Aseer swings to SAR 3.1 mln loss in H1 2020

12/08/2020 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Co. (Aseer) posted a net loss after Zakat and tax of SAR 3.1 million for the first six months of 2020, as against a net profit of SAR 23.9 million in the same period a year earlier.

The loss is attributed to lower sales, higher general & administration (G&A) expenses and higher operation expenses, in addition to lower other income and higher income tax and Zakat expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	886.43	795.74	(10.2 %)
Gross Income	248.51	236.99	(4.6 %)
Operating Income	37.24	20.64	(44.6 %)
Net Income	23.89	(3.07)	(112.8 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.19	(0.02)	(112.8 %)

In Q2, 2020, Aseer sustained net losses of SAR 3.2 million, compared to net profit of SAR 18.6 million in year-earlier period, due to higher sales and distribution expenses, higher G&A and operation expenses, in addition to lower other income and higher income tax and Zakat expenses.

On a sequential basis, Aseer turned to losses in Q2, 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	414.56	389.53	(6.0 %)
Gross Income	113.15	115.82	2.4 %
Operating Income	7.60	7.72	1.6 %
Net Income	18.61	(3.24)	(117.4 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.15	(0.03)	(117.4 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	406.21	389.53	(4.1 %)
Gross Income	121.17	115.82	(4.4 %)
Operating Income	12.92	7.72	(40.3 %)
Net Income	0.17	(3.24)	(2048.8 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.00	(0.03)	(2048.8 %)

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