Financial Results : Tadweeer’s H1 2022 net profit falls 13% to SAR 8.5 mln

Tadweeer’s H1 2022 net profit falls 13% to SAR 8.5 mln

14/09/2022 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) posted a drop of 13% in H1 2022 net profit after Zakat and tax to SAR 8.5 million, compared to SAR 9.8 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 67.15 191.69 185.5 %
Gross Income 10.67 14.02 31.4 %
Operating Income 8.13 11.11 36.7 %
Net Income 9.77 8.47 (13.2 %)
Average Shares 45.00 58.08 29.1 %
EPS (Riyals) 0.22 0.15 (32.8 %)

The lower profit was attributed to a decline in gross profit margins (GPMs), due to the nature of business. The company explained that it deals with various types of minerals, and the sales of the current period included low-margin minerals. Accordingly, GPM decreased from 15.9% to 7.6%.

 

Moreover, the company’s Safe Information Modern System Co. was acquired in Dubai, which increased net profit by SAR 2.350 million in H1 2021



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 67.15 191.69 185.5 %
Gross Income 10.67 14.02 31.4 %
Operating Income 8.13 11.11 36.7 %
Net Income 9.77 8.47 (13.2 %)
Average Shares 45.00 58.08 29.1 %
EPS (Riyals) 0.22 0.15 (32.8 %)

Shareholders equity, after minority interest, reached SAR 146.686 million as of June 30, 2022, up from SAR 55.813 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
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 67.15 - 10.67 - 8.13 -
H2 2021 86.45 - 8.07 - 2.56 -
H1 2022 191.69 185.5 % 14.02 31.4 % 11.11 36.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
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 9.77 - 0.22 2.35 7.42 0.16
H2 2021 1.50 - 0.03 - 1.50 0.03
H1 2022 8.47 (13.2 %) 0.15 - 8.47 0.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
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 12.20 % 8.83 % 5.80 %
H1 2022 7.94 % 6.15 % 3.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
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 45.00 - - -
H2 2021 58.08 0.19 0.15 2.38
H1 2022 58.08 0.17 0.17 2.53

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
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 43.33 43.33 2.94


Financial Ratios
Current
Market Cap (M Riyal) 771.30
Enterprise Value (EV) (M) 839.91
Shares Outstanding ((M)) 58.08
Book Value (BV) ( Riyal) 3.44
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 33.43
Price/book 3.86
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Share Price

National Environmental Recycling Co.
13.28
(0.10) (0.75 %)

National Environmental Recycling Co. (TADWEEER)

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