Baazeem 2021 profit falls 18% to SAR 21.6 mln; Q4 at SAR 2.7 mln

13/03/2022 Argaam Exclusive

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Baazeem Trading Co. reported an 18% drop in 2021 net profit after Zakat and tax to SAR 21.6 million, compared to SAR 26.3 million a year earlier.

The lower profit was attributed to a decline in sales and Zakat differences of SAR 2.27 million for the period from 2014 to 2018, which was charged to the 2021 Zakat expenses.

The founders’ also paid SAR 2.78 million, or 55% of total Zakat claims for the same period, which offset the financial impact on the company’s net profit.

Financials (M)

Item	2020	2021	Change‬
Revenues	285.48	259.91	(9.0 %)
Gross Income	110.72	96.98	(12.4 %)
Operating Income	32.39	27.86	(14.0 %)
Net Income	26.27	21.55	(18.0 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.26	0.21	(18.0 %)

The fourth-quarter net profit after Zakat and tax dipped 54.4% year-on-year to SAR 2.7 million.

Compared to Q3 2021, net profit dipped 35.9% from SAR 4.18 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	66.86	61.18	(8.5 %)
Gross Income	26.89	22.01	(18.1 %)
Operating Income	7.10	5.72	(19.4 %)
Net Income	5.88	2.68	(54.4 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.06	0.03	(54.4 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	59.52	61.18	2.8 %
Gross Income	20.70	22.01	6.3 %
Operating Income	4.82	5.72	18.7 %
Net Income	4.18	2.68	(35.9 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.03	(35.9 %)

Shareholders’ equity, after minority interest, edged up 1.5% to SAR 194.08 million in 2021, from SAR 191.20 million in 202.

The company incurred actuarial losses of SAR 950,236 on re-evaluating employee benefits as of Dec. 31, 2021.

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