Thob Al-Aseel 9M 2021 net profit falls 31% to SAR 52 mln

01/11/2021 Argaam Exclusive

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Thob Al-Aseel Co. reported a net profit after Zakat and tax of SAR 52 million for the first nine months of 2021, a decline of 31% from SAR 75.8 million in the year-ago period, driven by lower sales and higher selling and marketing expenses.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	421.38	390.22	(7.4 %)
Gross Income	149.41	139.23	(6.8 %)
Operating Income	88.32	67.78	(23.3 %)
Net Income	75.76	52.04	(31.3 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.19	0.13	(31.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	110.08	83.33	(24.3 %)
Gross Income	31.57	30.66	(2.9 %)
Operating Income	10.57	8.07	(23.6 %)
Net Income	5.92	3.58	(39.5 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.01	(39.5 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	168.06	83.33	(50.4 %)
Gross Income	61.02	30.66	(49.8 %)
Operating Income	40.55	8.07	(80.1 %)
Net Income	34.49	3.58	(89.6 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.09	0.01	(89.6 %)

The third-quarter net profit fell 40% to SAR 3.6 million from SAR 5.9 million in Q2 2020.

On a sequential basis, net profit dropped 90% from SAR 34.5 million in Q2 2021.

Total shareholders' equity, excluding minority interest, rose 5.3% year-on-year (YoY) to SAR 571.68 million.

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