Financial Results : Aseer Trading turns to net profit of SAR 10.2 mln in Q1 2022

Aseer Trading turns to net profit of SAR 10.2 mln in Q1 2022

23/05/2022 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Co. swung to a net profit after Zakat and tax of SAR 10.2 million for the first quarter of 2022, against a net loss of SAR 1.4 million in the prior-year period.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 426.21 472.98 11.0 %
Gross Income 125.61 133.44 6.2 %
Operating Income 14.92 15.22 2.0 %
Net Income (1.39) 10.24 836.9 %
Average Shares 126.39 126.39 0.0 %
EPS (Riyals) (0.01) 0.08 836.9 %

The net profit was primarily driven by higher gross profit generated from sales and investments, lower financing costs along with better other income.

 

The company turned a profit from a net loss of SAR 34.75 million in Q4 2021, backed by higher gross profit and as the firm swung to operating profit in the three-month period.

 

The company also cited a decline in general and administrative expenses, financing costs, in addition to lower Zakat and income tax charges.

 

Total shareholders’ equity, after minority interest, fell 3% to SAR 1.388 billion by the end of Q1 2022, from SAR 1.432 billion a year ago.

 

Accumulated losses reached SAR 29.9 million as of March 31, 2022, representing 2.37% of the company’s capital.

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