Astra Industrial profits jump 134.4% at the end of 2022 to 474.3 ‎million

Astra Industrial Group revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 474.3 million riyals, compared to 202.3 million riyals in the previous year, at a rate of 134.4%. This came after today’s announcement of the annual financial results ending in 2022-12. -31.

The operational profit amounted to 395.6 million riyals during the year ending on December 31, 2022, compared to 326.2 million riyals in the previous year, an increase of 21.2%.

The total shareholders’ equity “without minority rights” amounted to 1.84 billion riyals in the current year, compared to 1.45 billion riyals in the previous year, an increase of 27.4%.

Earnings per share in the current year reached 5.93 riyals, compared to 2.53 riyals in the previous year.

The increase in net profit is mainly due to:

1. Profit from discontinuous operations
2. Increase in sales and gross profit in the following sectors:
3. a) Medicines
4. b) Specialty chemicals
5. c) Iron industries
6. Decrease in foreign exchange and inflation in the following sectors:
7. a) Medicines
8. b) Specialty chemicals
9. A decrease in the allowance for impairment in the value of financial assets in the following sectors:
10. a) Specialty chemicals
11. b) Iron industries
12. c) other.

Noting that there is an increase in general and administrative expenses, as well as selling and distribution expenses in all sectors

Additional information:

1. The total property rights at the end of the current period amounted to 1,913,185,390/- Saudi riyals, compared to a total of 1,504,091,847/- Saudi riyals at the end of the same period of the previous year, an increase of 27%.
2. With the completion of the sale of Al-Inmaa Company during the nine months, the results of the financial statements of the Development Company were calculated in accordance with the requirements of the International Financial Reporting Standards. Please refer to Note No. 33 of the condensed consolidated interim financial statements for more details.