Osool & Bakheet net profit rises to SAR 25.5M in 2023

31/03/2024 Argaam Exclusive

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Osool & Bakheet Investment Co.’s net profit rose to SAR 25.5 million for 2023, compared to SAR 10.2 million a year earlier, backed by a 114% surge year-on-year (YoY) in operating revenue to SAR 60.38 million for 2023, in addition to higher fair value investments.

Financials (M)

Item	2022	2023	Change‬
Revenues	28.21	60.38	114.1 %
Gross Income	28.21	60.38	114.1 %
Operating Income	9.98	27.05	171.1 %
Net Income	10.24	25.50	148.9 %
Average Shares	6.00	8.10	35.0 %
EPS (Riyals)	1.71	3.15	84.4 %

Meanwhile, expenses rose 83% YoY, financing costs surged 368% YoY and other income declined 39% YoY.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	12.43	27.57	121.8 %
Gross Income	12.43	27.57	121.8 %
Operating Income	3.71	13.54	265.3 %
Net Income	3.57	12.54	251.2 %
Average Shares	6.00	8.10	35.0 %
EPS (Riyals)	0.60	1.55	160.1 %

Item	H1 2023	H2 2023	Change‬
Revenues	32.80	27.57	(15.9 %)
Gross Income	32.80	27.57	(15.9 %)
Operating Income	13.51	13.54	0.2 %
Net Income	12.96	12.54	(3.2 %)
Average Shares	6.00	8.10	35.0 %
EPS (Riyals)	2.16	1.55	(28.3 %)

Total shareholders’ equity, no minority interest, stood at SAR 200.1 million by Dec. 31, 2023, compared to SAR 107.69 million a year earlier.

Historical data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/ share)
H1 2022	15.77	6.67	1.11
H2 2022	12.24	3.57	0.61
H1 2023	32.57	12.96	2.16
H2 2023	27.81	12.54	2.09

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