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

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 %)

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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