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Almajed Oud profit grows 6% to SAR 157M in 2024; Q4 at SAR 15M
06/03/2025
Argaam Exclusive
Almajed Oud Co. reported a net profit of SAR 157 million in 2024, marking a 6% growth from SAR 148.7 million a year earlier.
Financials (Million Riyal)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 772.46 | 926.00 | 19.9 % |
| Gross Income | 512.87 | 609.70 | 18.9 % |
| Operating Income | 168.22 | 183.55 | 9.1 % |
| Net Income | 148.68 | 156.96 | 5.6 % |
| Average Shares | 25.00 | 25.00 | - |
| Earnings Per Share before unusual items (Riyals) | 6.13 | 6.48 | 5.7 % |
| EPS (Riyal) | 5.95 | 6.28 | 5.6 % |
The increase in profit was driven by higher sales due to geographical expansions, new stores, increased spending on marketing campaigns, launch of new products and a growth in e-commerce sales.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 227.66 | 234.06 | 2.8 % |
| Gross Income | 146.47 | 143.53 | (2.0 %) |
| Operating Income | 43.18 | 18.81 | (56.4 %) |
| Net Income | 33.58 | 15.03 | (55.2 %) |
| Average Shares | 25.00 | 25.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.52 | 0.60 | (60.4 %) |
| EPS (Riyal) | 1.34 | 0.60 | (55.2 %) |
Q4 2024 net earnings dropped 55% to SAR 15 million from SAR 33.5 million in the year-earlier period.
On a sequential basis, net profit slumped 33% from SAR 22.4 million in Q3 2024.
Total shareholders’ equity, no minority interest, stood at SAR 468.18 million by Dec. 31, 2024, compared to SAR 377.26 million a year earlier.
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Share Price
| Current | |
| Market Cap (M Riyal) | 3,247.50 |
| Enterprise Value (EV) (M Riyal) | 2,862.41 |
| Shares Outstanding ((M)) | 25.00 |
| Recurring EPS ( Riyal) (TTM) | 8.98 |
| Book Value (BV) ( Riyal) | 26.54 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 14.46 |
| P/E (TTM) | 14.46 |
| Price/book | 4.89 |
| Dividend Yield (%) (Last Year) | 3.08 |
| Return on Average Assets (%) (TTM) | 21.9 |
| Return on Average Equity (%) (TTM) | 37.2 |
| EV/adj EBITDA | 7.44 |
| EV/Revenues | 2.38 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 257.62 | 42.6 % | 172.71 | 48.7 % | 71.02 | 101.7 % |
| Q2 2024 | 259.56 | 6.7 % | 173.50 | 6.9 % | 61.45 | (16.7 %) |
| Q3 2024 | 174.76 | 44.4 % | 119.95 | 36.5 % | 32.27 | 101.5 % |
| Q4 2024 | 234.06 | 2.8 % | 143.53 | (2.0 %) | 18.81 | (56.4 %) |
| 2024 | 926.00 | 19.9 % | 609.70 | 18.9 % | 183.55 | 9.1 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 64.03 | 113.2 % | 2.56 | (1.31) | 65.35 | 2.61 |
| Q2 2024 | 55.47 | (21.9 %) | 2.22 | (1.36) | 56.83 | 2.27 |
| Q3 2024 | 22.42 | 59.3 % | 0.90 | (2.30) | 24.72 | 0.99 |
| Q4 2024 | 15.03 | (55.2 %) | 0.60 | (0.06) | 15.10 | 0.60 |
| 2024 | 156.96 | 5.6 % | 6.28 | (5.03) | 161.99 | 6.48 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | 66.39 % | 35.57 % | 19.83 % |
| 2023 | 66.39 % | 35.57 % | 19.83 % |
| Q1 2024 | 67.03 % | 36.49 % | 22.19 % |
| Q2 2024 | 67.05 % | 35.16 % | 20.14 % |
| Q3 2024 | 66.62 % | 35.30 % | 20.12 % |
| Q4 2024 | 65.84 % | 32.78 % | 17.49 % |
| 2024 | 65.84 % | 32.78 % | 17.49 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 25.00 | 7.31 | 7.54 | 17.72 |
| Q2 2024 | 25.00 | 6.69 | 6.97 | 14.90 |
| Q3 2024 | 25.00 | 7.02 | 7.40 | 17.77 |
| Q4 2024 | 25.00 | 6.28 | 6.48 | 18.73 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | 23.25 | 22.53 | 7.80 |
Business Segments (Million Riyal)
Q4 2024
| Period | perfumes | Oud | incense | oils | gifts | others | Plant-Based Products |
|---|---|---|---|---|---|---|---|
| Q1 2024 | 162.30 | 38.64 | 20.61 | 15.46 | 15.46 | - | 5.15 |
| Q2 2024 | 168.70 | 28.59 | 15.59 | 20.74 | 20.74 | - | 5.19 |
| Q3 2024 | 118.76 | 22.72 | 12.24 | 5.32 | 12.24 | - | 3.50 |
| Q4 2024 | 161.40 | 30.43 | 7.12 | 14.04 | 16.38 | - | 4.68 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 45.40 | 15.03 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| AlJazira Capital | 45.40 | 15.03 | 15.10 |
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