Thob Al Aseel’s H1 2022 net profit dips 9% to SAR 44 mln; Q2 at SAR 25 mln

28/07/2022 Argaam Exclusive

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Thob Al Aseel Co. reported a net profit after Zakat and tax of SAR 44 million in H1 2022, a decline of 9%, compared to SAR 48.5 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	306.89	342.93	11.7 %
Gross Income	108.57	140.09	29.0 %
Operating Income	59.71	55.94	(6.3 %)
Net Income	48.46	44.03	(9.2 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.12	0.11	(9.2 %)

This was driven by higher credit loss provisions due to an increase in trade receivables in line with International Financial Reporting Standards (IFRS) 9 requirements.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	168.06	156.63	(6.8 %)
Gross Income	61.02	76.64	25.6 %
Operating Income	40.55	31.40	(22.6 %)
Net Income	34.49	25.05	(27.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.09	0.06	(27.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	186.30	156.63	(15.9 %)
Gross Income	63.45	76.64	20.8 %
Operating Income	24.54	31.40	28.0 %
Net Income	18.98	25.05	32.0 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.05	0.06	32.0 %

The company’s Q2 2022 net profit after Zakat and tax dropped 27% to SAR 25 million from SAR 34.49 million a year earlier on higher credit loss provisions as a result of increased trade receivables.

On a sequential basis, net profit increased by 32.1%, on higher profit margins amid increased sales of highly profitable products quarter-on-quarter.

Total shareholders’ equity, excluding minority interest, stood at SAR 593.49 million by the end of H1 2022, compared to SAR 590.82 million in the year-earlier period.

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