Thob Al Aseel Co.’s net profit after Zakat and tax slipped 11% to SAR 53.4 million in 2022, from SAR 59.7 million in 2021, due to higher provisions for credit losses in line with the general increase in trade receivables, in accordance with IFRS 9.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 481.90 | 508.80 | 5.6 % |
| Gross Income | 174.51 | 212.21 | 21.6 % |
| Operating Income | 77.79 | 78.77 | 1.3 % |
| Net Income | 59.73 | 53.44 | (10.5 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.15 | 0.13 | (10.5 %) |
In addition, selling and marketing rose during the 12-month period due to increased spending on promotional activities.
The company reported a net profit after Zakat and tax of SAR 5.8 million in Q4 2022, down 25% year-on-year (YoY).
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 91.68 | 100.44 | 9.6 % |
| Gross Income | 35.29 | 43.43 | 23.1 % |
| Operating Income | 10.01 | 15.32 | 53.1 % |
| Net Income | 7.69 | 5.75 | (25.2 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.02 | 0.01 | (25.2 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 65.43 | 100.44 | 53.5 % |
| Gross Income | 28.68 | 43.43 | 51.4 % |
| Operating Income | 7.52 | 15.32 | 103.8 % |
| Net Income | 3.66 | 5.75 | 57.3 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.01 | 0.01 | 57.3 % |
On a sequential basis, Q4 2022 net profit jumped 57.4% from SAR 3.66 million.
Total shareholders’ equity, no minority interest, amounted to SAR 572.51 million by Dec. 31, 2022, compared to SAR 579.22 million a year ago.
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