Financial Results : Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 mln

Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 mln

06/11/2023 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of SAR 3.3 million for the first nine months of 2023, versus a net loss of SAR 3.9 million in the prior-year period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 78.56 94.79 20.6 %
Gross Income 4.46 21.38 379.3 %
Operating Income (2.23) 8.19 467.9 %
Net Income (3.94) 3.23 182.1 %
Average Shares 226.04 226.04 -
EPS (Halala) (1.74) 1.43 182.1 %

This is propelled by higher concrete sales and a significant increase in private projects. The company also cited revenue of SAR 6.7 million from sale of gravel and sand during the nine-month period, in addition to a 10% year-on-year (YoY) decline in the raw material costs.

 

Meanwhile, cement sales decreased by 55% YoY and panel sales fell 32.7% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 32.56 30.00 (7.8 %)
Gross Income 4.02 8.48 110.9 %
Operating Income 2.20 3.27 48.7 %
Net Income 1.58 1.03 (35.0 %)
Average Shares 226.04 226.04 -
EPS (Halala) 0.70 0.46 (35.0 %)

Q3 2023 net earnings dropped 34% YoY to SAR 1.1 million, driven by a 240% increase in general and administrative expenses on calculating an allowance for credit losses for the period ended on Sept. 30, 2023.

 

Sequentially, net profit increased 59.8% from SAR 666,169.

 

Total shareholders’ equity, after minority interest, stood at SAR 138.5 million by Sept. 30, 2023, compared to SAR 129.8 million in the prior-year period.

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