Saudi Top Trading reports net profit of SAR 23.5 million in H1 2022

Saudi Top Plastic Trading Co. (STP) reported a net profit of SAR 23.5 million for H1 2022, compared to SAR 6.6 million in the year-earlier period. 

This profit surge was spurred by a 14% increase year-on-year (YoY) in revenue, higher other revenue, a rise in gross profit margins to 33% compared to 16% in the prior-year period and the 8% decline YoY in cost of revenue.

This was offset by higher Zakat and tax expenses and increased cost of finance. 

Total shareholders’ equity, excluding minority interest, stood at SAR 76.158 million by the end of June 30, 2022, compared to SAR 58.712 million in the year-earlier period.  

Revenue from the industrial business portfolio reached SAR 86.20 million in H1 2022, compared to SAR 80.31 million in the corresponding period, while revenue from the trade business activities increased YoY to SAR 19.60 million.