Almuneef H1 2023 profit down 11% to SAR 10.5 mln

28/08/2023 Argaam Exclusive

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Almuneef Company for Trade, Industry, Agriculture and Contracting posted a net profit of SAR 10.5 million for H1 2023, a decline of 11% compared with SAR 11.8 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	149.03	124.34	(16.6 %)
Gross Income	17.43	14.18	(18.6 %)
Operating Income	12.06	10.87	(9.8 %)
Net Income	11.77	10.54	(10.5 %)
Average Shares	3.80	3.80	-
EPS (Riyals)	3.10	2.77	(10.5 %)

The profit decline was due to the lower profit margin of units resulting from a decrease in the selling price of the main products compared to the cost of purchase.

This led to a fall in the profit margin of the products, which dominate the biggest percentage of the company’s sales.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	149.03	124.34	(16.6 %)
Gross Income	17.43	14.18	(18.6 %)
Operating Income	12.06	10.87	(9.8 %)
Net Income	11.77	10.54	(10.5 %)
Average Shares	3.80	3.80	-
EPS (Riyals)	3.10	2.77	(10.5 %)

Item	H2 2022	H1 2023	Change‬
Revenues	169.41	124.34	(26.6 %)
Gross Income	15.20	14.18	(6.7 %)
Operating Income	10.46	10.87	3.9 %
Net Income	8.85	10.54	19.1 %
Average Shares	3.80	3.80	-
EPS (Riyals)	2.33	2.77	19.1 %

Shareholders’ equity, no minority interest, stood at SAR 86.98 million as of June 30, 2023, compared to SAR 67.19 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2021	76.70	8.54	2.25
H2 2021	111.06	11.13	2.93
H1 2022	149.03	11.77	3.10
H1 2023	124.34	10.54	2.77

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