Financial Results : Thob Al-Aseel net profit down 20% to SAR 14 mln in Q1 2021

Thob Al-Aseel net profit down 20% to SAR 14 mln in Q1 2021

02/05/2021 Argaam Exclusive

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Thob Al-Aseel Co. reported a net profit after Zakat and tax of SAR 14 million for Q1 2021, a drop of 20% from SAR 17.5 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 117.46 138.84 18.2 %
Gross Income 42.98 47.56 10.6 %
Operating Income 21.75 19.16 (11.9 %)
Net Income 17.51 13.97 (20.2 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.04 0.03 (20.2 %)

The company was hit by lower profit margins, due to the increase in low-profitability product sales, and higher provision for doubtful debts.

When compared to Q4 2020, the company’s net profit after Zakat and tax more than doubled from SAR 6.6 million, driven by higher sales, due to seasonal factors.

 

Shareholders’ equity, excluding minority interest, grew by 9.42% to SAR 556.51 million by the end of Q1 2021, compared to SAR 508.59 million in the year-ago period.

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