Rawasi’s 2021 net profit falls 4% to SAR 17.5 mln
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Rawasi Al-Bina Investment Co., which is expected to be listed on Nomu-Parallel Market shortly - reported a 4% decline in net profit to SAR 17.5 million for 2021, compared to SAR 18.3 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 91.42 | 95.53 | 4.5 % |
| Gross Income | 28.20 | 30.01 | 6.4 % |
| Operating Income | 23.72 | 23.97 | 1.1 % |
| Net Income | 18.26 | 17.48 | (4.2 %) |
| Average Shares | 55.00 | 55.00 | - |
| EPS (Riyals) | 0.33 | 0.32 | (4.2 %) |
The profit decline was triggered by a 4% rise year-on-year (YoY) in cost of revenue and a 70% increase YoY in employee expenses, despite 5% YoY revenue growth.
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|
Shareholders’ equity, excluding minority interest, stood at SAR 93.03 million by the end of 2021, compared to SAR 75.50 million a year earlier.
The company has two key sources of revenue: power projects that constituted 70.9% of 2021 revenue, versus 59.1% in 2020, and the installation and commissioning of all ranges of telecom equipment that accounted for 29.1% of 2021 revenue, compared to 40.9% in 2020.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 45.45 | - | 14.31 | - | 11.72 | - |
| H2 2021 | 50.09 | - | 15.70 | - | 12.25 | - |
| 2021 | 95.53 | 4.5 % | 30.01 | 6.4 % | 23.97 | 1.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 10.08 | - | 0.18 | - | 10.08 | 0.18 |
| H2 2021 | 7.41 | - | 0.13 | - | 7.41 | 0.13 |
| 2021 | 17.48 | (4.2 %) | 0.32 | - | 17.48 | 0.32 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | 31.41 % | 29.46 % | 18.30 % |
| 2021 | 31.41 % | 29.46 % | 18.30 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 55.00 | - | - | 1.56 |
| H2 2021 | 55.00 | 0.32 | 0.32 | 1.69 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
Business Segments (Million)
2021
| Period | Electricity installation and connection service | Communications installation and connection services | Selling shutters and communications supplies |
|---|
| Current | |
| Market Cap (M Riyal) | 226.05 |
| Enterprise Value (EV) (M) | 265.76 |
| Shares Outstanding ((M)) | 55.00 |
| Book Value (BV) ( Riyal) | 2.50 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 9.96 |
| Price/book | 1.64 |
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