Neft Alsharq net profit up 21% to SAR 4.4M in 2023

07/05/2024 Argaam Exclusive

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Neft Alsharq Co. for Chemical Industries, which is in the process of listing on Nomu-Parallel Market, posted 21% rise in net profit for 2023 to SAR 4.4 million, compared to SAR 3.6 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 56.20 62.05 10.4 %
Gross Income 8.34 10.06 20.6 %
Operating Income 4.05 5.13 26.6 %
Net Income 3.65 4.40 20.5 %
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyals) 0.18 0.22 20.5 %
EPS (Riyal) 0.18 0.22 20.5 %

The profit rise was driven by a 10.4% growth in revenues to SAR 62.1 million, as well as a rise in gross profit margin from 15% to 16%, and in operating profit margin from 7% to 8%. Meanwhile, general and administrative expenses rose 44% year-on-year.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬

Shareholders' equity (with no minority interest) amounted to SAR 28.3 million by the end of 2023, compared to SAR 24.1 million in 2022. 

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Share Price

Neft Alsharq Company for Chemical Industries
3.92
0.12 3.16 %

Neft Alsharq Company for Chemical Industries (NEFT ALSHARQ)

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Financial Ratios
Current
Market Cap (M Riyal) 98.00
Enterprise Value (EV) (M) 88.48
Shares Outstanding ((M)) 25.00
Book Value (BV) ( Riyal) 1.91
Par Value ( Riyal) 1.00
Recurring P/E 37.23
Price/book 2.05
EV/adj EBITDA -
EV/Revenues -
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