Rawasi’s 2021 net profit falls 4% to SAR 17.5 mln

Rawasi Al-Bina Investment Co., which is expected to be listed on Nomu-Parallel Market shortly - reported a 4% decline in net profit to SAR 17.5 million for 2021, compared to SAR 18.3 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	91.42	95.53	4.5 %
Gross Income	28.20	30.01	6.4 %
Operating Income	23.72	23.97	1.1 %
Net Income	18.26	17.48	(4.2 %)
Average Shares	55.00	55.00	-
Earnings Per Share before unusual items (Riyals)	0.33	0.32	(4.2 %)
EPS (Riyals)	0.33	0.32	(4.2 %)

The profit decline was triggered by a 4% rise year-on-year (YoY) in cost of revenue and a 70% increase YoY in employee expenses, despite 5% YoY revenue growth.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬

Item	H1 2021	H2 2021	Change‬
Revenues	45.45	50.09	10.2 %
Gross Income	14.31	15.70	9.6 %
Operating Income	11.72	12.25	4.6 %
Net Income	10.08	7.41	(26.5 %)
Average Shares	55.00	55.00	-
Earnings Per Share before unusual items (Riyals)	0.18	0.13	(26.5 %)
EPS (Riyals)	0.18	0.13	(26.5 %)

Shareholders’ equity, excluding minority interest, stood at SAR 93.03 million by the end of 2021, compared to SAR 75.50 million a year earlier.

The company has two key sources of revenue: power projects that constituted 70.9% of 2021 revenue, versus 59.1% in 2020, and the installation and commissioning of all ranges of telecom equipment that accounted for 29.1% of 2021 revenue, compared to 40.9% in 2020.

Rawasi’s 2021 net profit falls 4% to SAR 17.5 mln

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Financials (M)

Current Half Annual Comparison (M)

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