Arabian Contracting Services Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

2023-03-16 16:20:54

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 1,126,182720,63256.28
Gross Profit (Loss) 486,989330,28447.45
Operational Profit (Loss) 383,960261,33046.92
Net Profit (Loss) after Zakat and Tax 274,700206,24733.19
Total Comprehensive Income 276,592204,86135.01
Total Share Holders Equity (after Deducting Minority Equity) 819,871731,27812.11
Profit (Loss) per Share 5.494.12
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is Arabian Contracting Services Co. revenues increased by 56% to achieve SAR 1.126 billion compared to the previous year 2021, and the company's net profit increased by 33% during the year 2022 compared to the previous year 2021. These positive financial results exceeded the expectations that were mentioned in the IPO, and this reflects the continuation of the process of digital transformation and the company's commitment and focuses on the strategic goals as planned, which contributed to achieving this distinguished rise. The reason behind increase in net profit for the year 2022 compared to the previous year 2021 is due to several main reasons, including focusing on the company’s approach and strategy in digital transformation operations and continuing geographical expansion locally and regionally, which resulted in entering into new strategic alliances and projects that support the company’s marketing and advertising plans, in addition to achieving a sustainable growth in all operating sectors of the company. The continuation of the digital transformation processes contributed to the growth of the clients base and the increase in the advertising spaces available to the company, which increased the capacity in order to accommodate more advertising campaigns.
Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion N/A
Reclassification of Comparison Items The comparative figures for the year ending on December 31, 2021, have been reclassified to conform to the current year's presentation and classification.
Additional Information N/A
Attached Documents