Saudi Top Trading Co. Sees 86.7% Drop in Profits to SAR 4.2 Million by End of 2023

Saudi Top for Trading Co. announced a significant decrease in net profit for the year ending on December 31, 2023, down to 4.2 million riyals from 32.2 million riyals the previous year, marking an 86.7% decline. This follows the release of the company’s annual financial results for the same period.

Operating profit for the year ending December 31, 2023, stood at 6 million riyals, compared to 33.9 million riyals in the preceding year, representing an 82.3% decrease.

Total ownership rights (excluding non-controlling interests) amounted to 68.1 million riyals last year, down from 85.4 million riyals the year before, reflecting a 20.2% decline.

Earnings per share for the year reached 0.11 riyals, compared to 0.81 riyals in the previous year.

The 23.7% drop in revenue was primarily attributed to the decrease in average selling prices.

The decrease in net profit over the past year compared to the previous year can be attributed to: Low profit margins for most products