Thob Al Aseel posts 9% profit rise to SAR 75.8 mln in 9M 2020

18/10/2020 Argaam Exclusive

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Thob Al Aseel Co. posted a net profit after Zakat and tax of SAR 75.8 million for the first nine months of 2020, a rise of 9% year-on-year (YoY), compared to SAR 69.8 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	370.96	421.38	13.6 %
Gross Income	140.74	149.41	6.2 %
Operating Income	80.41	88.32	9.8 %
Net Income	69.75	75.76	8.6 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.17	0.19	8.6 %

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

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	79.65	110.08	38.2 %
Gross Income	29.16	31.57	8.2 %
Operating Income	9.29	10.57	13.8 %
Net Income	5.21	5.92	13.6 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.01	13.6 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	193.84	110.08	(43.2 %)
Gross Income	74.86	31.57	(57.8 %)
Operating Income	56.01	10.57	(81.1 %)
Net Income	52.32	5.92	(88.7 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.13	0.01	(88.7 %)

In Q3 2020, the company reported a net profit after Zakat and tax of SAR 5.9 million, a 13.6% rise, driven by a 38.22% YoY growth in sales due to new product launch and the signing of a contract for medical supplies.

When compared to the previous quarter, net profit plunged 88.6% on lower sales and seasonality factors.

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