Arabian Centres H1 2022/23 profit leaps 70% to SAR 370.2 mln; Q2 at SAR 244.2 mln

17/08/2022 Argaam Exclusive

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Arabian Centres Co. reported a 70% rise in net profit after Zakat and tax to SAR 370.2 million for the six-month period ended Sept. 30, 2022, compared to SAR 218.2 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,007.72	1,082.12	7.4 %
Gross Income	821.08	902.26	9.9 %
Operating Income	660.89	757.62	14.6 %
Net Income	218.18	358.34	64.2 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.46	0.75	64.2 %

The mall operator reported a rise of 12.8% year-on-year (YoY) in revenue to SAR 1.136 billion in the six-month period, driven primarily by an increase in net rental revenue.

Gross profit grew by 19.5% YoY to SAR 660.4 million during H1 2022/23. Arabian Centres recorded a gross profit margin of 58.1%, up from 54.8% in H1 2021/22.

Other income rose to SAR 87.3 million in the current period, from SAR 5.3 million in H1 2021/22. Arabian Centres reported a decline in general and administrative (G&A) expenses, to SAR 113.8 million, compared to SAR 117.7 million a year earlier.

Interest expense on lease liabilities also declined by 11.2% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	497.04	562.95	13.3 %
Gross Income	406.75	456.20	12.2 %
Operating Income	319.77	378.86	18.5 %
Net Income	91.57	183.16	100.0 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.19	0.39	100.0 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	519.17	562.95	8.4 %
Gross Income	446.06	456.20	2.3 %
Operating Income	378.76	378.86	0.0 %
Net Income	175.18	183.16	4.6 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.37	0.39	4.6 %

In the second quarter, net profit after Zakat and tax more than doubled to SAR 244.2 million, from SAR 91.57 million in the year-earlier period, as revenue grew by 15.4% YoY to SAR 573.7 million. Gross profit jumped 32.8% YoY to SAR 354.3 million in the three-month period. Other income increased to SAR 86 million, from SAR 3.2 million in Q2 2021/22.

Compared to the first quarter, net profit surged 94% from SAR 126 million.

Total shareholders’ equity, no minority interest, increased to SAR 5.802 billion by the end of the six-month period, from SAR 5.912 billion a year earlier.

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