‎“Al-Aseel” profits increased to SR28 mln during Q1, by 46.3%‎

Thobe Al-Aseel Co. revealed an increase in net profit after zakat and tax in the first quarter to 27.7 million riyals, compared to 19 million riyals in the same quarter of last year, an increase of 46.3%. This came after the announcement today of the preliminary consolidated financial results for the period ending on 31 March 2023 AD (three months).

The operational profit amounted to 34.1 million riyals in the first quarter, compared to 24.5 million riyals in the same quarter of the previous year, with a growth of 39%.

The total shareholders’ equity “without minority rights” amounted to 570.4 million riyals in the current period, compared to 568.2 million riyals in the same period last year, an increase of 0.39%.

Earnings per share in the current period reached 0.69 riyals, compared to 0.47 riyals in the same period last year.

The reason for the increase in net profit for the first quarter of 2023, compared to the same quarter of 2022.

The previous year increased by 46.29%, mainly due to:

– Gross profit increased by 4.45% to reach 66.28 million riyals during the first quarter of this year compared to 63.45 million riyals during the same quarter of the previous year. The increase in gross profit is due to the growth Sales and relative improvement in the profit margin resulting from sales of highly profitable items, with an increase in online store sales by 617% during the current quarter compared to the same quarter of the previous year.

– The decrease in the provision for credit losses by 58% during the first quarter of the current year compared to the same quarter of the previous year due to the improvement in collection.

The reason for the increase in net income for the first quarter of this year compared to the previous quarter by 382.41% is mainly due to: Increase in sales resulting from the seasonality of activity

– Gross profit increased by 4.45% to reach 66.28 million riyals during the first quarter of this year compared to 63.45 million riyals during the same quarter of the previous year. The increase in gross profit is due to the growth Sales and relative improvement in the profit margin resulting from sales of highly profitable items, with an increase in online store sales by 617% during the current quarter compared to the same quarter of the previous year.

– The decrease in the provision for credit losses by 58% during the first quarter of the current year compared to the same quarter of the previous year due to the improvement in collection.

The reason for the increase in net income for the first quarter of this year compared to the previous quarter by 382.41% is mainly due to: Increase in sales resulting from the seasonality of activity.