Al Abdullatif swings to SAR 15.6 mln loss in H1 2022; Q2 at SAR 3.5 mln

23/08/2022 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. swung to a net loss after Zakat and tax of SAR 15.6 million in H1 2022, versus a net profit of SAR 640,000 in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	305.01	349.88	14.7 %
Gross Income	27.29	13.42	(50.8 %)
Operating Income	8.67	(10.35)	(219.4 %)
Net Income	0.64	(15.56)	(2523.2 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	0.01	(0.19)	(2523.2 %)

The loss came due to higher cost of sales, following increases in cost of materials, as well as selling, marketing and financing expenses.

The company posted a net loss after Zakat and tax of SAR 3.5 million in Q2 2022, versus a net profit of SAR 5 million in the year-earlier period, on higher cost of sales and materials.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	150.91	168.23	11.5 %
Gross Income	17.73	10.52	(40.6 %)
Operating Income	8.47	(1.13)	(113.4 %)
Net Income	5.02	(3.45)	(168.7 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	0.06	(0.04)	(168.7 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	181.65	168.23	(7.4 %)
Gross Income	2.90	10.52	263.1 %
Operating Income	(9.22)	(1.13)	87.7 %
Net Income	(12.11)	(3.45)	71.5 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.15)	(0.04)	71.5 %

On a sequential basis, the firm narrowed its loss from SAR 12.11 million.

Shareholders’ equity, after minority interest, stood at SAR 1.079 billion as of June 30, 2022, compared to SAR 1.132 billion a year earlier.

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