Arabian Contracting Services Co. announces its interim financial results for the period ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 374,062 | 294,316 | 27.095 | 439,073 | -14.806 |
| Gross Profit (Loss) | 142,168 | 142,228 | -0.042 | 203,538 | -30.151 |
| Operational Profit (Loss) | 98,209 | 111,875 | -12.215 | 158,958 | -38.217 |
| Net profit (Loss) | 47,322 | 85,040 | -44.353 | 100,823 | -53.064 |
| Total Comprehensive Income | 37,615 | 85,069 | -55.782 | 100,823 | -62.692 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 813,135 | 606,682 | 34.029 |
| Gross Profit (Loss) | 345,706 | 285,788 | 20.965 |
| Operational Profit (Loss) | 257,167 | 226,598 | 13.49 |
| Net profit (Loss) | 148,145 | 175,862 | -15.76 |
| Total Comprehensive Income | 138,438 | 175,784 | -21.245 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,251,582 | 971,625 | 28.813 |
| Profit (Loss) per Share | 2.96 | 3.52 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | During the Second quarter of 2024, Arabian Contracting Services Co. achieved revenues of SAR 374 million compared to revenues of SAR 294 million in the same quarter of the previous year, with an increased rate of 27%.
The growth in revenues during the second quarter of 2024 compared to the same quarter of the previous year is attributed to an increase in revenues from both outdoor and indoor advertisements sectors by 25% and 109%, respectively. This, in turn, is attributed to several reasons, including starting the operation of the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Company. Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Decreases is due to:
Despite the increase in revenue 27%, the net profit has decreased by 44% and this decrease mainly is due to entering the quarterly seasonality changes in the main activity of Al-Arabia Company and moving Ramadan season from the second quarter to the first quarter, the increases in operating expenses (due to starting the operation of the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Company) in addition to increases in financing cost 117% compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Decreases is due to:
Quarterly seasonality changes in the main activity of Al-Arabia Company and moving Ramadan season from the second quarter to the first quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Decreases is due to:
Quarterly seasonality changes in the main activity of Al-Arabia Company and moving Ramadan season from the second quarter to the first quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | During the current period of 2024, Arabian Contracting Services Co. achieved revenues of SAR 813 million compared to revenues of SAR 607 million in the same quarter of the previous year, with an increased rate of 34%.
The growth in revenues during the second quarter of 2024 compared to the same quarter of the previous year is attributed to an increase in revenues from both outdoor and indoor advertisements sectors by 32% and 93%, respectively. This, in turn, is attributed to several reasons, including starting the operation of the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Company. Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Decreases is due to:
Despite the increase in revenue 34%, the net profit has decreased by 16% and this decrease mainly due to the increases in operating expenses (due to starting the operation of the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Company) in addition to increases in financing cost 155% compared to the same quarter of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | N/A |
Comments