‎“Amwaj International” profits up to SR29 mln during 2022, by ‎‎3%‎

Amwaj International Co. revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 29 million riyals, compared to 28.2 million riyals last year, by 2.7%. This came after today’s announcement of the annual financial results ending in 2022-12. -31.

The operational profits amounted to 40.4 million riyals during the year ending on December 31, 2022, compared to 35.8 million riyals in the previous year, an increase of 12.5%.

The total shareholders’ equity “without minority rights” amounted to 122.5 million riyals in the current year, compared to 93 million riyals in the previous year, with a growth of 31.5%.

Earnings per share in the current year reached 4.84 riyals, compared to 4.71 riyals in the previous year.

– Amwaj International Company achieved a net profit of 29.02 million Saudi riyals in the fiscal year 2022, an increase of 2.7% on an annual basis compared to an amount of 28.26 million Saudi riyals in the fiscal year 2021.

Revenues:

Amwaj International achieved revenues of 323.92 million Saudi riyals in fiscal year 2022, an increase of 19.7% year-on-year, compared to 270.55 million Saudi riyals in fiscal year 2021.

This strong performance was mainly due to strong growth in the HVAC solutions segment which includes the enterprise and consumer segments, as well as strong performance in the aftersales service. Although the home appliances sector faced challenges due to inflationary pressures and market conditions, the strong performance in the HVAC solutions sector was able to offset this slowdown.‎

Gross profits:

Total profit amounted to 64.18 million Saudi riyals in the fiscal year 2022, an increase of 10.91% year-on-year, compared to 57.86 million Saudi riyals in the fiscal year 2021.

The improvement in gross profit came as a result of higher sales, improvement in diversification of the company’s portfolio and continuous improvement in cost of goods sold management.

Operational profits:

Operating profit amounted to 40.40 million Saudi riyals for the fiscal year 2022, an increase of 12.57% year-on-year compared to 35.88 million Saudi riyals in the fiscal year 2021.

The increase in operating profit was due to higher sales however, selling and distribution expenses increased year on year due to higher sales volume. In addition, general and administrative expenses increased as a result of the increase in fixed costs throughout the year

Net profits:

The net profit attributable to the owners of the company increased by 2.7%, to reach 29.02 million Saudi riyals in the fiscal year 2022, compared to an amount of 28.26 million Saudi riyals in the fiscal year 2021.

The increase in net profit is mainly due to the increase in operating profits.