Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit drop of 60% to SAR 5.8 million in 2023, compared to SAR 14.4 million in the year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 126.89 | 144.33 | 13.7 % |
| Gross Income | 36.77 | 34.77 | (5.4 %) |
| Operating Income | 10.10 | 5.67 | (43.8 %) |
| Net Income | 14.39 | 5.82 | (59.6 %) |
| Average Shares | 3.40 | 3.40 | - |
| EPS (Riyals) | 4.23 | 1.71 | (59.6 %) |
The annual profit slump was attributed to high prices of raw materials and shipping costs during the year, coupled with a modest hike in operating expenses and lower other revenues.
This was offset by higher sales in 2023 due to the company’s product diversification and geographical spread. It also managed to not raise selling prices despite their market increase, which was reflected in an uptick in sales.
Total shareholders' equity, no minority interest, amounted to SAR 63.8 million by Dec. 31, 2023, up from SAR 59.5 million a year ago.
|
Historical Data |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
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 |
65.16 |
3.04 |
0.89 |
|
H2 2023 |
79.15 |
2.76 |
0.81 |
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