Financial Results : Thob Al Aseel net profit up 46% to SAR 27.8 mln in Q1 2023

Thob Al Aseel net profit up 46% to SAR 27.8 mln in Q1 2023

08/05/2023 Argaam Exclusive

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Thob Al Aseel Co. posted a net profit of SAR 27.8 million in Q1 2023, a 46% increase from SAR 19 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 186.30 190.49 2.2 %
Gross Income 63.45 66.28 4.4 %
Operating Income 24.54 33.83 37.9 %
Net Income 18.98 27.76 46.3 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.05 0.07 46.3 %

The positive performance was driven by a 4.45% year-on-year (YoY) increase in gross profit to SAR 66.28 million during Q1 2023, due to the growth in sales and improved profit margins.

 

Meanwhile, provision for credit losses fell by 58% YoY on collection improvement.

 

Sequentially, net profit saw almost a four-fold increase from SAR 5.75 million in Q4 2022.

 

Shareholders’ equity, no minority interest, stood at SAR 570.42 million as of March 31, 2023, compared to SAR 568.23 million a year earlier.

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