Thob Al Aseel net profit slips 11% to SAR 53.4 mln in 2022, Q4 at SAR 5.8 mln

28/02/2023 Argaam Exclusive

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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.

Financials (M)

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).

Current Quarter Comparison (M)

Compared With The

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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