Arabian Centres 9M 2021/22 net profit down 9% to SAR 327.2 mln; Q3 at SAR 110.1 mln

10/02/2022 Argaam Exclusive

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Arabian Centres Co. reported a net profit after Zakat and tax of SAR 327.2 million in the first nine months ended 31, 2021, a 9% decrease from SAR 359.7 million a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,410.11	1,518.32	7.7 %
Gross Income	802.37	1,231.99	53.5 %
Operating Income	546.00	969.17	77.5 %
Net Income	357.21	600.25	68.0 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.75	1.26	68.0 %

The company attributed the profit drop to higher cost of revenue; depreciation expense on investment properties and right-of-use assets; and higher general and administrative (G&A) expenses.

The company also recorded a loss share from an equity-accounted investee, and higher interest expenses on lease liabilities.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	469.41	510.60	8.8 %
Gross Income	248.94	410.90	65.1 %
Operating Income	152.81	308.28	101.7 %
Net Income	95.42	382.08	300.4 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.20	0.80	300.4 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	497.04	510.60	2.7 %
Gross Income	406.75	410.90	1.0 %
Operating Income	319.77	308.28	(3.6 %)
Net Income	91.57	382.08	317.3 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.19	0.80	317.3 %

In Q3 2021, the company’s net profit after Zakat and tax rose 15% year-on-year (YoY) to SAR 110.1 million, due lifted by higher revenue and gross profit along with a decline in the cost of revenue.

When compared to the previous quarter, net profit jumped 21.3%.

Shareholders equity, excluding minority interest, reached SAR 6.024 billion in the nine-month period, compared to SAR 5.923 billion in the year-ago period.

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