Baazeem Trading 2023 profit marginally down to SAR 21.7M; Q4 at SAR 4.1M

18/03/2024 Argaam Exclusive

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Baazeem Trading Co. reported a slight fall in 2023 net profit to SAR 21.7 million, compared to SAR 21.8 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	263.35	257.11	(2.4 %)
Gross Income	97.88	98.92	1.1 %
Operating Income	26.92	25.52	(5.2 %)
Net Income	21.78	21.65	(0.6 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.22	0.21	(0.6 %)

The profit decline was attributed to lower sales amid the out-of-stock, driven by the latest development in the Red Sea.

In Q4 2023, net profit declined 5% year-on-year (YoY) to SAR 4.1 million.

Compared to the previous quarter, net profit grew 5% from SAR 3.90 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	67.25	61.86	(8.0 %)
Gross Income	25.74	27.02	5.0 %
Operating Income	6.19	4.74	(23.5 %)
Net Income	4.29	4.09	(4.6 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	(4.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	60.46	61.86	2.3 %
Gross Income	20.24	27.02	33.5 %
Operating Income	4.90	4.74	(3.2 %)
Net Income	3.90	4.09	5.0 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	5.0 %

Total shareholders’ equity, no minority interest, rose to SAR 194.05 million as of Dec. 31, 2023, from SAR 190.38 million a year earlier.

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