Baazeem Q1 2024 profit slips 5% to SAR 8.5M

16/05/2024 Argaam Exclusive

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Baazeem Trading Co. reported a 5% decline in Q1 2024 net profit to SAR 8.5 million, compared to SAR 8.9 million in the first quarter of 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 75.44 70.43 (6.6 %)
Gross Income 26.72 26.49 (0.9 %)
Operating Income 10.13 9.26 (8.6 %)
Net Income 8.94 8.52 (4.7 %)
Average Shares 10.13 10.13 -
EPS (Riyals) 0.88 0.84 (4.7 %)

The profit drop was due to the 6.6% year-on-year (YoY) decrease in the first-quarter sales, dragged by inventory shortage on the recent Red Sea disruptions. However, this was offset by improved gross profit for Q1 2024.

 

Compared to Q4 2023, net earnings more than doubled from SAR 4.09 million as revenues leapt 13.9% on a sequential basis given the Ramadan seasonality.

 

Shareholders’ equity, no minority interest, grew to SAR 202.57 million by the end of the three-month period, from SAR 199.32 million a year earlier.

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