Thob Al Aseel Co. posted a net profit after Zakat and tax of SAR 69.8 million for the first half of 2020, a rise of 8% year-on-year (YoY), compared to SAR 64.5 million in the same period a year ago.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 291.32 | 311.29 | 6.9 % |
| Gross Income | 111.57 | 117.84 | 5.6 % |
| Operating Income | 71.12 | 77.76 | 9.3 % |
| Net Income | 64.54 | 69.84 | 8.2 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.16 | 0.17 | 8.2 % |
The company attributed the increase to higher sales and gross profit.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 190.14 | 193.84 | 1.9 % |
| Gross Income | 71.66 | 74.86 | 4.5 % |
| Operating Income | 52.01 | 56.01 | 7.7 % |
| Net Income | 48.34 | 52.32 | 8.2 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.12 | 0.13 | 8.2 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 117.46 | 193.84 | 65.0 % |
| Gross Income | 42.98 | 74.86 | 74.2 % |
| Operating Income | 21.75 | 56.01 | 157.5 % |
| Net Income | 17.51 | 52.32 | 198.8 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.04 | 0.13 | 198.8 % |
The second-quarter net profit after Zakat and tax increased 8.2% YoY to SAR 52.3 million, backed by a 1.95% rise in sales as the company introduced new products and signed a medical supply contract.
The increase was also backed by the company’s efforts to improve cost management, reduce controllable costs, and gain advantage from the government initiatives to mitigate the effects of COVID-19.
When compared to previous quarter, net profit increased by twofold due to surge in sales by 65.03% on the entry of new products.
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