National Building reports 21% net profit slump to SAR 30.5M in 2023

24/03/2024 Argaam Exclusive

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National Building and Marketing Co. (NBM) reported a net profit of SAR 30.5 million for 2023, a decline of 21%, compared to SAR 38.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	652.19	700.61	7.4 %
Gross Income	70.17	84.14	19.9 %
Operating Income	48.43	60.57	25.1 %
Net Income	38.74	30.61	(21.0 %)
Average Shares	12.00	12.00	-
EPS (Riyals)	3.23	2.55	(21.0 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	331.45	384.15	15.9 %
Gross Income	26.76	42.14	57.5 %
Operating Income	13.94	28.08	101.4 %
Net Income	6.09	4.37	(28.3 %)
Average Shares	12.00	12.00	-
EPS (Riyals)	0.51	0.36	(28.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	316.46	384.15	21.4 %
Gross Income	42.00	42.14	0.3 %
Operating Income	32.50	28.08	(13.6 %)
Net Income	26.24	4.37	(83.3 %)
Average Shares	12.00	12.00	-
EPS (Riyals)	2.19	0.36	(83.3 %)

This was driven by finance costs soaring to SAR 44 million in 2023, due to higher SAIBOR. Conversely, revenues increased to SAR 701 million in 2023, compared to SAR 652 million in 2022.

Total shareholders’ equity, no minority interest, rose to SAR 295.8 million by Dec. 31, 2023, compared to SAR 263.6 million a year earlier.

Quarterly Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2020	153.70	7.76	0.65
H2 2020	133.03	22.69	1.89
H1 2021	298.03	25.09	2.09
H2 2021	380.39	48.31	4.03
H1 2022	320.75	32.65	2.72
H2 2022	331.44	6.13	0.51
H1 2023	316.46	26.24	2.19
H2 2023	384.15	4.30	0.35

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