Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 mln

06/11/2023 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of SAR 3.3 million for the first nine months of 2023, versus a net loss of SAR 3.9 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	78.56	94.79	20.6 %
Gross Income	4.46	21.38	379.3 %
Operating Income	(2.23)	8.19	467.9 %
Net Income	(3.94)	3.23	182.1 %
Average Shares	226.04	226.04	-
EPS (Halala)	(1.74)	1.43	182.1 %

This is propelled by higher concrete sales and a significant increase in private projects. The company also cited revenue of SAR 6.7 million from sale of gravel and sand during the nine-month period, in addition to a 10% year-on-year (YoY) decline in the raw material costs.

Meanwhile, cement sales decreased by 55% YoY and panel sales fell 32.7% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	32.56	30.00	(7.8 %)
Gross Income	4.02	8.48	110.9 %
Operating Income	2.20	3.27	48.7 %
Net Income	1.58	1.03	(35.0 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.70	0.46	(35.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	32.67	30.00	(8.2 %)
Gross Income	7.29	8.48	16.4 %
Operating Income	2.47	3.27	32.2 %
Net Income	0.64	1.03	61.0 %
Average Shares	226.04	226.04	-
EPS (Halala)	0.28	0.46	61.0 %

Q3 2023 net earnings dropped 34% YoY to SAR 1.1 million, driven by a 240% increase in general and administrative expenses on calculating an allowance for credit losses for the period ended on Sept. 30, 2023.

Sequentially, net profit increased 59.8% from SAR 666,169.

Total shareholders’ equity, after minority interest, stood at SAR 138.5 million by Sept. 30, 2023, compared to SAR 129.8 million in the prior-year period.

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