Thob Al Aseel 2023 profit jumps 44% to SAR 76.9M; Q4 at SAR 11.5M

20/02/2024 Argaam Exclusive

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Thob Al Aseel Co. reported a 44% leap in its 2023 net profit to SAR 76.9 million from SAR 53.4 million a year ago.

Financials (M)

Item	2022	2023	Change‬
Revenues	508.80	532.22	4.6 %
Gross Income	212.21	216.78	2.2 %
Operating Income	78.77	98.18	24.6 %
Net Income	53.44	76.92	43.9 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.13	0.19	43.9 %

The company reported a 4.6% year-on-year (YoY) rise in sales, thanks to a larger customer base. E-commerce sales also saw a spike of 170% YoY in 2023.

The credit loss provision expenses decreased by 44.21% YoY on better collection rates.

The fourth-quarter net profit nearly doubled YoY to SAR 11.5 million from SAR 5.75 million in Q4 2022.

Sequentially, the company’s bottom line skyrocketed 122.6% from SAR 5.16 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	100.44	105.51	5.0 %
Gross Income	43.43	46.79	7.7 %
Operating Income	15.32	17.10	11.7 %
Net Income	5.75	11.47	99.4 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.03	99.4 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	73.13	105.51	44.3 %
Gross Income	33.76	46.79	38.6 %
Operating Income	10.41	17.10	64.3 %
Net Income	5.16	11.47	122.5 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.03	122.5 %

Shareholders’ equity, no minority interest, stood at SAR 584.7 million by the end of Dec. 31, 2023, compared to SAR 572.51 million in the year-earlier period.

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