Rawasi Albina earnings rise 9% to SAR 22.7M in 2023

19/03/2024 Argaam Exclusive

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Rawasi Albina Investment Co. posted a net profit of SAR 22.7 million for 2023, up 9% from SAR 20.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	135.22	164.24	21.5 %
Gross Income	37.55	42.50	13.2 %
Operating Income	31.00	34.99	12.9 %
Net Income	20.90	22.69	8.6 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.38	0.41	8.6 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	79.84	70.04	(12.3 %)
Gross Income	21.27	17.85	(16.1 %)
Operating Income	17.95	14.08	(21.6 %)
Net Income	11.43	7.56	(33.8 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.21	0.14	(33.8 %)

Item	H1 2023	H2 2023	Change‬
Revenues	94.20	70.04	(25.7 %)
Gross Income	24.65	17.85	(27.6 %)
Operating Income	20.91	14.08	(32.7 %)
Net Income	15.13	7.56	(50.0 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.28	0.14	(50.0 %)

The profit growth was driven by increased revenues for 2023 as a result of higher number of contracts and projects signed by the company during the year.

Shareholders' equity, no minority interest, rose to SAR 137.77 million at the end of 2023, compared with SAR 114.90 million a year before.

Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	45.45	10.08	0.18
H2 2021	50.08	7.41	0.14
H1 2022	55.39	9.47	0.17
H2 2022	79.83	11.43	0.21
H1 2023	94.20	15.13	0.28
H2 2023	70.04	7.56	0.

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