Astra Industrial profits increase to SR71 mln during Q3, up 56%

Astra Industrial Company revealed that the net profit after zakat and tax in the third quarter increased to SR70.8 million, compared to SR45.3 million in the same quarter of last year, by 56%.
This came after on Wednesday announcement of the preliminary financial results for the period ending on September 30, 2022 (nine months).
The operational profit amounted to SR76.5 million in the third quarter, compared to SR71.8 million in the same quarter of the previous year, an increase of 6.4%.
The net profit after zakat and tax in the 9-month period amounted to SR388.6 million, compared to SR150.5 million in the same period last year, an increase of 158.1%.
The gross shareholders’ equity “without minority rights” amounted to SR1.7 billion in the current period, compared to SR1.3 billion in the same period last year, a growth of 23%.
Profits per share in the current period reached SR4.86, compared to SR1.88 in the same period last year.
The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
Net profit increases in general due to:
1. Decrease in selling and distribution expenses in the Pharmaceuticals sector
2. Decrease in general and administrative expenses in the following sectors:
a) Pharmaceuticals
b) Other
3. Increase in other income in the following sectors:
c) Pharmaceuticals
d) Other
4. Decrease in loss from discontinued operation
While noting that there is a decrease in gross profit in the Pharmaceuticals sector.
The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
Net profit decrease in general due to:
1. Previous quarter included gain from discontinued operation
2. Decrease in gross profit in the following sectors:
a) Specialty chemical
b) Pharmaceuticals
The gross profit decrease was partially offset by an increase in gross profit in the power and steel sector.
3. Increase in general and administrative expenses in the following sectors:
a) Specialty chemical
b) Pharmaceuticals
4. Increase in provision for impairment of financial assets expense in the following sectors:
a) Pharmaceuticals
b) Power and steel
While noting that there is increase in other income in Pharmaceuticals and Other sector.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is
Net profit increases in general due to:
1. Gain from discontinued operation
2. Decrease in other expenses in pharmaceuticals sector.
3. Increase in sales and gross profit in the following sectors:
a) Specialty chemical
b) Pharmaceuticals
4. 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 pharmaceuticals sector.
Certain comparative figures for the previous period have been reclassified to be consistent with the presentation of the current period.
1. Net Shareholders’ Equity at the end of the period was SR 1,714,921,175 /- compared to SR 1,448,185,342 /- at the end of the similar period last year with an increase of 18%.
2. With the completion of the sale of Al Anmaa during the nine month 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.