| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 59,763,356 | 78,768,721 | -24.13 | 59,340,404 | 0.71 |
| Gross Profit (Loss) | 23,438,601 | 30,071,609 | -22.06 | 20,548,798 | 14.06 |
| Operational Profit (Loss) | 14,040,799 | 22,306,710 | -37.05 | 12,077,967 | 16.25 |
| Net Profit (Loss) after Zakat and Tax | 13,223,752 | 21,292,811 | -37.9 | 11,171,340 | 18.37 |
| Total Comprehensive Income | 13,396,699 | 21,381,389 | -37.34 | 11,348,958 | 18.04 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 119,103,760 | 138,988,293 | -14.31 |
| Gross Profit (Loss) | 43,987,399 | 48,344,749 | -9.01 |
| Operational Profit (Loss) | 26,118,766 | 32,958,890 | -20.75 |
| Net Profit (Loss) after Zakat and Tax | 24,395,092 | 31,240,781 | -21.91 |
| Total Comprehensive Income | 24,745,657 | 31,329,359 | -21.01 |
| Total Share Holders Equity (after Deducting Minority Equity) | 254,227,043 | 229,263,304 | 10.89 |
| Profit (Loss) per Share | 1.22 | 1.56 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The decline in sales was a result of the overlapping holiday seasons during this quarter, along with the continuation of rainfall and relatively lower temperatures compared to the same quarter of the previous year. Additionally, the company has been working on transforming its sales channels to align with its expansion plans. It is noteworthy that the company has successfully reduced the COGS margin by 1% in the current quarter compared to the corresponding period. |
The increase in expenses that was associated with the company's expansion plans in new branches and projects, as well as the rise in expenses related to increasing the sales capacity due to the expansion of the company's fleet of sales vehicles as part of its expansion plan. Furthermore, the cost of fuel for sales vehicles and transportation trucks has increased due to the rise in diesel prices. The expenses associated with improving operational efficiency have also contributed to this increase.
This is despite the rise in other revenues by 29% on an annual basis, reaching SAR 1.9 million in the second quarter of 2023, compared to other revenues of SAR 1.5 million in the second quarter of 2022, which resulted from the investment returns on company’s Islamic deposits, and because of enhancing the efficiency of operating the transportation trucks.
Sales increased by 1%, reaching SAR 59.8 million in the second quarter of 2023 compared to sales of SAR 59.3 million in the first quarter of 2023. This increase occurred despite seasonal variations in sales during the second quarter of 2023. Additionally, the company managed to reduce the GOGS margin by 5% in the current quarter compared to the previous quarter.
Selling and distribution expenses decreased by 4%, amounting to SAR 7.76 million compared to the expenses in the previous quarter of the same year, which were SAR 8.1 million. This reduction is a result of improved expenditure management efficiency, despite the increase in fuel expenses and expenses related to the expansion of new branches.
The increase in net profit occurred despite an 18% increase in administrative and general expenses, resulting from the company's expansion plans in branches and new projects.
Other revenues decreased by 28%, reaching SAR 1.9 million in the current quarter compared to revenues of SAR 2.6 million in the previous quarter of 2023, primarily due to the reclassification of certain other income items.
The increase in selling and distribution expenses, as well as administrative and general expenses, is a result of the company's expansion in opening branches as part of its expansion plans. Additionally, there has been an increase in fuel costs due to rising diesel prices. This is in addition to the increase in expenses associated with the company's improvement plans.
This occurred despite a 104% increase in other revenues on an annual basis, reaching SAR 4.5 million in the first half of 2023 compared to other revenues of SAR 2.2 million in the first half of 2022, resulting from the investment returns on the company’s Islamic deposits. Additionally, there has been an increase in transportation revenues due to the enhanced efficiency of the use of the company’s transportation fleet. This is despite the impact of reclassifying certain other income items.
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