Leen Alkhair profits down 26% to SAR 8 mln in H1 2023

31/08/2023 Argaam Exclusive

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Leen Alkhair Trading Co.’s net profit retreated 26% to SAR 8 million in H1 2023 from SAR 10.8 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	109.59	117.72	7.4 %
Gross Income	18.81	15.16	(19.4 %)
Operating Income	11.83	8.84	(25.3 %)
Net Income	10.84	7.98	(26.4 %)
Average Shares	7.34	8.16	11.1 %
EPS (Riyals)	1.48	0.98	(33.8 %)

The company attributed the decrease in profit to higher costs of purchasing fruits and vegetables as well as an increase in shipping, packaging, and transportation costs.

This was despite an increase in the sales of vegetables and fruits by 7% year-on-year (YoY) to SAR 118 million.

Higher sales were supported by increased sales volume and prices of fruits and vegetables, in addition to an improvement in distribution channels. This was offset by a 14% increase YoY in sales costs because of higher transportation and shipping costs.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	109.59	117.72	7.4 %
Gross Income	18.81	15.16	(19.4 %)
Operating Income	11.83	8.84	(25.3 %)
Net Income	10.84	7.98	(26.4 %)
Average Shares	7.34	8.16	11.1 %
EPS (Riyals)	1.48	0.98	(33.8 %)

Item	H2 2022	H1 2023	Change‬
Revenues	118.98	117.72	(1.1 %)
Gross Income	22.02	15.16	(31.2 %)
Operating Income	13.34	8.84	(33.8 %)
Net Income	12.33	7.98	(35.3 %)
Average Shares	7.34	8.16	11.1 %
EPS (Riyals)	1.68	0.98	(41.8 %)

Total shareholders’ equity, no minority interest, reached SAR 142.23 million by the end of June 30, 2023, compared to SAR 95.15 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	91.19	14.25	3.49
H2 2021	97.37	6.21	1.52
H1 2022	109.59	10.84	2.95
H2 2022	118.98	12.34	3.02
H1 2023	117.72	7.98	1.95

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