Horizon Food posts 13% fall in 2022 profit to SAR 8.9 mln

30/03/2023 Argaam Exclusive

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Horizon Food Co. reported a 13% drop in 2022 net profit to SAR 8.9 million, compared to SAR 10.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	53.75	66.65	24.0 %
Gross Income	16.69	19.30	15.6 %
Operating Income	10.36	9.13	(11.9 %)
Net Income	10.17	8.89	(12.6 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	1.27	1.11	(12.6 %)

The cost of revenue rose 71% year-on-year (YoY) in 2022, and the selling and marketing expenses increased due to higher sales and geographical expansion. In addition, the administrative expenses related to the implementation of governance and the conversion to a joint stock company rose in 2022.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	31.64	30.96	(2.2 %)
Gross Income	9.76	10.66	9.2 %
Operating Income	6.62	4.17	(37.1 %)
Net Income	6.54	4.21	(35.7 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	0.82	0.53	(35.7 %)

Item	H1 2022	H2 2022	Change‬
Revenues	35.70	30.96	(13.3 %)
Gross Income	8.64	10.66	23.3 %
Operating Income	4.96	4.17	(15.9 %)
Net Income	4.68	4.21	(10.2 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	0.59	0.53	(10.2 %)

Shareholders' equity, no minority interest, reached SAR 93.1 million by the end of 2022, compared to SAR 84.2 million a year earlier.

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