AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 35 million for the first nine months of 2024, falling 57% from SAR 81.1 million in the year-earlier period.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Revenues | 527.05 | 584.28 | 10.9 % |
Gross Income | 157.15 | 142.90 | (9.1 %) |
Operating Income | 71.34 | 31.51 | (55.8 %) |
Net Income | 81.10 | 34.99 | (56.8 %) |
Average Shares | 350.00 | 350.00 | - |
EPS (Riyals) | 0.23 | 0.10 | (56.8 %) |
The profit decline was attributed to higher cost of goods sold due to a rise in global shipping rates. This was in addition to reduced profit margins on promotional pricing aimed at increasing market share.
The company also cited increased financing expenses due to higher interest rates and an expansion in bank facilities. However, it worked to decrease its reliance on bank facilities and shift towards using its own resources.
This was offset by a 10.86% rise in sales year-on-year (YoY) due to higher promotional sales, an increase in the number of company branches in the Kingdom and GCC countries, as well as the company’s recent entry into the large home appliances category.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 151.89 | 191.09 | 25.8 % |
Gross Income | 41.79 | 40.71 | (2.6 %) |
Operating Income | 11.60 | 6.03 | (48.0 %) |
Net Income | 15.27 | 8.62 | (43.5 %) |
Average Shares | 350.00 | 350.00 | - |
EPS (Riyals) | 0.04 | 0.02 | (43.5 %) |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Revenues | 123.18 | 191.09 | 55.1 % |
Gross Income | 27.70 | 40.71 | 47.0 % |
Operating Income | (4.74) | 6.03 | 227.2 % |
Net Income | (4.85) | 8.62 | 277.9 % |
Average Shares | 350.00 | 350.00 | - |
EPS (Riyals) | (0.01) | 0.02 | 277.9 % |
Q3 2024 net profit dropped 44% YoY to SAR 8.6 million from SAR 15.3 million, mainly hurt by higher cost of goods sold due to a rise in global shipping rates.
However, the company turned profitable in Q3 2024 from a loss of SAR 4.85 million in the previous quarter.
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