Financial Results : Thob Al Aseel reports 44% net profit hike to SAR 40.1M in Q1 2024

Thob Al Aseel reports 44% net profit hike to SAR 40.1M in Q1 2024

05/05/2024 Argaam Exclusive

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Thob Al Aseel Co. reported a net profit of SAR 40.1 million in Q1 2024, an increase of 44%, from SAR 27.8 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 190.49 211.17 10.9 %
Gross Income 66.28 80.42 21.3 %
Operating Income 33.83 45.97 35.9 %
Net Income 27.76 40.05 44.3 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.07 0.10 44.3 %

This was attributed to a 10.86% sales growth in addition to a relative improvement in profit margin from sales of highly profitable items.

 

On a quarterly basis, net earnings more than tripled from SAR 11.47 million.

 

Shareholders’ equity, no minority interest, reached SAR 584.66 million by March 31, 2024, compared to SAR 570.42 million in the prior-year period.

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