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Amwaj International Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 323,920,174 | 270,551,927 | 19.73 | ||
| Gross Profit (Loss) | 64,185,720 | 57,867,334 | 10.92 | ||
| Operational Profit (Loss) | 40,403,851 | 35,889,356 | 12.58 | ||
| Net Profit (Loss) after Zakat and Tax | 29,025,584 | 28,261,475 | 2.7 | ||
| Total Comprehensive Income | 29,391,248 | 28,111,684 | 4.55 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 122,504,082 | 93,112,834 | 31.57 | ||
| Profit (Loss) per Share | 4.84 | 4.71 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Amwaj International achieved a net profit of SAR 29.02 million in FY 2022, an increase of 2.7% YoY compared to SAR 28.26 million in FY2021. Revenues: Amwaj International achieved revenues of SAR 323.92 million in FY2022, an increase of 19.7% YoY compared to SAR 270.55 million in FY2021. This strong performance was mainly attributable to strong growth in the HVAC solutions segment which includes the enterprise projects and consumer segments, as well as strong aftermarket performance. Although the Home Appliances segment was challenged by inflationary pressures and market conditions, strong performance in the HVAC division was able to offset the slowdown. Gross profit: Gross profit reached SAR 64.18 million in FY2022, an increase of 10.91% YoY compared to SAR 57.86 million in FY2021. The improvement in gross profit came as a result of higher sales, improvement in diversification of the company's portfolio and continued improvement in cost of goods sold (COGS). Operating profit: Operating profit amounted to SAR 40.40 million for the FY2022, an increase of 12.57% YoY compared to SAR 35.88 million in the FY2021. The increase in operating profit was due to higher sales however, selling and distribution expenses increased YoY due to higher sales volume. In addition, general and administrative expenses increased due to the increase in fixed costs throughout the year. Net profit: The net profit attributable to the owners of the company increased by 2.7% to reach 29.02 million Saudi riyals in the FY2022 compared to 28.26 million Saudi riyals in the FY2021. The increase in net profit is mainly due to higher operating profit. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | None |
| Additional Information | None |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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