Alsaif Gallery H1 profit drops 11% to SAR 65.8 mln; Q2 at SAR 15.3 mln

06/08/2023 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 65.8 million for the first half of 2023, a decline of 11% from SAR 74.2 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	382.56	375.16	(1.9 %)
Gross Income	126.12	115.36	(8.5 %)
Operating Income	78.10	62.95	(19.4 %)
Net Income	74.22	65.83	(11.3 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.21	0.19	(11.3 %)

The profit decline was due to a 1.9% fall in sales due to the end of seasonal discounts, Ramadan, as the holy month started on March 23, 2023, before the salaries for March 2023 were deposited, compared to the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	129.62	145.74	12.4 %
Gross Income	40.71	37.82	(7.1 %)
Operating Income	19.99	13.98	(30.1 %)
Net Income	15.12	15.28	1.0 %
Average Shares	350.00	350.00	-
EPS (Riyals)	0.04	0.04	1.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	229.42	145.74	(36.5 %)
Gross Income	77.54	37.82	(51.2 %)
Operating Income	48.97	13.98	(71.5 %)
Net Income	50.55	15.28	(69.8 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.14	0.04	(69.8 %)

Meanwhile, the company posted a net profit of SAR 15.3 million for Q2 2023, slightly higher than SAR 15.2 million a year before.

This was mainly driven by a 12.4% rise in total sales, supported by a 47.6% increase in online sales, in addition to the sales of new branches in Kuwait and the UAE.

On a quarterly basis, the second-quarter net earnings fell 69.8% from SAR 50.55 million in Q1 2023.

Shareholders’ equity, with no minority interest, stood at SAR 441.93 million as of June 30, 2023, compared to SAR 390.35 million a year earlier.

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