AlSaif Stores for Development and Investment Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 719,780,100 | 739,107,713 | -2.61 | ||
| Gross Profit (Loss) | 210,424,189 | 206,257,722 | 2.02 | ||
| Operational Profit (Loss) | 82,293,201 | 104,574,695 | -21.31 | ||
| Net profit (Loss) | 98,186,736 | 129,765,732 | -24.34 | ||
| Total Comprehensive Income | 96,446,733 | 129,967,330 | -25.79 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 402,552,702 | 411,105,969 | -2.08 | ||
| Profit (Loss) per Share | 0.28 | 0.37 | |||
| 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 | 1- Decrease in purchasing power due to global inflation.
2- Seasonality varies year by year.
3- High interest rates affected the cost of borrowing for consumers. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the decrease in net profit during the year 2023 compared to the previous year 2022 is due to the following
1- Sales decreased by 2.61% despite the improvement in the profit margins ratio and increased by 2.02%
2- Increase in general and administrative expenses in addition to the increase in marketing expenses compared to the previous year, due to marketing of new branches in Kuwait and the UAE
3- The increase in financial lease costs compared to the previous year, due to the company's expansion and opening of new branches within the Kingdom of Saudi Arabia, the UAE and the State of Kuwait
Also, the company did not transfer the increase in costs to the customers for the purpose of maintaining prices and increasing its market share
4- The net profit for the year 2022 included the sale of a property owned by the company for a value of 35 million, which resulted in a net non-recurring capital gain of 16.6 million during the fourth quarter period. |
| 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) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | 1) Earnings per share for the fiscal year ending 31/12/2023 were recalculated based on the actual number of ordinary shares issued after splitting the nominal value of the share from 10 riyals per share to 1 riyal per share and the number of shares became 350 million shares. Earnings per share for the fiscal year ending 31/12/2022 have been recalculated in order to unify the comparison with the fiscal year ended 31/12/2023.
2) The company opened 5 branches in the Kingdom during the current year and 4 outside the Kingdom, with a total of 9 branches, compared to five branches in 2022. 3) E-commerce revenues increased by 13.5% compared to the previous year. 4) The company has begun trading in large home appliances such as air conditioners, refrigerators, etc., and its financial impact is expected during the first quarter of 2024. |
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