Riyadh – Mubasher: Mohammed Hasan Al Naqool Sons Company recorded net profits after Zakat and tax worth SAR 1.15 million in the first half (H1) of 2023, an annual surge of 295.20% from SAR 292,000 in the year-ago period.
Meanwhile, the revenues plummeted by 18.87% year-on-year (YoY) to SAR 18.77 million in the first six months (6M) of 2023 from SAR 23.11 million, according to the interim financial results.
The earnings per share (EPS) enlarged to SAR 0.40 in January-June 2023 from SAR 0.10 in the same period in 2022.
Al Naqool attributed the increment in H1-23 net profits to currency exchange differences despite high prices of raw materials.
Meanwhile, the revenues decreased due to the company's maintenance of the selling price policy, which will reflect positively on future performance.
