Saudi Lime reports net profit of SAR 6.5 mln in H1 2022

16/02/2023 Argaam Exclusive

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Saudi Lime Industries Co., under listing on Nomu-Parallel Market, posted a 1.1% rise in net income to SAR 6.5 million for H1 2022, compared to SAR 6.4 billion in H1 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	65.15	70.90	8.8 %
Gross Income	29.90	31.13	4.1 %
Operating Income	8.33	6.69	(19.7 %)
Net Income	6.45	6.52	1.1 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.32	0.33	1.1 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	65.15	70.90	8.8 %
Gross Income	29.90	31.13	4.1 %
Operating Income	8.33	6.69	(19.7 %)
Net Income	6.45	6.52	1.1 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.32	0.33	1.1 %

Item	H2 2021	H1 2022	Change‬
Revenues	66.45	70.90	6.7 %
Gross Income	28.82	31.13	8.0 %
Operating Income	1.46	6.69	359.5 %
Net Income	4.82	6.52	35.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.24	0.33	35.3 %

The income rise was attributed to a 9% year-on-year (YoY) growth in revenues from all segments, especially sales of the lime segment, which increased by 8% YoY to SAR 53.4 million.

In addition, Saudi Lime’s gross profit margin improved to 48% in H1 2022 from 46% in H1 2021, supported by higher margins for all segments.

The company registered a reversal of the provision for impairment of investment of SAR 1.5 million in H1 2022 against zero provision in H1 2021.

Saudi Lime also reported a low cost of finance and high other revenues. This was despite a decline in the operating profit margin from 13% to 9% in H1 2022, as a result of higher operating expenses by 26%. Zakat and tax provisions also increased.

Total shareholders' equity (no minority interest) reached SAR 227.67 million as of June 30, 2022, compared to SAR 226.88 million a year earlier.

Cash flow from operating activities (CFO) amounted to SAR 16.18 million for H1 2022, compared to SAR 7.12 for H1 2021.

Capital expenditures rose to SAR 4.14 million in H1 2022 from SAR 3.13 million a year-earlier.

Saudi Lime focuses on three major segments: limestone, carbonate and brick, which expanded by 8%, 4%, and 27% by the end of H1 2022, to stand at SAR 53.37 million, SAR 10.59 million, and SAR 6.95 million, respectively.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	130.10	-	48.53	-	(2.68)	-
H1 2021	65.15	-	29.90	-	8.33	-
H2 2021	66.45	-	28.82	-	1.46	-
2021	131.59	1.1 %	58.72	21.0 %	9.79	465.8 %
H1 2022	70.90	8.8 %	31.13	4.1 %	6.69	(19.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	130.10	-	48.53	-	(2.68)	-
2021	131.59	1.1 %	58.72	21.0 %	9.79	465.8 %

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	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	(19.86)	-	(0.99)	-	(19.86)	(0.99)
H1 2021	6.45	-	0.32	-	6.45	0.32
H2 2021	4.82	-	0.24	3.65	1.17	0.06
2021	11.26	156.7 %	0.56	3.65	7.61	0.38
H1 2022	6.52	1.1 %	0.33	1.50	5.02	0.25

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	(19.86)	-	(0.99)	-	(19.86)	(0.99)
2021	11.26	156.7 %	0.56	3.65	7.61	0.38

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	37.30 %	8.21 %	(15.26 %)
H1 2021	-	-	-
H2 2021	44.62 %	16.96 %	5.79 %
2021	44.62 %	16.96 %	5.79 %
H1 2022	43.65 %	16.69 %	4.50 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	37.30 %	8.21 %	(15.26 %)
2021	44.62 %	16.96 %	5.79 %

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	45.89 %	20.24 %	9.89 %
H2 2021	43.38 %	13.74 %	1.76 %
H1 2022	43.90 %	19.44 %	7.08 %

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	20.00	-	-	11.34
H2 2021	20.00	0.56	0.38	11.56
H1 2022	20.00	0.57	0.31	11.38

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	20.00	(0.99)	(0.99)	11.02
2021	20.00	0.56	0.38	11.56

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	-	-	-

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

Business Segments (Million)

Compared With The

Period	limestone Sector	Carbonate Sector	Brick Sector
Q2 2021	49.52	10.17	5.46
Q4 2021	50.06	11.26	5.13
Q2 2022	53.37	10.59	6.95

Period	limestone Sector	Carbonate Sector	Brick Sector
2020	97.23	21.85	11.01
2021	99.58	21.43	10.59

Financial Ratios

	Current
Market Cap (M Riyal)	283.80
Enterprise Value (EV) (M)	244.15
Shares Outstanding ((M))	22.00
Book Value (BV) ( Riyal)	12.53
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	46.96
Price/book	1.03

Saudi Lime Industries Co. (LIME INDUSTRIES)

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Saudi Lime reports net profit of SAR 6.5 mln in H1 2022

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Saudi Lime Industries Co. (LIME INDUSTRIES)

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Saudi Lime reports net profit of SAR 6.5 mln in H1 2022

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Saudi Lime Industries Co. (LIME INDUSTRIES)

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Business Segments (Million)