Arabian Waterproofing posted 21% profit drop in FY16/17

Arabian Waterproofing Industries Co. (Awazel) posted a 21 percent year-on-year (YoY) drop in its net profit to SAR 73.2 million for the fiscal year ended March 31, 2017.

Awazel’s Net Profit
Period	FY ended March 2016	FY ended March 2017	Variation
Net Profit (SAR mln)	92.9	73.2	(21%)
Average number of shares (mln)	27.3	27.3	--
EPS (SAR/share)	3.40	2.68	(21%)

The decline was attributed to a 17 percent fall YoY in revenue to SAR 72.3 million along with an 11 percent drop YoY in other income, as last year's figures included a write-back of SAR 1.8 million in doubtful debt provisions.

Awazel’s Income Statement (SAR mln)
Period	FY ended March 2016	FY ended March 2017	Variation
Sales	413.3	341.0	(17%)
Gross profit margin%	36 %	37 %	+1%
Admin & marketing expenses	(50.2)	(48.6)	+3%
Other income	5.5	4.9	(11%)

Awazel operates through its water and heat proofing division as well as its marble and granite unit, which swung to a net loss of SAR 0.7 million in FY16/17 compared to net profit of SAR 2.6 million a year earlier.

Income Statement by Segment (SAR mln)
Period	Water & Heat Proof segment		Marble & Granite segment
Period	FY ended March 2016	FY ended March 2017	FY ended March 2016	FY ended March 2017
Sales	384.7	322.1	28.6	18.9
Gross profit margin%	37 %	39 %	19 %	10 %
Net profit	91.0	73.7	2.6	(0.7)

Awazel's total assets grew by 4 percent YoY in the fiscal year ended March 31, 2017.

The Riyadh-based company paid a quarterly cash dividend of SAR 1.6 per share, totaling SAR 43.6 million, in FY15/16.

Significant Balance Sheet Items (SAR mln)
Period	FY ended March 2016	FY ended March 2017	Variation
Cash and cash equivalent	129.7	137.0	+6%
Real estate investment	33.3	34.6	+4%
Equipment & property	90.0	84.7	(6%)
Total assets	465.6	482.6	+4%
Total liabilities	70.2	59.7	(15%)
Capital	272.9	272.9	--
Shareholders’ equity	390.9	418.6	+7%

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