Baazeem Trading Co. reported a decline of 9% in Q1 2022 net profit after Zakat and tax to SAR 8.9 million, compared to SAR 9.8 million in the first quarter of 2021, on the back of a 6.76% drop year-on-year (YoY) in sales.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 79.84 | 74.44 | (6.8 %) |
| Gross Income | 29.09 | 26.62 | (8.5 %) |
| Operating Income | 11.31 | 10.07 | (11.0 %) |
| Net Income | 9.78 | 8.89 | (9.1 %) |
| Average Shares | 10.13 | 10.13 | - |
| EPS (Riyals) | 0.97 | 0.88 | (9.1 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 61.18 | 74.44 | 21.7 % |
| Gross Income | 22.01 | 26.62 | 20.9 % |
| Operating Income | 5.72 | 10.07 | 76.1 % |
| Net Income | 2.68 | 8.89 | 231.9 % |
| Average Shares | 10.13 | 10.13 | - |
| EPS (Riyals) | 0.26 | 0.88 | 231.9 % |
Compared to Q4 2021, net profit after Zakat and tax climbed 54.4% from SAR 5.76 million, driven by higher sales during the holy month of Ramadan, and Zakat differentials of SAR 2.27 million for the period from 2014-2018, which were recognized in Q4 2021.
Shareholders’ equity, after minority interest, declined 1% to SAR 200.988 million by the end of the three-month period, from SAR 202.977 million a year earlier.
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