Al Kathiri 2021 net profit down 12% to SAR 8.5 mln; Q4 loss at SAR 3.3 mln

07/03/2022 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit after Zakat and tax of SAR 8.5 million in 2021, a drop of 12% from SAR 9.7 million a year earlier.

The profit decline was attributed to higher general and administrative expenses due to the formation of credit loss provision for 2021, as well as increased financing charges.

Financials (M)

Item	2020	2021	Change‬
Revenues	104.44	128.78	23.3 %
Gross Income	26.97	40.22	49.1 %
Operating Income	10.36	13.31	28.5 %
Net Income	9.66	8.67	(10.3 %)
Average Shares	226.04	226.04	-
EPS (Halala)	4.27	3.83	(10.3 %)

In Q4 2021, the company swung to a net loss after Zakat and tax of SAR 3.3 million against a net profit of SAR 4.3 million in the year-ago period.

In Q3 2021, the company made a net profit of SAR 4.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	37.08	11.90	(67.9 %)
Gross Income	11.78	7.15	(39.3 %)
Operating Income	4.46	0.00	(100.0 %)
Net Income	4.69	(3.07)	(165.6 %)
Average Shares	226.04	226.04	-
EPS (Halala)	2.07	(1.36)	(165.6 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	41.48	11.90	(71.3 %)
Gross Income	11.37	7.15	(37.1 %)
Operating Income	5.44	0.00	(100.0 %)
Net Income	4.49	(3.07)	(168.4 %)
Average Shares	226.04	226.04	-
EPS (Halala)	1.99	(1.36)	(168.4 %)

Shareholders’ equity, after minority interest, increased by 6.6% to SAR 133.7 million in 2021, from SAR 125.5 million in 2020.

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