FAD’s 2023 net profit sinks 98% to SAR 262,000

31/03/2024 Argaam Exclusive

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Fad International Co. (FAD) reported a 98% slump in its 2023 net profit to SAR 262,000, from SAR 14.6 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	170.23	163.96	(3.7 %)
Gross Income	109.41	102.39	(6.4 %)
Operating Income	16.91	4.83	(71.5 %)
Net Income	14.62	0.26	(98.2 %)
Average Shares	1.20	1.20	-
EPS (Riyals)	12.18	0.22	(98.2 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬

Item	H1 2023	H2 2023	Change‬
Revenues	110.31	53.65	(51.4 %)
Gross Income	71.00	31.38	(55.8 %)
Operating Income	19.94	(15.11)	(175.8 %)
Net Income	17.26	(17.00)	(198.5 %)
Average Shares	1.20	1.20	-
EPS (Riyals)	14.38	(14.17)	(198.5 %)

The profit drop was attributed to a decline in revenues, compared to 2022, due to lower sales volumes at showrooms.

On the other hand, operating expenses increased in 2023.

Shareholders’ equity, no minority interest, came in at SAR 16.86 million as of Dec. 31, 2023, compared to SAR 21.35 million a year earlier.

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