	6.26	8.27	32.2 %
Average Shares	0.50	1.50	-
EPS (Riyals)	12.51	5.51	(55.9 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬

Item	H1 2022	H2 2022	Change‬
Revenues	15.25	17.96	17.8 %
Gross Income	11.56	12.53	8.5 %
Operating Income	4.35	3.99	(8.3 %)
Net Income	4.08	4.19	2.6 %
Average Shares	1.50	1.50	-
EPS (Riyals)	2.72	2.79	2.6 %

The increase in profit was driven by a rise in revenues to SAR 33.2 million from SAR 21 million in 2021.

The company realized profits of SAR 388,000 from the sale of property, machinery, and equipment in 2022, compared to zero sales in the previous year.

This came despite an increase of 81% in general and administrative expenses and a rise in financing costs to SAR 203,000 from SAR 60,000 in 2021.

Total shareholders’ equity, no minority interest, jumped to SAR 18.93 million as of Dec. 31, 2022, from SAR 5.52 million a year earlier.

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