Al-Hassan Ghazi Ibrahim Shaker Co. reported profit after Zakat and tax of SAR 3.7 million for the first half of 2020 from loss after Zakat and tax of SAR 36.4 million in the same period last year.
The profit was attributed to an 8.4% increase in sales revenue, as well as operating expenses falling due to lower employee costs from organizational restructuring, lower rentals and decline in other expenses. In addition, the share of associate profits jumped SAR 8 million to SAR 13.4 million in H1 2020 from SAR 5.5 million in H1 2019.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 450.86 | 488.75 | 8.4 % |
| Gross Income | 81.31 | 101.48 | 24.8 % |
| Operating Income | (18.69) | 2.84 | 115.2 % |
| Net Income | (36.35) | 4.69 | 112.9 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | (0.65) | 0.08 | 112.9 % |
The company realized a net profit after Zakat and tax of SAR 5.2 million in Q2 2020 from a loss of SAR 9.9 million in the same quarter last year due to 5.6% jump in sales revenue and lower operating expenses as a result of restructuring and lower rental costs.
When compared to the previous quarter, the company turned to a profit, thanks to a 21.2% surge in sales revenue.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 253.53 | 267.77 | 5.6 % |
| Gross Income | 48.28 | 52.12 | 7.9 % |
| Operating Income | 0.81 | 8.01 | 886.3 % |
| Net Income | (8.96) | 7.62 | 185.0 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | (0.16) | 0.14 | 185.0 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 220.98 | 267.77 | 21.2 % |
| Gross Income | 49.36 | 52.12 | 5.6 % |
| Operating Income | (5.17) | 8.01 | 254.8 % |
| Net Income | (2.93) | 7.62 | 360.3 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | (0.05) | 0.14 | 360.3 % |
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