Al-Omran swings to losses of SAR 6.9 mln in 9M 2023; Q3 at SAR 2.8 mln

09/11/2023 Argaam Exclusive

View other reports

Al-Omran Industrial Trading Co. reported a net loss of SAR 6.9 million in the first nine months of 2023, against a net profit of SAR 6.4 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	105.50	109.63	3.9 %
Gross Income	26.56	16.56	(37.6 %)
Operating Income	10.50	(1.23)	(111.8 %)
Net Income	6.35	(6.91)	(208.7 %)
Average Shares	10.21	6.00	(41.2 %)
EPS (Riyals)	0.62	(1.15)	(285.0 %)

The losses were attributed to the higher ratio of cost of sales to sales by 10%, which was not offset by an increase in selling prices due to intense competition. This is in addition to a year-on-year (YoY) rise in general and administrative expenses by 43% and a 42% YoY hike in financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	29.56	39.24	32.7 %
Gross Income	7.91	6.83	(13.7 %)
Operating Income	1.96	0.10	(95.0 %)
Net Income	0.47	(2.75)	(681.8 %)
Average Shares	10.21	6.00	(41.2 %)
EPS (Riyals)	0.05	(0.46)	(1089.7 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	28.96	39.24	35.5 %
Gross Income	3.52	6.83	94.0 %
Operating Income	(2.08)	0.10	104.8 %
Net Income	(3.61)	(2.75)	23.6 %
Average Shares	10.21	6.00	(41.2 %)
EPS (Riyals)	(0.35)	(0.46)	(29.9 %)

In Q3 2023, the company incurred a net loss of SAR 2.8 million against a net profit of SAR 470,000 in Q3 2022.

Compared to Q2 2023, Al-Omran narrowed its third-quarter losses from SAR 3.61 million on improved sales by 35% a quarterly basis.

Shareholders’ equity, excluding minority interest, reached SAR 109 million as of Sept. 30, 2023, down from SAR 118 million a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×