AlBabtain Food's 2023 earnings sink 60% to SAR 5.8M

27/03/2024 Argaam Exclusive

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Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit drop of 60% to SAR 5.8 million in 2023, compared to SAR 14.4 million in the year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	126.89	144.33	13.7 %
Gross Income	36.77	34.77	(5.4 %)
Operating Income	10.10	5.67	(43.8 %)
Net Income	14.39	5.82	(59.6 %)
Average Shares	3.40	3.40	-
EPS (Riyals)	4.23	1.71	(59.6 %)

The annual profit slump was attributed to high prices of raw materials and shipping costs during the year, coupled with a modest hike in operating expenses and lower other revenues.

This was offset by higher sales in 2023 due to the company’s product diversification and geographical spread. It also managed to not raise selling prices despite their market increase, which was reflected in an uptick in sales.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	64.20	79.17	23.3 %
Gross Income	18.59	17.58	(5.5 %)
Operating Income	5.77	2.52	(56.3 %)
Net Income	8.72	2.78	(68.1 %)
Average Shares	3.40	3.40	-
EPS (Riyals)	2.57	0.82	(68.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	65.16	79.17	21.5 %
Gross Income	17.19	17.58	2.2 %
Operating Income	3.16	2.52	(20.2 %)
Net Income	3.04	2.78	(8.5 %)
Average Shares	3.40	3.40	-
EPS (Riyals)	0.89	0.82	(8.5 %)

Total shareholders' equity, no minority interest, amounted to SAR 63.8 million by Dec. 31, 2023, up from SAR 59.5 million a year ago.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	55.10	5.78	1.70
H2 2021	72.64	10.09	2.97
H1 2022	62.69	5.66	1.67
H2 2022	64.20	8.73	2.57
H1 2023	65.16	3.04	0.89
H2 2023	79.15	2.76	0.81

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