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.
| 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 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 470.54 | 472.98 | 0.5 % |
| Gross Income | 129.37 | 133.44 | 3.1 % |
| Operating Income | 13.86 | 15.22 | 9.8 % |
| Net Income | (34.75) | 10.24 | 129.5 % |
| Average Shares | 126.39 | 126.39 | 0.0 % |
| EPS (Riyals) | (0.27) | 0.08 | 129.5 % |
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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