Thob Al-Aseel net profit drops 31% to SAR 48.5 mln in H1 2021

15/07/2021 Argaam Exclusive

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Thob Al-Aseel Co. reported a net profit after Zakat and tax of SAR 48.5 million for the first half of 2021, a fall of 30.6% from SAR 69.8 million in the year-ago period.

The company was hit by lower sales and gross profit, due to the increase in low-profitability product sales. Moreover, the Saudi government initiatives had a positive impact on net profit during the first half of 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	311.29	306.89	(1.4 %)
Gross Income	117.84	108.57	(7.9 %)
Operating Income	77.76	59.71	(23.2 %)
Net Income	69.84	48.46	(30.6 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.17	0.12	(30.6 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	193.84	168.06	(13.3 %)
Gross Income	74.86	61.02	(18.5 %)
Operating Income	56.01	40.55	(27.6 %)
Net Income	52.32	34.49	(34.1 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.13	0.09	(34.1 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	138.84	168.06	21.0 %
Gross Income	47.56	61.02	28.3 %
Operating Income	19.16	40.55	111.7 %
Net Income	13.97	34.49	146.8 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.03	0.09	146.8 %

The second-quarter net profit decreased by 34% to SAR 34.5 million from SAR 52.32 million in Q2 2020

When compared to the previous quarter, the company’s net profit after Zakat and tax more than doubled from SAR 14 million, driven by higher sales, due to seasonal factors.

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