Pan Gulf profit falls 69% to SAR 1.7M in H1 2024

13/08/2024 Argaam Exclusive

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Pan Gulf Marketing Co. reported a 69% decline in its H1 2024 net profit to SAR 1.7 million, from SAR 5.6 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	185.63	169.19	(8.9 %)
Gross Income	59.42	54.95	(7.5 %)
Operating Income	14.34	9.66	(32.7 %)
Net Income	5.65	1.74	(69.1 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	0.75	0.23	(69.1 %)

The profit drop during the current period was attributed to lower sales as a result of a decrease in private sector sales and government sector demand.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	185.63	169.19	(8.9 %)
Gross Income	59.42	54.95	(7.5 %)
Operating Income	14.34	9.66	(32.7 %)
Net Income	5.65	1.74	(69.1 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	0.75	0.23	(69.1 %)

Item	H2 2023	H1 2024	Change‬
Revenues	236.72	169.19	(28.5 %)
Gross Income	77.35	54.95	(29.0 %)
Operating Income	26.97	9.66	(64.2 %)
Net Income	17.19	1.74	(89.9 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	2.29	0.23	(89.9 %)

Shareholders’ equity, no minority interest, rose to SAR 67.73 million as of June 30, 2024, compared to SAR 58.48 million in the year-earlier period.

Pan Gulf Financial Performance
Period	Revenues (SAR mln)	Net Profit (SAR mln)	Profit Share (SAR/ share)
H1 2022	179.28	12.91	1.72
H2 2022	236.13	19.87	2.65
H1 2023	185.63	5.65	0.75
H2 2023	236.72	17.19	2.29
H1 2024	169.18	1.74	0.23

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