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 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	312.37	294.32	(5.8 %)
Gross Income	143.56	142.23	(0.9 %)
Operating Income	114.72	111.88	(2.5 %)
Net Income	90.82	85.04	(6.4 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	1.82	1.70	(6.4 %)

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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