Al-Samaani posts SAR 1.2 mln profit in H1 2020

10/09/2020 Argaam Exclusive

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Al-Samaani Factory for Metal Industries Co. posted a net profit after Zakat and tax of SAR 1.2 million for H1 2020, against a net loss of SAR 622,000 a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	18.80	21.06	12.0 %
Gross Income	4.40	6.26	42.2 %
Operating Income	(0.72)	1.34	285.8 %
Net Income	(0.62)	1.22	295.8 %
Average Shares	153.96	153.96	-
EPS (Riyals)	0.00	0.01	295.8 %

The positive performance was buoyed by a 12% rise year-on-year (YoY) in sales. Operating expenses/total sales decreased to 70% in the first half, from 77% in H1 2019, leading to higher profit margins amid improved operating efficiency.

The results were also boosted by a decline in labor costs, as well as lower selling, general and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2019	H1 2020	Change‬
Revenues	11.02	10.79	(2.0 %)
Gross Income	2.66	3.91	47.3 %
Operating Income	0.16	1.65	904.3 %
Net Income	0.23	1.55	581.1 %
Average Shares	153.96	153.96	-
EPS (Riyals)	0.00	0.01	581.1 %

Item	H2 2019	H1 2020	Change‬
Revenues	11.19	10.79	(3.5 %)
Gross Income	2.28	3.91	71.2 %
Operating Income	(1.33)	1.65	224.0 %
Net Income	(1.54)	1.55	200.7 %
Average Shares	153.96	153.96	-
EPS (Riyals)	(0.01)	0.01	200.7 %

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