Arabian Plastic Industrial Co. (APICO) reported a rise of 19% in 2022 net profit to SAR 9.3 million, compared to SAR 7.8 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 116.68 | 154.57 | 32.5 % |
| Gross Income | 17.68 | 21.34 | 20.7 % |
| Operating Income | 9.27 | 11.74 | 26.7 % |
| Net Income | 7.81 | 9.30 | 19.1 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 1.56 | 1.86 | 19.1 % |
The higher profit was buoyed by a 32.47% year-on-year increase in revenue on strategic initiatives of expansion in sales footsteps to various Saudi regions as well as growth in customer base.
This was despite an increase in sales expenses and finance cost.
Total shareholders’ equity, no minority interest, reached SAR 82.6 million at the end of 2022, compared with SAR 73.3 million a year earlier.
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