Horizon Food Co. posted a net profit of SAR 2.6 million in H1 2023, a 44% decline from SAR 4.7 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 35.70 | 26.33 | (26.2 %) |
| Gross Income | 8.64 | 7.88 | (8.8 %) |
| Operating Income | 4.96 | 2.67 | (46.1 %) |
| Net Income | 4.68 | 2.61 | (44.2 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 0.59 | 0.33 | (44.2 %) |
Net profit inched lower as sales fell 26% year-on-year (YoY) and administrative and general expenses rose due to non-recurring costs related to listings and appointments as well as the application of governance.
This is in addition to the increase in selling and marketing expenses and modification of the system of disbursing commissions and incentives.
Shareholders’ equity, no minority interest, stood at SAR 95.66 million as of June 30, 2023, compared to SAR 88.89 million a year earlier.
|
Quarterly Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H2 2020 |
27.24 |
3.29 |
0.41 |
|
H1 2021 |
22.11 |
3.62 |
0.45 |
|
H2 2021 |
31.64 |
6.55 |
0.82 |
|
H1 2022 |
35.70 |
4.68 |
0.59 |
|
H2 2022 |
30.95 |
4.21 |
0.53 |
|
H1 2023 |
26.33 |
2.61 |
0.33 |
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