Financial Results : Baazeem Q1 2022 net profit down 9% to SAR 8.9 mln

Baazeem Q1 2022 net profit down 9% to SAR 8.9 mln

19/05/2022 Argaam Exclusive

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Baazeem Trading Co. reported a decline of 9% in Q1 2022 net profit after Zakat and tax to SAR 8.9 million, compared to SAR 9.8 million in the first quarter of 2021, on the back of a 6.76% drop year-on-year (YoY) in sales. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 79.84 74.44 (6.8 %)
Gross Income 29.09 26.62 (8.5 %)
Operating Income 11.31 10.07 (11.0 %)
Net Income 9.78 8.89 (9.1 %)
Average Shares 101.25 101.25 -
EPS (Riyals) 0.10 0.09 (9.1 %)

Compared to Q4 2021, net profit after Zakat and tax climbed 54.4% from SAR 5.76 million, driven by higher sales during the holy month of Ramadan, and Zakat differentials of SAR 2.27 million for the period from 2014-2018, which were recognized in Q4 2021.

 

Shareholders’ equity, after minority interest, declined 1% to SAR 200.988 million by the end of the three-month period, from SAR 202.977 million a year earlier.

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