AlNaqool profits decreased to SR292 thousand during H1 by 93%

Mohammed Hasan AlNaqool Sons Company revealed that the net profit after zakat and tax declined during the first half to SR292 thousand, compared to SR4.04 million in the same period last year, at a rate of 92.7%.
This came after the announcement on Tuesday of the preliminary financial results for the period ending on 30.06.2022 (six months).
The operational profit amounted to SR2.3 million in the first half, compared to SR4.2 million in the same period of the previous year, down 43.3%.
The gross shareholders’ equity “without minority rights” amounted to SR50.5 million in the 6-month period, compared to SR45.06 million in the same period last year, a growth of 12%.
Profits per share in the current period reached SR0.1, compared to SR1.39 in the same period last year.
Decrease in net profit for the following reasons:
1. The consolidated company’s profits were affected by the decrease in the currency exchange rate of the subsidiary company in the Arab Republic of Egypt by SR1.83 million.
2. An increase in the cost of raw materials by 5.4%, which lead up to increase in the cost of goods sold by 7% compared to the same period of the previous year.
The company’s land was re-evaluated in Riyadh City, Al-Malqa district on 30/06/2022 at a value of SR20 million reflected in the company’s future results.