Enma AlRawabi’s profit up 33% to SAR 42.2M in 2023

10/03/2024 Argaam Exclusive

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Enma AlRawabi Co. reported a 33% leap in 2023 net profit to SAR 42.2 million from SAR 31.8 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	48.13	61.74	28.3 %
Gross Income	37.75	50.68	34.3 %
Operating Income	33.36	44.89	34.6 %
Net Income	31.84	42.18	32.5 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.80	1.05	32.5 %

The profit growth was due to the increase in the rental value of some rental units and the addition of a new property, coupled with the year-on-year (YoY) drop in Zakat expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	28.08	40.22	43.2 %
Gross Income	22.98	34.66	50.8 %
Operating Income	21.41	31.93	49.1 %
Net Income	19.46	29.98	54.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.49	0.75	54.1 %

Item	H1 2023	H2 2023	Change‬
Revenues	21.52	40.22	87.0 %
Gross Income	16.02	34.66	116.4 %
Operating Income	12.97	31.93	146.2 %
Net Income	12.20	29.98	145.7 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.75	145.7 %

Total shareholders’ equity, no minority interest, reached SAR 556.22 million as of Dec. 31, 2023, compared to SAR 524.32 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	17.15	10.23	0.26
H2 2020	25.38	13.11	0.32
H1 2021	19.60	12.82	0.32
H2 2021	19.38	9.17	0.23
H1 2022	20.05	12.38	0.31
H2 2022	28.08	19.46	0.49
H1 2023	21.52	12.20	0.31
H2 2023	40.22	29.98	0.75

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