Horizon Food Co. reported a 13% drop in 2022 net profit to SAR 8.9 million, compared to SAR 10.2 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 53.75 | 66.65 | 24.0 % |
| Gross Income | 16.69 | 19.30 | 15.6 % |
| Operating Income | 10.36 | 9.13 | (11.9 %) |
| Net Income | 10.17 | 8.89 | (12.6 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 1.27 | 1.11 | (12.6 %) |
The cost of revenue rose 71% year-on-year (YoY) in 2022, and the selling and marketing expenses increased due to higher sales and geographical expansion. In addition, the administrative expenses related to the implementation of governance and the conversion to a joint stock company rose in 2022.
Shareholders' equity, no minority interest, reached SAR 93.1 million by the end of 2022, compared to SAR 84.2 million a year earlier.
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