Financial Results : Thob Al Aseel H1 profit jumps 11% to SAR 66.7M; Q2 at SAR 26.7M

Thob Al Aseel H1 profit jumps 11% to SAR 66.7M; Q2 at SAR 26.7M

25/07/2024 Argaam Exclusive

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Thob Al Aseel Co. posted a net profit increase of 11% to SAR 66.7 million in the first half of 2024, compared to SAR 60.3 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 353.58 327.60 (7.3 %)
Gross Income 136.23 133.27 (2.2 %)
Operating Income 70.67 77.34 9.4 %
Net Income 60.29 66.72 10.7 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.15 0.17 10.7 %

The six-month period bottom line was backed by high-profit margins sales and decrease in the provision for credit losses during the current period due to improved collection rates.

 

On the other hand, the company’s sales declined by 7.35% year-on-year (YoY) amid lower sales volumes and the updated credit policy.

 

In Q2 2024, the company’s net profit dropped 18% to SAR 26.7 million, from SAR 32.5 million in Q2 2023. The decline was attributed to a 28.61% YoY drop in sales, due to seasonal factors related to the sales during the holy month of Ramadan, which usually have the largest contribution to annual sales.

 

On the other hand, net earnings fell by 33.4% from SAR 40.05 million in the previous quarter on lower sales due to seasonality factors, and a decline in sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 163.09 116.43 (28.6 %)
Gross Income 69.96 52.85 (24.5 %)
Operating Income 36.84 31.37 (14.9 %)
Net Income 32.53 26.67 (18.0 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.08 0.07 (18.0 %)

Total shareholders’ equity, no minority interest, rose to SAR 612.25 million as of June 30, 2024, from SAR 603.28 million a year earlier.

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