Al Arabia turns to profit of SAR 135.7 mln in 9M 2021
Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia), which was listed on Tadawul today, Nov. 15, reported a net profit of SAR 135.7 million (SAR 2.71 a share) for the first nine months of 2021, against a loss of SAR 21.4 million a year earlier.
|
Income Statement – Interim |
|||
|
Items |
September 2020 |
September 2021 |
Variation |
|
Sales |
321.8 |
494.5 |
+54% |
|
Gross Income |
29.4 |
223.0 |
+65% |
|
Gross Profit Margins |
9.2% |
45.1% |
+35.9% |
|
Net Profit |
(21.4) |
135.7 |
-- |
|
No. of Shares |
50.0 |
50.0 |
-- |
|
EPS |
(0.43) |
2.71 |
-- |
The profit growth is driven by a remarkable improvement in profit margins, as revenue increased by 54% year-on-year (YoY) on a collective rise in operating segments' revenue.
The nine-month financials included SAR 11.5 million losses from the exclusion of equipment and machinery.
The following table shows the company's Q3 financials compared to year-earlier period:
|
Income Statement – Quarterly |
|||
|
Items |
Q3 2020 |
Q3 2021 |
Variation |
|
Sales |
107.4 |
188.4 |
+75% |
|
Gross Income |
12.3 |
86.8 |
+605% |
|
Gross Profit Margins |
11.5 % |
46.1 % |
+34.6% |
|
Net Profit |
(6.1) |
57.1 |
-- |
|
No. of Shares |
50.0 |
50.0 |
-- |
|
EPS |
(0.12) |
1.14 |
-- |
The three-month profit growth is boosted by an improvement in profit margins, as revenue increased remarkably YoY on a collective rise in operating segments' revenue.
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