Ladun Investment reports 82% net profit hike to SAR 109.3M in 2023

28/03/2024 Argaam Exclusive

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Ladun Investment Co. reported an 81.7% net profit surge to SAR 109.34 million in 2023, compared to SAR 60.19 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	881.18	1,436.02	63.0 %
Gross Income	167.06	298.09	78.4 %
Operating Income	77.43	153.91	98.8 %
Net Income	60.19	109.34	81.7 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.12	0.22	81.7 %

This was fueled by the 63% year-on-year (YoY) increase in 2023 revenues on the improved performance of the real estate development segment as the company undertakes several high-margin property projects.

During the same year, the gross profit margin jumped to 21%, compared to 19% in 2022.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	367.29	783.89	113.4 %
Gross Income	85.18	151.05	77.3 %
Operating Income	34.27	74.16	116.4 %
Net Income	30.18	36.19	19.9 %
Average Shares	500.00	500.00	-
EPS (Riyals)	0.06	0.07	19.9 %

Item	H1 2023	H2 2023	Change‬
Revenues	652.13	783.89	20.2 %
Gross Income	147.04	151.05	2.7 %
Operating Income	79.76	74.16	(7.0 %)
Net Income	73.15	36.19	(50.5 %)
Average Shares	500.00	500.00	-
EPS (Riyals)	0.15	0.07	(50.5 %)

Total shareholders’ equity, no minority interest, advanced to SAR 595.65 million by Dec. 31, 2023, compared to SAR 551.99 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR)
H1 2021	402.40	73.49	0.15
H2 2021	367.42	7.31	0.01
H1 2022	513.89	30.01	0.06
H2 2022	367.29	30.18	0.06
H1 2023	652.13	73.15	0.15
H2 2023	783.88	36.19	0.07

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