Al Naqool logs SAR 1.2 mln profit in H1 2023

20/08/2023 Argaam Exclusive

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Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	23.11	18.77	(18.8 %)
Gross Income	4.41	2.21	(49.8 %)
Operating Income	2.36	0.10	(95.7 %)
Net Income	0.29	(0.65)	(323.5 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	0.10	(0.22)	(323.5 %)

The profit growth was driven by currency exchange differences despite the high prices of raw materials, in addition to the decline in sales due to the company maintaining its selling price policy, which will reflect positively on the firm's performance in the future.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	23.11	18.77	(18.8 %)
Gross Income	4.41	2.21	(49.8 %)
Operating Income	2.36	0.10	(95.7 %)
Net Income	0.29	(0.65)	(323.5 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	0.10	(0.22)	(323.5 %)

Item	H2 2022	H1 2023	Change‬
Revenues	20.12	18.77	(6.7 %)
Gross Income	0.96	2.21	130.4 %
Operating Income	(1.56)	0.10	106.4 %
Net Income	(0.09)	(0.65)	(632.6 %)
Average Shares	2.90	2.90	-
EPS (Riyals)	(0.03)	(0.22)	(632.6 %)

Shareholders' equity, no minority rights, stood at SAR 52.40 million in H1 2023, compared with SAR 50.55 million a year earlier.

Historical Development of Financials
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	0.52	0.18
H1 2023	18.77	1.15	0.40

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