Ghida Al-Sultan Co. posted SAR 8 million in net profit for 2023, down 59% from SAR 19.5 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 146.11 | 166.33 | 13.8 % |
| Gross Income | 59.92 | 63.50 | 6.0 % |
| Operating Income | 20.99 | 7.03 | (66.5 %) |
| Net Income | 19.47 | 8.00 | (58.9 %) |
| Average Shares | 3.20 | 3.20 | - |
| EPS (Riyals) | 6.08 | 2.50 | (58.9 %) |
The year-on-year (YoY) profit drop was ascribed to the increase in selling and distribution expenses of SAR 16.8 million and the decline in the gross profit margin as a percentage of sales by 3% due to higher rents and raw materials prices.
Revenues climbed by 14% YoY in 2023, driven by the 12% spike in average sales per branch and the expanded number of branches.
Shareholders' equity (no minority interest) surged to SAR 59.99 million, compared to SAR 51.75 million in 2022.
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