Al Abdullatif widens loss to SAR 64.1 mln in 9M 2023; Q3 at SAR 24.3 mln

09/11/2023 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened net losses to SAR 64.1 million 9M 2023 from SAR 31.1 million a year earlier, due to a sharp decrease in sales and an increase in the cost of sales and financing costs.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	492.48	381.49	(22.5 %)
Gross Income	14.27	(18.91)	(232.5 %)
Operating Income	(18.63)	(44.37)	(138.2 %)
Net Income	(31.13)	(64.06)	(105.8 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.38)	(0.79)	(105.8 %)

Net losses deepened by 56% year-on-year (YoY) to SAR 24.3 million in Q3 2023, due to lower sales value and other income as finance costs increased.

Compared to Q2 2023, net losses expanded by 23% from SAR 19.76 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	142.60	117.69	(17.5 %)
Gross Income	0.85	(9.45)	(1210.7 %)
Operating Income	(8.28)	(17.50)	(111.3 %)
Net Income	(15.57)	(24.30)	(56.0 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.19)	(0.30)	(56.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	123.53	117.69	(4.7 %)
Gross Income	(4.62)	(9.45)	(104.8 %)
Operating Income	(13.95)	(17.50)	(25.4 %)
Net Income	(19.76)	(24.30)	(23.0 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.24)	(0.30)	(23.0 %)

Shareholders’ equity, no minority interest, reached SAR 1.21 billion as of Sept. 30, 2023, down from SAR 1.30 billion a year earlier.

Accumulated losses reached SAR 91.34 million by the end of the nine-month period, representing 11.24% of the company’s capital.

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