Al Rashid Industrial posts 29% profit rise to SAR 21.3M in 2023

06/05/2024 Argaam Exclusive

Al Rashid Industrial Co. reported a 29% profit rise to SAR 21.3 million in 2023, compared to SAR 16.55 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 116.50 135.03 15.9 %
Gross Income 35.58 44.02 23.7 %
Operating Income 17.70 22.66 28.0 %
Net Income 16.55 21.32 28.8 %
Average Shares 8.00 8.00 -
EPS (Riyals) 2.07 2.67 28.8 %


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 60.82 67.87 11.6 %
Gross Income 19.32 22.75 17.8 %
Operating Income 10.31 11.47 11.3 %
Net Income 8.72 10.77 23.6 %
Average Shares 8.00 8.00 -
EPS (Riyals) 1.09 1.35 23.6 %

The earnings growth was driven by a 15.91% increase year-on-year (YoY) in sales, thanks to growth in production lines sales, increased points of sale and distribution across Saudi Arabia.

 

Gross profit jumped 23.71% YoY on higher revenue.

 

Meanwhile, raw material prices declined on a YoY basis.

 

Shareholders’ equity, no minority interest, reached SAR 121 million as of Dec. 31, 2023, up from SAR 106 million a year earlier.

 

                                         Interim Financial Statements

Period

Revenue

(SAR mln)

Net Profit

(mln)

EPS

(SAR)

H1 2022

55.68

7.83

0.98

H2 2022

60.82

8.72

1.09

H1 2023

67.16

10.55

1.32

H2 2023

67.87

10.77

1.35

 

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Share Price

Al Rashid Industrial Co.
44.80
2.40 5.66 %

Al Rashid Industrial Co. (ALRASHID INDUSTRIAL)

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Financial Ratios
Current
Market Cap (M Riyal) 358.40
Enterprise Value (EV) (M) 330.00
Shares Outstanding ((M)) 8.00
Book Value (BV) ( Riyal) 15.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.81
Price/book 2.96
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