Munawla profits drop to SAR 4.9 million at end of 2023, down 49%

Munawla Cargo Co. reported a decrease in net profit to SAR 4.9 million for the year ending in 2023, down 49% from SAR 9.7 million in the preceding year. This decline was disclosed in the annual financial results announced on Tuesday, covering the period ending December 31, 2023.

Operating profit also experienced a downturn, reaching SAR 6 million in 2023 compared to SAR 10 million in 2022, marking a 39% decrease.

Earnings per share for the current year stood at SAR 4.95, down from SAR 9.66 in the previous year.

The decrease in revenue for 2023, as opposed to 2022, can be attributed to the impact of transportation activity during the first half of the year. This was a consequence of transitioning from an older transportation fleet to a new one, in compliance with the requirements of the General Transport Authority. The transition caused operational delays.

The reduction in net profit for 2023 compared to 2022 is primarily due to increased financing costs.

The company noted that certain comparative figures from the previous year have been reclassified to ensure consistency with the current period’s classification.