Alsaif Gallery H1 profit drops 11% to SAR 65.8 mln; Q2 at SAR 15.3 mln

06/08/2023 Argaam Exclusive

AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 65.8 million for the first half of 2023, a decline of 11% from SAR 74.2 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 382.56 375.16 (1.9 %)
Gross Income 126.12 115.36 (8.5 %)
Operating Income 78.10 62.95 (19.4 %)
Net Income 74.22 65.83 (11.3 %)
Average Shares 350.00 350.00 -
EPS (Riyals) 0.21 0.19 (11.3 %)

The profit decline was due to a 1.9% fall in sales due to the end of seasonal discounts, Ramadan, as the holy month started on March 23, 2023, before the salaries for March 2023 were deposited, compared to the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 129.62 145.74 12.4 %
Gross Income 40.71 37.82 (7.1 %)
Operating Income 19.99 13.98 (30.1 %)
Net Income 15.12 15.28 1.0 %
Average Shares 350.00 350.00 -
EPS (Riyals) 0.04 0.04 1.0 %

Meanwhile, the company posted a net profit of SAR 15.3 million for Q2 2023, slightly higher than SAR 15.2 million a year before.

 

This was mainly driven by a 12.4% rise in total sales, supported by a 47.6% increase in online sales, in addition to the sales of new branches in Kuwait and the UAE.

 

On a quarterly basis, the second-quarter net earnings fell 69.8% from SAR 50.55 million in Q1 2023.

 

Shareholders’ equity, with no minority interest, stood at SAR 441.93 million as of June 30, 2023, compared to SAR 390.35 million a year earlier.

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Share Price

AlSaif Stores for Development and Investment Co.
7.79
0.00 0.00 %

AlSaif Stores for Development and Investment Co. (ALSAIF GALLERY)

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Financial Ratios
Current
Market Cap (M Riyal) 2,726.50
Enterprise Value (EV) (M) 2,815.88
Shares Outstanding ((M)) 350.00
EPS ( Riyal) (TTM) 0.15
Book Value (BV) ( Riyal) 1.25
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 6.23
Return on Average Assets (%) (TTM) 6.4
Return on Average Equity (%) (TTM) 12.1
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