Tadweeer posts 32% profit rise to SAR 23.8M in 2023

28/03/2024 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) reported a 32% rise in 2023 net profit to SAR 23.8 million, compared to SAR 18.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	402.45	631.91	57.0 %
Gross Income	30.89	38.94	26.1 %
Operating Income	23.40	28.62	22.3 %
Net Income	18.12	23.82	31.5 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.31	0.41	31.5 %

The annual earnings were driven by higher sales volumes and the effective sales mix to local customers and exporters.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	210.76	373.92	77.4 %
Gross Income	16.87	21.80	29.2 %
Operating Income	12.30	15.51	26.1 %
Net Income	9.64	13.67	41.7 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.24	41.7 %

Item	H1 2023	H2 2023	Change‬
Revenues	257.99	373.92	44.9 %
Gross Income	17.14	21.80	27.2 %
Operating Income	13.11	15.51	18.3 %
Net Income	10.15	13.67	34.7 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.24	34.7 %

Shareholders’ equity, no minority interest, increased to SAR 199.94 million as of Dec. 31, 2023, from SAR 156.47 million in the year-earlier period.

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