Al Abdullatif H1 2023 loss deepens to SAR 39.8 mln; Q2 at SAR 19.8 mln

14/08/2023 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened H1 2023 net losses to SAR 39.8 million from SAR 15.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	349.88	263.80	(24.6 %)
Gross Income	13.42	(9.46)	(170.4 %)
Operating Income	(10.35)	(26.88)	(159.7 %)
Net Income	(15.56)	(39.76)	(155.6 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.19)	(0.49)	(155.6 %)

The company was impacted by lower sales value and an increase in the percentage of cost of sales to total sales. A drop in other income and higher finance costs also weighed on the half-year results.

In Q2 2023, net losses increased to SAR 19.76 million from SAR 3.45 million in Q2 2022, due to lower sales value and other income.

Tihama recorded an increase in general and administrative expenses (G&A), as well as finance costs during the three-month period.

Compared to Q1 2023, net losses narrowed by 1.2% from SAR 20 million, thanks to a decline in the cost of raw materials as a percentage of sales and lower Zakat provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	168.23	123.53	(26.6 %)
Gross Income	10.52	(4.62)	(143.9 %)
Operating Income	(1.13)	(13.95)	(1,130.5 %)
Net Income	(3.45)	(19.76)	(473.0 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.04)	(0.24)	(473.0 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	140.28	123.53	(11.9 %)
Gross Income	(4.84)	(4.62)	4.6 %
Operating Income	(12.92)	(13.95)	(8.0 %)
Net Income	(20.00)	(19.76)	1.2 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.25)	(0.24)	1.2 %

Shareholders’ equity, no minority interest, reached SAR 1.24 billion as of June 30, 2023, up from SAR 1.07 billion a year earlier.

Accumulated losses reached SAR 67.04 million by the end of the six-month period, representing 8.25% of the company’s capital.

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