The reason of the increase (decrease) in the net profit during the current quarter compared
to the same quarter of the last year is |
Reported net income for the Q3’23 was SAR 23.7 million compared to SAR 14.4 million for the
Q3’22 due to the following.
- Increase in revenue (excluding accounting construction revenue) from 214.7 million
in Q3’22 to 276.1 million in Q3’23 on the back of strong performance in Ports and
Logistics segment.
- Ports segment showed improvement in the volumes as compared to same quarter last
year and together with an improvement in the logistics segment open yard occupancy.
- The gross profit for the period improved significantly, reaching SAR 147.7 million,
up from SAR 105.8 million. Additionally, the gross profit margin for Q3'23 rose to
53.5%, showing an increase from 49.3% recorded in Q3FY22. This improvement is
attributed to improvement in the gateway volumes.
|
The reason of the increase (decrease) in the net profit during the current quarter compared
to the previous quarter of the current year is |
Net income for the third quarter improved by 11.8% from the previous quarter due to the
following:
- Increase in revenues for the third quarter of 2023, excluding accounting
construction revenue, by 5.7% compared to the previous quarter mainly driven by the
Ports and Logistics segments.
- Ports segment showed improvements in the volumes as compared to last quarter
together with an improvement in open yard storage facilities occupancy compared to
last quarter.
- The third quarter gross profit of SAR 147.7 million grew by 8.8% from the last
quarter due to strong revenue growth and improvement in gross margins.
|
The reason of the increase (decrease) in the net profit during the current period compared
to the same period of the last year is |
For the 9M 2023 period reported net income increased by 252.1% as compared to previous year
due to the following:
- The nine-months revenue for 2023, excluding accounting construction revenue, grew by
24.4% from 9M 2022 on the back of overall improvement across all segments.
- Gross profit for 9M 2023 was SAR 412.7 million, which grew by 39.6% from 9M 2022 due
to more conducive market conditions and improved global supply chains as compared to
9M 2022. Additionally, last year Kindasa revenues were negatively affected due to a
temporary decline in production.
- Share of profit from equity accounted investees improved by 10.3% year on year.
|
Statement of the type of external auditor's report |
Unmodified conclusion |
Reclassification of Comparison Items |
Financial statements for the current period have been prepared according to the
International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi
Arabia and based on that the presentation, measurement, recognition, and disclosure for some
of the financial data has been changed to comply with IFRS accounting policies as adopted in
the Kingdom. |
Additional Information |
In accordance with IFRIC 12 (IFRS Interpretations Committee) 12, the reported YTD revenue
includes construction revenue of SAR 328.7 million. There is no impact on gross profit or
net profit as there is a corresponding construction cost of SAR 328.7 million recognized in
the cost of revenue. |
Attached Documents |
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