Financial Results : Alhasoob profit drops 58% to SAR 1.4 mln in H1 2023

Alhasoob profit drops 58% to SAR 1.4 mln in H1 2023

31/08/2023 Argaam Exclusive

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Alhasoob Co. reported a 58% slump in H1 2023 net profit to SAR 1.4 million, from SAR 3.4 million in the year-earlier period.

The half-year earnings slump was attributed to a fall of 40.5% year-on-year (YoY) in gross profit, due to selling price discounts to drive sales, especially on computers, amid oversupply, market competition and low product profit rates.

 

On the other hand, sales grew by 6.8% YoY, thanks to better printer and ink sales.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 99.12 105.89 6.8 %
Gross Income 11.06 6.58 (40.5 %)
Operating Income 4.12 2.06 (50.1 %)
Net Income 3.42 1.43 (58.2 %)
Average Shares 2.80 2.80 -
Earnings Per Share before unusual items 1.22 0.51 (58.2 %)
EPS (Riyals) 1.22 0.51 (58.2 %)

Total shareholders’ equity, no minority interest, rose to SAR 36.98 million as of June 30, 2023, from SAR 32.48 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

120.74

4.60

1.64

H2 2020

134.63

6.44

2.30

H1 2021

110.18

5.67

2.03

H1 2022

146.28

6.28

2.24

H1 2022

99.12

3.42

1.22

H2 2022

121.12

3.24

2.31

H1 2023

105.89

1.43

0.51

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