Al Kathiri net profit down 80% to SAR 1.7 mln in 2022; Q4 at SAR 5.7 mln

15/03/2023 Argaam Exclusive

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Al Kathiri Holding Co. reported a decline of 80% in net profit to SAR 1.7 million in 2022, from SAR 8.7 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	128.78	129.37	0.5 %
Gross Income	40.22	15.07	(62.5 %)
Operating Income	13.31	3.23	(75.7 %)
Net Income	8.67	1.71	(80.3 %)
Average Shares	226.04	226.04	-
EPS (Halala)	3.83	0.76	(80.3 %)

The profit decline was attributed to higher prices of raw materials and higher financing costs resulting from the Industrial Fund's loan for the construction technology factory as well as the purchase of machinery and operational equipment for the company's factories.

Al Kathiri turned to a net profit of SAR 5.7 million in Q4 2022 against a loss of SAR 3.07 million in the year-ago period.

The company’s net profit soared in Q4 2022 from SAR 1.58 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	11.90	50.81	327.1 %
Gross Income	7.15	10.61	48.4 %
Operating Income	0.00	5.45	545100.0 %
Net Income	(3.07)	5.65	283.8 %
Average Shares	226.04	226.04	-
EPS (Halala)	(1.36)	2.50	283.8 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	32.56	50.81	56.1 %
Gross Income	4.02	10.61	163.7 %
Operating Income	2.20	5.45	147.9 %
Net Income	1.58	5.65	256.6 %
Average Shares	226.04	226.04	-
EPS (Halala)	0.70	2.50	256.6 %

Total shareholders’ equity, excluding minority interest, fell to SAR 135.21 million as of Dec. 31, 2022, from SAR 133.76 million a year earlier.

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