Financial Results : Al Abdullatif turns to SAR 1.4M profit in Q1 2024

Al Abdullatif turns to SAR 1.4M profit in Q1 2024

15/05/2024 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. reported a net profit of SAR 1.4 million in Q1 2024, against a loss of SAR 20 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 140.28 162.57 15.9 %
Gross Income (4.84) 18.98 492.1 %
Operating Income (12.92) 8.42 165.2 %
Net Income (20.00) 1.43 107.2 %
Average Shares 81.25 81.25 -
EPS (Riyals) (0.25) 0.02 107.2 %

The positive performance was driven by better pricing coupled with the implementation of cost rationalization strategies. Meanwhile, Sales revenue increased by almost 16% predominantly due to increase in volume and better pricing especially in export markets.

 

However, finance cost increased mainly due to increase in working capital requirements as a result of increase in capacity utilization.

 

On a sequential basis, the company turned profitable versus a loss of SAR 10.73 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.20 billion by the end of Q1 2024 compared to SAR 1.26 billion a year ago.

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