| Reported net income for the year 2023 was SAR 71.2 million compared to SAR 36.7 million for the last year. The increase in net profit for the current year as compared to the previous year is due to the following reasons:
- The twelve-month revenue for 2023, excluding accounting construction revenue, grew by 23.1% from 2022 on the back of overall improvement across all segments.
- The gross profit for the twelve-month period stood at SAR 538.1 million, significantly improved by 29.3% from 2022 due to an increase in revenue and an improvement in gross margins across all segments with gross margins increasing from 48.7% in 2022 to 51.1%
Additionally, last year Kindasa revenues were negatively affected due to a temporary decline in production.
This improvement in net income is offset by:
- Negative impact of one-off costs
- Operating costs and finance charges were higher in Q4 resulting from additional drawdown and an increase in SAIBOR rates compared to last year.
2022 results were impacted by the decline in margins in the Ports segment following a decline in gateway volumes. Additionally, Kindasa revenues were also lower in 2022 due to a temporary decrease in production during Q1 2022.
Share of profit from equity accounted investees remained flat year on year. | 
