Al Hassan Ghazi Ibrahim Shaker Co. reported a 72% leap in H1 2022 net profit after Zakat and tax to SAR 26.4 million, from SAR 15.3 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 577.78 | 591.53 | 2.4 % |
| Gross Income | 118.96 | 132.51 | 11.4 % |
| Operating Income | 16.27 | 27.60 | 69.7 % |
| Net Income | 15.08 | 26.41 | 75.2 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.27 | 0.48 | 75.2 % |
The profit growth was spurred by a 10.1% year-on-year (YoY) rise in revenue to SAR 635.9 million in H1 2022. Gross profit jumped 20.4% YoY to SAR 143.2 million in the same period.
The revenue growth rate outpaced the increase in direct and indirect costs, which resulted in a significantly improved net profit for H1 2022 compared to a year earlier.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 289.48 | 294.40 | 1.7 % |
| Gross Income | 61.33 | 60.14 | (1.9 %) |
| Operating Income | 15.20 | 11.02 | (27.5 %) |
| Net Income | 8.76 | 11.65 | 33.1 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.16 | 0.21 | 33.1 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 297.23 | 294.40 | (1.0 %) |
| Gross Income | 72.37 | 60.14 | (16.9 %) |
| Operating Income | 16.58 | 11.02 | (33.5 %) |
| Net Income | 14.76 | 11.65 | (21.1 %) |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.27 | 0.21 | (21.1 %) |
In Q2 2022, net profit after Zakat and tax rose 33% to SAR 11.7 million, from SAR 10.77 million in Q2 2021. Revenue grew by 9.1% YoY to SAR 316.0 million. The growth was driven mainly by higher realized sales in the HVAC solutions segment. The second-quarter gross profit rose 6.9% YoY to SAR 65.6 million,
On a quarterly basis, net profit dropped 21.1% from SAR 14.76 million, hit by a decline of 1.2% in revenue to SAR 316 million. Gross profit also fell by 15.5% on a sequential basis.
Total shareholders’ equity, after minority interest, increased to SAR 648.523 million as of June 30, 2022, compared to SAR 611.388 million a year earlier.
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