Financial Results : Alsaif Gallery profit drops 57% to SAR 35M in 9M 2024; Q3 at SAR 8.6M

Alsaif Gallery profit drops 57% to SAR 35M in 9M 2024; Q3 at SAR 8.6M

04/11/2024 Argaam Exclusive

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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.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 527.05 584.28 10.9 %
Gross Income 157.15 142.90 (9.1 %)
Operating Income 77.64 31.51 (59.4 %)
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.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 151.89 191.09 25.8 %
Gross Income 41.79 40.71 (2.6 %)
Operating Income 14.69 6.03 (58.9 %)
Net Income 15.27 8.62 (43.5 %)
Average Shares 350.00 350.00 -
EPS (Riyals) 0.04 0.02 (43.5 %)

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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