Thob Al Aseel's net profit rises 37% to SAR 60.3 mln in H1 2023

19/07/2023 Argaam Exclusive

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Share Price

Thob Al Aseel Co. (ALASEEL)

Thob Al Aseel Co. reported a 37% rise in net profit to SAR 60.3 million in H1 2023, compared to SAR 44 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	342.93	353.58	3.1 %
Gross Income	140.09	136.23	(2.8 %)
Operating Income	55.94	70.67	26.3 %
Net Income	44.03	60.29	36.9 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.11	0.15	36.9 %

The company's profit was spurred by an increase of 4.12% in sales value, coupled with a 65% decline in credit loss provision in H1 2023.

Also, net profit for Q2 2023 rose by 17.19% quarter-on-quarter (QoQ) due to increased sales of highly profitable products compared to the previous quarter. Sales, however, declined by 14.38% QoQ due to the advent of the holy month of Ramadan.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	156.63	163.09	4.1 %
Gross Income	76.64	69.96	(8.7 %)
Operating Income	31.40	36.84	17.3 %
Net Income	25.05	32.53	29.9 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.06	0.08	29.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	190.49	163.09	(14.4 %)
Gross Income	66.28	69.96	5.6 %
Operating Income	33.83	36.84	8.9 %
Net Income	27.76	32.53	17.2 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.07	0.08	17.2 %

Total shareholders’ equity, with no minority interest, rose to SAR 603.28 million by the end of the six-month period from SAR 593.49 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	390.77	0.3 %	119.53	(3.9 %)	84.59	(7.3 %)	0.21
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	397.37	1.7 %	129.57	8.4 %	87.30	3.2 %	0.22
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	316.64	(20.3 %)	113.47	(12.4 %)	74.45	(14.7 %)	0.19
Q1 2017	188.60	-	70.31	-	41.20	-	0.10
Q2 2017	210.08	-	86.89	-	63.42	-	0.16
Q3 2017	66.38	-	24.47	-	8.27	-	0.02
Q4 2017	104.47	-	37.04	-	1.88	-	0.00
2017	569.53	79.9 %	218.72	92.8 %	114.76	54.1 %	0.29
Q1 2018	82.47	(56.3 %)	32.33	(54.0 %)	14.16	(65.6 %)	0.04
Q2 2018	157.61	(25.0 %)	61.10	(29.7 %)	38.43	(39.4 %)	0.10
Q3 2018	61.19	(7.8 %)	22.54	(7.9 %)	1.73	(79.1 %)	0.00
Q4 2018	76.10	(27.2 %)	27.37	(26.1 %)	2.30	22.5 %	0.01
2018	377.37	(33.7 %)	143.35	(34.5 %)	56.61	(50.7 %)	0.14
Q1 2019	101.18	22.7 %	39.91	23.4 %	16.20	14.4 %	0.04
Q2 2019	190.14	20.6 %	71.66	17.3 %	48.34	25.8 %	0.12
Q3 2019	79.65	30.2 %	29.16	29.4 %	5.21	200.9 %	0.01
Q4 2019	106.25	39.6 %	39.98	46.0 %	10.62	362.7 %	0.03
2019	477.21	26.5 %	180.71	26.1 %	80.37	42.0 %	0.20
Q1 2020	117.46	16.1 %	42.98	7.7 %	17.51	8.1 %	0.04
Q2 2020	193.84	1.9 %	74.86	4.5 %	52.32	8.2 %	0.13
Q3 2020	110.08	38.2 %	31.57	8.2 %	5.92	13.6 %	0.01
Q4 2020	105.96	(0.3 %)	39.08	(2.2 %)	6.63	(37.6 %)	0.02
2020	527.34	10.5 %	188.49	4.3 %	82.39	2.5 %	0.21
Q1 2021	138.84	18.2 %	47.56	10.6 %	13.97	(20.2 %)	0.03
Q2 2021	168.06	(13.3 %)	61.02	(18.5 %)	34.49	(34.1 %)	0.09
Q3 2021	83.33	(24.3 %)	30.66	(2.9 %)	3.58	(39.5 %)	0.01
Q4 2021	91.68	(13.5 %)	35.29	(9.7 %)	7.69	16.0 %	0.02
2021	481.90	(8.6 %)	174.51	(7.4 %)	59.73	(27.5 %)	0.15
Q1 2022	186.30	34.2 %	63.45	33.4 %	18.98	35.8 %	0.05
Q2 2022	156.63	(6.8 %)	76.64	25.6 %	25.05	(27.4 %)	0.06
Q3 2022	65.43	(21.5 %)	28.68	(6.4 %)	3.66	2.2 %	0.01
Q4 2022	100.44	9.6 %	43.43	23.1 %	5.75	(25.2 %)	0.01
2022	508.80	5.6 %	212.21	21.6 %	53.44	(10.5 %)	0.13
Q1 2023	190.49	2.2 %	66.28	4.4 %	27.76	46.3 %	0.07
Q2 2023	163.09	4.1 %	69.96	(8.7 %)	32.53	29.9 %	0.08

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	389.57	(4.9 %)	124.35	(8.9 %)	91.21	(12.9 %)	5.70
2014	390.77	0.3 %	119.53	(3.9 %)	84.59	(7.3 %)	0.21
2015	397.37	1.7 %	129.57	8.4 %	87.30	3.2 %	0.22
2016	316.64	(20.3 %)	113.47	(12.4 %)	74.45	(14.7 %)	0.19
2017	569.53	79.9 %	218.72	92.8 %	114.76	54.1 %	0.29
2018	377.37	(33.7 %)	143.35	(34.5 %)	56.61	(50.7 %)	0.14
2019	477.21	26.5 %	180.71	26.1 %	80.37	42.0 %	0.20
2020	527.34	10.5 %	188.49	4.3 %	82.39	2.5 %	0.21
2021	481.90	(8.6 %)	174.51	(7.4 %)	59.73	(27.5 %)	0.15
2022	508.80	5.6 %	212.21	21.6 %	53.44	(10.5 %)	0.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	30.59 %	22.85 %	21.65 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	32.61 %	23.97 %	21.97 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	35.83 %	26.11 %	23.51 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	38.40 %	22.72 %	20.89 %
2017	38.40 %	22.72 %	20.89 %
Q1 2018	39.00 %	22.79 %	19.83 %
Q2 2018	37.71 %	20.25 %	16.29 %
Q3 2018	37.71 %	19.16 %	14.88 %
Q4 2018	37.99 %	20.11 %	15.90 %
2018	37.99 %	20.11 %	15.90 %
Q1 2019	38.11 %	20.54 %	15.67 %
Q2 2019	37.68 %	22.02 %	16.79 %
Q3 2019	37.60 %	22.89 %	16.88 %
Q4 2019	37.87 %	22.92 %	16.84 %
2019	37.87 %	22.92 %	16.84 %
Q1 2020	37.24 %	22.67 %	16.55 %
Q2 2020	37.61 %	23.26 %	17.23 %
Q3 2020	35.89 %	22.03 %	16.37 %
Q4 2020	35.74 %	21.07 %	15.62 %
2020	35.74 %	21.07 %	15.62 %
Q1 2021	35.18 %	19.68 %	14.37 %
Q2 2021	34.27 %	17.67 %	11.67 %
Q3 2021	35.94 %	18.15 %	11.82 %
Q4 2021	36.21 %	18.77 %	12.39 %
2021	36.21 %	18.77 %	12.39 %
Q1 2022	35.97 %	18.12 %	12.23 %
Q2 2022	39.78 %	16.71 %	10.68 %
Q3 2022	40.81 %	17.17 %	11.07 %
Q4 2022	41.71 %	17.97 %	11.19 %
2022	41.71 %	17.97 %	11.19 %
Q1 2023	41.92 %	19.68 %	12.81 %
Q2 2023	40.11 %	20.56 %	14.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	31.92 %	25.18 %	23.41 %
2014	30.59 %	22.85 %	21.65 %
2015	32.61 %	23.97 %	21.97 %
2016	35.83 %	26.11 %	23.51 %
2017	38.40 %	22.72 %	20.89 %
2018	37.99 %	20.11 %	15.90 %
2019	37.87 %	22.92 %	16.84 %
2020	35.74 %	21.07 %	15.62 %
2021	36.21 %	18.77 %	12.39 %
2022	41.71 %	17.97 %	11.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	37.28 %	21.78 %	21.84 %
Q2 2017	41.36 %	30.87 %	30.19 %
Q3 2017	36.87 %	15.90 %	12.46 %
Q4 2017	35.46 %	12.36 %	5.81 %
Q1 2018	39.21 %	20.97 %	17.17 %
Q2 2018	38.77 %	26.95 %	24.38 %
Q3 2018	36.84 %	8.26 %	2.83 %
Q4 2018	35.97 %	14.55 %	7.48 %
Q1 2019	39.45 %	22.47 %	16.01 %
Q2 2019	37.69 %	29.21 %	25.42 %
Q3 2019	36.62 %	16.32 %	6.54 %
Q4 2019	37.63 %	17.04 %	10.00 %
Q1 2020	36.59 %	21.50 %	14.91 %
Q2 2020	38.62 %	30.60 %	26.99 %
Q3 2020	28.67 %	12.31 %	5.38 %
Q4 2020	36.88 %	12.27 %	6.26 %
Q1 2021	34.25 %	15.94 %	10.07 %
Q2 2021	36.31 %	26.02 %	20.52 %
Q3 2021	36.79 %	13.46 %	4.30 %
Q4 2021	38.49 %	14.58 %	8.39 %
Q1 2022	34.06 %	14.83 %	10.19 %
Q2 2022	48.93 %	21.91 %	15.99 %
Q3 2022	43.84 %	16.07 %	5.59 %
Q4 2022	43.24 %	18.88 %	9.21 %
Q1 2023	34.79 %	19.51 %	14.57 %
Q2 2023	42.89 %	24.61 %	19.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	400.00	-	-	1.32
Q2 2017	400.00	-	-	1.48
Q3 2017	400.00	-	-	1.35
Q4 2017	400.00	0.29	0.30	1.35
Q1 2018	400.00	0.22	0.23	1.39
Q2 2018	400.00	0.16	0.17	1.34
Q3 2018	400.00	0.14	0.15	1.34
Q4 2018	400.00	0.14	0.15	1.27
Q1 2019	400.00	0.15	0.16	1.31
Q2 2019	400.00	0.17	0.18	1.36
Q3 2019	400.00	0.18	0.19	1.29
Q4 2019	400.00	0.20	0.20	1.32
Q1 2020	400.00	0.20	0.20	1.27
Q2 2020	400.00	0.21	0.21	1.40
Q3 2020	400.00	0.22	0.22	1.34
Q4 2020	400.00	0.21	0.21	1.36
Q1 2021	400.00	0.20	0.20	1.39
Q2 2021	400.00	0.15	0.15	1.48
Q3 2021	400.00	0.15	0.15	1.43
Q4 2021	400.00	0.15	0.15	1.45
Q1 2022	400.00	0.16	0.16	1.42
Q2 2022	400.00	0.14	0.14	1.48
Q3 2022	400.00	0.14	0.14	1.42
Q4 2022	400.00	0.13	0.14	1.43
Q1 2023	400.00	0.16	0.16	1.43
Q2 2023	400.00	0.17	0.18	1.51

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	16.00	5.70	5.70	5.89
2014	400.00	0.21	0.21	0.34
2015	400.00	0.22	0.22	0.37
2016	400.00	0.19	0.19	0.81
2017	400.00	0.29	0.30	1.35
2018	400.00	0.14	0.15	1.27
2019	400.00	0.20	0.20	1.32
2020	400.00	0.21	0.21	1.36
2021	400.00	0.15	0.15	1.45
2022	400.00	0.13	0.14	1.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	1.56
Q3 2017	-	-	1.95
Q4 2017	8.20	7.91	1.74
Q1 2018	10.35	9.88	1.63
Q2 2018	14.64	13.72	1.72
Q3 2018	13.62	12.67	1.43
Q4 2018	10.94	10.32	1.22
Q1 2019	14.50	13.71	1.62
Q2 2019	11.60	11.05	1.47
Q3 2019	14.16	13.52	1.97
Q4 2019	16.28	16.28	2.48
Q1 2020	16.53	16.53	2.66
Q2 2020	18.21	18.21	2.78
Q3 2020	19.73	19.73	3.18
Q4 2020	28.41	28.41	4.31
Q1 2021	29.91	29.91	4.24
Q2 2021	42.10	42.10	4.35
Q3 2021	43.99	43.99	4.51
Q4 2021	32.21	32.21	3.32
Q1 2022	27.41	27.41	3.12
Q2 2022	24.45	24.45	2.28
Q3 2022	26.69	26.69	2.61
Q4 2022	28.30	26.56	2.64
Q1 2023	24.17	22.89	2.64
Q2 2023	33.29	31.70	3.85

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	8.20	7.91	1.74
2018	10.94	10.32	1.22
2019	16.28	16.28	2.48
2020	28.41	28.41	4.31
2021	32.21	32.21	3.32
2022	28.30	26.56	2.64

Business Segments (Million)

Compared With The

Period	Clothing sector	Textiles sector	Eliminations
Q1 2017	170.55	19.95	-
Q2 2017	171.92	36.26	-
Q3 2017	56.93	14.66	(0.45)
Q4 2017	76.79	25.14	-
Q1 2018	60.01	22.46	-
Q2 2018	124.16	33.44	-
Q3 2018	50.54	10.65	-
Q4 2018	55.01	21.09	-
Q1 2019	79.00	22.17	-
Q2 2019	157.71	32.43	-
Q3 2019	63.80	15.85	-
Q4 2019	81.00	25.25	-
Q1 2020	91.87	25.59	-
Q2 2020	175.32	18.52	-
Q3 2020	97.05	13.04	-
Q4 2020	76.52	29.44	-
Q1 2021	114.65	24.18	-
Q2 2021	142.39	25.67	-
Q3 2021	68.61	14.72	-
Q4 2021	64.71	26.97	-
Q1 2022	151.96	34.34	-
Q2 2022	132.92	23.71	-
Q3 2022	49.31	16.12	-
Q4 2022	73.10	27.34	-
Q1 2023	145.12	45.37	-
Q2 2023	139.52	23.57	-

Period	Clothing sector	Textiles sector	Eliminations
2017	474.63	94.89	-
2018	289.72	87.65	-
2019	381.50	95.71	-
2020	440.75	86.58	-
2021	390.36	91.54	-
2022	407.29	101.51	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,100.00
Enterprise Value (EV) (M)	1,972.06
Shares Outstanding ((M))	400.00
EPS ( Riyal) (TTM)	0.22
Book Value (BV) ( Riyal)	1.46
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	23.54
P/E (TTM)	23.54
Price/book	3.59
Return on Average Assets (%) (TTM)	12.3
Return on Average Equity (%) (TTM)	15.4

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Thob Al Aseel's net profit rises 37% to SAR 60.3 mln in H1 2023

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Share Price

Thob Al Aseel Co. (ALASEEL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

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Thob Al Aseel's net profit rises 37% to SAR 60.3 mln in H1 2023

View other reports

Share Price

Thob Al Aseel Co. (ALASEEL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

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Business Segments (Million)