Alramz Real Estate’s H1 2022 net profit jumps 53% to SAR 20.8 mln

20/11/2022 Argaam Exclusive

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Al Ramz Real Estate Co.

Alramz Real Estate Co. reported a net profit of SAR 20.8 million in H1 2022, an increase of 53% from SAR 13.6 million in a year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 98.53 85.27 (13.5 %)
Gross Income 18.31 30.50 66.6 %
Operating Income 16.32 26.43 62.0 %
Net Income 13.64 20.81 52.5 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.45 0.69 52.5 %

The profit increase was backed by higher gross profit margins year-on-year (YoY) to 36% from 19% in the year-earlier period. The company also cited increased net profit margins to 24% versus 14% in the prior-year period.

 

This came despite 14% lower revenue YoY, higher administrative expenses and an increase in Zakat expenses.



Total shareholders’ equity, excluding minority interest, stood at SAR 393.777 million by the end of H1 2022, compared to SAR 402.971 million in the year-earlier period.

 

Founded in 2016, Alramz operates in the residential real estate field and is in the process of listing on Nomu-Parallel Market.

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