Ghida Al-Sultan net profit down 13% to SAR 6.2 mln in H1 2023

04/09/2023 Argaam Exclusive

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Ghida Al-Sultan for Fast Food Co. (Ghida Al-Sultan) reported a net profit of SAR 6.2 million for H1 2023, a 13% decline from SAR 7.2 million a year earlier

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	67.11	80.49	19.9 %
Gross Income	28.18	34.30	21.7 %
Operating Income	7.49	6.48	(13.6 %)
Net Income	7.15	6.24	(12.7 %)
Average Shares	3.20	3.20	-
EPS (Riyals)	2.23	1.95	(12.7 %)

The profit decline was attributed to higher selling and distribution expenses as a result of the increasing contribution of delivery applications to sales.

On the other hand, the company reported better revenue, as well as lower general and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	67.11	80.49	19.9 %
Gross Income	28.18	34.30	21.7 %
Operating Income	7.49	6.48	(13.6 %)
Net Income	7.15	6.24	(12.7 %)
Average Shares	3.20	3.20	-
EPS (Riyals)	2.23	1.95	(12.7 %)

Item	H2 2022	H1 2023	Change‬
Revenues	79.01	80.49	1.9 %
Gross Income	31.74	34.30	8.1 %
Operating Income	13.50	6.48	(52.0 %)
Net Income	12.32	6.24	(49.3 %)
Average Shares	3.20	3.20	-
EPS (Riyals)	3.85	1.95	(49.3 %)

Total shareholders’ equity, no minority interest, rose to SAR 57.99 million as of June 30, 2023, from SAR 45.43 million a year earlier.

Quarterly Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	44.46	6.51	2.04
H2 2021	62.62	8.76	2.73
H1 2022	67.11	7.15	2.23
H2 2022	79.00	12.32	3.85
H1 2023	80.49	6.24	1.95

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