AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 50.5 million in the first quarter of 2023, a decline of 15% from SAR 59.1 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 252.95 | 229.42 | (9.3 %) |
| Gross Income | 85.41 | 77.54 | (9.2 %) |
| Operating Income | 58.11 | 48.97 | (15.7 %) |
| Net Income | 59.09 | 50.55 | (14.5 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.17 | 0.14 | (14.5 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 188.40 | 229.42 | 21.8 % |
| Gross Income | 35.02 | 77.54 | 121.4 % |
| Operating Income | 11.51 | 48.97 | 325.5 % |
| Net Income | 28.05 | 50.55 | 80.2 % |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.08 | 0.14 | 80.2 % |
The lower profit was driven by a 9.3% year-on-year (YoY) fall in sales due to the end of the seasonal sales season and the start of Ramadan. In addition, selling and marketing expenses increased by 10.6% YoY.
On a quarterly basis, net earnings surged 80.2% from SAR 28.05 million in Q4 2022.
Shareholders’ equity, no minority interest, stood at SAR 426.65 million as of March 31, 2023, compared to SAR 440.23 million a year earlier.
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