Arabian Waterproofing Industries Co. (Awazel) posted a 21 percent year-on-year (YoY) drop in its net profit to SAR 73.2 million for the fiscal year ended March 31, 2017.

 

Awazel’s Net Profit

Period

FY ended March 2016

FY ended March 2017

Variation

Net Profit (SAR mln)

92.9

73.2

(21%)

Average number of shares (mln)

27.3

27.3

--

EPS (SAR/share)

3.40

2.68

(21%)

 

The decline was attributed to a 17 percent fall YoY in revenue to SAR 72.3 million along with an 11 percent drop YoY in other income, as last year's figures included a write-back of SAR 1.8 million in doubtful debt provisions.

 

Awazel’s Income Statement (SAR mln)

Period

FY ended March 2016

FY ended March 2017

Variation

Sales

413.3

341.0

(17%)

Gross profit margin%

36 %

37 %

+1%

Admin & marketing expenses

(50.2)

(48.6)

+3%

Other income

5.5

4.9

(11%)

 

Awazel operates through its water and heat proofing division as well as its marble and granite unit, which swung to a net loss of SAR 0.7 million in FY16/17 compared to net profit of SAR 2.6 million a year earlier.

 

 Income Statement by Segment (SAR mln)

Period

Water & Heat Proof segment

Marble & Granite segment

FY ended March 2016

FY ended March 2017

FY ended March 2016

FY ended March 2017

Sales

384.7

322.1

28.6

18.9

Gross profit margin%

37 %

39 %

19 %

10 %

Net profit

91.0

73.7

2.6

(0.7)

 

Awazel's total assets grew by 4 percent YoY in the fiscal year ended March 31, 2017.

 

The Riyadh-based company paid a quarterly cash dividend of SAR 1.6 per share, totaling SAR 43.6 million, in FY15/16.

 

Significant Balance Sheet Items (SAR mln)

Period

FY ended March 2016

FY ended March 2017

Variation

Cash and cash equivalent

129.7

137.0

+6%

Real estate investment

33.3

34.6

+4%

Equipment & property

90.0

84.7

(6%)

Total assets

465.6

482.6

+4%

Total liabilities

70.2

59.7

(15%)

Capital

272.9

272.9

--

Shareholders’ equity

390.9

418.6

+7%

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