Baazeem Trading reports profit decline to SR4 mln in Q3‎

The net profit after zakat and tax for Baazeem Trading Co. decreased slightly to 4 million riyals during the third quarter, compared to 4.18 million riyals in the same quarter of last year, by 3%, this came after today’s announcement of the preliminary financial results for the period ending on September 30, 2022 (9 months).

The operational profit amounted to 5.4 million riyals in the third quarter, compared to 4.9 million riyals in the same quarter of the previous year, an increase of 12%.

As for gross profit, it amounted to 22 million riyals in the third quarter, compared to 21 million riyals in the same quarter of the previous year, a growth of 9%.

Baazeem trading net profit for the Third quarter 2022 ending on 30 September reached 4,044,005 SAR compared to 4,180,986 SAR in the Third quarter of 2021.

The decrease in net profit is driven by the existence of one time distribution of profits from company investment in the third quarter 2021.

Baazeem trading net profit for the third quarter 2022 ending on 30 September reached 4,044,005 SAR compared to 4,551,551 SAR in the Second quarter of 2022.

The decrease in net profit is driven by the increase in the cost of goods sold on third quarter 2022.

The net profit in the current period of 2022 decreased by -7.34%, reaching 17,487,071 SAR compared to 18,871,760 SAR in same period last year 2021. The decrease was driven by the reduction in the company sales by -1.32% and the increase in the cost of goods sold driven by the global inflation.

Additional Information:

1- The total shareholder’s equity decreased by -2.91%, reaching 186,766,576 SAR on 30-09-2022 compared to 192,357,033 SAR on 30-09-2021, with no minority rights.

2- The earning by share on the period ending 30-09-2022 decreased by -6.99% reaching 1.73 compared to 1.86 on the same period last year ending 30-09-2021. Worth mentioning that the total number company shares is 10,125,000 shares.