Alhasoob profit falls 44% to SAR 6.7 mln in 2022

29/03/2023 Argaam Exclusive

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Alhasoob Co. reported a 44% drop in 2022 net profit to SAR 6.7 million, from SAR 12 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	256.46	220.24	(14.1 %)
Gross Income	24.10	20.65	(14.3 %)
Operating Income	12.81	8.20	(36.0 %)
Net Income	11.95	6.66	(44.3 %)
Average Shares	2.80	2.80	-
EPS (Riyals)	4.27	2.38	(44.3 %)

The company attributed the lower profit to a decrease in exports compared to 2021, amid weak demand. It also reported a low rate of profitability, along with higher general and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	146.27	121.12	(17.2 %)
Gross Income	13.99	9.59	(31.5 %)
Operating Income	6.79	4.07	(40.1 %)
Net Income	6.28	3.24	(48.5 %)
Average Shares	2.80	2.80	-
EPS (Riyals)	2.24	1.16	(48.5 %)

Item	H1 2022	H2 2022	Change‬
Revenues	99.12	121.12	22.2 %
Gross Income	11.06	9.59	(13.4 %)
Operating Income	4.12	4.07	(1.2 %)
Net Income	3.42	3.24	(5.3 %)
Average Shares	2.80	2.80	-
EPS (Riyals)	1.22	1.16	(5.3 %)

Total shareholders’ equity, no minority interest, rose to SAR 35.6 million as of Dec. 31, 2022, from SAR 29.1 million a year earlier.

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