Baazeem Trading Co. reported an 18% drop in 2021 net profit after Zakat and tax to SAR 21.6 million, compared to SAR 26.3 million a year earlier.
The lower profit was attributed to a decline in sales and Zakat differences of SAR 2.27 million for the period from 2014 to 2018, which was charged to the 2021 Zakat expenses.
The founders’ also paid SAR 2.78 million, or 55% of total Zakat claims for the same period, which offset the financial impact on the company’s net profit.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 285.48 | 259.91 | (9.0 %) |
| Gross Income | 110.72 | 96.98 | (12.4 %) |
| Operating Income | 32.39 | 27.86 | (14.0 %) |
| Net Income | 26.27 | 21.55 | (18.0 %) |
| Average Shares | 10.13 | 10.13 | - |
| EPS (Riyals) | 2.59 | 2.13 | (18.0 %) |
The fourth-quarter net profit after Zakat and tax dipped 54.4% year-on-year to SAR 2.7 million.
Compared to Q3 2021, net profit dipped 35.9% from SAR 4.18 million.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 66.86 | 61.18 | (8.5 %) |
| Gross Income | 26.89 | 22.01 | (18.1 %) |
| Operating Income | 7.10 | 5.72 | (19.4 %) |
| Net Income | 5.88 | 2.68 | (54.4 %) |
| Average Shares | 10.13 | 10.13 | - |
| EPS (Riyals) | 0.58 | 0.26 | (54.4 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 59.52 | 61.18 | 2.8 % |
| Gross Income | 20.70 | 22.01 | 6.3 % |
| Operating Income | 4.82 | 5.72 | 18.7 % |
| Net Income | 4.18 | 2.68 | (35.9 %) |
| Average Shares | 10.13 | 10.13 | - |
| EPS (Riyals) | 0.41 | 0.26 | (35.9 %) |
Shareholders’ equity, after minority interest, edged up 1.5% to SAR 194.08 million in 2021, from SAR 191.20 million in 202.
The company incurred actuarial losses of SAR 950,236 on re-evaluating employee benefits as of Dec. 31, 2021.
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