Alsaif Gallery profit retreats 24% to SAR 101.7 mln in 9M 2022; Q3 rises to SAR 27.5 mln

AlSaif Stores for Development and Investment Co. (Alsaif Gallery), which is due to list on Tadawul, reported a net profit of SAR 101.7 million for the first nine months of 2022, down 24%, compared to SAR 133 million in the year-earlier period.

The lower profit was driven by a 12% decline in revenues and higher general and administrative expenses, as well as financing costs and Zakat provision. 

This came despite reporting SAR 11.4 million in other revenues in 9M 2022, compared to SAR 6.2 million in 9M 2021. 

In Q3 2022, net profit rose 11.7% YoY to SAR 27.51 million, from SAR 24.62 million a year earlier. 

The profit growth was spurred by a 3% rise in revenue and SAR 6.3 million in other revenues, despite lower gross profit and operating profit margins. 

Total shareholders’ equity, no minority interest, increased to SAR 417.9 million by the end of the nine-month period from SAR 381.2 million a year earlier.