TAQAT turns to net loss of SAR 11.6M in 2023

31/03/2024 Argaam Exclusive

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TAQAT Mineral Trading Co. reported a net loss of SAR 11.6 million in 2023, versus a net profit of SAR 832,000 a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	239.98	156.41	(34.8 %)
Gross Income	8.44	(0.39)	(104.6 %)
Operating Income	1.75	(9.29)	(630.3 %)
Net Income	0.83	(11.62)	(1496.9 %)
Average Shares	9.75	9.75	-
EPS (Riyals)	0.09	(1.19)	(1496.9 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	98.12	78.18	(20.3 %)
Gross Income	2.15	(1.70)	(179.2 %)
Operating Income	(1.50)	(7.08)	(373.7 %)
Net Income	(1.72)	(8.86)	(415.1 %)
Average Shares	9.75	9.75	-
EPS (Riyals)	(0.18)	(0.91)	(415.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	78.23	78.18	(0.1 %)
Gross Income	1.31	(1.70)	(229.7 %)
Operating Income	(2.20)	(7.08)	(221.2 %)
Net Income	(2.76)	(8.86)	(220.9 %)
Average Shares	9.75	9.75	-
EPS (Riyals)	(0.28)	(0.91)	(220.9 %)

This was due to the steep decline in selling prices of steel scraps, which led to lower profit margins. This is besides higher finance costs on soaring interest rates, paired with increased general and administrative expenses related to the company’s Nomu listing.

Total shareholders’ equity, no minority interest, stood at SAR 88.66 million by Dec. 31, 2023, down from SAR 103.20 million a year ago.

Accumulated losses reached SAR 10.33 million by Dec. 31, 2023, accounting for 10.6% of the company’s capital.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR)
H1 2022	141.86	2.55	0.26
H2 2022	98.12	(1.72)	(0.17)
H1 2023	78.23	(2.76)	(0.28)
H2 2023	78.18	(8.85)	(0.91)

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