TAQAT logs SAR 2.8M loss in H1 2023

14/02/2024 Argaam Exclusive

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TAQAT Mineral Trading Co. logged SAR 2.8 million loss in the first half of 2023, against SAR 2.6 million profit in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	141.86	78.23	(44.9 %)
Gross Income	6.29	1.31	(79.2 %)
Operating Income	3.25	(2.20)	(167.9 %)
Net Income	2.55	(2.76)	(208.2 %)
Average Shares	9.75	9.75	-
EPS (Riyals)	0.26	(0.28)	(208.2 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	141.86	78.23	(44.9 %)
Gross Income	6.29	1.31	(79.2 %)
Operating Income	3.25	(2.20)	(167.9 %)
Net Income	2.55	(2.76)	(208.2 %)
Average Shares	9.75	9.75	-
EPS (Riyals)	0.26	(0.28)	(208.2 %)

Item	H2 2022	H1 2023	Change‬
Revenues	98.12	78.23	(20.3 %)
Gross Income	2.15	1.31	(39.0 %)
Operating Income	(1.50)	(2.20)	(47.5 %)
Net Income	(1.72)	(2.76)	(60.5 %)
Average Shares	9.75	9.75	-
EPS (Riyals)	(0.18)	(0.28)	(60.5 %)

The loss incurred in H1 2023 was attributed to a decline in revenues to SAR 78.2 million, from SAR 141.9 million in H1 2022, as well as in gross profit margin by 2%, from 4% in the year-ago period.

Moreover, the company recorded 3% operating loss margin, against 2% operating profit margin in H1 2022, due to the rise in general and administrative expenses.

Shareholders' equity (with no minority rights) amounted to SAR 97.517 million by the end of H1 2023, compared to SAR 103.986 million in H1 2022.

TAQAT Mineral's shareholders approved, on May 28, 2023, listing 2.44 million shares, representing 20% of the company's post-IPO capital (25% of pre-IPO capital) on the Nomu-Parallel Market at SAR 10 per share, according to Argaam's data.

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