Al Arabia profit leaps 33% to SAR 274.7 mln in 2022; Q4 at SAR 81.1 mln

16/03/2023 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 274.7 million for 2022, a leap of 33% compared to SAR 206.3 million in the previous year.

Financials (M)

Item	2021	2022	Change‬
Revenues	720.63	1,126.18	56.3 %
Gross Income	330.28	486.99	47.4 %
Operating Income	261.33	383.96	46.9 %
Net Income	206.25	274.70	33.2 %
Average Shares	50.00	50.00	-
EPS (Riyals)	4.12	5.49	33.2 %

The profit growth was due to a 56% year-on-year (YoY) rise in revenue to SAR 1.13 billion. This reflected the company’s continuation of digital transformation and commitment to its strategic goals.

Sticking to the digital transformation plan contributed to the growth in client base and advertising spaces available to the company. This, in turn, increased its capacity to accommodate more advertising campaigns.

The company reported a net profit of SAR 81.13 million in Q4 2022, a 14.9% increase from SAR 70.60 million in Q4 2021.

On a sequential basis, net profit grew 23.1% from SAR 65.89 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	226.13	317.43	40.4 %
Gross Income	107.32	145.57	35.6 %
Operating Income	89.90	112.78	25.5 %
Net Income	70.60	81.13	14.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.41	1.62	14.9 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	257.72	317.43	23.2 %
Gross Income	106.05	145.57	37.3 %
Operating Income	85.49	112.78	31.9 %
Net Income	65.89	81.13	23.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.32	1.62	23.1 %

Total shareholders’ equity, no minority interest, reached SAR 819.87 million as of Dec. 31, 2022, from SAR 731.27 million a year earlier.

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