Rawasi Albina posts SAR 9.5M loss in H1 2024

Rawasi Albina posts SAR 9.5M loss in H1 2024

26/08/2024 Argaam Exclusive

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Rawasi Albina Investment Co. reported a net loss of SAR 9.5 million in the first half of 2024, against a net profit of SAR 15.1 in the same period a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 94.20 38.09 (59.6 %)
Gross Income 24.65 2.66 (89.2 %)
Operating Income 20.91 (1.55) (107.4 %)
Net Income 15.13 (9.75) (164.5 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.28 (0.18) (164.5 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 94.20 38.09 (59.6 %)
Gross Income 24.65 2.66 (89.2 %)
Operating Income 20.91 (1.55) (107.4 %)
Net Income 15.13 (9.75) (164.5 %)
Average Shares 55.00 55.00 -
EPS (Riyals) 0.28 (0.18) (164.5 %)

The losses came on the back of increased spending to raise operational capacity in preparation for new projects.

 

In addition, a number of projects were completed and delivered during the first half of 2024.

 

The company received new projects in H1 2024, the financial impact of which is expected in later periods.

 

Shareholders’ equity, no minority interest, reached SAR 128 million as of June 30, 2024, down from SAR 130 million a year earlier.

 

Historical Data 

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 

0.14 

H1 2024 

38.09 

(9.48) 

(0.18) 

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 45.45 - 14.31 - 11.72 -
H2 2021 50.09 - 15.70 - 12.25 -
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 %
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 %)
H1 2024 38.09 (59.6 %) 2.66 (89.2 %) (1.55) (107.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 10.08 - 0.18 - 10.08 0.18
H2 2021 7.41 - 0.13 - 7.41 0.13
H1 2022 9.47 (6.0 %) 0.17 - 9.47 0.17
H2 2022 11.43 54.3 % 0.21 - 11.43 0.21
H1 2023 15.13 59.8 % 0.28 - 15.13 0.28
H2 2023 7.56 (33.8 %) 0.14 - 7.56 0.14
H1 2024 (9.75) (164.5 %) (0.18) (1.79) (7.96) (0.14)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 31.41 % 29.46 % 18.30 %
H1 2022 30.31 % 27.36 % 16.00 %
H2 2022 27.77 % 26.17 % 15.45 %
H1 2023 26.38 % 25.15 % 15.26 %
H2 2023 25.88 % 24.19 % 13.81 %
H1 2024 18.97 % 16.26 % (0.36 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2024 55.00 (0.04) (0.01) 2.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 NEG NEG 2.23

Business Segments (Million)

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


Financial Ratios
Current
Market Cap (M Riyal) 226.05
Enterprise Value (EV) (M) 265.76
Shares Outstanding ((M)) 55.00
Book Value (BV) ( Riyal) 2.50
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 9.96
Price/book 1.64
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Share Price

Rawasi Albina Investment Co.
4.11
0.03 0.74 %

Rawasi Albina Investment Co. (RAWASI)

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