Zahrat Al Waha for Trading Co. reported a net profit of SAR 33.9 million in 2023, more than double from SAR 15.7 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 624.74 | 572.49 | (8.4 %) |
| Gross Income | 57.70 | 70.45 | 22.1 % |
| Operating Income | 32.88 | 47.53 | 44.5 % |
| Net Income | 15.74 | 33.87 | 115.2 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.70 | 1.51 | 115.2 % |
The profit increase was driven by lower cost of goods sold (COGS) during 2023, which fell by 11.46% year-on-year (YoY) due to the decrease in purchasing prices for raw materials. Sales dropped by 8.36% YoY.
The effect of the end-of-year inventory valuation in 2023 decreased from 2022 by SAR 4.5 million.
Last year, there was also an increase in profit from investments at fair value, as investment in the investment portfolio’s realized profits reached SAR 5.15 million, compared to losses of SAR 2.64 million in 2022.
On the other hand, selling prices fell 23.12% YoY due to a decrease in the purchase prices of main raw materials in 2023 for the plastic bottles preforms segment.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 117.14 | 108.77 | (7.1 %) |
| Gross Income | 21.25 | 25.74 | 21.1 % |
| Operating Income | 10.75 | 18.75 | 74.4 % |
| Net Income | 5.40 | 16.95 | 213.7 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.24 | 0.75 | 213.7 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 156.45 | 108.77 | (30.5 %) |
| Gross Income | 16.91 | 25.74 | 52.2 % |
| Operating Income | 11.74 | 18.75 | 59.7 % |
| Net Income | 7.16 | 16.95 | 136.6 % |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.32 | 0.75 | 136.6 % |
Net earnings soared to SAR 17 million in Q4 2023 from SAR 5.40 million in Q4 2022.
Total shareholders’ equity, no minority interest, stood at SAR 316.09 million by Dec. 31, 2023, compared to SAR 295.76 million in the prior-year period.
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