iOud profit rises 31% to SAR 4.9M in 2023

31/03/2024 Argaam Exclusive

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Intelligent Oud Co. (iOud) reported an increase of 31% in its 2023 net profit to SAR 4.9 million, from SAR 3.7 million in the prior-year period.

Financials (M)

Item	2022	2023	Change‬
Revenues	23.09	25.20	9.1 %
Gross Income	14.45	17.87	23.7 %
Operating Income	5.05	7.74	53.2 %
Net Income	3.72	5.28	41.7 %
Average Shares	1.56	1.95	25.0 %
EPS (Riyals)	2.39	2.71	13.4 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	15.96	17.31	8.4 %
Gross Income	9.55	11.78	23.3 %
Operating Income	4.17	6.03	44.7 %
Net Income	3.41	4.56	33.7 %
Average Shares	1.56	1.95	25.0 %
EPS (Riyals)	2.18	2.34	6.9 %

Item	H1 2023	H2 2023	Change‬
Revenues	7.89	17.31	119.3 %
Gross Income	6.09	11.78	93.5 %
Operating Income	1.71	6.03	253.3 %
Net Income	0.72	4.56	531.8 %
Average Shares	1.56	1.95	25.0 %
EPS (Riyals)	0.46	2.34	405.4 %

The profit growth was spurred by better sales from the introduction of new offerings, higher selling rates, and the acquisition of new customers.

The company also reported lower raw material costs.

Shareholders’ equity, no minority interest, stood at SAR 40.56 million as of Dec. 31, 2023, up from SAR 22.01million a year earlier.

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