Saudi Top reports SAR 3.2 mln profit in H1 2023

09/08/2023 Argaam Exclusive

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Saudi Top for Trading Co. reported a net profit of SAR 3.2 million in H1 2023, a decline of 87% from SAR 23.4 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	105.80	67.66	(36.1 %)
Gross Income	34.46	10.53	(69.4 %)
Operating Income	24.12	3.79	(84.3 %)
Net Income	23.40	3.16	(86.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.59	0.08	(86.5 %)

This was driven by the slowdown in the global petrochemical markets, which led to lower selling prices for most products and a decline in the quantities sold resulting in lower revenue.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	105.80	67.66	(36.1 %)
Gross Income	34.46	10.53	(69.4 %)
Operating Income	24.12	3.79	(84.3 %)
Net Income	23.40	3.16	(86.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.59	0.08	(86.5 %)

Item	H2 2022	H1 2023	Change‬
Revenues	80.75	67.66	(16.2 %)
Gross Income	19.61	10.53	(46.3 %)
Operating Income	9.82	3.79	(61.4 %)
Net Income	8.86	3.16	(64.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.22	0.08	(64.4 %)

Total shareholders’ equity, no minority interest, reached SAR 74.17 million as of June 30, 2023, compared to SAR 76.11 million a year earlier.

Development of Financial Statements
Period	Revenue	Net Profit	EPS
H1 2021	92.93	6.62	1.66
H1 2021	98.84	10.48	2.61
H1 2022	105.80	23.40	5.85
H1 2022	80.74	9.38	2.34
H1 2023	67.66	3.16	0.79

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