Anaam 9M 2023 profit down 44% to SAR 6.1 mln; Q3 at SAR 634,000

26/10/2023 Argaam Exclusive

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Anaam International Holding Group reported a 44% decline in net profit to SAR 6.1 million for the first nine months of 2023, compared to SAR 11 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	17.79	37.07	108.3 %
Gross Income	6.65	23.18	248.8 %
Operating Income	(7.36)	8.52	215.8 %
Net Income	11.00	6.14	(44.1 %)
Average Shares	630.00	630.00	-
EPS (Halala)	1.75	0.98	(44.1 %)

The year-on-year (YoY) profit decline was as a result of higher financing costs and lower profit from investment properties revaluation.

The third-quarter net profit fell 92% to SAR 634,000 from SAR 8.11 million in Q3 2022.

Sequentially, the Q3 bottom line dropped 70.9% from SAR 2.18 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	10.61	14.19	33.8 %
Gross Income	6.17	9.53	54.4 %
Operating Income	0.98	3.89	294.7 %
Net Income	8.11	0.63	(92.2 %)
Average Shares	630.00	630.00	-
EPS (Halala)	1.29	0.10	(92.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	11.91	14.19	19.1 %
Gross Income	7.27	9.53	31.0 %
Operating Income	2.63	3.89	47.9 %
Net Income	2.18	0.63	(70.9 %)
Average Shares	630.00	630.00	-
EPS (Halala)	0.35	0.10	(70.9 %)

Shareholders’ equity, excluding minority interest, contracted to SAR 281 million by the end of Sept. 30, 2023, compared to SAR 316 million in the year-earlier period.

Accumulated losses reached SAR 34.19 million at the end of the nine-month period, representing 11% of the company’s capital.

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