Al Rashid Industrial posts 29% profit rise to SAR 21.3M in 2023

06/05/2024 Argaam Exclusive

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Al Rashid Industrial Co. reported a 29% profit rise to SAR 21.3 million in 2023, compared to SAR 16.55 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	116.50	135.03	15.9 %
Gross Income	35.58	44.02	23.7 %
Operating Income	17.70	22.66	28.0 %
Net Income	16.55	21.32	28.8 %
Average Shares	8.00	8.00	-
EPS (Riyals)	2.07	2.67	28.8 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	60.82	67.87	11.6 %
Gross Income	19.32	22.75	17.8 %
Operating Income	10.31	11.47	11.3 %
Net Income	8.72	10.77	23.6 %
Average Shares	8.00	8.00	-
EPS (Riyals)	1.09	1.35	23.6 %

Item	H1 2023	H2 2023	Change‬
Revenues	67.16	67.87	1.0 %
Gross Income	21.28	22.75	6.9 %
Operating Income	11.19	11.47	2.5 %
Net Income	10.55	10.77	2.1 %
Average Shares	8.00	8.00	-
EPS (Riyals)	1.32	1.35	2.1 %

The earnings growth was driven by a 15.91% increase year-on-year (YoY) in sales, thanks to growth in production lines sales, increased points of sale and distribution across Saudi Arabia.

Gross profit jumped 23.71% YoY on higher revenue.

Meanwhile, raw material prices declined on a YoY basis.

Shareholders’ equity, no minority interest, reached SAR 121 million as of Dec. 31, 2023, up from SAR 106 million a year earlier.

Interim Financial Statements
Period	Revenue (SAR mln)	Net Profit (mln)	EPS (SAR)
H1 2022	55.68	7.83	0.98
H2 2022	60.82	8.72	1.09
H1 2023	67.16	10.55	1.32
H2 2023	67.87	10.77	1.35

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