Al-Omran Industrial Trading Co. reported a net loss of SAR 4.2 million in H1 2023, compared to SAR 5.9 million in earnings in the prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 75.94 | 70.39 | (7.3 %) |
| Gross Income | 18.65 | 9.74 | (47.8 %) |
| Operating Income | 8.54 | (1.33) | (115.6 %) |
| Net Income | 5.88 | (4.24) | (172.1 %) |
| Average Shares | 10.21 | 10.21 | - |
| EPS (Riyals) | 0.58 | (0.42) | (172.1 %) |
This was due to a 7% year-on-year (YoY) decrease in sales and an 11% increase in the ratio of cost of sales to sales. General and administrative expenses also jumped YoY by 28%.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 34.46 | 28.96 | (16.0 %) |
| Gross Income | 10.24 | 3.52 | (65.6 %) |
| Operating Income | 5.06 | (2.08) | (141.0 %) |
| Net Income | 3.62 | (3.61) | (199.8 %) |
| Average Shares | 10.21 | 10.21 | - |
| EPS (Riyals) | 0.35 | (0.35) | (199.8 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 41.43 | 28.96 | (30.1 %) |
| Gross Income | 6.22 | 3.52 | (43.4 %) |
| Operating Income | 0.74 | (2.08) | (379.8 %) |
| Net Income | (0.63) | (3.61) | (470.2 %) |
| Average Shares | 10.21 | 10.21 | - |
| EPS (Riyals) | (0.06) | (0.35) | (470.2 %) |
The company also reported a net loss of SAR 3.6 million in Q2 2023, against a net profit of SAR 3.6 million a year earlier on lower sales.
On a sequential basis, the company widened its Q2 2023 loss significantly from SAR 360,000 as sales slumped by 30% and the cost of sales to sales ratio tumbled by 3% quarter-on-quarter.
Total shareholders’ equity, excluding minority interest, stood at SAR 111 million by the end of H1 2023, compared to SAR 117 million in the year-earlier period.
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