Tharwah’s 2023 net earnings jump 68% to SAR 16.5M
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Altharwah Albashariyyah Co. (Tharwah), slated for listing on Nomu-Parallel Market, saw its 2023 net earnings advancing by 68% to SAR 16.5 million, from SAR 9.8 million in the previous year.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 39.97 | 79.40 | 98.6 % |
| Gross Income | 20.22 | 31.97 | 58.1 % |
| Operating Income | 10.17 | 17.06 | 67.7 % |
| Net Income | 9.83 | 16.54 | 68.3 % |
| Average Shares | 1.06 | 4.00 | - |
| EPS (Riyals) | 9.29 | 4.13 | (55.5 %) |
The annual profit growth was attributed to the year-on-year (YoY) top-line rise to SAR 79.4 million in 2023, compared to SAR 40 million in 2022, thanks to higher revenues from training courses and consulting activities. Tharwah also recognized gains from other revenues last year, against realizing losses in 2022.
On the other hand, the operating profit margin decreased from 25% in 2022 to 20% in the year after. This came as general and administrative expenses climbed to SAR 14.9 million in 2023, versus SAR 10 million in 2022. The gross profit margin also slipped to 40% by 2023-end, from 51% in the previous year.
The company generates revenues from two business divisions: Training courses revenues which amounted to SAR 51.9 million by 2023-end (or 65% of the total), compared to SAR 25.3 million in 2022; and consulting revenues which were valued at SAR 27.5 million last year (35% of the total), versus SAR 14.7 million in the year before.
On Oct. 1, 2023, Tharwah’s shareholders agreed to distribute dividends worth SAR 9.79 million. Later in December, its extraordinary general meeting (EGM) nodded to topping up capital from SAR 20 million to SAR 23.5 million by issuing 705,735 ordinary shares (15% of the company’s post-IPO capital), to be floated on Nomu.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 24.15 | 48.42 | 100.5 % |
| Gross Income | 12.62 | 18.30 | 45.1 % |
| Operating Income | 5.95 | 12.07 | 102.9 % |
| Net Income | 5.75 | 11.75 | 104.3 % |
| Average Shares | 1.06 | 4.00 | - |
| EPS (Riyals) | 5.43 | 2.94 | (46.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 30.97 | 95.8 % | 13.66 | 79.6 % | 4.99 | 18.2 % |
| H2 2023 | 48.42 | 100.5 % | 18.30 | 45.1 % | 12.07 | 102.9 % |
| 2023 | 79.40 | 98.6 % | 31.97 | 58.1 % | 17.06 | 67.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 4.79 | 17.5 % | 4.53 | - | 4.79 | 4.53 |
| H2 2023 | 11.75 | 104.3 % | 2.94 | - | 11.75 | 2.94 |
| 2023 | 16.54 | 68.3 % | 4.13 | - | 16.54 | 4.13 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 47.67 % | 20.54 % | 19.12 % |
| H2 2023 | 40.26 % | 21.88 % | 20.83 % |
| 2023 | 40.26 % | 21.88 % | 20.83 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 1.06 | 9.96 | 9.96 | 14.40 |
| H2 2023 | 4.00 | 4.13 | 4.13 | 7.97 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | - | - | - |
Business Segments (Million)
Q4 2023
| Period | Academy segment | Consultating segment |
|---|---|---|
| Q2 2023 | 21.31 | 9.67 |
| Q4 2023 | 30.59 | 17.83 |
| Current | |
| Market Cap (M Riyal) | 236.70 |
| Enterprise Value (EV) (M) | 223.47 |
| Shares Outstanding ((M)) | 4.71 |
| Book Value (BV) ( Riyal) | 7.97 |
| Par Value ( Riyal) | 5.00 |
| Adjusted P/E (Last12) | 14.31 |
| Price/book | 7.42 |
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