Al-Hasoob profits decline to SAR 1.4 million during H1 by 58.2%

Al-Hasoob Trading Co. announced a decline in net profit after zakat and tax during the first half to SAR 1.4 million, compared to SAR 3.4 million in the same half of last year, by 58.2%. This came after the announcement on Thursday of the interim financial results for the period ended on June 30 (six months).

Operational profit reached SAR 2 million in the first half, compared to SAR 4.1 million in the same half of the previous year, a decrease of 50.1%.

Total shareholders’ equity (excluding minority rights) amounted to SAR 36.9 million in the six-month period, compared to SAR 32.4 million in the same period last year, an increase of 13.8%.

Earnings per share in the current period reached SAR 0.51, compared to SAR 1.22 in the same period last year.

Despite the increase in sales by 6.8% as a result of the increase in sales of ink and printers, the total profit witnessed a decrease of 40.5% due to discounts on selling prices to stimulate sales, especially on computers, and due to the increase in the volume of supply, the increase in the volume of competition in the market, and the decrease in the profitability ratio of the products.

Earnings per share for the periods presented are calculated on the basis of the number of company shares amounting to 2,800,000 shares after increasing the capital based on the assembly’s decision dated June 7, 2023. The extraordinary general assembly approved an increase in the company’s capital by capitalizing an amount of fourteen million Saudi riyals (SAR 14,000,000) from retained earnings to become the capital. The new money after the amendment is twenty-eight million Saudi riyals (SAR 28,000,000).