Al-Aseel Profits Increase to SR19 mln during 1Q, by 36%

The net profit after zakat and tax for the company, Thoub Al-Aseel Company, increased to SR19 million during the first quarter, compared to SR14 million during the same quarter of the previous year, at a rate of 36%.

This came after Thoub Al-Aseel Company announcement on Sunday the consolidated preliminary financial results for the period ending on 31.03.2021 (three months).

The operational profit amounted to SR25 million during the first quarter, compared to SR19 million during the same quarter of the previous year, a growth of 28%.

The gross profit amounted to SR 63 million during the first quarter, compared to SR48 million during the same quarter of the previous year, an increase of 33%.

Profits per share during the current period amounted to SR0.47, compared to SR0.35 during the same period of the previous year.

The reason for the increase in net profit for the first quarter of 2022 compared to the same quarter of the previous year by 35.79% is mainly due to:

Sales growth at a rate of 34.19%, due to the improvement in the business environment during the current quarter and the increase in the number of Umrah pilgrims coming from outside the Kingdom, which contributed to the gradual recovery of sales in the western region.

The reason of the increase in the net profit during for the First quarter 2021 quarter compared to the previous quarter, by 146.72 % mainly due to increase in sales, Resulted from seasonality of activity.

For all periods presented, earnings per share information is calculated based on the new number of shares post the capital increase through bonus shares on 21 October 2021, the date on which the Extraordinary General Assembly approved the capital increase.

It concluded: “We want to draw the attention of our valued shareholders, the Consolidated Financial statements for the Three Months ended 31st March 2022 will be available on the investor relations app for Al-Aseel Smart Phones and Tablets, and through the company’s website at the following link http://www.alaseel.com.sa/investor, after sending it to the competent authorities”.