Riyal Investment and Development Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 121,661,824 | 189,578,534 | -35.83 | ||
| Gross Profit (Loss) | 44,399,540 | 40,357,212 | 10.02 | ||
| Operational Profit (Loss) | 30,224,022 | 29,543,898 | 2.3 | ||
| Net profit (Loss) | 18,276,534 | 19,143,621 | -4.53 | ||
| Total Comprehensive Income | 18,058,485 | 19,190,516 | -5.9 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 151,678,219 | 133,619,734 | 13.51 | ||
| Profit (Loss) per Share | 2.28 | 2.39 | |||
| All figures are in (Actual) 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 (Actual) 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 strategic shift towards prioritizing primary lease business over trading options has contributed to better profit margins. It is worth noting that corporate lease business has witnessed a noteworthy 25% increase in 2023 compared to the previous year
The significant 35.8% decrease in revenue for 2023, compared with 2022, is largely due to a notable decline in the sale of new vehicles. This downturn reflects diminished demand for new vehicles in 2023, contrasting with the surge experienced in 2022, fueled by increased vehicle demand in KSA following the COVID-19 period |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net profit for 2023 amounted to 18.3 million Saudi riyals, marking a decrease of 4.5% compared to the 19.1 million Saudi riyals recorded in 2022
As the revenue of 2023 was 121.7 compared with a revenue of 189.6 million Saudi riyals in 2022 This decline is primarily attributed to the increase in specific operational expenses, expected credit loss (ECL) and Inventory provisions, along with higher financing costs associated with borrowings and lease liabilities |
| 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) | Not applicable |
| Reclassification of Comparison Items | Certain prior year amounts have been reclassified to conform to the presentation in the current year |
| Additional Information | Not applicable |
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