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Arabian Contracting Services’ profits leap 119% in Q1-22 interim financials

Arabian Contracting Services’ profits leap 119% in Q1-22 interim financials
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Riyadh – Mubasher: Arabian Contracting Services Company (Al Arabia) has witnessed a 119.03% hike in net profit after Zakat and tax to SAR 64.89 million in the first quarter (Q1) of 2022, compared to SAR 29.62 million in Q1-21.

The company registered SAR 287.40 million in revenue in the first three months (3M) of 2022, an annual surge of 93.43% from SAR 148.58 million, according to a bourse disclosure on Wednesday.

In addition, the earnings per share (EPS) rose to SAR 1.30 in Q1-22 from SAR 0.59 in Q1-21.

On a quarterly basis, the revenues in Q1-22 increased by 27.26% from SAR 225.83 million in Q4-21, while the net profits dropped by 8.08% from SAR 70.59 million.

It is worth noting that Arabian Contracting Services started listing and trading its shares on the Saudi Exchange's Main Market (Tadawul) last November.