“National Construction and Marketing” profits decreased to 30.5 million riyals during 2023

The National Construction and Marketing Company revealed a decline in net profit during the year ending on December 31, 2023 to 30.5 million riyals, compared to 38.7 million riyals in the year before last, by 21.2%. This came after today’s announcement of the consolidated annual financial results ending on December 31, 2023.

Operating profit reached 66.9 million riyals during the year ending December 31, 2023, compared to 50.8 million riyals in the year before last, an increase of 31.5%.

Total ownership rights (after excluding non-controlling interests) amounted to 295.8 million riyals last year, compared to 263.5 million riyals in the year before last, an increase of 12.2%.

Earnings per share last year reached 2.55 riyals, compared to 3.23 riyals in the year before last.

Revenues increased to approximately 701 million riyals in 2023 compared to approximately 652 million riyals in 2022, i.e. an increase of 7.42% due to the following points:

The revenues of the steel and reinforcement industry sector increased to approximately 496 million riyals in 2023, compared to approximately 477 million riyals in 2022, an increase of approximately 4%.

– Construction projects sector revenues decreased to approximately 121 million riyals in 2023, compared to approximately 161 million riyals in 2022, i.e. a decrease of approximately 25%.

Commercial sector revenues increased to approximately 73 million riyals in 2023, compared to approximately 12 million riyals in 2022, an increase of approximately 508%.

The revenues of the information technology sector increased to approximately 10 million riyals in 2023, compared to approximately 2 million riyals in 2022, i.e. an increase of approximately 400%, as it began operating its business during the year 2022 and the company obtained information technology services contracts.

Although operating profit increased to approximately 67 million riyals in 2023, compared to approximately 51 million riyals in 2022, an increase of 31.55%, net profit decreased by approximately 21.24% due to an increase in financing costs to approximately 44 million riyals in 2023, affected by the increase in Interest rates (SIBOR).

-The net equity attributable to the shareholders of the parent company (excluding non-controlling interests) at the end of the fiscal year ending on 12/31/2023 amounted to an amount of 296 million riyals compared to the year ending on 12/31/2022, an amount of 264 million riyals, i.e. an increase of 264 million riyals. 12.23%.

Basic and diluted earnings per share were calculated by dividing the profit for the year attributable to shareholders of the parent company by the weighted average number of shares issued.