Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 mln

Al Kathiri Holding Co. reported a net profit of SAR 3.3 million for the first nine months of 2023, versus a net loss of SAR 3.9 million in the prior-year period.

This is propelled by higher concrete sales and a significant increase in private projects. The company also cited revenue of SAR 6.7 million from sale of gravel and sand during the nine-month period, in addition to a 10% year-on-year (YoY) decline in the raw material costs.

Meanwhile, cement sales decreased by 55% YoY and panel sales fell 32.7% YoY.

Q3 2023 net earnings dropped 34% YoY to SAR 1.1 million, driven by a 240% increase in general and administrative expenses on calculating an allowance for credit losses for the period ended on Sept. 30, 2023.

Sequentially, net profit increased 59.8% from SAR 666,169.

Total shareholders’ equity, after minority interest, stood at SAR 138.5 million by Sept. 30, 2023, compared to SAR 129.8 million in the prior-year period.

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