Al-Omran turns to SAR 13.9M loss in 2023; Q4 at SAR 7M

28/03/2024 Argaam Exclusive

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Al-Omran Industrial Trading Co. swung to SAR 13.9 million losses in 2023, versus a net profit of SAR 5.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	126.93	130.44	2.8 %
Gross Income	34.69	19.54	(43.7 %)
Operating Income	11.91	(5.58)	(146.8 %)
Net Income	5.79	(13.91)	(340.1 %)
Average Shares	10.21	6.00	(41.2 %)
EPS (Riyals)	0.57	(2.32)	(508.5 %)

This was triggered by a 12% increase year-on-year (YoY) in cost of sales to sales, and a 45% rise in general and administrative expenses (G&As). The company also cited a 94% hike in cost of finance to SAR 6.6 million in 2023.

Q4 2023 net loss deepened to SAR 7 million, from SAR 0.56 million in a year earlier period.

On a sequential basis, net loss widened from SAR 2.76 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	21.43	20.81	(2.9 %)
Gross Income	8.13	2.97	(63.4 %)
Operating Income	1.41	(4.34)	(407.1 %)
Net Income	(0.56)	(7.00)	(1,151.1 %)
Average Shares	10.21	6.00	(41.2 %)
EPS (Riyals)	(0.05)	(1.17)	(2,028.2 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	39.24	20.81	(47.0 %)
Gross Income	6.83	2.97	(56.4 %)
Operating Income	0.10	(4.34)	(4503.0 %)
Net Income	(2.75)	(7.00)	(154.1 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	(0.46)	(1.17)	(154.1 %)

Total shareholders’ equity, no minority interest, stood at SAR 159.5 million by Dec. 31, 2023, compared to SAR 115.5 million a year ago.

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