Financial Results : Al Arabia Q1 profit surges to SAR 64.9 mln

Al Arabia Q1 profit surges to SAR 64.9 mln

18/05/2022 Argaam Exclusive

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Arabian Contracting Services Co. posted a net profit after Zakat and tax of SAR 64.9 million for the first quarter of 2022, more than double from SAR 29.6 million a year earlier, according to a bourse filing. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 148.58 287.40 93.4 %
Gross Income 50.12 129.11 157.6 %
Operating Income 36.65 106.01 189.2 %
Net Income 29.63 64.89 119.0 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.59 1.30 119.0 %

The profit increase year-on-year was driven by the continuous digital transformation, which increased the advertising spaces. 

 

The company also cited a 93% increase YoY in Q1 2022 revenues and higher net operating profit.  

 

When compared to the previous quarter, net profit fell 8% from SAR 70.59 million, due to the partial increase in billboard rental costs and financing expenses.  

 

Shareholders’ equity, after minority interest, increased by 43% to SAR 796.168 million, from SAR 556.42 million in the same quarter a year earlier.  

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