Neft Alsharq net profit up 21% to SAR 4.4M in 2023

07/05/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬

Item	H1 2023	H2 2023	Change‬
Revenues	33.84	28.21	(16.6 %)
Gross Income	5.59	4.47	(20.1 %)
Operating Income	3.68	1.45	(60.5 %)
Net Income	3.43	0.96	(72.0 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.17	0.05	(72.0 %)

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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