AlBabtain Food profit dips 47% to SAR 3 mln in H1 2023

30/08/2023 Argaam Exclusive

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Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit fall of 47% to SAR 3 million in the first half of 2023, compared to SAR 5.7 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	62.69	65.16	3.9 %
Gross Income	18.18	17.19	(5.4 %)
Operating Income	4.33	3.16	(27.1 %)
Net Income	5.66	3.04	(46.3 %)
Average Shares	3.40	3.40	-
EPS (Riyals)	1.67	0.89	(46.3 %)

The company cited an increase in the cost of goods sold to 73.7% in H1 2023, from 70.1% in the prior-year period on the higher costs of raw materials amid global inflation.

Increased general and administrative expenses as well as finance costs , along with a decline in other income amid fluctuations in foreign exchange rates also weighed on the six-month results.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	62.69	65.16	3.9 %
Gross Income	18.18	17.19	(5.4 %)
Operating Income	4.33	3.16	(27.1 %)
Net Income	5.66	3.04	(46.3 %)
Average Shares	3.40	3.40	-
EPS (Riyals)	1.67	0.89	(46.3 %)

Item	H2 2022	H1 2023	Change‬
Revenues	64.20	65.16	1.5 %
Gross Income	18.59	17.19	(7.5 %)
Operating Income	5.77	3.16	(45.3 %)
Net Income	8.72	3.04	(65.2 %)
Average Shares	3.40	3.40	-
EPS (Riyals)	2.57	0.89	(65.2 %)

Shareholders’ equity, no minority interest, increased to SAR 60.9 million as of June 30, 2023, from SAR 50.4 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H2 2020	71.10	9.06	2.66
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	65.20	3.00	0.89

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