Horizon Food profit rises 4% to SAR 9.2M in 2023

26/03/2024 Argaam Exclusive

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Horizon Food Co. made a net profit of SAR 9.2 million in 2023, a rise of 4% from SAR 8.9 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	66.65	55.12	(17.3 %)
Gross Income	19.30	16.48	(14.6 %)
Operating Income	9.13	6.98	(23.5 %)
Net Income	8.89	9.25	4.1 %
Average Shares	8.00	8.00	-
EPS (Riyals)	1.11	1.16	4.1 %

The company reported a decline in cost and the reversal of SAR 2.3 million of administrative expenses related to the board remuneration and its committees as well as the remuneration of CEO and employees for 2022. This was based on the resolution of the company’s shareholders in the ordinary general meeting, held on Jan. 7, 2024, and the board’s resolution on March 5, 2024.

Meanwhile, revenue dropped by 17.3% year-on-year (YoY) to SAR 55.11 million in 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	30.96	28.79	(7.0 %)
Gross Income	10.66	8.59	(19.4 %)
Operating Income	4.17	4.31	3.4 %
Net Income	4.21	6.64	57.8 %
Average Shares	8.00	8.00	-
EPS (Riyals)	0.53	0.83	57.8 %

Item	H1 2023	H2 2023	Change‬
Revenues	26.33	28.79	9.3 %
Gross Income	7.88	8.59	9.0 %
Operating Income	2.67	4.31	61.5 %
Net Income	2.61	6.64	154.4 %
Average Shares	8.00	8.00	-
EPS (Riyals)	0.33	0.83	154.4 %

Shareholders’ equity, no minority interest, increased to SAR 102.35 million as of Dec. 31, 2023, from SAR 93.05 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	22.11	3.62	0.45
H2 2021	31.64	6.55	0.82
H1 2022	35.70	4.68	0.59
H2 2022	30.95	4.21	0.53
H1 2023	26.33	2.61	0.33
H2 2023	28.78	6.64	0.83

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