Aqaseem profit sinks 87% to SAR 1.3M in 2024; H2 losses at SAR 3.7M

27/03/2025 Argaam Exclusive

Aqaseem Factory for Chemicals and Plastics Co. reported an 87% drop in the 2024 net profit to SAR 1.3 million from SAR 10.1 million a year earlier.



Financials (Million Riyal)

Item 2023 2024 Change‬
Revenues 150.83 164.77 9.2 %
Gross Income 39.27 37.09 (5.5 %)
Operating Income 12.66 5.72 (54.8 %)
Net Income 10.14 1.31 (87.0 %)
Average Shares 25.00 25.00 -
Earnings Per Share before unusual items (Riyals) 0.41 0.05 (87.0 %)
EPS (Riyal) 0.41 0.05 (87.0 %)

The profit decline is attributed to the increase in sales and marketing expenses to open new markets and regions to cover all parts of the Kingdom and abroad, in addition to the rise in the cost of sales and the cost of financing.

 

This came despite the increase in sales for 2024 to SAR 164.77 million compared to SAR 150.83 million in 2023, with a growth rate of 9%. This is due to the introduction of new products that contributed to increasing sales volume, in addition to increasing the sales of the subsidiary company and opening new markets inside and outside the Kingdom.



Current Half Annual Comparison (Million Riyal)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 76.21 71.29 (6.5 %)
Gross Income 21.46 14.92 (30.5 %)
Operating Income 6.20 (1.82) (129.3 %)
Net Income 4.37 (3.69) (184.6 %)
Average Shares 25.00 25.00 -
Earnings Per Share before unusual items (Riyal) 0.17 (0.15) (184.6 %)
EPS (Riyal) 0.17 (0.15) (184.6 %)

In H2 2024, the company turned to a net loss of SAR 3.7 million against a profit of SAR 4.37 million in the second half of 2023.

 

On a half-on-half basis, the company turned to a net loss against a profit of SAR 5.01 million in H1 2024.

 

Shareholders’ equity, no minority interest, reached SAR 52.31 million as of Dec. 31, 2024, up from SAR 55.97 million a year earlier.

 

 

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Share Price

Aqaseem Factory for Chemicals and Plastics Co.
2.30
(0.11) (4.56 %)

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Financial Ratios
Current
Market Cap (M Riyal) 57.50
Enterprise Value (EV) (M Riyal) 116.45
Shares Outstanding ((M)) 25.00
Recurring EPS ( Riyal) (TTM) (0.21)
Book Value (BV) ( Riyal) 1.95
Par Value ( Riyal) 1.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book 1.18
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (3.31 )
Return on Average Equity (%) (TTM) (10.11 )
EV/adj EBITDA 12.26
EV/Revenues 0.75
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Financial results (Million Riyal)

Period Revenues Change Gross Income Change Operating Income Change
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 35.48 - 10.43 - 3.73 -
H2 2020 34.77 - 10.15 - 4.32 -
H1 2021 45.58 28.5 % 11.92 14.3 % 3.95 5.9 %
H2 2021 53.15 52.9 % 11.97 17.9 % 4.34 0.6 %
H1 2022 61.24 34.4 % 12.27 2.9 % 2.24 (43.4 %)
H2 2022 79.27 49.2 % 16.76 40.0 % 4.96 14.3 %
H1 2023 74.62 21.9 % 17.81 45.2 % 6.46 188.6 %
H2 2023 76.21 (3.9 %) 21.46 28.1 % 6.20 24.9 %
H1 2024 93.48 25.3 % 22.17 24.5 % 7.54 16.6 %
H2 2024 71.29 (6.5 %) 14.92 (30.5 %) (1.82) (129.3 %)
2024 164.77 9.2 % 37.09 (5.5 %) 5.72 (54.8 %)


Profit Performance (Million Riyal)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 3.52 - 0.14 - 3.52 0.14
H2 2020 4.05 - 0.16 - 4.05 0.16
H1 2021 3.95 12.2 % 0.16 - 3.95 0.16
H2 2021 3.27 (19.3 %) 0.13 - 3.27 0.13
H1 2022 1.71 (56.7 %) 0.07 - 1.71 0.07
H2 2022 4.31 31.9 % 0.17 - 4.31 0.17
H1 2023 5.77 237.0 % 0.23 - 5.77 0.23
H2 2023 4.37 1.4 % 0.17 - 4.37 0.17
H1 2024 5.01 (13.2 %) 0.20 - 5.01 0.20
H2 2024 (3.69) (184.6 %) (0.15) - (3.69) (0.15)
2024 1.31 (87.0 %) 0.05 - 1.31 0.05

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 29.29 % - 10.77 %
H1 2021 27.46 % - 9.96 %
H2 2021 24.19 % 11.67 % 7.31 %
H1 2022 21.18 % 8.60 % 4.35 %
H2 2022 20.65 % 7.16 % 4.28 %
H1 2023 22.46 % 9.26 % 6.55 %
H2 2023 26.04 % 10.47 % 6.72 %
2023 26.04 % 10.47 % 6.72 %
H1 2024 25.71 % 10.59 % 5.52 %
H2 2024 22.51 % 6.58 % 0.80 %
2024 22.51 % 6.58 % 0.80 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2019 - - - -
H2 2019 - - - -
H1 2020 25.00 - - -
H2 2020 25.00 0.30 0.30 1.31
H1 2021 25.00 0.32 0.32 1.47
H2 2021 25.00 0.29 0.29 1.60
H1 2022 25.00 0.20 0.20 1.67
H2 2022 25.00 0.24 0.24 1.83
H1 2023 25.00 0.40 0.40 2.06
H2 2023 25.00 0.41 0.41 2.24
H1 2024 25.00 0.37 0.37 2.44
H2 2024 25.00 0.05 0.05 2.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 45.20 45.20 5.40
H2 2022 20.77 20.77 2.73
H1 2023 16.87 16.87 3.30
H2 2023 17.36 17.36 3.14
H1 2024 15.44 15.44 2.38
H2 2024 More than 100 More than 100 4.28

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