Astra Industrial profits jump 345% in Q2 to SR243 mln

The net profit before zakat of Astra Industrial Group jumped in the second quarter to SR243 million, compared to SR55 million in the same quarter of last year, by 345%.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational profit amounted to SR 91 million in the second quarter, compared to SR 71 million in the same quarter of the last year, up 29%.

The gross profit in the second quarter amounted to SR226 million, compared to SR205 million in the same quarter of the last year, up 10%.

The net profit before zakat in the current period amounted to SR318 million, compared to SR105 million in the same period last year, an increase of 202%.

Profits per share in the current period reached SR 3.97, compared to SR1.32 in the same period last year.

Net profit increases in general due to:

1. Gain from discontinued operation
2. Increase in sales and gross profit in the following sectors:
3. a) Pharmaceuticals
4. b) Specialty chemical

Net profit increases in general due to:

1. Gain from discontinued operation
2. Decrease in selling and distribution expenses in pharmaceuticals sector.
3. Decrease in general and administrative expenses in the following sectors:
4. a) Pharmaceuticals
5. b) Specialty chemical
6. c) Other

While noting that there is decrease in gross profit in the following sectors:

1. a) Pharmaceuticals
2. b) Specialty chemical
3. c) Power and steel

Net profit increases in general due to:

1. Gain from discontinued operation

1. Increase in sales and gross profit in the following sectors:
2. a) Pharmaceuticals
3. b) Specialty chemical
4. Decrease in other expenses in pharmaceuticals sector.
5. Decrease in provision for impairment of financial assets in all sectors.

While noting that there is increase in selling and distribution expenses and general and administrative expenses in all sectors.

Additional Information:

1. Net Shareholders’ Equity at the end of the period was SR1,644,232,915/- compared to SR1,407,057,157/- at the end of the similar period last year with an increase of 17%.
2. With the completion of the sale of Al Anmaa during the period, the financial results and statements of Al Tanmiya were accounted for in accordance with IFRS requirements. Please refer to Note 13 of the condensed interim consolidated financial statements for further details.