Baazeem profit rises to SAR 17.6 mln in 9M 2023; SAR 3.9 mln in Q3

08/11/2023 Argaam Exclusive

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Baazeem Trading Co. reported a net profit of SAR 17.6 million for the first nine months of 2023, slightly higher than SAR 17.5 million in the same period last year, boosted by lower cost of finance.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	196.10	195.25	(0.4 %)
Gross Income	72.14	71.90	(0.3 %)
Operating Income	20.73	20.78	0.3 %
Net Income	17.49	17.56	0.4 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.17	0.17	0.4 %

The company reported a net profit of SAR 3.9 million for Q3 2023, a 4% year-on-year (YoY) decrease, due to a 4.35% fall in sales.

On a sequential basis, Q3 net profit fell 17.4% from SAR 4.72 million on higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	63.21	60.46	(4.4 %)
Gross Income	22.46	20.24	(9.9 %)
Operating Income	5.36	4.90	(8.7 %)
Net Income	4.04	3.90	(3.7 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	(3.7 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	59.35	60.46	1.9 %
Gross Income	24.93	20.24	(18.8 %)
Operating Income	5.75	4.90	(14.9 %)
Net Income	4.72	3.90	(17.4 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.04	(17.4 %)

Total shareholders’ equity, after minority interest, reached SAR 189.71 million as of Sept. 30, 2023, from SAR 186.76 million a year earlier.

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