Al Rashid Industrial Co. reported a 29% profit rise to SAR 21.3 million in 2023, compared to SAR 16.55 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 116.50 | 135.03 | 15.9 % |
| Gross Income | 35.58 | 44.02 | 23.7 % |
| Operating Income | 17.70 | 22.66 | 28.0 % |
| Net Income | 16.55 | 21.32 | 28.8 % |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 2.07 | 2.67 | 28.8 % |
The earnings growth was driven by a 15.91% increase year-on-year (YoY) in sales, thanks to growth in production lines sales, increased points of sale and distribution across Saudi Arabia.
Gross profit jumped 23.71% YoY on higher revenue.
Meanwhile, raw material prices declined on a YoY basis.
Shareholders’ equity, no minority interest, reached SAR 121 million as of Dec. 31, 2023, up from SAR 106 million a year earlier.
|
Interim Financial Statements |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (mln) |
EPS (SAR) |
|
H1 2022 |
55.68 |
7.83 |
0.98 |
|
H2 2022 |
60.82 |
8.72 |
1.09 |
|
H1 2023 |
67.16 |
10.55 |
1.32 |
|
H2 2023 |
67.87 |
10.77 |
1.35 |
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