Alsaif Gallery profit falls 20% to SAR 81.1 mln in 9M 2023; Q3 drops 45% to SAR 15.3 mln

09/11/2023 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 81.1 million for the first nine months of 2023, down 20% compared to SAR 101.7 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	550.71	527.05	(4.3 %)
Gross Income	171.24	157.15	(8.2 %)
Operating Income	101.10	77.64	(23.2 %)
Net Income	101.72	81.10	(20.3 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.29	0.23	(20.3 %)

The lower profit was due to a decrease in total sales by 4.3%. The company also cited an increase in selling and marketing expenses by 16%, as well as a rise in expenses related to the cost of financing lease contracts in accordance with IFRS 16.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	168.14	151.89	(9.7 %)
Gross Income	45.11	41.79	(7.4 %)
Operating Income	23.00	14.69	(36.1 %)
Net Income	27.51	15.27	(44.5 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.08	0.04	(44.5 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	145.74	151.89	4.2 %
Gross Income	37.82	41.79	10.5 %
Operating Income	13.98	14.69	5.1 %
Net Income	15.28	15.27	(0.1 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.04	0.04	(0.1 %)

Q3 2022 net profit dropped 45% year-on-year (YoY) to SAR 15.3 million from SAR 27.5 million as total sales decreased by 9.67% YoY despite the improvement in profit margins by 2.55%.

Compared with Q2 2023, net earnings slightly declined from SAR 15.28 million on an 18.2% rise in marketing expenses.

Total shareholders’ equity, no minority interest, increased to SAR 422.2 million by the end of the nine-month period from SAR 417.9 million a year earlier.

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