Al Kathiri swings to SAR 3.9 mln net loss in 9M 2022; Q3 profit down 64% to SAR 1.6 mln

25/10/2022 Argaam Exclusive

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Al Kathiri Holding Co. swung to a net loss after Zakat and tax of SAR 3.9 million in the first nine months of 2022, from a profit of SAR 11.8 million in the year-earlier period, due to lower revenues in addition to higher general and administrative expenses.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	116.88	78.56	(32.8 %)
Gross Income	33.07	4.46	(86.5 %)
Operating Income	13.30	(2.23)	(116.7 %)
Net Income	11.74	(3.94)	(133.6 %)
Average Shares	226.04	226.04	-
EPS (Halala)	5.19	(1.74)	(133.6 %)

The company also noted an increase in selling and marketing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	41.48	32.56	(21.5 %)
Gross Income	11.37	4.02	(64.6 %)
Operating Income	5.44	2.20	(59.6 %)
Net Income	4.49	1.58	(64.7 %)
Average Shares	226.04	226.04	-
EPS (Halala)	1.99	0.70	(64.7 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	20.73	32.56	57.0 %
Gross Income	(0.59)	4.02	778.2 %
Operating Income	(2.83)	2.20	177.8 %
Net Income	(3.46)	1.58	145.8 %
Average Shares	226.04	226.04	-
EPS (Halala)	(1.53)	0.70	145.8 %

In Q3 2022, net profit after Zakat and tax plunged 64% year-on-year (YoY) to SAR 1.6 million, while it turned profitable from a loss of 3.47 million in Q2 2022.

Shareholders’ equity, after minority interest, decreased to SAR 129.8 million as of Sept. 30, 2022, from SAR 137.2 million a year earlier.

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