Al Kathiri achieves net profit of SAR 666 thousand during Q2

Al Kathiri Holding Company recorded a net profit after zakat and tax of SAR 666.1 thousand during the second quarter, compared to a loss of SAR 3.4 million in the same quarter of last year. This came after the announcement on Monday of the interim financial results for the period ended on June 30, 2023 “6 months”.

The operational profit amounted to SAR 2.4 million during the second quarter, compared to a loss of SAR 2.8 million in the same quarter of last year.

While the total profit amounted to SAR 10.7 million during the second quarter, compared to SAR 2.6 million in the same quarter of last year, an increase of 307.7%.

The net profit after zakat and tax during the current period amounted to SAR 2.2 million, compared to a loss of SAR 5.5 million in the same period last year, by 100%.

Earnings per share amounted to SAR 0.01 during the current period, compared to a loss of SAR 0.02 in the same period last year.

The reason for the company’s net profit during the current quarter compared to the losses incurred during the similar quarter of the previous year is due to: Increase in revenues and decrease in production costs compared to the same quarter of the previous year.

The reason for the decrease in the net profit during the current quarter compared to the previous quarter is due to: increased general and administrative expenses.

The reason for the company’s net profit during the current period compared to the losses incurred during the same period of the previous year is due to: Increase in revenues and decrease in production costs compared to the same period.

Certain comparative figures have been reclassified to correspond to the current period presentation.

The earnings per share and the weighted average number of shares for the six-month period ending on June 30, 2022 have been adjusted to align with the weighted average number of new shares after its increase during the year 2023. The calculation of the basic / diluted earnings per share is based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding. The earnings per share for the six months ending on June 30, 2023 were calculated on the basis of the weighted average number of outstanding shares at the end of the period. The diluted earnings per share is the same as the basic earnings per share since the company has no transferable securities and no diluted financial instruments to exercise. The weighted average number of shares on June 30, 2022 has been retroactively adjusted to be in line with the weighted average number of new shares after its increase during the year 2023 (Note 1) as required in accordance with International Accounting Standard No. 33 (Earnings per Share).