Pan Gulf posts 30% profit drop to SAR 22.8M in 2023

14/03/2024 Argaam Exclusive

Pan Gulf Marketing Co. reported a 30% decline in its 2023 net profit to SAR 22.8 million, from SAR 32.8 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 415.41 422.35 1.7 %
Gross Income 131.16 136.77 4.3 %
Operating Income 40.66 41.31 1.6 %
Net Income 32.78 22.84 (30.3 %)
Average Shares 7.50 7.50 -
EPS (Riyals) 4.37 3.05 (30.3 %)


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 236.13 236.72 0.2 %
Gross Income 75.54 77.35 2.4 %
Operating Income 26.82 26.97 0.6 %
Net Income 19.87 17.19 (13.5 %)
Average Shares 7.50 7.50 -
EPS (Riyals) 2.65 2.29 (13.5 %)

The annual results were hurt by higher financing costs amid increased SAIBOR in 2023. Additionally, the company suffered higher foreign exchange (FX) rates of Japanese Yen and Euro currencies last year.

 

On the other hand, Pan Gulf reported higher revenues in 2023, thanks to the offering of new products throughout the year.

 

Shareholders’ equity, no minority interest, rose to SAR 75.14 million as of Dec. 31, 2023, compared to SAR 58.37 million in the year-earlier period.

 

Pan Gulf Interim Financials

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

179.28

12.91

2.58

H2 2022

236.13

19.87

3.97

H1 2023

185.63

5.65

1.13

H2 2023

236.72

17.19

3.44

View More Financial Results

 

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Share Price

Pan Gulf Marketing Co.
25.50
0.00 0.00 %

Pan Gulf Marketing Co. (PAN GULF)

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