AlNaqool profit dives 91% to SAR 813,000 in 2022

27/03/2023 Argaam Exclusive

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Mohammed Hasan AlNaqool Sons Co. reported a 91% tumble in 2022 net profit to SAR 813,000, compared to SAR 9.2 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	53.32	43.23	(18.9 %)
Gross Income	11.01	5.37	(51.2 %)
Operating Income	8.16	0.79	(90.3 %)
Net Income	9.20	0.20	(97.8 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	3.17	0.07	(97.8 %)

The company was hit by an 18.9% drop year-on-year (YoY) in the full-year revenue and higher cost of goods sold. General and administrative expenses increased 15.3% YoY. Operating expenses and finance cost also rose 28% and 64% YoY, respectively.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	30.08	20.12	(33.1 %)
Gross Income	4.97	0.96	(80.7 %)
Operating Income	4.00	(1.56)	(139.1 %)
Net Income	5.16	(0.09)	(101.7 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	1.78	(0.03)	(101.7 %)

Item	H1 2022	H2 2022	Change‬
Revenues	23.11	20.12	(13.0 %)
Gross Income	4.41	0.96	(78.2 %)
Operating Income	2.36	(1.56)	(166.3 %)
Net Income	0.29	(0.09)	(130.5 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	0.10	(0.03)	(130.5 %)

Shareholders’ equity, no minority interest, rose to SAR 51.25 million as of Dec. 31, 2022, from SAR 50.22 million a year earlier.

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