Al Kathiri Holding net profit down 69% in H1 2020 to SAR 2.3 mln

16/08/2020 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of SAR 2.3 million for the first half of 2020, a 69.2% year-on-year decline.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	44.00	40.81	(7.3 %)
Gross Income	13.41	9.42	(29.7 %)
Operating Income	8.52	3.35	(60.7 %)
Net Income	7.58	2.34	(69.2 %)
Average Shares	213.84	213.84	-
EPS (Halala)	3.55	1.09	(69.2 %)

The decline in net profit was attributed to lower revenues, as a result of the suspension of ready-mix concrete activity, due to the precautionary measures taken by the government during the COVID-19 pandemic.

In addition, the high operating costs incurred by the company as a result of the precautionary measures contributed to lower net profit.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	17.90	15.24	(14.9 %)
Gross Income	5.62	1.94	(65.4 %)
Operating Income	3.14	(0.71)	(122.6 %)
Net Income	3.01	(1.29)	(143.0 %)
Average Shares	213.84	213.84	-
EPS (Halala)	1.41	(0.60)	(143.0 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	25.57	15.24	(40.4 %)
Gross Income	7.48	1.94	(74.0 %)
Operating Income	4.06	(0.71)	(117.5 %)
Net Income	3.63	(1.29)	(135.6 %)
Average Shares	213.84	213.84	-
EPS (Halala)	1.70	(0.60)	(135.6 %)

Al Kathiri reported a net loss of SAR 1.3 million in Q2 2020 compared to a net profit of SAR 3 million in Q2 2019 on lower revenues and higher operating costs.

When compared to previous quarter, the company turned to losses in Q2 due to lower revenues on the suspension of ready-mix concrete activity and high operating costs.

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