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.
| 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.
| 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 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 32.67 | 30.00 | (8.2 %) |
| Gross Income | 7.29 | 8.48 | 16.4 % |
| Operating Income | 2.47 | 3.27 | 32.2 % |
| Net Income | 0.64 | 1.03 | 61.0 % |
| Average Shares | 226.04 | 226.04 | - |
| EPS (Halala) | 0.28 | 0.46 | 61.0 % |
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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