National Environmental Recycling Co. (Tadweeer) posted a drop of 13% in H1 2022 net profit after Zakat and tax to SAR 8.5 million, compared to SAR 9.8 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 67.15 | 191.69 | 185.5 % |
| Gross Income | 10.67 | 14.02 | 31.4 % |
| Operating Income | 8.13 | 11.11 | 36.7 % |
| Net Income | 9.77 | 8.47 | (13.2 %) |
| Average Shares | 58.08 | 58.08 | - |
| EPS (Riyals) | 0.17 | 0.15 | (13.2 %) |
The lower profit was attributed to a decline in gross profit margins (GPMs), due to the nature of business. The company explained that it deals with various types of minerals, and the sales of the current period included low-margin minerals. Accordingly, GPM decreased from 15.9% to 7.6%.
Moreover, the company’s Safe Information Modern System Co. was acquired in Dubai, which increased net profit by SAR 2.350 million in H1 2021
Shareholders equity, after minority interest, reached SAR 146.686 million as of June 30, 2022, up from SAR 55.813 million a year earlier.
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