Horizon Food’s profits declined to SAR 2.6 mln during H1 by 44%.

The net profit after zakat and tax for Horizon Food Co. decreased to 2.6 million riyals during the first half, compared to 4.68 million riyals in the same half of last year, by 44%. This came after today’s announcement of its Interim Financial Results for the Period Ending on 2023-06-30 (Six Months)

The operating profit reached 2.7 million riyals during the first half, compared to 5 million riyals in the same half of last year, a decline of 46%.

The total amounted to 8 million riyals in the current period, compared to 8.6 million riyals in the same period last year, a decrease of 9%.

Earnings per share in the current period amounted to 0.33 riyals, compared to 0.59 riyals in the same period last year.

The reason for the decrease in net profit during this period compared to the previous period is due to:

1- Sales for the current period decreased by 26% compared to the same period of the previous year.

2- An increase in administrative and general expenses due to the cost of non-recurring listings and appointments for the current year and the application of governance, which was non-existent in the previous year.

3- Increase in selling and marketing expenses and modification of the system of disbursing commissions and incentives.

Additional Information:

Earnings per share: Basic earnings per share were calculated by dividing the net profit for the period of 2,610,033.00 riyals by the number of shares, 8 million shares, as at the end of the period, where the basic share of net profit for the period amounted to 0.33 riyals compared to the similar period of the previous year, 0.59 riyals.

Total shareholders’ equity at the end of the period, 6/30/2023, amounted to (95,660,879) riyals, compared to (88,892,378) riyals for the similar period of the previous year, an increase of 7.614%.