Al Majed Oud’s profit up 23% to SAR 141.9M in 9M 2024; Q3 at SAR 22.4M
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Al Majed Oud Co.’s net profit jumped 23% to SAR 141.9 million in the first nine months of 2024, from SAR 115.1 million in the year-earlier period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 544.80 | 683.74 | 25.5 % |
| Gross Income | 366.40 | 462.80 | 26.3 % |
| Operating Income | 125.04 | 155.40 | 24.3 % |
| Net Income | 115.10 | 141.93 | 23.3 % |
| Average Shares | 25.00 | 25.00 | - |
| EPS (Riyals) | 4.60 | 5.68 | 23.3 % |
The nine-month earnings were buoyed by the great success in the performance of the branches that were opened in 2023, which contributed significantly to the increase in sales for the current period of 2024.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 120.99 | 170.62 | 41.0 % |
| Gross Income | 87.88 | 117.90 | 34.2 % |
| Operating Income | 16.02 | 28.05 | 75.1 % |
| Net Income | 14.07 | 22.42 | 59.3 % |
| Average Shares | 25.00 | 25.00 | - |
| EPS (Riyals) | 0.56 | 0.90 | 59.3 % |
The third-quarter net profit climbed 59% to SAR 22.4 million, from SAR 14 million in Q3 2023, thanks to better sales due to increased number of stores and improved operational performance.
Compared to Q2 2024, net earnings fell 59.6% from SAR 55.4 million hurt by a decline in sales due to seasonal factors, such as the Hajj season and Eid holidays.
Shareholders’ equity, after minority interest, stood at SAR 444.29 million as of Sept. 30, 2024, up from SAR 392.98 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 256.08 | 41.8 % | 172.51 | 48.5 % | 68.39 | 94.2 % |
| Q2 2024 | 257.04 | 5.7 % | 172.39 | 6.2 % | 58.96 | (20.1 %) |
| Q3 2024 | 170.62 | 41.0 % | 117.90 | 34.2 % | 28.05 | 75.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 64.03 | 113.2 % | 2.56 | - | 64.03 | 2.56 |
| Q2 2024 | 55.47 | (21.9 %) | 2.22 | - | 55.47 | 2.22 |
| Q3 2024 | 22.42 | 59.3 % | 0.90 | - | 22.42 | 0.90 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 67.30 % | 35.99 % | 22.22 % |
| Q2 2024 | 67.38 % | 34.48 % | 20.05 % |
| Q3 2024 | 67.01 % | 34.35 % | 19.87 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 25.00 | 7.31 | 7.49 | 19.72 |
| Q2 2024 | 25.00 | 6.69 | 6.87 | 14.90 |
| Q3 2024 | 25.00 | 7.02 | 7.20 | 17.77 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
Business Segments (Million)
2023
| Period | perfumes | Oud | incense | oils | gifts | others |
|---|
| Current | |
| Market Cap (M Riyal) | 3,645.00 |
| Enterprise Value (EV) (M) | 3,601.76 |
| Shares Outstanding ((M)) | 25.00 |
| EPS ( Riyal) (TTM) | 7.02 |
| Book Value (BV) ( Riyal) | 17.77 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 20.25 |
| P/E (TTM) | 20.77 |
| Price/book | 8.20 |
| Return on Average Assets (%) (TTM) | 23.9 |
| Return on Average Equity (%) (TTM) | 41.9 |
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