Financial Results : AlBabtain Food profit dips 47% to SAR 3 mln in H1 2023

AlBabtain Food profit dips 47% to SAR 3 mln in H1 2023

30/08/2023 Argaam Exclusive

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Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit fall of 47% to SAR 3 million in the first half of 2023, compared to SAR 5.7 million in H1 2022.

The company cited an increase in the cost of goods sold to 73.7% in H1 2023, from 70.1% in the prior-year period on the higher costs of raw materials amid global inflation.

 

Increased general and administrative expenses as well as finance costs , along with a decline in other income amid fluctuations in foreign exchange rates also weighed on the six-month results.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 62.69 65.16 3.9 %
Gross Income 18.18 17.19 (5.4 %)
Operating Income 4.33 3.16 (27.1 %)
Net Income 5.66 3.04 (46.3 %)
Average Shares 3.40 3.40 -
Earnings Per Share before unusual items (Riyal) 1.67 0.89 (46.3 %)
EPS (Riyal) 1.67 0.89 (46.3 %)

Shareholders’ equity, no minority interest, increased to SAR 60.9 million as of June 30, 2023, from SAR 50.4 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H2 2020

71.10

9.06

2.66

H1 2021

55.10

5.78

1.70

H2 2021

72.64

10.09

2.97

H1 2022

62.69

5.66

1.67

H2 2022

64.20

8.73

2.57

H1 2023

65.20

3.00

0.89

 

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