Al-Jouf Mineral Water’s 2023 profit falls 29% to SAR 4.1M

27/03/2024 Argaam Exclusive

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Al-Jouf Mineral Water Bottling Co. posted a net profit drop of 29% to SAR 4.1 million in 2023, compared to SAR 5.7 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	73.98	76.87	3.9 %
Gross Income	30.59	39.01	27.5 %
Operating Income	6.75	5.78	(14.3 %)
Net Income	5.74	4.10	(28.5 %)
Average Shares	4.69	4.69	-
EPS (Riyals)	1.22	0.88	(28.5 %)

The annual profit decline was due to the 35% year-on-year (YoY) increase in selling and distribution expenses. Further, general and administrative expenses climbed by 57% YoY due to the company’s expansion and sales team augmentation.

In 2023, financing costs also grew 140% YoY due to higher interest rates on loans. This was despite a 3.9% YoY hike in sales.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	37.89	39.38	3.9 %
Gross Income	12.05	19.26	59.8 %
Operating Income	3.83	2.94	(23.2 %)
Net Income	2.93	1.80	(38.7 %)
Average Shares	4.69	4.69	-
EPS (Riyals)	0.63	0.38	(38.7 %)

Item	H1 2023	H2 2023	Change‬
Revenues	37.49	39.38	5.1 %
Gross Income	19.74	19.26	(2.4 %)
Operating Income	2.84	2.94	3.7 %
Net Income	2.31	1.80	(22.1 %)
Average Shares	4.69	4.69	-
EPS (Riyals)	0.49	0.38	(22.1 %)

Shareholders' equity (no minority interest) amounted to SAR 87.19 million by the end of Dec. 31, 2023, up from SAR 83.15 million in the prior year.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	40.66	2.27	0.48
H2 2020	30.97	2.30	0.49
H1 2021	32.53	2.60	0.55
H2 2021	35.10	2.10	0.45
H1 2022	36.08	2.81	0.60
H2 2022	37.90	2.93	0.62
H1 2023	37.49	2.31	0.49
H2 2023	39.38	1.79	0.38

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