‎“Al-Hasoob” records profits of 6.6 million at the end of 2022, a ‎decrease of 44.3%‎

Al-Hasoob Trading Co. revealed a decrease in net profit after zakat and tax during the year ending on December 31, 2022 to 6.6 million riyals, compared to 11.9 million riyals in the previous year, by 44.3%. This came after today’s announcement of the annual financial results ending in 12-31-2022.

The operational profit amounted to 8.1 million riyals during the year ending on December 31, 2022, compared to 12.8 million riyals in the previous year, a decline of 36%.

The total shareholders’ equity “without minority rights” amounted to 35.5 million riyals in the current year, compared to 29 million riyals in the previous year, an increase of 22.3%.

Earnings per share in the current year reached 4.75 riyals, compared to 8.54 riyals in the previous year.

– The reason for the decrease in the net profit during this year compared to the previous year is due to the decrease in the volume of revenues, which is due to:-

1- The decrease in the percentage of exports compared to the previous year, and the demand is from outside the Kingdom

2 – Low rate of profitability

3- Increased general and administrative expenses