Al Hammadi Holding Company’s Net Profits Increase by 31.1%
Al Hammadi Holding Company net profits increased by 31.1% in the third quarter of 2023, amounting to SAR 74.87 mln, after zakat and tax, up from a net profit of about SAR 57.11 mln, in the same quarter of 2022.
On a quarterly basis, Al Hammadi’s net profits decreased by 8.5% in the third quarter of 2023, compared to a net profit of about SAR 81.85 mln in the second quarter of 2023.
Al Hammadi Holding Company said in a statement on Saudi Tadawul today, Sunday, that the increase in quarterly net profits on an annual basis is mainly due to revenue growth at an annual rate of 20.6% to SAR 297.8 mln during the third quarter of 2023, compared to SAR 246.9 mln during the third quarter of 2022.
It is also due to improving operational costs, which resulted in an increase in the gross profit margin by 4.1 percentage points and an increase in the operating profit margin by 2.3 percentage points, compared to the third quarter of 2022, in addition to a decrease in the provision for expected credit losses to reach SAR 5.6 mln during the third quarter of the year 2023, compared to SAR 11.3 mln during the third quarter of 2022, as this reflects the continued efforts exerted by the company in terms of improving collection rates.
During the first nine months of 2023, Al Hammadi’s net profit increased by 29.3% to about SAR 238.14 mln, compared to a net profit of about SAR 184.17 mln in the same period in 2022.
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