Keir’s profit drops 53% to SAR 9.3M in 2023

31/03/2024 Argaam Exclusive

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Keir International Co. reported a net profit of SAR 9.3 million for 2023, down 53% from SAR 19.8 million a year earlier, due to project expansions, which increased operating expenses.

Financials (M)

Item	2022	2023	Change‬
Revenues	171.41	209.17	22.0 %
Gross Income	44.52	45.03	1.1 %
Operating Income	27.84	23.99	(13.8 %)
Net Income	19.84	9.34	(52.9 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.17	0.08	(52.9 %)

The company also cited higher wages and material prices, as well as increased cost of finance for existing projects due to the rise in SAIBOR.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	107.82	131.61	22.1 %
Gross Income	27.74	29.92	7.9 %
Operating Income	19.31	18.34	(5.0 %)
Net Income	13.20	8.05	(39.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.11	0.07	(39.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	77.56	131.61	69.7 %
Gross Income	15.11	29.92	98.1 %
Operating Income	5.65	18.34	224.9 %
Net Income	1.29	8.05	523.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.01	0.07	523.1 %

Total shareholders’ equity, no minority interest, stood at SAR 242.90 million by Dec. 31, 2023, compared to SAR 241.83 million a year earlier.

Historical Quarterly Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings Per Share (SAR /share)
H1 2021	56.65	4.06	0.04
H2 2021	112.72	12.88	0.11
H1 2022	63.59	6.64	0.06
H2 2022	107.82	13.2	0.11
H1 2023	77.56	1.29	0.01
H2 2023	131.61	8.05	0.07

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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	178.80	-	46.09	-	35.24	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	156.02	(12.7 %)	33.69	(26.9 %)	23.34	(33.8 %)
H1 2021	56.65	-	10.13	-	5.32	-
H2 2021	112.73	-	24.09	-	17.72	-
2021	169.37	8.6 %	34.22	1.6 %	23.04	(1.3 %)
H1 2022	63.59	12.3 %	16.78	65.7 %	8.52	60.1 %
H2 2022	107.82	(4.4 %)	27.74	15.1 %	19.31	9.0 %
2022	171.41	1.2 %	44.52	30.1 %	27.84	20.8 %
H1 2023	77.56	22.0 %	15.11	(10.0 %)	5.65	(33.8 %)
H2 2023	131.61	22.1 %	29.92	7.9 %	18.34	(5.0 %)
2023	209.17	22.0 %	45.03	1.1 %	23.99	(13.8 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	178.80	-	46.09	-	35.24	-
2020	156.02	(12.7 %)	33.69	(26.9 %)	23.34	(33.8 %)
2021	169.37	8.6 %	34.22	1.6 %	23.04	(1.3 %)
2022	171.41	1.2 %	44.52	30.1 %	27.84	20.8 %
2023	209.17	22.0 %	45.03	1.1 %	23.99	(13.8 %)

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	32.18	-	0.32	-	32.18	0.32
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	18.41	(42.8 %)	0.18	-	18.41	0.18
H1 2021	4.06	-	0.04	-	4.06	0.04
H2 2021	12.88	-	0.11	-	12.88	0.11
2021	16.94	(7.9 %)	0.14	-	16.94	0.14
H1 2022	6.64	63.3 %	0.06	-	6.64	0.06
H2 2022	13.20	2.5 %	0.11	-	13.20	0.11
2022	19.84	17.1 %	0.17	-	19.84	0.17
H1 2023	1.29	(80.5 %)	0.01	-	1.29	0.01
H2 2023	8.05	(39.1 %)	0.07	-	8.05	0.07
2023	9.34	(52.9 %)	0.08	-	9.34	0.08

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	32.18	-	0.32	-	32.18	0.32
2020	18.41	(42.8 %)	0.18	-	18.41	0.18
2021	16.94	(7.9 %)	0.14	-	16.94	0.14
2022	19.84	17.1 %	0.17	-	19.84	0.17
2023	9.34	(52.9 %)	0.08	-	9.34	0.08

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	25.78 %	21.27 %	18.00 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	21.59 %	16.52 %	11.80 %
H1 2021	-	-	-
H2 2021	20.20 %	15.12 %	10.00 %
2021	20.20 %	15.12 %	10.00 %
H1 2022	23.18 %	16.35 %	11.07 %
H2 2022	25.97 %	17.79 %	11.57 %
2022	25.97 %	17.79 %	11.57 %
H1 2023	23.11 %	15.22 %	7.82 %
H2 2023	21.53 %	13.14 %	4.46 %
2023	21.53 %	13.14 %	4.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	25.78 %	21.27 %	18.00 %
2020	21.59 %	16.52 %	11.80 %
2021	20.20 %	15.12 %	10.00 %
2022	25.97 %	17.79 %	11.57 %
2023	21.53 %	13.14 %	4.46 %

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	17.88 %	11.60 %	7.17 %
H2 2021	21.37 %	16.89 %	11.43 %
H1 2022	26.39 %	15.38 %	10.43 %
H2 2022	25.72 %	19.22 %	12.25 %
H1 2023	19.48 %	9.66 %	1.67 %
H2 2023	22.73 %	15.20 %	6.11 %

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	100.00	-	-	1.55
H2 2021	120.00	0.14	0.14	1.95
H1 2022	120.00	0.16	0.16	1.94
H2 2022	120.00	0.17	0.17	2.02
H1 2023	120.00	0.12	0.12	1.95
H2 2023	120.00	0.08	0.08	2.02

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	100.00	0.32	0.32	1.42
2020	100.00	0.18	0.18	1.51
2021	120.00	0.14	0.14	1.95
2022	120.00	0.17	0.17	2.02
2023	120.00	0.08	0.08	2.02

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	73.79	73.79	6.05
H1 2023	46.36	46.36	2.87
H2 2023	58.21	58.21	2.24

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	73.79	73.79	6.05
2023	58.21	58.21	2.24

Business Segments (Million)

Compared With The

Period	Telecommunication	Power	Software
Q2 2022	49.51	14.08	-
Q4 2022	89.98	17.84	-
Q2 2023	43.39	30.59	3.59
Q4 2023	47.78	79.75	4.08

Period	Telecommunication	Power	Software
2019	174.55	4.24	-
2020	139.64	16.38	-
2021	111.70	57.68	-
2022	139.49	31.92	-
2023	91.17	110.34	7.67

Financial Ratios

	Current
Market Cap (M Riyal)	698.40
Enterprise Value (EV) (M)	785.28
Shares Outstanding ((M))	120.00
Book Value (BV) ( Riyal)	2.02
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	More than 100
Price/book	2.88

KEIR International Co. (KEIR)

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Keir’s profit drops 53% to SAR 9.3M 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

KEIR International Co. (KEIR)

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Keir’s profit drops 53% to SAR 9.3M 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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

KEIR International Co. (KEIR)

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Business Segments (Million)