Baazeem H1 2022 profit drops 9% to SAR 13.4 mln; Q2 down 7% to SAR 4.6 mln

09/08/2022 Argaam Exclusive

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Baazeem Trading Co. posted a decline of 9% in H1 2022 net profit after Zakat and tax to SAR 13.4 million, compared to SAR 14.7 million a year earlier, due to a 4.54% decline year-on-year (YoY) in sales.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	139.21	132.89	(4.5 %)
Gross Income	54.27	49.68	(8.5 %)
Operating Income	17.32	15.36	(11.3 %)
Net Income	14.69	13.44	(8.5 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.15	0.13	(8.5 %)

In Q2 2022, net profit after Zakat and tax decreased by 7% to SAR 4.6 million, from SAR 4.9 million in the prior-year period, as the company’s sales shrank by 1.55% YoY.

Compared to the previous quarter, net profit plunged 48.8% from SAR 8.89 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	59.38	58.45	(1.6 %)
Gross Income	25.18	23.06	(8.4 %)
Operating Income	6.01	5.29	(11.9 %)
Net Income	4.91	4.55	(7.2 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.04	(7.2 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	74.44	58.45	(21.5 %)
Gross Income	26.62	23.06	(13.4 %)
Operating Income	10.07	5.29	(47.4 %)
Net Income	8.89	4.55	(48.8 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.09	0.04	(48.8 %)

Shareholders’ equity, after minority interest, saw a slight decline of 0.87% to SAR 189.810 million by the end of the six-month period, from SAR 188.176 million a year earlier.

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