APICO net profit up 40% to SAR 13M in 2023

28/03/2024 Argaam Exclusive

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Arabian Plastic Industrial Co. (APICO) reported a net profit of SAR 13 million for 2023, up 40% from SAR 9.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	154.57	156.65	1.3 %
Gross Income	21.34	28.04	31.4 %
Operating Income	11.74	16.12	37.4 %
Net Income	9.30	13.03	40.1 %
Average Shares	5.00	5.00	-
EPS (Riyals)	1.86	2.61	40.1 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	77.26	74.18	(4.0 %)
Gross Income	10.63	13.73	29.2 %
Operating Income	5.67	7.97	40.6 %
Net Income	4.57	6.52	42.7 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.91	1.30	42.7 %

Item	H1 2023	H2 2023	Change‬
Revenues	82.47	74.18	(10.1 %)
Gross Income	14.31	13.73	(4.1 %)
Operating Income	8.16	7.97	(2.3 %)
Net Income	6.51	6.52	0.1 %
Average Shares	5.00	5.00	-
EPS (Riyals)	1.30	1.30	0.1 %

The annual profit growth was triggered by the lower cost of production and decreased raw materials prices, which sent gross profit 31.40% higher year-on-year (YoY).

The 2023 bottom line expanded despite the uptick in selling and administrative expenses, with financing costs also soaring 23% YoY during the year.

Total shareholders’ equity, no minority interest, rose to SAR 95.98 million by Dec. 31, 2023, compared to SAR 82.58 million a year ago.

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