Saudi Top’s net profit plummets 87% to SAR 4.3M in 2023

14/03/2024 Argaam Exclusive

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Saudi Top for Trading Co. reported a net profit of SAR 4.3 million for 2023, a decline of 87% from SAR 32.3 million a year earlier, due to lower profit margins for most products and decreased revenue on a slump in average selling prices.

Financials (M)

Item	2022	2023	Change‬
Revenues	186.54	142.16	(23.8 %)
Gross Income	54.08	21.48	(60.3 %)
Operating Income	33.95	6.00	(82.3 %)
Net Income	32.26	4.28	(86.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.81	0.11	(86.7 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	80.75	74.51	(7.7 %)
Gross Income	19.61	10.95	(44.2 %)
Operating Income	9.82	2.21	(77.5 %)
Net Income	8.86	1.12	(87.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.22	0.03	(87.4 %)

Item	H1 2023	H2 2023	Change‬
Revenues	67.66	74.51	10.1 %
Gross Income	10.53	10.95	4.0 %
Operating Income	3.79	2.21	(41.8 %)
Net Income	3.16	1.12	(64.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.08	0.03	(64.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 68.10 million by Dec. 31, 2023, compared to SAR 85.41 million a year earlier.

Interim Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2021	92.93	6.62	0.16
H2 2021	98.84	10.48	0.26
H1 2022	105.80	23.40	0.59
H2 2022	80.74	8.86	0.22
H1 2023	67.66	3.16	0.08
H2 2023	74.50	1.12	0.03

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