Tam Development profits leap 100.7% during H1 to SAR 4.7 million

Tam Development Company announced an increase in net profit after zakat and tax during the first half to SAR 4.7 million, compared to SAR 2.3 million in the same half of last year, by 100.7%. This came after the announcement on Sunday of the preliminary financial results for the period ended on June 30 (six months).

Operating profit reached SAR 6.7 million in the first half, compared to SAR 3.3 million in the same half of the previous year, a growth of 104.8%.

Total shareholders’ equity (excluding minority rights) amounted to SAR 76.8 million in the six-month period, compared to SAR 71.6 million in the same period last year, an increase of 7.3%.

Earnings per share in the current period reached SAR 1.45, compared to SAR 0.72 in the same period last year.

The increase in net profit is mainly due to an increase in sales.

The data of the statement of financial position were amended and restated in the shareholders’ equity section as of December 31, 2022 (the comparison period). There is no impact on the consolidated statement of profit or loss and other comprehensive income and consolidated statement of cash flows for the year ended 31 December 2022, Due to this restatement. Please refer to Notes No. 13, No. 14, and No. 30 of the notes of the financial information notes (financial statements) for the six-month period ending on June 30, 2023.

Earnings per share were recalculated on June 30, 2022 (the comparison period); please refer to Note No. 25 of the financial information notes (financial statements) for the six-month period ending on June 30, 2023. The comparative figures for the six-month period ending on June 30, 2022, have been amended for notes No. 24, paragraph No. 24.2, to be consistent with the current presentation of the financial statements for the six-month period ending on June 30, 2023.