MOBI’s profit soars to SAR 30.4M in 2023

26/03/2024 Argaam Exclusive

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MOBI Industry Co. posted an over twofold increase in its annual net profit to SAR 30.4 million, compared to SAR 13.9 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	182.39	198.84	9.0 %
Gross Income	47.21	68.77	45.7 %
Operating Income	13.87	30.50	119.8 %
Net Income	13.92	30.35	118.0 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.28	0.61	118.0 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	84.63	98.44	16.3 %
Gross Income	22.64	33.27	47.0 %
Operating Income	4.69	12.36	163.6 %
Net Income	4.45	12.73	186.2 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.09	0.25	186.2 %

Item	H1 2023	H2 2023	Change‬
Revenues	100.41	98.44	(2.0 %)
Gross Income	35.50	33.27	(6.3 %)
Operating Income	18.14	12.36	(31.8 %)
Net Income	17.62	12.73	(27.8 %)
Average Shares	50.00	50.00	-
EPS (Riyals)	0.35	0.25	(27.8 %)

The profit surge was driven by higher revenue and a 7.21% decline year-on-year in cost of sales in the detergent segment.

Shareholders’ equity, no minority interest, reached SAR 65.49 million as of Dec. 31, 2023, up from SAR 66.12 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	96.03	11.05	0.22
H2 2020	84.40	6.33	0.13
H1 2021	86.90	12.21	0.24
H2 2021	83.48	3.92	0.08
H1 2022	97.76	9.48	0.19
H2 2022	93.00	4.44	0.09
H1 2023	100.75	17.62	0.35
H2 2023	98.09	12.73	0.26

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