Financial Results : Aqaseem’s net profit down 57% to SAR 1.7 mln in H1 2022

Aqaseem’s net profit down 57% to SAR 1.7 mln in H1 2022

23/08/2022 Argaam Exclusive

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Aqaseem Factory for Chemicals and Plastics Co. reported a net profit after Zakat and tax of SAR 1.7 million for the first six-month period of 2022, a 57% decline from nearly SAR 4 million in the same period a year ago.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 45.58 61.24 34.4 %
Gross Income 11.92 12.27 2.9 %
Operating Income 3.95 2.24 (43.4 %)
Net Income 3.95 1.71 (56.7 %)
Average Shares 2.50 2.50 -
EPS (Riyals) 1.58 0.69 (56.7 %)

The profit decline is due to the increase in the prices of raw materials and the company's acquisition of an additional market share, which resulted in a growth rate of 134% year-on-year (YoY).



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 45.58 61.24 34.4 %
Gross Income 11.92 12.27 2.9 %
Operating Income 3.95 2.24 (43.4 %)
Net Income 3.95 1.71 (56.7 %)
Average Shares 2.50 2.50 -
EPS (Riyals) 1.58 0.69 (56.7 %)

Total shareholders’ equity after minority interest stood at SAR 41.652 million as of June 30, 2022, from SAR 39.940 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 35.48 - 10.43 - 3.73 -
H2 2020 34.77 - 10.15 - 4.32 -
H1 2021 45.58 28.5 % 11.92 14.3 % 3.95 5.9 %
H2 2021 53.15 52.9 % 11.97 17.9 % 4.34 0.6 %
H1 2022 61.24 34.4 % 12.27 2.9 % 2.24 (43.4 %)


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 3.52 - 1.41 - 3.52 1.41
H2 2020 4.05 - 1.62 - 4.05 1.62
H1 2021 3.95 12.2 % 1.58 - 3.95 1.58
H2 2021 3.27 (19.3 %) 1.31 - 3.27 1.31
H1 2022 1.71 (56.7 %) 0.69 - 1.71 0.69

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 29.29 % - 10.77 %
H1 2021 27.46 % 12.03 % 9.96 %
H2 2021 24.19 % 11.67 % 7.31 %
H1 2022 21.18 % 8.60 % 4.35 %


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 2.50 - - -
H2 2020 2.50 3.03 3.03 13.09
H1 2021 2.50 3.20 3.20 14.67
H2 2021 2.50 2.89 2.89 15.98
H1 2022 2.50 1.99 1.99 16.66

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 45.20 45.20 5.40


Financial Ratios
Current
Market Cap (M Riyal) 137.50
Enterprise Value (EV) (M) 157.17
Shares Outstanding ((M)) 2.50
Book Value (BV) ( Riyal) 22.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.56
Price/book 2.46
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Share Price

Aqaseem Factory for Chemicals and Plastics Co.
55.00
3.70 7.21 %

Aqaseem Factory for Chemicals and Plastics Co. (AQASEEM)

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