The profit was driven by higher sales across all segments, as sales increased by approximately 102% year-on-year (YoY), primarily driven by higher sales of the wood segment due to the supply contract with Saudi Assda Trading Co.
In addition, the company reported higher revenues from the financial leasing contract with the American Co. (Avenger Flight Co.) and higher investment profit as a result of increased interest rates, linking short-term Murabaha directly with Saudi banks and lower financing costs.
Sequentially, the company turned to profit in Q1 2023 against a loss of SAR 1.77 million in Q4 2022.
Shareholders’ equity, no minority interest, stood at SAR 179.51 million as of March 31, 2023, from SAR 181.04 million a year earlier.