MOBI’s profit surges 86% to SAR 17.6 mln in H1 2023

29/08/2023 Argaam Exclusive

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MOBI Industry Co. reported a net profit leap of 86% to SAR 17.6 million in the first half of 2023 from SAR 9.5 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	97.76	100.41	2.7 %
Gross Income	24.57	35.50	44.4 %
Operating Income	9.19	18.14	97.4 %
Net Income	9.48	17.62	85.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.19	0.35	85.9 %

The profit rise was spurred by higher sales, as detergents sales jumped by 12.12% year-on-year (YoY). MOBI also recorded a decline of 10.43% YoY in the cost of goods sold.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	97.76	100.41	2.7 %
Gross Income	24.57	35.50	44.4 %
Operating Income	9.19	18.14	97.4 %
Net Income	9.48	17.62	85.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.19	0.35	85.9 %

Item	H2 2022	H1 2023	Change‬
Revenues	84.63	100.41	18.6 %
Gross Income	22.64	35.50	56.8 %
Operating Income	4.69	18.14	286.7 %
Net Income	4.45	17.62	296.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.09	0.35	296.1 %

Shareholders’ equity, no minority interest, increased to SAR 77.95 million as of June 30, 2023, from SAR 69.14 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
H1 2022	83.48	3.92	0.08
H1 2021	97.76	9.48	0.19
H2 2022	93.00	4.44	0.09
H1 2023	100.75	17.62	0.34

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