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

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 %

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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