Rawasi profits rise to 23 million riyals during 2023, by 9%

The net profit of Rawasi Al-Bina Investment Company rose to 23 million riyals during the year ending on December 31, 2023, compared to 21 million riyals in the year 2022, by 9%. This came after today’s announcement of the annual financial results ending on December 31, 2023.

Operating profit reached 35 million riyals during the year ending December 31, 2023, compared to 31 million riyals in the year before last, an increase of 13%.

Earnings per share last year amounted to 0.41 riyals, compared to 3.8 riyals in the year before last.

The reason for the increase in sales/revenues during this year compared to the previous year is that the company’s total revenues increased by 29,019,402 riyals compared to the previous year by 21.46% as a result of the increase in contracts and projects that the company signed.

The reason for the increase in net profit for the year 2023 compared to the previous year, 2022, is mainly due to the growth in revenues.

The company said that the earnings per share for the year 2023 AD was calculated on the basis of 55,000,000 shares, compared to calculating the earnings per share for the year 2022 AD on the basis of 5,500,000 shares as a result of splitting the nominal value of the share from 10 Saudi riyals per share to 1 Saudi riyals per share by decision of the extraordinary general assembly held on June 12. 2023 AD.