Thob Al Aseel’s 9M 2022 profit down 8% to SAR 47.7 mln; Q3 at SAR 3.7 mln

25/10/2022 Argaam Exclusive

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Thob Al Aseel Co. reported a drop of 8% in net profit after Zakat and tax to SAR 47.7 million in the first nine months of 2022, compared to SAR 52 million in the prior-year period.

The company was hit by increasing credit loss provisions in line with the general rise in trade receivables, according to the requirements of IFRS 9.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	390.22	408.36	4.6 %
Gross Income	139.23	168.78	21.2 %
Operating Income	67.78	63.46	(6.4 %)
Net Income	52.04	47.68	(8.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.13	0.12	(8.4 %)

In Q3 2022, net profit after Zakat and tax grew by 2% to SAR 3.7 million, from SAR 3.58 million in Q3 2021, thanks to improved profit margins, due to better sales of high-margin products compared to the corresponding quarter of the previous year. The profit margin rose to 44% from 37% in Q3 2021.

Compared to the previous quarter, the company’s net profit tumbled 85.4% from SAR 25 million, on lower sales due to seasonality factors.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	83.33	65.43	(21.5 %)
Gross Income	30.66	28.68	(6.4 %)
Operating Income	8.07	7.52	(6.9 %)
Net Income	3.58	3.66	2.2 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.01	2.2 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	156.63	65.43	(58.2 %)
Gross Income	76.64	28.68	(62.6 %)
Operating Income	31.40	7.52	(76.1 %)
Net Income	25.05	3.66	(85.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.06	0.01	(85.4 %)

Total shareholders’ equity, excluding minority interest, declined to SAR 566.89 million by the end of the nine-month period, from SAR 571.68 million a year earlier.

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