National Building’s H1 net profit falls 20% to SAR 26.2 mln

01/10/2023 Argaam Exclusive

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National Building and Marketing Co. (NBM) reported a net profit of SAR 26.2 million in H1 2023, a decline of 20% from SAR 32.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	320.75	316.46	(1.3 %)
Gross Income	43.42	42.00	(3.3 %)
Operating Income	34.49	32.50	(5.8 %)
Net Income	32.65	26.24	(19.6 %)
Average Shares	12.00	12.00	-
EPS (Riyals)	2.72	2.19	(19.6 %)

The lower profit was driven by an increase in the cost of finance year-on-year (YoY) to SAR 19 million, in addition to higher SAIBOR.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	320.75	316.46	(1.3 %)
Gross Income	43.42	42.00	(3.3 %)
Operating Income	34.49	32.50	(5.8 %)
Net Income	32.65	26.24	(19.6 %)
Average Shares	12.00	12.00	-
EPS (Riyals)	2.72	2.19	(19.6 %)

Item	H2 2022	H1 2023	Change‬
Revenues	331.45	316.46	(4.5 %)
Gross Income	26.76	42.00	57.0 %
Operating Income	13.94	32.50	133.1 %
Net Income	6.09	26.24	330.6 %
Average Shares	12.00	12.00	-
EPS (Riyals)	0.51	2.19	330.6 %

Shareholders’ equity, after minority equity, stood at SAR 291.45 million as of June 30, 2023, compared to SAR 260.50 million in the prior-year period.

Interim Statements
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2018	80.51	12.47	1.04
H2 2018	86.61	11.64	0.97
H1 2019	79.68	8.56	0.71
H2 2019	91.13	(2.33)	(0.19)
H1 2020	153.70	7.76	0.65
H2 2020	133.04	22.69	1.89
H1 2021	298.03	25.09	2.09
H2 2021	362.25	55.59	4.63
H1 2022	320.75	32.58	2.72
H2 2022	331.44	14.26	1.19
H1 2023	316.46	26.22	2.18

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