Riyal Investment 2023 profits down 5% to SAR 18.3M

19/03/2024 Argaam Exclusive

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Riyal Investment and Development Co. reported a net profit of SAR 18.3 million for 2023, a decline of 5% compared to SAR 19.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	189.58	121.66	(35.8 %)
Gross Income	40.36	44.40	10.0 %
Operating Income	29.54	30.22	2.3 %
Net Income	19.14	18.28	(4.5 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	2.39	2.28	(4.5 %)

The decline is largely due to a significant decline in the sale of new vehicles, which reflects diminished demand for new vehicles in 2023, contrasting with the surge experienced in 2022, fueled by increased vehicle demand in Saudi Arabia following the COVID-19 period.

This is in addition to the increase in specific operational expenses, expected credit loss (ECL), and inventory provisions, along with higher financing costs.

The 2023 revenue stood at SAR 121.7 million, compared to SAR 189.6 million in 2022.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬

Item	H1 2023	H2 2023	Change‬
Revenues	61.06	60.60	(0.7 %)
Gross Income	25.30	19.10	(24.5 %)
Operating Income	18.75	11.48	(38.8 %)
Net Income	11.02	7.25	(34.2 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	1.38	0.91	(34.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 151.7 million by Dec. 31, 2023, compared to SAR 133.61 million a year earlier.

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