Financial Results : Al-Omran net profit rises to SAR 2.8 mln for Q1 2021

Al-Omran net profit rises to SAR 2.8 mln for Q1 2021

19/05/2021 Argaam Exclusive

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Al-Omran Industrial Trading Co. reported a net profit after Zakat and tax of SAR 2.8 million for the first quarter of 2021, compared to a net profit of SAR 14,000 a year earlier.

 

The profit increase is driven by a rise in sales and profit margins, due to higher pricing.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 31.58 38.65 22.4 %
Gross Income 4.33 9.00 107.7 %
Operating Income 0.45 3.76 734.6 %
Net Income 0.04 2.84 7573.0 %
Average Shares 10.21 10.21 -
EPS (Riyals) 0.00 0.28 7573.0 %

When compared to the previous quarter, Al-Omran turned profitable from a net loss of SAR 3 million, thanks to higher sales.

Moreover, the provision for credit losses increased in the previous quarter by SAR 4.3 million, and a provision of SAR 1.68 million was allocated for inventory created in the previous quarter.

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