Marble Design Sees 3% Profit Decline, Closing 2023 at 21.9 Million Riyals

The net profit of the Marble Design Factory Company (Marble Design) during the year ending on December 31, 2023, declined to 21.9 million riyals, compared to 22.6 million riyals in the year before last, by 3%. This came after today’s announcement of the annual financial results ending on December 31, 2023.

The operating profit amounted to 22.4 million riyals during the year ending December 31, 2023, compared to 24.5 million riyals in the year before last, a decrease of 8.1%.

The total ownership rights (after excluding non-controlling interests) amounted to 99.1 million riyals last year, compared to 22.6 million riyals in the year before last, a decline of 1.6%.

The earnings per share last year reached 3.65 riyals, compared to 3.77 riyals in the year before last.

Sales decreased during this year to reach 51,182,558 Saudi riyals compared to 55,169,465 Saudi riyals in the previous year, a decrease of 7.22% due to a decrease in demand.

Net profit decreased during this year to reach 21,912,718 Saudi riyals compared to 22,622,021 Saudi riyals in the previous year, a decrease of 3.13% due to a decrease in sales. This was offset by an increase in other revenue by 1,008,338 Saudi riyals

The company reclassified the total selling and marketing expenses, which were within general and administrative expenses, at a value of 2,297,431 Saudi riyals, to a separate item, which is selling and marketing expenses, in the statement of profits and losses and other comprehensive income.