Pan Gulf posts 30% profit drop to SAR 22.8M in 2023
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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.
Financials (M)
| 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 | 7.50 | 7.50 | - |
| EPS (Riyals) | 4.37 | 3.05 | (30.3 %) |
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 236.13 | 236.72 | 0.2 % |
| Gross Income | 75.54 | 77.35 | 2.4 % |
| Operating Income | 26.82 | 26.97 | 0.6 % |
| Net Income | 19.87 | 17.19 | (13.5 %) |
| Average Shares | 7.50 | 7.50 | - |
| EPS (Riyals) | 2.65 | 2.29 | (13.5 %) |
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 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 185.63 | 3.5 % | 59.42 | 6.8 % | 14.34 | 3.6 % |
| H2 2023 | 236.72 | 0.2 % | 77.35 | 2.4 % | 26.97 | 0.6 % |
| 2023 | 422.35 | 1.7 % | 136.77 | 4.3 % | 41.31 | 1.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 5.65 | (56.3 %) | 0.75 | - | 5.65 | 0.75 |
| H2 2023 | 17.19 | (13.5 %) | 2.29 | - | 17.19 | 2.29 |
| 2023 | 22.84 | (30.3 %) | 3.05 | - | 22.84 | 3.05 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 32.00 % | 11.71 % | 6.05 % |
| H2 2023 | 32.38 % | 12.20 % | 5.41 % |
| 2023 | 32.38 % | 12.20 % | 5.41 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 7.50 | 3.40 | 3.40 | 7.80 |
| H2 2023 | 7.50 | 3.05 | 3.05 | 10.02 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | - | - | - |
Business Segments (Million)
Q4 2023
| Period | Private Sector | Government Sector |
|---|---|---|
| Q2 2023 | 173.77 | 11.86 |
| Q4 2023 | 226.20 | 10.52 |
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