Financial Results : Alsaif Gallery Q1 net profit drops to SAR 50.5 mln

Alsaif Gallery Q1 net profit drops to SAR 50.5 mln

18/05/2023 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 50.5 million in the first quarter of 2023, a decline of 15% from SAR 59.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 252.95 229.42 (9.3 %)
Gross Income 85.41 77.54 (9.2 %)
Operating Income 58.11 48.97 (15.7 %)
Net Income 59.09 50.55 (14.5 %)
Average Shares 350.00 350.00 -
EPS (Riyals) 0.17 0.14 (14.5 %)

The lower profit was driven by a 9.3% year-on-year (YoY) fall in sales due to the end of the seasonal sales season and the start of Ramadan. In addition, selling and marketing expenses increased by 10.6% YoY.

 

On a quarterly basis, net earnings surged 80.2% from SAR 28.05 million in Q4 2022.

 

Shareholders’ equity, no minority interest, stood at SAR 426.65 million as of March 31, 2023, compared to SAR 440.23 million a year earlier.

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