Baazeem net profit jumps 25% to SAR 15.5 mln in H1 2020

20/08/2020 Argaam Exclusive

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Baazeem Trading Co. reported a net profit after Zakat and tax of SAR 15.5 million for the first half of 2020, a 25% increase from SAR 12.4 million a year earlier, thanks to a 16.1% growth in sales.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	131.40	152.62	16.1 %
Gross Income	42.58	48.87	14.8 %
Operating Income	15.61	18.92	21.1 %
Net Income	12.38	15.49	25.2 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.12	0.15	25.2 %

The second-quarter net profit after Zakat and tax climbed by 23% year-on-year (YoY) to SAR 6.6 million, driven by higher sales amid better demand for the company’s products as the Kingdom’s residents stayed at home amid the COVID-19 outbreak.

When compared to previous quarter, net profit dropped 26% due to seasonal factors and the holy month of Ramadan.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	66.71	71.75	7.6 %
Gross Income	21.18	22.84	7.9 %
Operating Income	6.90	8.30	20.3 %
Net Income	5.36	6.59	22.9 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.07	22.9 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	80.87	71.75	(11.3 %)
Gross Income	31.05	22.84	(26.4 %)
Operating Income	10.62	8.30	(21.9 %)
Net Income	8.91	6.59	(26.0 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.09	0.07	(26.0 %)

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