Saudi: Al Arabia’s net profits near over $24mln in Q1-23

Riyadh – Arabian Contracting Services Company (Al Arabia) registered net profits after Zakat and tax amounting to SAR 90.82 million in the first quarter (Q1) of 2023, an annual jump of 39.96% from SAR 64.89 million.

Revenues climbed by 8.69% to SAR 312.36 million in Q1-23 from SAR 287.40 million in Q1-22, according to the interim financial results.

The earnings per share (EPS) hit SAR 1.82 during the first three months (3M) of 2023, versus SAR 1.30 in the year-ago period.

On a quarterly basis, the Q1-23 net profits increased by 11.95% from SAR 81.12 million in Q4-22, while the revenues dropped by 1.59% from SAR 317.42 million.

Last year, Al Arabia logged net profits after Zakat and tax valued at SAR 274.70 million, higher by 33.19% than SAR 206.24 million in 2021.

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