Baazeem net profit down 7% to SAR 17.5 mln in 9M 2022; Q3 at SAR 4 mln

08/11/2022 Argaam Exclusive

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Baazeem Trading Co. reported a net profit after Zakat and tax of SAR 17.5 million for the first nine months of 2022, a 7% decline compared to SAR 18.9 million in the same period last year.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	198.73	196.10	(1.3 %)
Gross Income	74.97	72.14	(3.8 %)
Operating Income	22.14	20.73	(6.4 %)
Net Income	18.87	17.49	(7.3 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.19	0.17	(7.3 %)

The profit drop was due to lower sales and higher cost of goods sold, driven by global inflation.

The company reported a net profit of SAR 4 million for Q3 2022, a 3% year-on-year (YoY) decrease, due to one-off cash dividends from its investments in the third quarter of 2021.

On a sequential basis, net profit fell 11% from SAR 4.6 million on higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	59.52	63.21	6.2 %
Gross Income	20.70	22.46	8.5 %
Operating Income	4.82	5.36	11.3 %
Net Income	4.18	4.04	(3.3 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	(3.3 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	58.45	63.21	8.1 %
Gross Income	23.06	22.46	(2.6 %)
Operating Income	5.29	5.36	1.3 %
Net Income	4.55	4.04	(11.2 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	(11.2 %)

Total shareholders’ equity, after minority interest, reached SAR 186.766 million as of Sept. 30, 2022, from SAR 192.357 million a year earlier.

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