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Strap in for a flurry of earnings. Let’s jump right in.
GULF UNION ALAHLIA-
Gulf Union Alahlia Cooperative Ins. turned to the black with a net income of SAR 125 mn in 2023, while revenues were up 23.2% y-o-y to SAR 624.5 mn, it said in a disclosure to Tadawul. The ins. outfit attributed the reversal in net losses to increases in its other income line and net investment income, along with a decrease in operating expenses.
SUMOU REAL ESTATE-
Sumou Real Estate’s net income was up 17.5% y-o-y to SAR 103 mn, it said in a disclosure to Tadawul yesterday. Meanwhile, its revenues fell 3% y-o-y to SAR 273.8 mn. Its BoD has recommended a 33% capital hike to SAR 500 mn through bonus shares to bolster the company’s capital base and future plans, it said in a separate disclosure.
AJCC-
Al Jouf Cement’s net income rose 174.2% y-oy to SAR 84.7 mn in 2023, while revenues increased 19.7% y-o-y to SAR 302 mn, according to a disclosure to Tadawul.
NASEEJ-
Naseej International Trading net losses increased 10x y-o-y to SAR 16 mn in 2023 on the back of higher Zakat allocations amounting to SAR 20.5 mn along with rising financing costs, it said in a disclosure to Tadawul. Meanwhile, revenues were down 7% y-o-y to SAR 260.5 mn,
PETRO RABIGH-
Rabigh Refining and Petrochemical has recorded a net loss of SAR 4.7 bn in 2023 down from SAR 1.1 bn in the previous year, it said in a filing to Tadawul. Revenues fell 20.3% y-o-y to SAR 44.6 bn in 2023. The petrochems player pinned the increase in net losses to difficult market conditions, an uptick in financing costs and the unscheduled shutdown of its ethane cracker unit between 1 March and 20 March 2023, along with a maintenance break in its High Olefins Fluid Catalytic cracker plant in December of last year.
SURE GLOBAL TECH-
Sure Global Tech’s net income grew 19.1% y-o-y to SAR 28.7 mn in 2023, it said in a disclosure to Tadawul yesterday. Revenues fell 6.4% y-o-y to SAR 194.3 mn during the same period. The increase in net income was driven by a 17% surge in operating income due to higher revenues at a lower cost.
AMANA COOPERATIVE-
Amana Cooperative Ins. turned to the black in 2023 to report a net income of SAR 25.4 mn, reversing a net loss of SAR 48.2 mn a year earlier, it said in a disclosure to Tadawul yesterday. Its ins. revenues dropped 22.3% y-o-y to SAR 184.6 mn.
AL JOUF AGRICULTURAL DEVELOPMENT-
Al Jouf Agricultural Development’s (JADCO) net income grew 21.4% y-o-y to SAR 62 mn in 2023, while its revenues increased 24.7% to SAR 426.4 mn, it said in a disclosure to Tadawul yesterday.
CATRION-
Saudia in-flight catering provider Catrion Catering Holding’s net income was up c.10% y-o-y to SAR 282.7 mn in 2023, while its revenues rose 17.4% to SAR 2.13 bn, it said in a disclosure to Tadawul yesterday. Meanwhile its board has approved a dividend payout of SAR 90.2 mn at SAR 1.1 per piece for 2H 2023, it said in a seperate disclosure.
SAUDI CERAMIC-
Saudi Ceramic’s accumulated net losses amounted to SAR 210.4 mn in 2023, compared to a net income of SAR 173.9 mn in 2022, it said in a regulatory filing to Tadawul. Revenues were down 11.5% y-o-y to SAR 1.3 bn. The net loss was attributed to lower sales revenues, higher financing costs, a loss of SAR 78 mn in asset value, and a SAR 165 mn bill in damages caused by a factory fire.
