Keir’s profit drops 53% to SAR 9.3M in 2023

31/03/2024 Argaam Exclusive

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Keir International Co. reported a net profit of SAR 9.3 million for 2023, down 53% from SAR 19.8 million a year earlier, due to project expansions, which increased operating expenses.

Financials (M)

Item	2022	2023	Change‬
Revenues	171.41	209.17	22.0 %
Gross Income	44.52	45.03	1.1 %
Operating Income	27.84	23.99	(13.8 %)
Net Income	19.84	9.34	(52.9 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.17	0.08	(52.9 %)

The company also cited higher wages and material prices, as well as increased cost of finance for existing projects due to the rise in SAIBOR.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	107.82	131.61	22.1 %
Gross Income	27.74	29.92	7.9 %
Operating Income	19.31	18.34	(5.0 %)
Net Income	13.20	8.05	(39.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.11	0.07	(39.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	77.56	131.61	69.7 %
Gross Income	15.11	29.92	98.1 %
Operating Income	5.65	18.34	224.9 %
Net Income	1.29	8.05	523.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.01	0.07	523.1 %

Total shareholders’ equity, no minority interest, stood at SAR 242.90 million by Dec. 31, 2023, compared to SAR 241.83 million a year earlier.

Historical Quarterly Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings Per Share (SAR /share)
H1 2021	56.65	4.06	0.04
H2 2021	112.72	12.88	0.11
H1 2022	63.59	6.64	0.06
H2 2022	107.82	13.2	0.11
H1 2023	77.56	1.29	0.01
H2 2023	131.61	8.05	0.07

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