Astra Industrial reports profits jump of 48% to SR75 mln in 1Q

Astra Industrial Group announced that its profits after zakat and tax rose 48% to SR 75 million in the first quarter of 2022 compared to 51 million during the same period of 2021.

This came after Astra Industrial announcement on Monday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit fell 19% to SR 95 million in the 1^st quarter of the current year from SR 117 million in the same period of the previous year.

Gross profit of Astra Industrial advanced 7% to SR 635 million in the first quarter of this year from SR 595 million a year ago, while the profit per share climbed to SR 0.93 from SR 0.63.

Net profit increases in general due to:

1. Increase in sales in the following sectors:
2. Pharmaceuticals
3. Specialty chemical
4. Decrease in other expenses in pharmaceuticals sector.
5. Decrease in provision for impairment of financial assets in pharmaceuticals sector.

While noting that there is increase in selling and distribution expenses and general and administrative expenses in pharmaceuticals sector.

Net profit increases in general due to:

1. Increase in sales and gross profit in the following sectors:

1. Pharmaceuticals
2. Specialty chemical
3. Decrease in other expenses in pharmaceuticals sector.

While noting that there is increase in selling and distribution expenses in pharmaceuticals sector and increase in provision for impairment of financial assets in pharmaceuticals and specialty chemical sectors.

Additional Information:

1. Net Shareholders’ Equity at the end of the period was SR1,579,544,902/- compared to SR1,421,009,316/- at the end of the similar period last year with an increase of 11%.
2. With the completion of the sale of Al Anmaa subsequent to 31st March 2022, the financial results and statements of Al Tanmiya were accounted for in accordance with IFRS requirements. Please refer to Note 13 of the condensed consolidated interim financial statements for further details.