Saudi: Anaam Holding’s net profits fall 41.5% in 9M-23; accumulated losses unveiled

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Riyadh – Anaam International Holding Group posted SAR 5.11 million in net profit after Zakat and tax during the first nine months (9M) of 2023, a drop of 41.55% year-on-year (YoY) from SAR 8.74 million, as per the interim financial results.

Earnings per share (EPS) stood at SAR 0.01 in 9M-23, compared with SAR 0.03 in the same period of the previous year.

Revenues surged by 123.54% YoY to SAR 39.77 million as of 30 September 2023 from SAR 17.79 million.

Financial Performance for Q3-23

In the third quarter (Q3) of 2023, Anaam Holding recorded net profits after Zakat and tax of SAR 1 million, down by 86% from SAR 7.16 million in Q3-22.

The company’s revenues rose by 38.49% YoY to SAR 14.68 million during the July-September 2023 period, versus SAR 10.60 million.

Quarter-on-quarter (QoQ), the Q3-23 net profits declined by 43.02% from SAR 1.76 million in Q2-23, while the revenues grew by 12.96% from SAR 13 million.

Accumulated Losses

The company reported accumulated losses worth SAR 34.19 million, which represented 11% of the SAR 315 million capital, as of 30 September 2023.

Financial Results for H1-23

During the first half (H1) of 2023, Anaam Holding registered net profits after Zakat and tax amounting to SAR 4.11 million, a leap of 160.13% year-on-year (YoY) from SAR 1.58 million.

Revenues increased by 248.99% to SAR 25.08 million as of 30 June 2023 from SAR 7.18 million in the corresponding period a year earlier.

The earnings per share (EPS) reached SAR 0.17 during H1-23, versus SAR 0.15 in the same period of the previous year.