Alhasoob net profit slides to SAR 1.7M in 2023

31/03/2024 Argaam Exclusive

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Alhasoob Co.’s net profit slumped by 74% to SAR 1.7 million in 2023, compared to SAR 6.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	220.24	229.81	4.3 %
Gross Income	20.65	14.36	(30.5 %)
Operating Income	8.20	2.94	(64.2 %)
Net Income	6.66	1.74	(73.8 %)
Average Shares	2.80	2.80	-
EPS (Riyals)	2.38	0.62	(73.8 %)

This was attributed to lower exports and decreased product profit margins on abundant supply and fierce competition.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	121.12	123.93	2.3 %
Gross Income	9.59	7.78	(18.8 %)
Operating Income	4.07	0.88	(78.5 %)
Net Income	3.24	0.31	(90.3 %)
Average Shares	2.80	2.80	-
EPS (Riyals)	1.16	0.11	(90.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	105.89	123.93	17.0 %
Gross Income	6.58	7.78	18.4 %
Operating Income	2.06	0.88	(57.4 %)
Net Income	1.43	0.31	(78.1 %)
Average Shares	2.80	2.80	-
EPS (Riyals)	0.51	0.11	(78.1 %)

Total shareholders’ equity, no minority interest, stood at SAR 37.19 million by Dec. 31, 2023, compared to SAR 35.55 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2020	120.74	4.60	1.64
H2 2020	134.63	6.43	2.30
H1 2021	110.18	5.67	2.02
H2 2021	146.28	6.28	2.25
H1 2022	99.12	3.42	1.22
H2 2022	121.12	3.24	1.16
H1 2023	105.89	1.43	0.51
H2 2023	123.92	0.31	0.11

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