Financial Results : Raoom H1 2023 profit up 71% to SAR 27.7 mln

Raoom H1 2023 profit up 71% to SAR 27.7 mln

30/07/2023 Argaam Exclusive

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Raoom Trading Co. reported a net profit of SAR 27.7 million for H1 2023, an increase of 71% from SAR 16.2 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 65.04 68.48 5.3 %
Gross Income 21.99 21.51 (2.2 %)
Operating Income 17.66 15.59 (11.7 %)
Net Income 16.24 27.69 70.5 %
Average Shares 6.25 6.25 -
EPS (Riyals) 2.60 4.43 70.5 %

This was primarily backed by a 5.3% year-on-year (YoY) surge in revenue to SAR 68.47 million, as revenues of all segments grew thanks to the growth in the business segment. This is in addition to an expanded customer base, alongside realizing non-recurring profits from short-term investments.

 

This was despite operating profits for the current period decreasing by 8.0% to SAR 16.25 million, compared to SAR 17.66 million in H1 2022, mainly due to higher cost of revenue and lower average selling prices.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 65.04 68.48 5.3 %
Gross Income 21.99 21.51 (2.2 %)
Operating Income 17.66 15.59 (11.7 %)
Net Income 16.24 27.69 70.5 %
Average Shares 6.25 6.25 -
EPS (Riyals) 2.60 4.43 70.5 %

Total shareholders’ equity, no minority interest, stood at SAR 128.35 million by the end of H1 2023, compared to SAR 105.44 million a year ago.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 55.67 - 22.09 - 17.64 -
H2 2020 53.19 - 17.28 - 11.30 -
H1 2021 55.72 0.1 % 22.18 0.4 % 16.82 (4.6 %)
H2 2021 54.47 2.4 % 15.81 (8.5 %) 10.76 (4.8 %)
H1 2022 65.04 16.7 % 21.99 (0.9 %) 17.66 5.0 %
H2 2022 70.19 28.8 % 21.72 37.4 % 16.48 53.2 %
H1 2023 68.48 5.3 % 21.51 (2.2 %) 15.59 (11.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 16.05 - 2.57 - 16.05 2.57
H2 2020 10.02 - 1.60 - 10.02 1.60
H1 2021 15.40 (4.1 %) 2.46 - 15.40 2.46
H2 2021 9.49 (5.3 %) 1.52 - 9.49 1.52
H1 2022 16.24 5.5 % 2.60 - 16.24 2.60
H2 2022 14.50 52.9 % 2.32 - 14.50 2.32
H1 2023 27.69 70.5 % 4.43 14.01 13.69 2.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 36.16 % 34.07 % 23.95 %
H1 2021 36.23 % 31.95 % 23.34 %
H2 2021 34.48 % 30.09 % 22.58 %
H1 2022 31.63 % 28.37 % 21.52 %
H2 2022 32.32 % 29.26 % 22.73 %
H1 2023 31.18 % 27.04 % 20.33 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 6.25 - - -
H2 2020 6.25 4.17 4.17 13.87
H1 2021 6.25 4.07 4.07 14.09
H2 2021 6.25 3.98 3.98 15.27
H1 2022 6.25 4.12 4.12 16.87
H2 2022 6.25 4.92 4.92 17.13
H1 2023 6.25 6.75 4.51 20.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
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 28.94 28.94 7.06
H2 2022 22.97 22.97 6.60
H1 2023 16.11 24.12 5.30

Business Segments (Million)

Compared With The
Period Glass Plastic and acrylic
Q2 2022 46.44 18.60
Q4 2022 57.56 12.63
Q2 2023 51.42 17.06


Financial Ratios
Current
Market Cap (M Riyal) 1,093.75
Enterprise Value (EV) (M) 1,014.20
Shares Outstanding ((M)) 6.25
Book Value (BV) ( Riyal) 21.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 37.28
Price/book 8.02
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Share Price

Raoom Trading Co.
175.00
(8.00) (4.37 %)

Raoom Trading Co. (RAOOM)

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