Thob Al Aseel 9M 2023 profit up 37% to SAR 65.4 mln; Q3 at SAR 5.2 mln

25/10/2023 Argaam Exclusive

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Thob Al Aseel Co.
5.13
(0.03) (0.58 %)

Thob Al Aseel Co. (ALASEEL)

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Thob Al Aseel Co. reported a 37% rise in net profit to SAR 65.4 million for the first nine months of 2023, compared to SAR 47.7 million a year ago. 

 


Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 408.36 426.71 4.5 %
Gross Income 168.78 170.00 0.7 %
Operating Income 63.46 81.08 27.8 %
Net Income 47.68 65.44 37.2 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.12 0.16 37.2 %

The company reported a 4.49% year-on-year (YoY) increase in sales and a 63.66% YoY decrease in the allowance for credit losses due to the improvement in collection rates. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 65.43 73.13 11.8 %
Gross Income 28.68 33.76 17.7 %
Operating Income 7.52 10.41 38.5 %
Net Income 3.66 5.16 41.0 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.01 0.01 41.0 %

The third-quarter net profit grew 41% to SAR 5.2 million from SAR 3.6 million in Q3 2022 on higher sales due to the back-to-school season. 

 

Sequentially, the Q3 bottom line fell by 84.1% from SAR 32.5 million in Q2 2023, attributed to lower sales resulting from seasonality of activity. 

 

Shareholders’ equity, no minority interest, stood at SAR 573.3 million by the end of Sept. 30, 2023, compared to SAR 566.89 million in the year-earlier period.

 

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