Financial Results : Al Arabia H1 2022 net profit up 63% to SAR 127.7 mln; Q2 at SAR 62.8 mln

Al Arabia H1 2022 net profit up 63% to SAR 127.7 mln; Q2 at SAR 62.8 mln

22/08/2022 Argaam Exclusive

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Arabian Contracting Co. (Al Arabia) reported a net profit after Zakat and tax of SAR 127.7 million in the first six months of 2022, an increase of 63%, compared to SAR 78.6 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 306.11 551.04 80.0 %
Gross Income 136.20 235.37 72.8 %
Operating Income 102.60 185.70 81.0 %
Net Income 78.57 127.68 62.5 %
Average Shares 50.00 50.00 -
EPS (Riyals) 1.57 2.55 62.5 %

The earnings increase was primarily due to the continued expansion of digital transformation operations and the rise in advertising spaces, which directly resulted in increasing the client base for 2022 to include new sectors.

 

In addition, the start of Jeddah season during Q2 2022 and the continuation of Riyadh season for the same period helped increase the earnings. The company’s regional expansion, entry into new projects and strategic partnership supported its marketing plans locally and regionally.

 

In Q2 2022, net profit after Zakat and tax rose 28% to SAR 62.8 million, from SAR 48.9 million in the year-earlier period.

 

On a sequential basis, net profit fell 3% from SAR 64.9 million, on higher administrative and general expenses, due to the consolidation of financial statements with the United Media Services Co. in Egypt and Al Arabia’s new subsidiary, Sindebaad.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 157.53 263.64 67.4 %
Gross Income 86.08 106.26 23.4 %
Operating Income 65.95 79.69 20.8 %
Net Income 48.94 62.79 28.3 %
Average Shares 50.00 50.00 -
EPS (Riyals) 0.98 1.26 28.3 %

Total shareholders’ equity, excluding minority interest, stood at SAR 765.963 million by the end of H1 2022, compared to SAR 604.985 million in a year-earlier period.

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