Baazeem net profit down 7% to SAR 18.9 mln in 9M 2021

10/11/2021 Argaam Exclusive

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Baazeem Trading Co. reported a net profit after Zakat and tax of SAR 18.9 million for the first nine months of 2021, a 7% decline compared to SAR 20.4 million in the same period last year.

The company attributed the decrease in net profit to lower sales.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	218.62	198.73	(9.1 %)
Gross Income	83.83	74.97	(10.6 %)
Operating Income	25.29	22.14	(12.5 %)
Net Income	20.39	18.87	(7.4 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.20	0.19	(7.4 %)

The company reported a net profit of SAR 4.2 million for Q3 2021, a 15% year-on-year (YoY) decrease.

On a sequential basis, net profit fell 14.8% from SAR 4.9 million in Q2 2021 on the change in the company’s brand mix.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	66.00	59.52	(9.8 %)
Gross Income	24.95	20.70	(17.0 %)
Operating Income	6.38	4.82	(24.5 %)
Net Income	4.89	4.18	(14.5 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.04	(14.5 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	59.38	59.52	0.2 %
Gross Income	25.18	20.70	(17.8 %)
Operating Income	6.01	4.82	(19.9 %)
Net Income	4.91	4.18	(14.8 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.04	(14.8 %)

Shareholders’ equity, after minority interest, grew to SAR 192.35 million as of Sept. 30, 2021, from SAR 185.32 million a year earlier.

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