Marble Design posts 9% profit drop to SAR 22.6 mln in 2022

Marble Design Co., which will list shares on Nomu-Parallel Market, reported a 9% decline in 2022 net profit to SAR 22.6 million from SAR 24.8 million a year earlier.

The company cited a 7% decrease in revenue to SAR 55 million from SAR 59 million in 2021. It also reported higher tax and Zakat provisions.

On the other hand, the company’s gross profit margin expanded to 67% from 65% in 2021, on lower cost of goods sold.

Marketing and administrative expenses declined 3% year-on-year.

Shareholders’ equity, no minority interest, reached SAR 87.07 million by the end of the 12-month period, compared to SAR 85.44 million a year earlier.

Operating cash flows rose to SAR 14.4 million in 2022 from -SAR 11 million a year earlier. Capital expenditure was negative at SAR 1.5 million, down from -SAR 18.8 million in 2021.

Cash balance stood at SAR 4.89 million in 2022, compared to SAR 5.35 million a year earlier.

The company mainly operates in marble manufacturing. Its products are sold across the Kingdom.

On Jan. 23, 2022, shareholders approved raising capital from SAR 11 million to SAR 60 million. On Jan. 30, 2023, they approved Marble Design’s transformation from a limited liability company to a closed Saudi joint stock company.

The company paid SAR 21 million dividends in 2022 compared to SAR 10 million a year earlier.