Al Kathiri Holding swings to SAR 5.5 mln net loss in H1 2022; Q2 at SAR 3.5 mln

16/08/2022 Argaam Exclusive

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Al Kathiri Holding Co. swung to net loss after Zakat and tax of SAR 5.5 million in the first half of 2022, from a profit of SAR 7.3 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	75.40	46.01	(39.0 %)
Gross Income	21.70	0.44	(98.0 %)
Operating Income	7.86	(4.43)	(156.3 %)
Net Income	7.25	(5.52)	(176.2 %)
Average Shares	226.04	226.04	-
EPS (Halala)	3.21	(2.44)	(176.2 %)

The earnings decline came due to a decrease in revenues and an increase in general and administrative expenses, and, selling and marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	40.19	20.73	(48.4 %)
Gross Income	11.81	(0.59)	(105.0 %)
Operating Income	3.37	(2.83)	(183.9 %)
Net Income	3.07	(3.46)	(212.7 %)
Average Shares	226.04	226.04	-
EPS (Halala)	1.36	(1.53)	(212.7 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	25.27	20.73	(18.0 %)
Gross Income	1.03	(0.59)	(157.6 %)
Operating Income	(1.60)	(2.83)	(76.6 %)
Net Income	(2.06)	(3.46)	(68.0 %)
Average Shares	226.04	226.04	-
EPS (Halala)	(0.91)	(1.53)	(68.0 %)

Al Kathiri turned to a net loss after Zakat and tax of SAR 3.5 million in Q2 2022, compared to a net profit after Zakat and tax of SAR 3.1 in Q2 2021.

When compared to the previous quarter, Q2 losses widened from SAR 2.07 million.

Shareholders’ equity, after minority interest, stood at SAR 128.2 million as of June 30, 2022, compared to SAR 132.7 million a year earlier.

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