Al Rasheed profit leaps 81.4% to SAR 44.7M in 2023

31/03/2024 Argaam Exclusive

Mohammad Hadi Al Rasheed Co.'s earnings reached SAR 44.7 million in 2023, up 81.4% from SAR 24.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 167.60 215.23 28.4 %
Gross Income 46.82 70.82 51.2 %
Operating Income 27.67 50.54 82.7 %
Net Income 24.65 44.71 81.4 %
Average Shares 12.00 12.00 -
Earnings Per Share before unusual items (Riyals) 2.05 3.83 86.2 %
EPS (Riyals) 2.05 3.73 81.4 %

The profit growth was buoyed by the rise in the contracting segment's revenues to SAR 6.94 million in 2023, compared with SAR 700,000 in 2022, which led the topline 28% higher.

 

The gross operating profit margin grew from 17% in 2022 to 23% in 2023. Further, the gross profit margin rose from 28% to 33%.

 

However, this was offset by higher general and administrative expenses, as well as Zakat assessments of SAR 1.19 million in 2023. The company also posted higher sales costs for the same year.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 98.22 124.04 26.3 %
Gross Income 32.80 47.31 44.2 %
Operating Income 19.25 35.45 84.2 %
Net Income 16.65 32.91 97.6 %
Average Shares 12.00 12.00 -
Earnings Per Share before unusual items (Riyals) 1.39 2.74 97.6 %
EPS (Riyals) 1.39 2.74 97.6 %

Total shareholders' equity, no minority interest, climbed to SAR 147.11 million at the end of 2023, compared with SAR 146.53 million a year before.

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