Total Share Holders Equity (After Deducting the Minority Equity)
1,284.37
1,139.3
12.73
Profit (Loss) per Share
4.88
5.5
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Amount
Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value
-
-
All figures are in (Millions) Saudi Arabia, Riyals
Element List
Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year
The company's revenues have increased by 2.8% in the current year compared to last year, registering SAR 6.2 billion compared to SAR 6.0 billion for last year. This increase is attributed to a marginal increase in retail sector sales and the growth of revenues from eXtra services and consumer finance growth.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is
The company's overall gross profit saw a boost from changes in the retail segment's sales mix and a rise in earnings from Extra services and consumer finance, resulting in a 7.7% increase in gross profit for the current year compared to the previous year. However, the positive trend was offset by the negative impact of higher lending rates, which increased financing costs by SAR 47.4 million over last year. Additionally, the company incurred one-off losses amounting to SAR 32.3 million in the second quarter due to discontinuing its expansion plans in Egypt, along with an increase in sales, marketing, and administrative expenses over last year,in addition to one-time income from the prior year. Consequently, the company's net profit for 2023 decreased by 11.3% from 2022, recording SAR 390.5 million compared to SAR 440.2 million for the last year. Notably, the United Company for Financial Services reported a net profit of SAR 212.3 million, up from SAR 193.6 million in 2022, showing a 9.7% increase.
Statement of the type of external auditor's report
Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)
None
Reclassification of Comparison Items
None
Additional Information
The company uses the cost model option for measuring properties and investment properties.
Comments