Amwaj International’s net profit down 45% to SAR 16M in 2023

30/03/2024 Argaam Exclusive

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Amwaj International Co. reported a net profit of SAR 16 million for 2023, a decline of 45% from SAR 29 million a year ago.

Financials (M)

Item	2022	2023	Change‬
Revenues	323.92	301.93	(6.8 %)
Gross Income	64.19	63.97	(0.3 %)
Operating Income	40.40	33.95	(16.0 %)
Net Income	29.03	15.96	(45.0 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	4.84	2.66	(45.0 %)

The profit drop was attributed to the annual decrease in net sales by 7% on lower sales of the heating, ventilation, air conditioning and home appliances solutions segment, which includes corporate projects and the consumer segment.

Meanwhile, net profit was also affected by the seasonal factor, higher financing costs due to rising SAIBOR, lower sales due to the pullback in average selling prices and sales volumes. This is besides higher general and administrative expenses, marketing expenses, and Zakat expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	157.70	147.04	(6.8 %)
Gross Income	34.48	36.41	5.6 %
Operating Income	22.49	19.90	(11.5 %)
Net Income	14.00	5.81	(58.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	2.33	0.97	(58.5 %)

Item	H1 2023	H2 2023	Change‬
Revenues	154.89	147.04	(5.1 %)
Gross Income	27.56	36.41	32.1 %
Operating Income	14.04	19.90	41.8 %
Net Income	10.15	5.81	(42.8 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.69	0.97	(42.8 %)

Total shareholders’ equity, no minority interest, reached SAR 129.69 million by Dec. 31, 2023, compared to SAR 122.50 million in the prior year.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	165.43	21.08	3.51
H2 2021	105.12	7.18	1.20
H1 2022	166.22	15.03	2.50
H2 2022	157.70	14.00	2.34
H1 2023	154.89	10.15	1.69
H2 2023	147.04	5.81	0.97

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