Al-Omran Industrial Trading Co. reported a net loss of SAR 6.9 million in the first nine months of 2023, against a net profit of SAR 6.4 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 105.50 | 109.63 | 3.9 % |
| Gross Income | 26.56 | 16.56 | (37.6 %) |
| Operating Income | 10.50 | (1.24) | (111.8 %) |
| Net Income | 6.35 | (6.91) | (208.7 %) |
| Average Shares | 10.21 | 10.21 | - |
| EPS (Riyals) | 0.62 | (0.68) | (208.7 %) |
The losses were attributed to the higher ratio of cost of sales to sales by 10%, which was not offset by an increase in selling prices due to intense competition. This is in addition to a year-on-year (YoY) rise in general and administrative expenses by 43% and a 42% YoY hike in financing costs.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 29.56 | 39.24 | 32.7 % |
| Gross Income | 7.91 | 6.83 | (13.7 %) |
| Operating Income | 1.96 | 0.10 | (94.9 %) |
| Net Income | 0.47 | (2.75) | (681.8 %) |
| Average Shares | 10.21 | 10.21 | - |
| EPS (Riyals) | 0.05 | (0.27) | (681.8 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 28.96 | 39.24 | 35.5 % |
| Gross Income | 3.52 | 6.83 | 94.0 % |
| Operating Income | (2.08) | 0.10 | 104.8 % |
| Net Income | (3.61) | (2.75) | 23.6 % |
| Average Shares | 10.21 | 10.21 | - |
| EPS (Riyals) | (0.35) | (0.27) | 23.6 % |
In Q3 2023, the company incurred a net loss of SAR 2.8 million against a net profit of SAR 470,000 in Q3 2022.
Compared to Q2 2023, Al-Omran narrowed its third-quarter losses from SAR 3.61 million on improved sales by 35% a quarterly basis.
Shareholders’ equity, excluding minority interest, reached SAR 109 million as of Sept. 30, 2023, down from SAR 118 million a year earlier.
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