AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 81.1 million for the first nine months of 2023, down 20% compared to SAR 101.7 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 550.71 | 527.05 | (4.3 %) |
| Gross Income | 171.24 | 157.15 | (8.2 %) |
| Operating Income | 101.10 | 77.64 | (23.2 %) |
| Net Income | 101.72 | 81.10 | (20.3 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.29 | 0.23 | (20.3 %) |
The lower profit was due to a decrease in total sales by 4.3%. The company also cited an increase in selling and marketing expenses by 16%, as well as a rise in expenses related to the cost of financing lease contracts in accordance with IFRS 16.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 168.14 | 151.89 | (9.7 %) |
| Gross Income | 45.11 | 41.79 | (7.4 %) |
| Operating Income | 23.00 | 14.69 | (36.1 %) |
| Net Income | 27.51 | 15.27 | (44.5 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.08 | 0.04 | (44.5 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 145.74 | 151.89 | 4.2 % |
| Gross Income | 37.82 | 41.79 | 10.5 % |
| Operating Income | 13.98 | 14.69 | 5.1 % |
| Net Income | 15.28 | 15.27 | (0.1 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.04 | 0.04 | (0.1 %) |
Q3 2022 net profit dropped 45% year-on-year (YoY) to SAR 15.3 million from SAR 27.5 million as total sales decreased by 9.67% YoY despite the improvement in profit margins by 2.55%.
Compared with Q2 2023, net earnings slightly declined from SAR 15.28 million on an 18.2% rise in marketing expenses.
Total shareholders’ equity, no minority interest, increased to SAR 422.2 million by the end of the nine-month period from SAR 417.9 million a year earlier.
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