Al Abdullatif widens loss to SAR 57.9 mln in 2022, Q4 at SAR 26.7 mln

30/03/2023 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened net losses to SAR 57.9 million in 2022, compared to SAR 47.8 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	641.52	647.50	0.9 %
Gross Income	18.79	7.44	(60.4 %)
Operating Income	(26.14)	(37.55)	(43.7 %)
Net Income	(47.75)	(57.87)	(21.2 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.59)	(0.71)	(21.2 %)

The company noted a decrease in gross profit and an increase in operating losses, as cost of materials went up along with higher operating expenses and cost of sales. In addition, financing costs rose while other revenues decreased.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	180.34	155.02	(14.0 %)
Gross Income	(16.53)	(6.84)	58.6 %
Operating Income	(28.76)	(18.92)	34.2 %
Net Income	(37.81)	(26.74)	29.3 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.47)	(0.33)	29.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	142.60	155.02	8.7 %
Gross Income	0.85	(6.84)	(903.4 %)
Operating Income	(8.28)	(18.92)	(128.5 %)
Net Income	(15.57)	(26.74)	(71.7 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.19)	(0.33)	(71.7 %)

Q4 2022 net loss lowered to SAR 26.7 million from SAR 37.8 million in Q4 2021.

Sequentially, net loss widened from SAR 15.57 million in Q3 2022.

Total shareholders’ equity, no minority interest, stood at SAR 1.28 billion as of Dec. 31, 2022, compared to SAR 1.09 billion a year earlier.

Accumulated losses amounted to SAR 27.28 million, or 3.36% of the capital, as on Dec. 31, 2022.

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