Pan Gulf Marketing Co. reported a 30% decline in its 2023 net profit to SAR 22.8 million, from SAR 32.8 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 415.41 | 422.35 | 1.7 % |
| Gross Income | 131.16 | 136.77 | 4.3 % |
| Operating Income | 40.66 | 41.31 | 1.6 % |
| Net Income | 32.78 | 22.84 | (30.3 %) |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 6.56 | 4.57 | (30.3 %) |
The annual results were hurt by higher financing costs amid increased SAIBOR in 2023. Additionally, the company suffered higher foreign exchange (FX) rates of Japanese Yen and Euro currencies last year.
On the other hand, Pan Gulf reported higher revenues in 2023, thanks to the offering of new products throughout the year.
Shareholders’ equity, no minority interest, rose to SAR 75.14 million as of Dec. 31, 2023, compared to SAR 58.37 million in the year-earlier period.
|
Pan Gulf Interim Financials |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
179.28 |
12.91 |
2.58 |
|
H2 2022 |
236.13 |
19.87 |
3.97 |
|
H1 2023 |
185.63 |
5.65 |
1.13 |
|
H2 2023 |
236.72 |
17.19 |
3.44 |
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