Horizon Food net profit down 44% to SAR 2.6 mln in H1 2023

04/10/2023 Argaam Exclusive

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Horizon Food Co. posted a net profit of SAR 2.6 million in H1 2023, a 44% decline from SAR 4.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	35.70	26.33	(26.2 %)
Gross Income	8.64	7.88	(8.8 %)
Operating Income	4.96	2.67	(46.1 %)
Net Income	4.68	2.61	(44.2 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	0.59	0.33	(44.2 %)

Net profit inched lower as sales fell 26% year-on-year (YoY) and administrative and general expenses rose due to non-recurring costs related to listings and appointments as well as the application of governance.

This is in addition to the increase in selling and marketing expenses and modification of the system of disbursing commissions and incentives.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	35.70	26.33	(26.2 %)
Gross Income	8.64	7.88	(8.8 %)
Operating Income	4.96	2.67	(46.1 %)
Net Income	4.68	2.61	(44.2 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	0.59	0.33	(44.2 %)

Item	H2 2022	H1 2023	Change‬
Revenues	30.96	26.33	(14.9 %)
Gross Income	10.66	7.88	(26.0 %)
Operating Income	4.17	2.67	(35.9 %)
Net Income	4.21	2.61	(37.9 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	0.53	0.33	(37.9 %)

Shareholders’ equity, no minority interest, stood at SAR 95.66 million as of June 30, 2023, compared to SAR 88.89 million a year earlier.

Quarterly Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H2 2020	27.24	3.29	0.41
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

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