Arabian Contracting Services Co. posted a net profit after Zakat and tax of SAR 64.9 million for the first quarter of 2022, more than double from SAR 29.6 million a year earlier, according to a bourse filing.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 148.58 | 287.40 | 93.4 % |
| Gross Income | 50.12 | 129.11 | 157.6 % |
| Operating Income | 36.65 | 106.01 | 189.2 % |
| Net Income | 29.63 | 64.89 | 119.0 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 0.59 | 1.30 | 119.0 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 226.13 | 287.40 | 27.1 % |
| Gross Income | 107.32 | 129.11 | 20.3 % |
| Operating Income | 89.90 | 106.01 | 17.9 % |
| Net Income | 70.60 | 64.89 | (8.1 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.41 | 1.30 | (8.1 %) |
The profit increase year-on-year was driven by the continuous digital transformation, which increased the advertising spaces.
The company also cited a 93% increase YoY in Q1 2022 revenues and higher net operating profit.
When compared to the previous quarter, net profit fell 8% from SAR 70.59 million, due to the partial increase in billboard rental costs and financing expenses.
Shareholders’ equity, after minority interest, increased by 43% to SAR 796.168 million, from SAR 556.42 million in the same quarter a year earlier.
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