Pan Gulf Marketing reports 56% profit drop to SAR 5.7M in H1 2023

05/12/2023 Argaam Exclusive

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Pan Gulf Marketing Co. reported a 56% profit decline to SAR 5.7 million in H1 2023, compared to SAR 12.9 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	179.28	185.63	3.5 %
Gross Income	55.62	59.42	6.8 %
Operating Income	13.84	14.34	3.6 %
Net Income	12.91	5.65	(56.3 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	1.72	0.75	(56.3 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	179.28	185.63	3.5 %
Gross Income	55.62	59.42	6.8 %
Operating Income	13.84	14.34	3.6 %
Net Income	12.91	5.65	(56.3 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	1.72	0.75	(56.3 %)

Item	H2 2022	H1 2023	Change‬
Revenues	236.13	185.63	(21.4 %)
Gross Income	75.54	59.42	(21.3 %)
Operating Income	26.82	14.34	(46.5 %)
Net Income	19.87	5.65	(71.6 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	2.65	0.75	(71.6 %)

This was driven by a 93% increase in the cost of finance to SAR 6.88 million in Q3, from SAR 3.57 million in the prior year period.

The company also cited FX losses of SAR 440,000 in Q3, compared to FX gains of SAR 3.34 million in the year-earlier period and an increase in Zakat and income tax to SAR 1.56 million compared with SAR 933,000 in the corresponding period.

Meanwhile, revenues rose to SAR 185.6 million from SAR 179.3 million due to higher sales to the government sector. Gross profit margin increased from 31% to 32% as cost of sales to revenues declined to 68%.

Shareholders’ equity, no minority interest, stood at SAR 58.49 million by the end of H1 2023, compared to SAR 115.75 million in the year-earlier period.

Pan Gulf Marketing is currently active in purchasing, importing and exporting stationery and office supplies stationery products.

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