Keir International’s H1 net profit down 81% to SAR 1.3 mln

04/09/2023 Argaam Exclusive

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Keir International Co.’s net profit reached SAR 1.3 million for the first six months of 2023, a decline of 81% year-on-year (YoY), from SAR 6.6 million in a year earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	63.59	77.56	22.0 %
Gross Income	16.78	15.11	(10.0 %)
Operating Income	8.52	5.65	(33.8 %)
Net Income	6.64	1.29	(80.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.06	0.01	(80.5 %)

This is driven by higher cost of sales and suppliers’ raising prices on increased cost of finance.

Keir expanded its business portfolio by entering into new sectors and winning new projects, which weighed on the projects’ profit margins for the same period.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	63.59	77.56	22.0 %
Gross Income	16.78	15.11	(10.0 %)
Operating Income	8.52	5.65	(33.8 %)
Net Income	6.64	1.29	(80.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.06	0.01	(80.5 %)

Item	H2 2022	H1 2023	Change‬
Revenues	107.82	77.56	(28.1 %)
Gross Income	27.74	15.11	(45.5 %)
Operating Income	19.31	5.65	(70.8 %)
Net Income	13.20	1.29	(90.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.11	0.01	(90.2 %)

Shareholders’ equity, excluding minority interest, reached SAR 234.200 million by June 30, 2023, compared to SAR 232.608 million a year earlier.

Quarterly Statements
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2021	56.65	4.06	0.03
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

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