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Arabian Contracting Services Co. announces its Interim Financial Results for the Period Ending on 30-06-2023 (Six Months).
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 294,316 | 263,635 | 11.64 | 312,366 | -5.78 |
| Gross Profit (Loss) | 142,228 | 106,259 | 33.85 | 143,560 | -0.93 |
| Operational Profit (Loss) | 111,875 | 79,688 | 40.39 | 114,723 | -2.48 |
| Net Profit (Loss) after Zakat and Tax | 85,040 | 62,795 | 35.42 | 90,822 | -6.37 |
| Total Comprehensive Income | 85,069 | 62,795 | 35.47 | 90,715 | -6.22 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 606,682 | 551,036 | 10.1 |
| Gross Profit (Loss) | 285,788 | 235,368 | 21.42 |
| Operational Profit (Loss) | 226,598 | 185,695 | 22.03 |
| Net Profit (Loss) after Zakat and Tax | 175,862 | 127,684 | 37.73 |
| Total Comprehensive Income | 175,784 | 127,684 | 37.67 |
| Total Share Holders Equity (after Deducting Minority Equity) | 971,625 | 765,963 | 26.85 |
| Profit (Loss) per Share | 3.52 | 2.55 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | al arabia achieved a net profit of SAR 85.0 Million during the second quarter of the year 2023, with increase rate of 35% year on year (YOY), compared to the same quarter of the previous year. This increase is attributed to the growth in revenues from continuing operations by 12%, which was offset by a decrease in the cost of revenues and general and administrative expenses by 3% and 16%, respectively, compared to the same quarter of the previous year. The reason behind the increase in the revenues of the second quarter of the year 2023 is due to the growth in revenues of the outdoor advertising segment by 12% compared to the same quarter of the previous year. This resulted from al arabia's continuity and its leadership in digital transformation operations. As this mainly contributed to the increase in the capacity of a larger segment of clients and advertisers as a result of the increase in the number of digital faces to reach 70% of the total advertising faces at the end of the quarter, and the entry of each of Jeddah Season, Hajj, and Eid al-Adha had an impact on the increase in demand for advertising campaigns. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | al arabia recorded a decrease in the net profit during the current quarter compared to the activity and results of the previous quarter by 6%. This is due to the quarterly seasonal changes in the main activity of al arabia Company, in addition to the increase in Zakat expense by 13%, financing interest expenses from short-term loans, and the right of use by 9% and 10%, respectively. The start of the summer vacations also contributed to a decrease at a rate of 6% in revenues compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | al arabia achieved a net profit of SAR 175.9 Million during the first half of the year 2023, with an increased rate of 38% year on year (YOY), compared to the same period of the previous year, and this is due to the growth in revenues of the outdoor and indoor advertising segments by 9% and 12%, respectively, compared to the same period of the previous year, al arabia's continuity and its leadership in digital transformation operations also contributed to the increase in the capacity of a larger segment of clients and advertisers as a result of the increase in the number of digital faces to reach 70% of the total advertising faces at the end of the period. It is worth mentioning that, despite the increase in the company's operating expenses by 19% year on year (YOY), al arabia maintained an increase in the profit margin levels compared to the same period of the previous year, in alignment with what was mentioned in the guide upon IPO. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
| Reclassification of Comparison Items | Comparative figures for the period ended June 30, 2022 have been reclassified to conform to the current period’s presentation and classification. |
| Additional Information | The presentation of Q2 2023 results, will be available on the company website in the Investors Relations section on the link: https://al-arabia.com/ |
| Attached Documents |  |
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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