Saudi Industrial Exports’ H1 profit down 57% to SAR 0.95 mln

12/07/2015 Argaam Exclusive

 

Saudi Industrial Exports Company reported a net profit of SAR 950,000 for H1-2015, marking a 56.7 percent decline compared to the same period in 2014.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 317.97 270.10 (15.1 %)
Gross Income 5.14 3.36 (34.7 %)
Operating Income 2.78 1.15 (58.6 %)
Net Income 2.23 0.95 (57.2 %)
Average Shares 134.37 134.37 -
EPS (Riyals) 0.02 0.01 (57.2 %)

 

The decline was attributed to decreased sales, lower profit from raw materials for fertilizer manufacturing in the Asian market, as well as lower exports to African countries. The first half also recorded lower profit margins for sales of food products in the local market.

 

Net profit in Q2-2015, however, grew 52.8 percent to SAR 790,000 year-on-year on higher sales and profit from starting a new business of import and sales of Asian products to the Saudi market, despite a decrease in other income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 127.19 137.94 8.5 %
Gross Income 1.66 2.18 30.9 %
Operating Income 0.53 1.13 111.5 %
Net Income 0.52 0.79 52.8 %
Average Shares 134.37 134.37 -
EPS (Riyals) 0.00 0.01 52.8 %

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