Arabian Contracting profits jump 119% to SR65 mln in 1Q

Arabian Contracting Services Co. announced that its profits after zakat and tax jumped 119% to SR 65 million in the first quarter of 2022 compared to 30 million during the same period of 2021.

This came after Arabian Contracting announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit climbed 120% to SR 81 million in the 1^st quarter of the current year from SR 37 million in the same period of the previous year.

Gross profit of Arabian Contracting advanced 108% to SR 104 million in the first quarter of this year from SR 50 million a year ago, while the profit per share soared to SR 1.3 from SR 0.59.

Arabian Contracting Services Company achieved during the first quarter of 2022 a net profit of SAR 64.8 million, compared to SAR 29.6 million during the same quarter of the last year with an increase of 119%. This is mainly due to the continuity of digital transformation expansion processes which increased the advertising spaces, that had a main role in increasing the client base for 2022 to include new sectors.

The company’s revenues increased by 93% for the current quarter compared to the same quarter of the last year.

The net profit from the main activities increased from SAR 36.7 million in the same quarter of last year to SAR 80.7 million for the current quarter, by 120%.

Despite the growth of revenues by 27% for the current quarter compared to the previous quarter, the net profit for the current quarter has decreased by 8% compared to the previous quarter due to a partial increase in billboard rental costs and financing expenses in addition to the selling and distribution commissions, as a result of the increase in the company’s revenues.

Additional Information:

Shareholders’ equity increased from SAR 556 million in the same quarter of last year to SAR 796 million in the current quarter, by 43% due to the increase in the company’s retained earnings.

Earnings per share from the net profits increased from SAR 0.59 per share in the same quarter of the last year to SAR 1.30 per share in the current quarter, by 120%.