Al Abdullatif Industrial Investment Co. widened net losses to SAR 74.8 million in 2023 from SAR 57.9 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 647.50 | 522.61 | (19.3 %) |
| Gross Income | 7.44 | (10.85) | (245.9 %) |
| Operating Income | (37.55) | (47.88) | (27.5 %) |
| Net Income | (57.87) | (74.79) | (29.2 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.71) | (0.92) | (29.2 %) |
The losses were attributed to a 19% year-on-year (YoY) decline in sales on lower demand in European and other markets due to geopolitical situation. In addition, the company noted intense competition, coupled lower capacity utilization due to balancing, modernization & replacement (BMR) of production facilities, which started coming into effect in later part of Q4 2023.
The capacity building will likely result in positive impact on sales revenue in the coming periods.
Meanwhile, the company noted higher cost of sales, general and administration expenses, and financing cost.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 155.02 | 141.12 | (9.0 %) |
| Gross Income | (6.84) | 8.06 | 217.8 % |
| Operating Income | (18.92) | 0.04 | 100.2 % |
| Net Income | (26.74) | (10.73) | 59.9 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.33) | (0.13) | 59.9 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 117.69 | 141.12 | 19.9 % |
| Gross Income | (9.45) | 8.06 | 185.2 % |
| Operating Income | (17.50) | 0.04 | 100.2 % |
| Net Income | (24.30) | (10.73) | 55.9 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.30) | (0.13) | 55.9 % |
Net losses narrowed YoY to SAR 10.8 million in Q4 2023, from SAR 26.7 million in Q4 2022.
Compared to Q3 2023, net losses eased in Q4 2023 from SAR 24.30 million.
Shareholders’ equity, no minority interest, reached SAR 1.20 billion as of Dec. 31, 2023, down from SAR 1.28 billion a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}