Financial Results : Zahrat Al Waha 2023 profit rises to SAR 33.9M; Q4 at SAR 17M

Zahrat Al Waha 2023 profit rises to SAR 33.9M; Q4 at SAR 17M

28/02/2024 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit of SAR 33.9 million in 2023, more than double from SAR 15.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 624.74 572.49 (8.4 %)
Gross Income 57.70 70.45 22.1 %
Operating Income 32.88 47.53 44.5 %
Net Income 15.74 33.87 115.2 %
Average Shares 22.50 22.50 -
EPS (Riyals) 0.70 1.51 115.2 %

The profit increase was driven by lower cost of goods sold (COGS) during 2023, which fell by 11.46% year-on-year (YoY) due to the decrease in purchasing prices for raw materials. Sales dropped by 8.36% YoY.

 

The effect of the end-of-year inventory valuation in 2023 decreased from 2022 by SAR 4.5 million.

 

Last year, there was also an increase in profit from investments at fair value, as investment in the investment portfolio’s realized profits reached SAR 5.15 million, compared to losses of SAR 2.64 million in 2022.

 

On the other hand, selling prices fell 23.12% YoY due to a decrease in the purchase prices of main raw materials in 2023 for the plastic bottles preforms segment.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 117.14 108.77 (7.1 %)
Gross Income 21.25 25.74 21.1 %
Operating Income 10.75 18.75 74.4 %
Net Income 5.40 16.95 213.7 %
Average Shares 22.50 22.50 -
EPS (Riyals) 0.24 0.75 213.7 %

Net earnings soared to SAR 17 million in Q4 2023 from SAR 5.40 million in Q4 2022.

 

On a quarterly basis, Q4 net earnings rose 136.6% from SAR 7.16 million in Q3 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 316.09 million by Dec. 31, 2023, compared to SAR 295.76 million in the prior-year period.

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