Amwaj International profits decrease to SAR 10.1 million during H1 by 32.4%

Amwaj International Co. announced that it recorded a net profit after zakat and tax during the first half of SAR 10.1 million, compared to SAR 15 million in the same half of last year, a decrease of 32.4%. This came after the announcement on Sunday of the interim financial results for the period ended on June 30 (6 months).

Operational profit reached SAR 14 million during the current period, compared to SAR 18 million in the same half of the previous year, a decrease of 21.6%.

Total shareholders’ equity (excluding minority rights) amounted to SAR 132.6 million in the six-month period, compared to SAR 108.1 million in the same period last year, a rate of 22.6%.

Earnings per share in the current period reached SAR 1.69, compared to SAR 2.5 in the same period last year.

The net profit of Amwaj International Company decreased by 32.4% during the current period compared to the same period of the previous year, to reach SAR 10.15 million, as a result of the decrease in total revenues by 6.8% as a result of the decrease in sales of the heating, ventilation, air conditioning and home appliances solutions sector, which includes corporate projects and the sector Consumers, the decrease in net profit is mainly due to:

1- The seasonal factor

2- The high cost of financing

3- High marketing expenses