APICO posts 19% profit growth to SAR 9.3 mln in 2022
29/03/2023
Argaam Exclusive
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Arabian Plastic Industrial Co. (APICO) reported a rise of 19% in 2022 net profit to SAR 9.3 million, compared to SAR 7.8 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 116.68 | 154.57 | 32.5 % |
| Gross Income | 17.68 | 21.34 | 20.7 % |
| Operating Income | 9.27 | 11.74 | 26.7 % |
| Net Income | 7.81 | 9.30 | 19.1 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 1.56 | 1.86 | 19.1 % |
The higher profit was buoyed by a 32.47% year-on-year increase in revenue on strategic initiatives of expansion in sales footsteps to various Saudi regions as well as growth in customer base.
This was despite an increase in sales expenses and finance cost.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 59.48 | 77.26 | 29.9 % |
| Gross Income | 8.82 | 10.63 | 20.5 % |
| Operating Income | 4.92 | 5.67 | 15.2 % |
| Net Income | 4.17 | 4.57 | 9.6 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 0.83 | 0.91 | 9.6 % |
Total shareholders’ equity, no minority interest, reached SAR 82.6 million at the end of 2022, compared with SAR 73.3 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 77.31 | 35.1 % | 10.71 | 20.8 % | 6.07 | 39.6 % |
| H2 2022 | 77.26 | 29.9 % | 10.63 | 20.5 % | 5.67 | 15.2 % |
| 2022 | 154.57 | 32.5 % | 21.34 | 20.7 % | 11.74 | 26.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 4.74 | 30.1 % | 0.95 | - | 4.74 | 0.95 |
| H2 2022 | 4.57 | 9.6 % | 0.91 | - | 4.57 | 0.91 |
| 2022 | 9.30 | 19.1 % | 1.86 | - | 9.30 | 1.86 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 14.28 % | 14.72 % | 5.60 % |
| H2 2022 | 13.80 % | 13.53 % | 6.02 % |
| 2022 | 13.80 % | 13.53 % | 6.02 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 5.00 | 1.78 | 1.53 | 15.60 |
| H2 2022 | 5.00 | 1.86 | 1.86 | 16.52 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | 15.21 | 15.21 | 1.71 |
| Current | |
| Market Cap (M Riyal) | 174.00 |
| Enterprise Value (EV) (M) | 227.46 |
| Shares Outstanding ((M)) | 5.00 |
| Book Value (BV) ( Riyal) | 19.20 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 13.35 |
| Price/book | 1.81 |
Share Price
Arabian Plastic Industrial Co. (APICO)
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