Ladun Investment profits fell to SR30 mln during H1 by 59%

The net profit after zakat and tax for Ladun Investment Company decreased to SR30 million during the first half, compared to SR73.5 million in the same period last year by 59%.
This came after announcing on Wednesday the preliminary financial results for the period ending on 30.06.2022 (six months).
The operational profit amounted to SR43 million in the first half, compared to SR10 million in the same period of the previous year, a growth of 332%.
The gross profit amounted to SR82 million in the 6-month period, compared to SR32 million in the same period last year, an increase of 152%.
Profits per share in the current period amounted to SR0.6, compared to SR1.47 in the same period last year.
The increase (decrease) in net profit for the current period compared to the previous period is attributed to
Net profit decreased by (59%) for the current period (1H 2022) in comparison with same period of last year (1H 2021) due to last year’s results included non-recurring profit from the sale of subsidiary value SR57,580,259.
Had we excluded the impact of non-recurring profit, the company’s net profit from recurring operations grew by SR (14,106,301) representing (89%) growth. Net profit of the first half of 2022 reached SR (30,012,529) from SR (15,906,228) realized in the first half of 2021 “excluding non-recurring profit from the sale of the subsidiary”.
Reasons for the performance improvement from Group’s main activities as follow;
1- Kick offoff new projects with a good profit margin
2- Execution improvement at ongoing projects
3- Efficiency in managing projects’ costs
4- Start commercial production from new factories