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Al Arabia sees 38% higher net profits in H1-23

Al Arabia sees 38% higher net profits in H1-23
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ALARABIA
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8.08% 219.40 16.40

Riyadh – Mubasher: Arabian Contracting Services Company (Al Arabia) generated SAR 175.86 million in net profit after Zakat and tax during the first half (H1) of 2023, marking a 37.73% jump from SAR 127.68 million in H1-22.

Revenues amounted to SAR 606.68 million as of 30 June 2023, up 10.10% year-on-year (YoY) from SAR 551.03 million, according to the interim financial results.

In the first six months (6M) of 2023, the earnings per share (EPS) stood at SAR 3.52, a growth from SAR 2.55 in the year-ago period.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, Al Arabia recorded net profits after Zakat and tax worth SAR 85.04 million, an annual leap of 35.42% from SAR 62.79 million.

The revenues hit SAR 294.31 million in April-June 2023, higher by 11.64% YoY than SAR 263.63 million.

On a quarterly basis, the profits in Q2-23 retreated by 6.37% from SAR 90.82 million as of 31 March 2023, while the revenues dropped by 5.78% from SAR 312.36 million.