Thob Al Aseel H1 2020 net profit rises 8% to SAR 69.8 mln

20/07/2020 Argaam Exclusive

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Thob Al Aseel Co. posted a net profit after Zakat and tax of SAR 69.8 million for the first half of 2020, a rise of 8% year-on-year (YoY), compared to SAR 64.5 million in the same period a year ago.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	291.32	311.29	6.9 %
Gross Income	111.57	117.84	5.6 %
Operating Income	71.12	77.76	9.3 %
Net Income	64.54	69.84	8.2 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.16	0.17	8.2 %

The company attributed the increase to higher sales and gross profit.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	190.14	193.84	1.9 %
Gross Income	71.66	74.86	4.5 %
Operating Income	52.01	56.01	7.7 %
Net Income	48.34	52.32	8.2 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.12	0.13	8.2 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	117.46	193.84	65.0 %
Gross Income	42.98	74.86	74.2 %
Operating Income	21.75	56.01	157.5 %
Net Income	17.51	52.32	198.8 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.04	0.13	198.8 %

The second-quarter net profit after Zakat and tax increased 8.2% YoY to SAR 52.3 million, backed by a 1.95% rise in sales as the company introduced new products and signed a medical supply contract.

The increase was also backed by the company’s efforts to improve cost management, reduce controllable costs, and gain advantage from the government initiatives to mitigate the effects of COVID-19.

When compared to previous quarter, net profit increased by twofold due to surge in sales by 65.03% on the entry of new products.

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