Al Kathiri turns to profit of SAR 2.2 mln in H1 2023; Q2 at SAR 666,000

14/08/2023 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of nearly SAR 2.2 million in H1 2023, against a loss of SAR 5.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	46.01	64.78	40.8 %
Gross Income	0.44	12.89	2850.3 %
Operating Income	(4.43)	4.91	211.1 %
Net Income	(5.52)	2.20	139.9 %
Average Shares	226.04	226.04	-
EPS (Halala)	(2.44)	0.97	139.9 %

The profit was driven by higher revenues and lower production costs.

The company turned to a net profit of SAR 666,000 in Q2 2023, against a loss of SAR 3.47 million in Q2 2022, due to higher revenues and lower production costs.

Sequentially, net profit fell 57.2% from SAR 1.56 million in Q1 2023, on increased general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	20.73	32.67	57.6 %
Gross Income	(0.59)	7.29	1329.0 %
Operating Income	(2.83)	2.47	187.5 %
Net Income	(3.46)	0.64	118.5 %
Average Shares	226.04	226.04	-
EPS (Halala)	(1.53)	0.28	118.5 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	32.11	32.67	1.7 %
Gross Income	5.62	7.29	29.7 %
Operating Income	2.44	2.47	1.3 %
Net Income	1.56	0.64	(59.1 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.69	0.28	(59.1 %)

Shareholders’ equity, after minority interest, stood at SAR 137.41 million as of June 30, 2023, from SAR 128.20 million a year earlier.

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