Riyal Investment and Development Co. reported a net profit of SAR 18.3 million for 2023, a decline of 5% compared to SAR 19.1 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 189.58 | 121.66 | (35.8 %) |
| Gross Income | 40.36 | 44.40 | 10.0 % |
| Operating Income | 29.54 | 30.22 | 2.3 % |
| Net Income | 19.14 | 18.28 | (4.5 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 2.39 | 2.28 | (4.5 %) |
The decline is largely due to a significant decline in the sale of new vehicles, which reflects diminished demand for new vehicles in 2023, contrasting with the surge experienced in 2022, fueled by increased vehicle demand in Saudi Arabia following the COVID-19 period.
This is in addition to the increase in specific operational expenses, expected credit loss (ECL), and inventory provisions, along with higher financing costs.
The 2023 revenue stood at SAR 121.7 million, compared to SAR 189.6 million in 2022.
Total shareholders’ equity, no minority interest, stood at SAR 151.7 million by Dec. 31, 2023, compared to SAR 133.61 million a year earlier.
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