AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 65.8 million for the first half of 2023, a decline of 11% from SAR 74.2 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 382.56 | 375.16 | (1.9 %) |
| Gross Income | 126.12 | 115.36 | (8.5 %) |
| Operating Income | 78.10 | 62.95 | (19.4 %) |
| Net Income | 74.22 | 65.83 | (11.3 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.21 | 0.19 | (11.3 %) |
The profit decline was due to a 1.9% fall in sales due to the end of seasonal discounts, Ramadan, as the holy month started on March 23, 2023, before the salaries for March 2023 were deposited, compared to the same period last year.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 129.62 | 145.74 | 12.4 % |
| Gross Income | 40.71 | 37.82 | (7.1 %) |
| Operating Income | 19.99 | 13.98 | (30.1 %) |
| Net Income | 15.12 | 15.28 | 1.0 % |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.04 | 0.04 | 1.0 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 229.42 | 145.74 | (36.5 %) |
| Gross Income | 77.54 | 37.82 | (51.2 %) |
| Operating Income | 48.97 | 13.98 | (71.5 %) |
| Net Income | 50.55 | 15.28 | (69.8 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.14 | 0.04 | (69.8 %) |
Meanwhile, the company posted a net profit of SAR 15.3 million for Q2 2023, slightly higher than SAR 15.2 million a year before.
This was mainly driven by a 12.4% rise in total sales, supported by a 47.6% increase in online sales, in addition to the sales of new branches in Kuwait and the UAE.
On a quarterly basis, the second-quarter net earnings fell 69.8% from SAR 50.55 million in Q1 2023.
Shareholders’ equity, with no minority interest, stood at SAR 441.93 million as of June 30, 2023, compared to SAR 390.35 million a year earlier.
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