Al Arabia 9M 2022 profit leaps 43% to SAR 193.6 mln; Q3 at SAR 65.9 mln

08/11/2022 Argaam Exclusive

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Arabian Contracting Co. (Al Arabia) reported a net profit after Zakat and tax of SAR 193.6 million for the first nine months of 2022, an increase of 43%, compared to SAR 135.7 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	494.50	808.76	63.5 %
Gross Income	222.96	341.42	53.1 %
Operating Income	171.43	271.19	58.2 %
Net Income	135.65	193.57	42.7 %
Average Shares	50.00	50.00	-
EPS (Riyals)	2.71	3.87	42.7 %

The company attributed the profit growth to its focus on strategic objectives, continuation of digital transformation and expansion at a steady pace as planned. It also cited the continuity of innovation and excellence as well as maintaining the momentum of growth.

In Q3 2022, net profit after Zakat and tax rose 15% to SAR 65.9 million, from SAR 57 million in the year-earlier period, driven by the company's continuity of digital transformation and focus of on its strategy.

On a sequential basis, net profit rose 4.9% from SAR 62.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	188.39	257.72	36.8 %
Gross Income	86.76	106.05	22.2 %
Operating Income	68.84	85.49	24.2 %
Net Income	57.09	65.89	15.4 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.14	1.32	15.4 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	263.64	257.72	(2.2 %)
Gross Income	106.26	106.05	(0.2 %)
Operating Income	79.69	85.49	7.3 %
Net Income	62.79	65.89	4.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	1.26	1.32	4.9 %

Total shareholders’ equity, with no minority interest, stood at SAR 831.161 million by the end of 9M 2022, compared to SAR 662.070 million in a year-earlier period.

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