Friday, 29 March 2024

At the end of the 2nd half of 2021

Al-Watania for Building, Marketing Profits Increased by 223% to SR25 million

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The National Construction and Marketing Company’s net profit, after zakat and tax, increased by 223% to SR25 million, in the first half of the year, compared to SR7.7 million, at the same time, the previous year.

This came after the preliminary financial results for the period ending June 30, 2021, were released.

The operating profit for the first half of the year, was SR29 million, up from SR11 million, at the same time the previous year, which is an increase fo 158%.

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The total profit for the first half of the year, was SR36 million, up from SR15 million, in the same period, the previous year, an increase of 142% gain.

Earnings per share for the current quarter were SR2.09, up from 0.65 riyals in the previous quarter.

The improvement in the economic movement of the construction materials sector, which positively affected the company’s business performance as follows, is the reason for the growth in revenues, in all operational sectors in the combined lists (commercial and industrial).

  • The growth in sales of the metallurgical industry sector was realized as a result of increased market quantities sold and increased average selling prices.
  • The profit margin grew to 12% from 9.60% in the previous period, positively impacting net profit.
  • Finance costs are down 39.40% compared to the same period last year.

Certain comparable numbers have been reclassified to conform to the current period’s presentation and for consolidation purposes.

For the first time, the National Company for Building and Marketing’s consolidated results, with the subsidiary Ajije Steel Manufacturing Company, are included in the current financial statements (100% owned subsidiary).

 As of 06-30-2021, they were collectively referred to as the “Group.”

 

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