Mohammed Hasan AlNaqool Sons Co. reported a 91% tumble in 2022 net profit to SAR 813,000, compared to SAR 9.2 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 53.32 | 43.23 | (18.9 %) |
| Gross Income | 11.01 | 5.37 | (51.2 %) |
| Operating Income | 8.16 | 0.79 | (90.3 %) |
| Net Income | 9.21 | 0.20 | (97.8 %) |
| Average Shares | 2.90 | 2.90 | - |
| EPS (Riyals) | 3.17 | 0.07 | (97.8 %) |
The company was hit by an 18.9% drop year-on-year (YoY) in the full-year revenue and higher cost of goods sold. General and administrative expenses increased 15.3% YoY. Operating expenses and finance cost also rose 28% and 64% YoY, respectively.
Shareholders’ equity, no minority interest, rose to SAR 51.25 million as of Dec. 31, 2022, from SAR 50.22 million a year earlier.
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