Financial Results : Shalfa net profit rises 10% to SAR 10M in H1 2024

Shalfa net profit rises 10% to SAR 10M in H1 2024

29/09/2024 Argaam Exclusive

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Shalfa Facilities Management Co., poised to list on Nomu-Parallel Market, reported SAR 10 million in net profit for H1 2024, an increase of 10% from SAR 9.1 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 119.09 151.69 27.4 %
Gross Income 20.75 23.26 12.1 %
Operating Income 12.36 14.01 13.4 %
Net Income 9.06 9.96 10.0 %
Average Shares 4.20 4.20 -
EPS (Riyals) 2.16 2.37 10.0 %

The annual profit rise was attributed to a 27% year-on-year (YoY) jump in the six-month topline, coupled with higher other revenues and EBITDA.

 

This came although the gross profit margin decreased to 15% by the end of the first six months of 2024, compared to 17% for the same period a year ago as the cost of revenues ratio soared YoY to 85%.

 

Further, the operating profit margin plunged YoY to 9% in H1 2024 as general and administrative expenses inched up on an annual basis. For the same period, the net profit margin also fell YoY to 7% as the company’s financial burdens climbed YoY to SAR 4 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 119.09 151.69 27.4 %
Gross Income 20.75 23.26 12.1 %
Operating Income 12.36 14.01 13.4 %
Net Income 9.06 9.96 10.0 %
Average Shares 4.20 4.20 -
EPS (Riyals) 2.16 2.37 10.0 %

Shareholders' equity (no minority interest) amounted to SAR 71.63 million in H1 2024, compared to SAR 57.99 million in the same period a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 119.09 - 20.75 - 12.36 -
H2 2023 141.29 - 24.29 - 13.20 -
H1 2024 151.69 27.4 % 23.26 12.1 % 14.01 13.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 9.06 - 2.16 - 9.06 2.16
H2 2023 12.49 - 2.97 - 12.49 2.97
H1 2024 9.96 10.0 % 2.37 - 9.96 2.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 17.30 % 12.13 % 8.27 %
H1 2024 16.23 % 11.55 % 7.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 - - - -
H2 2022 - - - -
H1 2023 4.20 - - 13.81
H2 2023 4.20 5.13 5.13 15.16
H1 2024 4.20 5.35 5.35 17.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 - - -
H1 2024 - - -

Business Segments (Million)

Compared With The
Period Facilities Management Services Environmental Services Rental Income from Investment Property Project Management Services
Q2 2023 100.64 18.29 0.12 0.05
Q2 2024 142.02 9.52 0.14 -


Financial Ratios
Current
Market Cap (M Riyal) -
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 4.20
Book Value (BV) ( Riyal) 15.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) -
Price/book -
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Share Price

Shalfa Facilities Management Company

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