Fad International Co. (FAD) reported a 98% slump in its 2023 net profit to SAR 262,000, from SAR 14.6 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 170.23 | 163.96 | (3.7 %) |
| Gross Income | 109.41 | 102.39 | (6.4 %) |
| Operating Income | 16.91 | 4.83 | (71.5 %) |
| Net Income | 14.62 | 0.26 | (98.2 %) |
| Average Shares | 1.20 | 1.20 | - |
| EPS (Riyals) | 12.18 | 0.22 | (98.2 %) |
The profit drop was attributed to a decline in revenues, compared to 2022, due to lower sales volumes at showrooms.
On the other hand, operating expenses increased in 2023.
Shareholders’ equity, no minority interest, came in at SAR 16.86 million as of Dec. 31, 2023, compared to SAR 21.35 million a year earlier.
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