AlNaqool incurs loss of SAR 293,000 in 2023

31/03/2024 Argaam Exclusive

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Mohammed Hasan AlNaqool Sons Co. reported a net loss of SAR 293,000 for 2023, against a net profit of SAR 203,000 a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	43.23	43.29	0.1 %
Gross Income	5.37	5.98	11.4 %
Operating Income	0.79	2.26	185.0 %
Net Income	0.20	(0.29)	(244.4 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	0.07	(0.10)	(244.4 %)

The losses were attributed to a 72% year-on-year (YoY) increase in financial burdens, a 27% surge in depreciation on assets and higher foreign currency exchange differences from a subsidiary.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	20.12	24.52	21.9 %
Gross Income	0.96	3.77	292.3 %
Operating Income	(1.56)	2.16	238.5 %
Net Income	(0.09)	0.36	503.8 %
Average Shares	2.90	2.90	-
EPS (Riyals)	(0.03)	0.12	503.8 %

Item	H1 2023	H2 2023	Change‬
Revenues	18.77	24.52	30.6 %
Gross Income	2.21	3.77	70.3 %
Operating Income	0.10	2.16	2053.6 %
Net Income	(0.65)	0.36	155.1 %
Average Shares	2.90	2.90	-
EPS (Riyals)	(0.22)	0.12	155.1 %

Shareholders' equity, no minority rights, stood at SAR 50.17 million by the end of 2023, compared with SAR 5 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Earnings (SAR mln)	EPS (SAR/Share)
H1 2019	16.75	2.40	0.83
H2 2019	17.60	3.85	1.33
H1 2020	18.80	1.52	0.52
H2 2020	26.04	4.96	1.71
H1 2021	23.25	4.04	1.39
H2 2021	30.07	5.17	1.78
H1 2022	23.11	0.29	0.10
H2 2022	20.12	(0.09)	(0.03)
H1 2023	18.77	1.15	0.40
H2 2023	24.52	(1.45)	(0.50)

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