Financial Results : Mufeed profit down 43% to SAR 18.3M in H1 2024

Mufeed profit down 43% to SAR 18.3M in H1 2024

13/10/2024 Argaam Exclusive

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Mufeed Co., on track to list on the Nomu-Parallel Market, reported a bottom line of SAR 18.3 million in H1 2024, compared to SAR 32.2 million during the same period in 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 99.91 76.62 (23.3 %)
Gross Income 40.90 29.09 (28.9 %)
Operating Income 32.96 16.53 (49.9 %)
Net Income 32.17 18.27 (43.2 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 5.36 3.05 (43.2 %)

The annual profit decline was attributed to the 23% year-on-year (YoY) revenue slump to SAR 23.3 million in the first six months of this year. This came due to a significant drop in revenues from government and quasi-government customers of 37.7% from SAR 92.2 million in H1 2023 to SAR 57.5 million in H1 2024.

 

Moreover, the gross profit margin decreased to 38% in the current period, compared to 41% in the corresponding period last year, resulting from an increase in the cost of sales ratio.

 

The operating profit margin also plunged to 22% in the first half of this year, from 33% in H1 2023. This was due to a 45% YoY uptick in general and administrative expenses, besides allocating a provision for bad debts of SAR 1.4 million, compared to SAR 243,000 in the corresponding period of the previous year.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 99.91 76.62 (23.3 %)
Gross Income 40.90 29.09 (28.9 %)
Operating Income 32.96 16.53 (49.9 %)
Net Income 32.17 18.27 (43.2 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 5.36 3.05 (43.2 %)

Shareholders' equity, with no minority interest, amounted to SAR 102.75 million by the end of June 30, 2024, compared to SAR 73.05 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 99.91 - 40.90 - 32.96 -
H2 2023 79.04 - 42.18 - 27.94 -
H1 2024 76.62 (23.3 %) 29.09 (28.9 %) 16.53 (49.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 32.17 - 5.36 - 32.17 5.36
H2 2023 26.09 - 4.35 - 26.09 4.35
H1 2024 18.27 (43.2 %) 3.05 3.53 14.74 2.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
H2 2023 46.43 % 37.38 % 32.56 %
H1 2024 45.79 % 34.08 % 26.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 6.00 - - 12.17
H2 2023 6.00 9.71 9.71 14.08
H1 2024 6.00 7.39 6.80 17.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2023 - - -
H1 2024 - - -

Business Segments (Million)

Compared With The
Period Governmental and semi-governmental bodies Private Sector
Q2 2023 92.23 7.68
Q4 2023 74.31 4.72
Q2 2024 57.50 19.12


Financial Ratios
Current
Market Cap (M Riyal) 483.12
Enterprise Value (EV) (M) 481.83
Shares Outstanding ((M)) 6.60
Book Value (BV) ( Riyal) 14.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.29
Price/book 5.72
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Share Price

Mufeed Co.
73.20
1.20 1.67 %

Mufeed Co. (MUFEED)

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