Financial Results : Aseer swings to net loss of SAR 1.4 mln in Q1 2021

Aseer swings to net loss of SAR 1.4 mln in Q1 2021

05/05/2021 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Co. reported a net loss after Zakat and tax of SAR 1.4 million for the first quarter of 2021, against a net profit of SAR 200,000 in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 406.21 426.21 4.9 %
Gross Income 121.17 125.61 3.7 %
Operating Income 12.92 14.92 15.4 %
Net Income 0.17 (1.39) (936.7 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.00 (0.01) (936.7 %)

The company was hit by a decline in gross profit and operating profits, due to the decrease in gross profit from investments, higher selling and distribution expenses, along with the foreign currency exchange losses recorded during the quarter, compared to foreign exchange gains and the increase in income tax in Q1 2020.

When compared to Q4 2020, the company narrowed its net loss after Zakat and tax by 97.2% from SAR 51.7 million, thanks to an increase in gross profit. Aseer also recorded an operating profit, compared to operating losses during previous quarter that primarily came from an increase in gross profit from sales and gross profit from investments

 

 

Shareholders’ equity, excluding minority interest, rose 9.4% to SAR 1.432 billion by the end of Q1 2021, compared to SAR 1.308 billion in the year-ago period.

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