Al Abdullatif Industrial Investment Co. reported a net profit of SAR 1.4 million in Q1 2024, against a loss of SAR 20 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 140.28 | 162.57 | 15.9 % |
| Gross Income | (4.84) | 18.98 | 492.1 % |
| Operating Income | (12.92) | 8.42 | 165.2 % |
| Net Income | (20.00) | 1.43 | 107.2 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.25) | 0.02 | 107.2 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 141.12 | 162.57 | 15.2 % |
| Gross Income | 8.06 | 18.98 | 135.5 % |
| Operating Income | (3.50) | 8.42 | 340.5 % |
| Net Income | (10.73) | 1.43 | 113.4 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.13) | 0.02 | 113.4 % |
The positive performance was driven by better pricing coupled with the implementation of cost rationalization strategies. Meanwhile, Sales revenue increased by almost 16% predominantly due to increase in volume and better pricing especially in export markets.
However, finance cost increased mainly due to increase in working capital requirements as a result of increase in capacity utilization.
On a sequential basis, the company turned profitable versus a loss of SAR 10.73 million in Q4 2023.
Total shareholders’ equity, no minority interest, stood at SAR 1.20 billion by the end of Q1 2024 compared to SAR 1.26 billion a year ago.
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