Thob Al Aseel 9M 2023 profit up 37% to SAR 65.4 mln; Q3 at SAR 5.2 mln

25/10/2023 Argaam Exclusive

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Thob Al Aseel Co. reported a 37% rise in net profit to SAR 65.4 million for the first nine months of 2023, compared to SAR 47.7 million a year ago.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	408.36	426.71	4.5 %
Gross Income	168.78	170.00	0.7 %
Operating Income	63.46	81.08	27.8 %
Net Income	47.68	65.44	37.2 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.12	0.16	37.2 %

The company reported a 4.49% year-on-year (YoY) increase in sales and a 63.66% YoY decrease in the allowance for credit losses due to the improvement in collection rates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	65.43	73.13	11.8 %
Gross Income	28.68	33.76	17.7 %
Operating Income	7.52	10.41	38.5 %
Net Income	3.66	5.16	41.0 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.01	41.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	163.09	73.13	(55.2 %)
Gross Income	69.96	33.76	(51.7 %)
Operating Income	36.84	10.41	(71.7 %)
Net Income	32.53	5.16	(84.1 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.08	0.01	(84.1 %)

The third-quarter net profit grew 41% to SAR 5.2 million from SAR 3.6 million in Q3 2022 on higher sales due to the back-to-school season.

Sequentially, the Q3 bottom line fell by 84.1% from SAR 32.5 million in Q2 2023, attributed to lower sales resulting from seasonality of activity.

Shareholders’ equity, no minority interest, stood at SAR 573.3 million by the end of Sept. 30, 2023, compared to SAR 566.89 million in the year-earlier period.

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