Pan Gulf posts 30% profit drop to SAR 22.8M in 2023

14/03/2024 Argaam Exclusive

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Pan Gulf Marketing Co. reported a 30% decline in its 2023 net profit to SAR 22.8 million, from SAR 32.8 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	415.41	422.35	1.7 %
Gross Income	131.16	136.77	4.3 %
Operating Income	40.66	41.31	1.6 %
Net Income	32.78	22.84	(30.3 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	4.37	3.05	(30.3 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	236.13	236.72	0.2 %
Gross Income	75.54	77.35	2.4 %
Operating Income	26.82	26.97	0.6 %
Net Income	19.87	17.19	(13.5 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	2.65	2.29	(13.5 %)

Item	H1 2023	H2 2023	Change‬
Revenues	185.63	236.72	27.5 %
Gross Income	59.42	77.35	30.2 %
Operating Income	14.34	26.97	88.0 %
Net Income	5.65	17.19	204.5 %
Average Shares	7.50	7.50	-
EPS (Riyals)	0.75	2.29	204.5 %

The annual results were hurt by higher financing costs amid increased SAIBOR in 2023. Additionally, the company suffered higher foreign exchange (FX) rates of Japanese Yen and Euro currencies last year.

On the other hand, Pan Gulf reported higher revenues in 2023, thanks to the offering of new products throughout the year.

Shareholders’ equity, no minority interest, rose to SAR 75.14 million as of Dec. 31, 2023, compared to SAR 58.37 million in the year-earlier period.

Pan Gulf Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	179.28	12.91	2.58
H2 2022	236.13	19.87	3.97
H1 2023	185.63	5.65	1.13
H2 2023	236.72	17.19	3.44

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