Al Kathiri Holding net profit down 58% to SAR 5 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit after Zakat and tax of SAR 5 million for the first nine months of 2020, down 58%, compared to a profit of SAR 11.7 million in the same period a year earlier.

The company attributed the decline in net profit to higher operating costs and general and administrative expenses incurred by the company as a result of the precautionary measures taken during the COVID 19 pandemic.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	63.11	67.36	6.7 %
Gross Income	20.09	15.19	(24.4 %)
Operating Income	12.81	5.90	(54.0 %)
Net Income	11.72	4.97	(57.6 %)
Average Shares	213.84	213.84	-
EPS (Halala)	5.48	2.33	(57.6 %)

The company reported a net profit of SAR 2.6 million for the third quarter of 2020, a 36.4% year-on-year (YoY) decline.

When compared to previous quarter, the company turned to net profit in the current quarter from a loss of SAR 1.29 million in Q2 2020 on higher revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	18.02	26.55	47.4 %
Gross Income	6.68	5.76	(13.7 %)
Operating Income	4.20	2.55	(39.4 %)
Net Income	4.15	2.64	(36.4 %)
Average Shares	213.84	213.84	-
EPS (Halala)	1.94	1.23	(36.4 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	15.24	26.55	74.2 %
Gross Income	1.94	5.76	196.7 %
Operating Income	(0.71)	2.55	458.9 %
Net Income	(1.29)	2.64	304.0 %
Average Shares	213.84	213.84	-
EPS (Halala)	(0.60)	1.23	304.0 %

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