Ladun records net profit of SAR 60.2 mln in 2022

22/03/2023 Argaam Exclusive

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Ladun Investment Co. reported a decline of 26% in net profit to SAR 60.2 million in 2022, from SAR 80.8 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	769.82	881.18	14.5 %
Gross Income	102.85	167.06	62.4 %
Operating Income	35.88	77.43	115.8 %
Net Income	80.80	60.19	(25.5 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.16	0.12	(25.5 %)

The profit decline was attributed to recording a non-recurring profit from sale of a subsidiary during last year at a value of SAR 57.58 million.

Excluding the impact of non-recurring profit, the company’s net profit from recurring operations grew by SAR 36.97 million, or 159%.

The company also noted the start of new projects with good profit margins, improvement at on-going projects, efficiency in managing projects’ costs, starting commercial production from new factories.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	367.42	367.29	0.0 %
Gross Income	66.99	85.18	27.2 %
Operating Income	25.40	34.27	34.9 %
Net Income	7.31	30.18	312.6 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.01	0.06	312.6 %

Item	H1 2022	H2 2022	Change‬
Revenues	513.89	367.29	(28.5 %)
Gross Income	81.88	85.18	4.0 %
Operating Income	43.16	34.27	(20.6 %)
Net Income	30.01	30.18	0.6 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.06	0.06	0.6 %

Total shareholders’ equity, no minority interest, fell to SAR 551.99 million as of Dec. 31, 2022, from SAR 516.69 million a year earlier.

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