Al Kathiri turns to losses of SAR 4.5M in 2023; Q4 at SAR 7.8M

31/03/2024 Argaam Exclusive

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Al Kathiri Holding Co. reported a net loss of SAR 4.5 million in 2023 against a net profit of SAR 1.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	129.37	129.18	(0.1 %)
Gross Income	15.07	22.75	51.0 %
Operating Income	3.23	3.32	3.0 %
Net Income	1.71	(4.14)	(342.1 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.76	(1.83)	(342.1 %)

The company attributed the losses to lower cement sales, higher financing costs (FCs), and reporting non-recurring expenses from listing the first issue of Al Kathiri Sukuk.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	50.81	34.40	(32.3 %)
Gross Income	10.61	1.38	(87.0 %)
Operating Income	5.45	(4.86)	(189.1 %)
Net Income	5.65	(7.37)	(230.5 %)
Average Shares	226.04	226.04	-
EPS (Halala)	2.50	(3.26)	(230.5 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	30.00	34.40	14.6 %
Gross Income	8.48	1.38	(83.8 %)
Operating Income	3.27	(4.86)	(248.6 %)
Net Income	1.03	(7.37)	(815.8 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.46	(3.26)	(815.8 %)

In Q4 2023, Al Kathiri incurred net losses of SAR 7.75 million, compared to net profits of SAR 5.65 million in Q4 2022 and SAR 1.03 million in Q3 2023.

Total shareholders’ equity, after excluding minority interest, stood at SAR 131.03 million by Dec. 31, 2023, compared to SAR 135.21 million in the prior-year period.

On Oct. 28, 2023, Al Kathiri’s board of directors approved setting up a 100% owned one-person limited liability subsidiary with a capital of SAR 10 million.

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