AlBabtain Food's 2023 earnings sink 60% to SAR 5.8M
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Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit drop of 60% to SAR 5.8 million in 2023, compared to SAR 14.4 million in the year before.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 126.89 | 144.33 | 13.7 % |
| Gross Income | 36.77 | 34.77 | (5.4 %) |
| Operating Income | 10.10 | 5.67 | (43.8 %) |
| Net Income | 14.39 | 5.82 | (59.6 %) |
| Average Shares | 3.40 | 3.40 | - |
| EPS (Riyals) | 4.23 | 1.71 | (59.6 %) |
The annual profit slump was attributed to high prices of raw materials and shipping costs during the year, coupled with a modest hike in operating expenses and lower other revenues.
This was offset by higher sales in 2023 due to the company’s product diversification and geographical spread. It also managed to not raise selling prices despite their market increase, which was reflected in an uptick in sales.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 64.20 | 79.17 | 23.3 % |
| Gross Income | 18.59 | 17.58 | (5.5 %) |
| Operating Income | 5.77 | 2.52 | (56.3 %) |
| Net Income | 8.72 | 2.78 | (68.1 %) |
| Average Shares | 3.40 | 3.40 | - |
| EPS (Riyals) | 2.57 | 0.82 | (68.1 %) |
Total shareholders' equity, no minority interest, amounted to SAR 63.8 million by Dec. 31, 2023, up from SAR 59.5 million a year ago.
|
Historical Data |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
55.10 |
5.78 |
1.70 |
|
H2 2021 |
72.64 |
10.09 |
2.97 |
|
H1 2022 |
62.69 |
5.66 |
1.67 |
|
H2 2022 |
64.20 |
8.73 |
2.57 |
|
H1 2023 |
65.16 |
3.04 |
0.89 |
|
H2 2023 |
79.15 |
2.76 |
0.81 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 65.16 | 3.9 % | 17.19 | (5.4 %) | 3.16 | (27.1 %) |
| H2 2023 | 79.17 | 23.3 % | 17.58 | (5.5 %) | 2.52 | (56.3 %) |
| 2023 | 144.33 | 13.7 % | 34.77 | (5.4 %) | 5.67 | (43.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 3.04 | (46.3 %) | 0.89 | - | 3.04 | 0.89 |
| H2 2023 | 2.78 | (68.1 %) | 0.82 | - | 2.78 | 0.82 |
| 2023 | 5.82 | (59.6 %) | 1.71 | - | 5.82 | 1.71 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 27.67 % | 8.18 % | 9.09 % |
| H2 2023 | 24.09 % | 5.40 % | 4.03 % |
| 2023 | 24.09 % | 5.40 % | 4.03 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 3.40 | 3.46 | 3.46 | 17.90 |
| H2 2023 | 3.40 | 1.71 | 1.71 | 18.77 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 15.09 | 15.09 | 2.92 |
| H2 2023 | 25.80 | 25.80 | 2.35 |
Business Segments (Million)
2023
| Period | Bakery & sweets materials - babtin | Chocolate Materials-babtin | Ice cream materials - babtin | Café Shop Materials - babtin | Cheese products materials - babtin |
|---|
| Current | |
| Market Cap (M Riyal) | 163.20 |
| Enterprise Value (EV) (M) | 161.12 |
| Shares Outstanding ((M)) | 3.40 |
| Book Value (BV) ( Riyal) | 18.77 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 28.05 |
| Price/book | 2.56 |
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