Rawasi Albina earnings rise 9% to SAR 22.7M in 2023

19/03/2024 Argaam Exclusive

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Rawasi Albina Investment Co. posted a net profit of SAR 22.7 million for 2023, up 9% from SAR 20.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	135.22	164.24	21.5 %
Gross Income	37.55	42.50	13.2 %
Operating Income	31.00	34.99	12.9 %
Net Income	20.90	22.69	8.6 %
Average Shares	55.00	55.00	-
EPS (Riyals)	0.38	0.41	8.6 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	79.84	70.04	(12.3 %)
Gross Income	21.27	17.85	(16.1 %)
Operating Income	17.95	14.08	(21.6 %)
Net Income	11.43	7.56	(33.8 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.21	0.14	(33.8 %)

Item	H1 2023	H2 2023	Change‬
Revenues	94.20	70.04	(25.7 %)
Gross Income	24.65	17.85	(27.6 %)
Operating Income	20.91	14.08	(32.7 %)
Net Income	15.13	7.56	(50.0 %)
Average Shares	55.00	55.00	-
EPS (Riyals)	0.28	0.14	(50.0 %)

The profit growth was driven by increased revenues for 2023 as a result of higher number of contracts and projects signed by the company during the year.

Shareholders' equity, no minority interest, rose to SAR 137.77 million at the end of 2023, compared with SAR 114.90 million a year before.

Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	45.45	10.08	0.18
H2 2021	50.08	7.41	0.14
H1 2022	55.39	9.47	0.17
H2 2022	79.83	11.43	0.21
H1 2023	94.20	15.13	0.28
H2 2023	70.04	7.56	0.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	84.30	-	27.21	-	23.81	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	91.42	8.4 %	28.20	3.7 %	23.72	(0.3 %)
H1 2021	45.45	-	14.31	-	11.72	-
H2 2021	50.09	-	15.70	-	12.25	-
2021	95.53	4.5 %	30.01	6.4 %	23.97	1.1 %
H1 2022	55.39	21.9 %	16.28	13.7 %	13.04	11.3 %
H2 2022	79.84	59.4 %	21.27	35.5 %	17.95	46.5 %
2022	135.22	41.5 %	37.55	25.1 %	31.00	29.3 %
H1 2023	94.20	70.1 %	24.65	51.4 %	20.91	60.3 %
H2 2023	70.04	(12.3 %)	17.85	(16.1 %)	14.08	(21.6 %)
2023	164.24	21.5 %	42.50	13.2 %	34.99	12.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	84.30	-	27.21	-	23.81	-
2020	91.42	8.4 %	28.20	3.7 %	23.72	(0.3 %)
2021	95.53	4.5 %	30.01	6.4 %	23.97	1.1 %
2022	135.22	41.5 %	37.55	25.1 %	31.00	29.3 %
2023	164.24	21.5 %	42.50	13.2 %	34.99	12.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	17.79	-	0.32	-	17.79	0.32
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	18.26	2.6 %	0.33	-	18.26	0.33
H1 2021	10.08	-	0.18	-	10.08	0.18
H2 2021	7.41	-	0.13	-	7.41	0.13
2021	17.48	(4.2 %)	0.32	-	17.48	0.32
H1 2022	9.47	(6.0 %)	0.17	-	9.47	0.17
H2 2022	11.43	54.3 %	0.21	-	11.43	0.21
2022	20.90	19.5 %	0.38	-	20.90	0.38
H1 2023	15.13	59.8 %	0.28	-	15.13	0.28
H2 2023	7.56	(33.8 %)	0.14	-	7.56	0.14
2023	22.69	8.6 %	0.41	-	22.69	0.41

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	17.79	-	0.32	-	17.79	0.32
2020	18.26	2.6 %	0.33	-	18.26	0.33
2021	17.48	(4.2 %)	0.32	-	17.48	0.32
2022	20.90	19.5 %	0.38	-	20.90	0.38
2023	22.69	8.6 %	0.41	-	22.69	0.41

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	32.28 %	30.33 %	21.11 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	30.85 %	29.64 %	19.97 %
H1 2021	-	-	-
H2 2021	31.41 %	29.46 %	18.30 %
2021	31.41 %	29.46 %	18.30 %
H1 2022	30.31 %	27.36 %	16.00 %
H2 2022	27.77 %	26.17 %	15.45 %
2022	27.77 %	26.17 %	15.45 %
H1 2023	26.38 %	25.15 %	15.26 %
H2 2023	25.88 %	24.19 %	13.81 %
2023	25.88 %	24.19 %	13.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	32.28 %	30.33 %	21.11 %
2020	30.85 %	29.64 %	19.97 %
2021	31.41 %	29.46 %	18.30 %
2022	27.77 %	26.17 %	15.45 %
2023	25.88 %	24.19 %	13.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
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	31.50 %	30.79 %	22.17 %
H2 2021	31.34 %	28.25 %	14.79 %
H1 2022	29.39 %	26.55 %	17.09 %
H2 2022	26.64 %	25.90 %	14.32 %
H1 2023	26.16 %	24.51 %	16.06 %
H2 2023	25.49 %	23.75 %	10.80 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2014	-	-	-	-
H2 2014	-	-	-	-
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	55.00	-	-	1.56
H2 2021	55.00	0.32	0.32	1.69
H1 2022	55.00	0.31	0.31	1.86
H2 2022	55.00	0.38	0.38	2.09
H1 2023	55.00	0.48	0.48	2.36
H2 2023	55.00	0.41	0.41	2.50

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	55.00	0.32	0.32	1.04
2020	55.00	0.33	0.33	1.37
2021	55.00	0.32	0.32	1.69
2022	55.00	0.38	0.38	2.09
2023	55.00	0.41	0.41	2.50

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2014	-	-	-
H2 2014	-	-	-
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	16.42	16.42	2.99
H1 2023	12.47	12.47	2.55
H2 2023	12.87	12.87	2.12

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	16.42	16.42	2.99
2023	12.87	12.87	2.12

Business Segments (Million)

Compared With The

Period	Electricity installation and connection service	Communications installation and connection services	Selling shutters and communications supplies

Period	Electricity installation and connection service	Communications installation and connection services	Selling shutters and communications supplies
2019	34.65	30.32	19.33
2020	54.05	37.37	-
2021	67.70	27.83	-
2022	111.87	23.35	-
2023	128.11	36.13	-

Financial Ratios

	Current
Market Cap (M Riyal)	224.40
Enterprise Value (EV) (M)	264.11
Shares Outstanding ((M))	55.00
Book Value (BV) ( Riyal)	2.50
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	9.89
Price/book	1.63

Rawasi Albina Investment Co. (RAWASI)

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Rawasi Albina earnings rise 9% to SAR 22.7M in 2023

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Rawasi Albina Investment Co. (RAWASI)

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Rawasi Albina earnings rise 9% to SAR 22.7M in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Rawasi Albina Investment Co. (RAWASI)

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Business Segments (Million)