Financial Results : Al Arabia profit up 38% to SAR 175.9 mln in H1 2023; Q2 at SAR 85 mln

Al Arabia profit up 38% to SAR 175.9 mln in H1 2023; Q2 at SAR 85 mln

10/08/2023 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit of SAR 175.9 million in H1 2023, a rise of 38% from SAR 127.7 million a year earlier.

 


Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 551.04 606.68 10.1 %
Gross Income 235.37 285.79 21.4 %
Operating Income 185.70 226.60 22.0 %
Net Income 127.68 175.86 37.7 %
Average Shares 50.00 50.00 -
EPS (Riyals) 2.55 3.52 37.7 %

This was spurred by the increase in revenues from the indoor and outdoor advertising segments. This came despite a 19% year-on-year growth in operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 263.64 294.32 11.6 %
Gross Income 106.26 142.23 33.9 %
Operating Income 79.69 111.88 40.4 %
Net Income 62.79 85.04 35.4 %
Average Shares 50.00 50.00 -
EPS (Riyals) 1.26 1.70 35.4 %

Meanwhile, Q2 2023 net profit amounted to SAR 85 million, up 35.4% from SAR 62.80 million in the year-ago period.

 

Sequentially, the second-quarter profit tumbled by 6.4% from SAR 90.82 million due to quarterly seasonal changes in the company’s main activity, paired with a 13% rise in Zakat expenses amid a 6% quarter-on-quarter drop in revenues.

 

Shareholders’ equity, no minority interest, advanced to SAR 971.62 million by the end of H1 2023, from SAR 765.96 million in the prior-year period.

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