Financial Results : Almuneef H1 2023 profit down 11% to SAR 10.5 mln

Almuneef H1 2023 profit down 11% to SAR 10.5 mln

28/08/2023 Argaam Exclusive

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Almuneef Company for Trade, Industry, Agriculture and Contracting posted a net profit of SAR 10.5 million for H1 2023, a decline of 11% compared with SAR 11.8 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 149.03 124.34 (16.6 %)
Gross Income 17.43 14.18 (18.6 %)
Operating Income 12.06 10.87 (9.8 %)
Net Income 11.77 10.54 (10.5 %)
Average Shares 3.80 3.80 -
EPS (Riyals) 3.10 2.77 (10.5 %)

The profit decline was due to the lower profit margin of units resulting from a decrease in the selling price of the main products compared to the cost of purchase.

 

This led to a fall in the profit margin of the products, which dominate the biggest percentage of the company’s sales.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 149.03 124.34 (16.6 %)
Gross Income 17.43 14.18 (18.6 %)
Operating Income 12.06 10.87 (9.8 %)
Net Income 11.77 10.54 (10.5 %)
Average Shares 3.80 3.80 -
EPS (Riyals) 3.10 2.77 (10.5 %)

Shareholders’ equity, no minority interest, stood at SAR 86.98 million as of June 30, 2023, compared to SAR 67.19 million a year earlier.

 

Historical Data

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS (SAR/share)

H1 2021

76.70

8.54

2.25

H2 2021

111.06

11.13

2.93

H1 2022

149.03

11.77

3.10

H1 2023

124.34

10.54

2.77

 

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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 - - - - - -
H2 2020 - - - - - -
H1 2021 76.70 - 22.04 - 8.62 -
H2 2021 111.06 - 5.17 - 11.65 -
H1 2022 149.03 94.3 % 17.43 (20.9 %) 12.06 39.8 %
H2 2022 169.41 52.5 % 15.20 194.2 % 10.46 (10.2 %)
H1 2023 124.34 (16.6 %) 14.18 (18.6 %) 10.87 (9.8 %)


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 - - - - - -
H2 2020 - - - - - -
H1 2021 8.54 - 10.81 - 8.54 10.81
H2 2021 11.44 - 3.01 - 11.44 3.01
H1 2022 11.77 37.9 % 3.10 - 11.77 3.10
H2 2022 8.85 (22.6 %) 2.33 - 8.85 2.33
H1 2023 10.54 (10.5 %) 2.77 - 10.54 2.77

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 - - -
H1 2021 - - -
H2 2021 14.49 % 14.54 % 10.64 %
H1 2022 8.69 % 11.85 % 8.92 %
H2 2022 10.25 % 9.36 % 6.48 %
H1 2023 10.00 % 9.69 % 6.60 %


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 - - - -
H2 2020 - - - -
H1 2021 0.79 - - 18.53
H2 2021 3.80 5.26 5.26 14.66
H1 2022 3.80 6.11 6.11 17.76
H2 2022 3.80 5.43 5.43 20.12
H1 2023 3.80 5.10 5.10 22.89

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 - - -
H2 2022 - - -
H1 2023 13.66 13.66 3.04

Business Segments (Million)

Compared With The
Period Agriculture sector Transportation sector Stations sector
Q2 2021 64.72 7.23 4.76
Q4 2021 100.48 7.88 2.69
Q2 2022 140.51 8.52 -
Q4 2022 160.64 8.77 -
Q2 2023 117.37 6.96 -


Financial Ratios
Current
Market Cap (M Riyal) 216.22
Enterprise Value (EV) (M) 186.17
Shares Outstanding ((M)) 3.80
Book Value (BV) ( Riyal) 24.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.30
Price/book 2.29
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Share Price

Almuneef Company for Trade, Industry, Agriculture and Contracting
56.90
2.90 5.37 %

Almuneef Company for Trade, Industry, Agriculture and Contracting (ALMUNEEF)

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