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

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

View other reports

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 %)

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.  

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.