Arabian Centres Co. (ACC) posted a net profit after Zakat and tax of SAR 218.5 million for the six-month period ended Sept. 30, 2021, a drop of 17% from SAR 261.8 million in the year-earlier period.
The profit decrease was attributed to a decline in gross profit to SAR 552.6 million in H1 FY 2022 compared to SAR 553.4 million a year earlier. This decrease was driven by higher cost of revenue.
Other income came in lower in H1 FY 2022, compared to H1-FY21, when ACC had booked SAR 73 million in nonrecurring discounts received from the company’s landlords to mitigate the impact of COVID-related centre closures. ACC also reported higher general and administrative expenses (G&A).
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 940.70 | 1,007.72 | 7.1 % |
| Gross Income | 553.42 | 821.08 | 48.4 % |
| Operating Income | 393.20 | 660.89 | 68.1 % |
| Net Income | 261.78 | 218.18 | (16.7 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.55 | 0.46 | (16.7 %) |
In the second quarter of fiscal year 2022, net profit after Zakat and tax saw a decrease of 16% to SAR 90.8 million from SAR 91.1 million a year earlier on a rise in the cost of revenue, increased depreciation expenses, lower other income along with higher G&A.
The second-quarter net profit declined 28% from SAR 126.3 million in Q1 FY2022.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 464.84 | 497.04 | 6.9 % |
| Gross Income | 254.77 | 406.75 | 59.7 % |
| Operating Income | 162.43 | 319.77 | 96.9 % |
| Net Income | 109.03 | 91.57 | (16.0 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.23 | 0.19 | (16.0 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 510.68 | 497.04 | (2.7 %) |
| Gross Income | 414.33 | 406.75 | (1.8 %) |
| Operating Income | 341.13 | 319.77 | (6.3 %) |
| Net Income | 126.61 | 91.57 | (27.7 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.27 | 0.19 | (27.7 %) |
Shareholders’ equity, after minority interest, was down 2.6% to SAR 5.912 billion in the nine-month period, from SAR 6.072 billion a year earlier.
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