Foods Gate H1 2023 net profit declines 16% to SAR 5.4 mln

06/08/2023 Argaam Exclusive

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Foods Gate Trading Co.’s net profit declined in the first half of 2023 by 16% to SAR 5.4 million from SAR 6.4 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	31.76	28.57	(10.1 %)
Gross Income	9.45	9.08	(4.0 %)
Operating Income	4.08	4.62	13.4 %
Net Income	6.41	4.12	(35.6 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	3.05	1.96	(35.6 %)

General and administrative expenses decreased by 33.8% in H1 2023 to SAR 2.6 million from SAR 3.9 million in H1 2022, due to the company's efforts to enhance operating efficiency.

Selling and marketing expenses dropped by 12% to SAR 1.2 million compared to SAR 1.4 million for the same period of the previous year.

The company recorded no revenue from the seasonal events in the current period, compared to SAR 2.6 million in the same period of the previous year.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	31.76	28.57	(10.1 %)
Gross Income	9.45	9.08	(4.0 %)
Operating Income	4.08	4.62	13.4 %
Net Income	6.41	4.12	(35.6 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	3.05	1.96	(35.6 %)

Item	H2 2022	H1 2023	Change‬
Revenues	29.83	28.57	(4.2 %)
Gross Income	8.66	9.08	4.8 %
Operating Income	3.95	4.62	16.9 %
Net Income	1.94	4.12	112.6 %
Average Shares	2.10	2.10	-
EPS (Riyals)	0.92	1.96	112.6 %

Total shareholders’ equity, excluding minority interest, reached SAR 42.61 million by June 30, 2023, compared to SAR 35.22 million a year earlier.

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