Neft Alsharq Co. for Chemical Industries, which is in the process of listing on Nomu-Parallel Market, posted 21% rise in net profit for 2023 to SAR 4.4 million, compared to SAR 3.6 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 56.20 | 62.05 | 10.4 % |
| Gross Income | 8.34 | 10.06 | 20.6 % |
| Operating Income | 4.05 | 5.13 | 26.6 % |
| Net Income | 3.65 | 4.40 | 20.5 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.18 | 0.22 | 20.5 % |
The profit rise was driven by a 10.4% growth in revenues to SAR 62.1 million, as well as a rise in gross profit margin from 15% to 16%, and in operating profit margin from 7% to 8%. Meanwhile, general and administrative expenses rose 44% year-on-year.
Shareholders' equity (with no minority interest) amounted to SAR 28.3 million by the end of 2023, compared to SAR 24.1 million in 2022.
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