Arabian Contracting Services Co. (Al Arabia) posted a net profit of SAR 90.8 million for the first quarter of 2023, leaping 40% from SAR 64.9 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 287.40 | 312.37 | 8.7 % |
| Gross Income | 129.11 | 143.56 | 11.2 % |
| Operating Income | 106.01 | 114.72 | 8.2 % |
| Net Income | 64.89 | 90.82 | 40.0 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.30 | 1.82 | 40.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 317.43 | 312.37 | (1.6 %) |
| Gross Income | 145.57 | 143.56 | (1.4 %) |
| Operating Income | 112.78 | 114.72 | 1.7 % |
| Net Income | 81.13 | 90.82 | 12.0 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Riyals) | 1.62 | 1.82 | 12.0 % |
This was due to the start of Ramadan, in addition to the unique advertising campaigns of the Saudi Foundation Day, and completion of Riyadh calendar activities during the current quarter.
The company also cited the continued process of digital transformation and adopting smart solutions in outdoor advertising media. By the end of Q1 2023, Al Arabia succeeded in converting 70% of advertising faces into smart digital ones based on the latest technological solutions in collecting and analyzing data, compared to 59% for the same quarter of the previous year, an increase of 11%. This resulted in increasing the advertising spaces and capacity for a larger number of advertising campaigns.
When compared to the previous quarter, net profit rose 12% from SAR 81.13 million, due to recording other non-operating expenses during the previous quarter, including losses from disposal of property, plant, and equipment of SAR 7.8 million. The firm also cited expected credit losses expenses of SAR 1 million.
Shareholders’ equity, after minority interest, reached SAR 906.36 million by the end of Q1 2023, from SAR 796.16 million in the same quarter a year earlier.
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