Tadweeer posts 32% profit rise to SAR 23.8M in 2023

28/03/2024 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) reported a 32% rise in 2023 net profit to SAR 23.8 million, compared to SAR 18.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	402.45	631.91	57.0 %
Gross Income	30.89	38.94	26.1 %
Operating Income	23.40	28.62	22.3 %
Net Income	18.12	23.82	31.5 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.31	0.41	31.5 %

The annual earnings were driven by higher sales volumes and the effective sales mix to local customers and exporters.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	210.76	373.92	77.4 %
Gross Income	16.87	21.80	29.2 %
Operating Income	12.30	15.51	26.1 %
Net Income	9.64	13.67	41.7 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.24	41.7 %

Item	H1 2023	H2 2023	Change‬
Revenues	257.99	373.92	44.9 %
Gross Income	17.14	21.80	27.2 %
Operating Income	13.11	15.51	18.3 %
Net Income	10.15	13.67	34.7 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.24	34.7 %

Shareholders’ equity, no minority interest, increased to SAR 199.94 million as of Dec. 31, 2023, from SAR 156.47 million in the year-earlier period.

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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	21.89	-	2.92	-	0.19	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	68.85	214.5 %	15.27	422.3 %	10.75	5686.5 %
H1 2021	67.15	-	10.67	-	8.13	-
H2 2021	86.45	-	8.07	-	2.56	-
2021	153.60	123.1 %	18.73	22.6 %	10.68	(0.6 %)
H1 2022	191.69	185.5 %	14.02	31.4 %	11.11	36.7 %
H2 2022	210.76	143.8 %	16.87	109.1 %	12.30	380.7 %
2022	402.45	162.0 %	30.89	64.9 %	23.40	119.1 %
H1 2023	257.99	34.6 %	17.14	22.3 %	13.11	18.0 %
H2 2023	373.92	77.4 %	21.80	29.2 %	15.51	26.1 %
2023	631.91	57.0 %	38.94	26.1 %	28.62	22.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	21.89	-	2.92	-	0.19	-
2020	68.85	214.5 %	15.27	422.3 %	10.75	5686.5 %
2021	153.60	123.1 %	18.73	22.6 %	10.68	(0.6 %)
2022	402.45	162.0 %	30.89	64.9 %	23.40	119.1 %
2023	631.91	57.0 %	38.94	26.1 %	28.62	22.3 %

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	(1.05)	-	(0.06)	-	(1.05)	(0.06)
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	9.57	1013.1 %	0.21	-	9.57	0.21
H1 2021	9.77	-	0.22	2.35	7.42	0.16
H2 2021	1.50	-	0.03	-	1.50	0.03
2021	11.26	17.7 %	0.19	2.35	8.91	0.15
H1 2022	8.47	(13.2 %)	0.15	-	8.47	0.15
H2 2022	9.64	543.6 %	0.17	-	9.64	0.17
2022	18.12	60.8 %	0.31	-	18.12	0.31
H1 2023	10.15	19.8 %	0.17	0.74	9.41	0.16
H2 2023	13.67	41.7 %	0.24	-	13.67	0.24
2023	23.82	31.5 %	0.41	0.74	23.07	0.40

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	(1.05)	-	(0.06)	-	(1.05)	(0.06)
2020	9.57	1013.1 %	0.21	-	9.57	0.21
2021	11.26	17.7 %	0.19	2.35	8.91	0.15
2022	18.12	60.8 %	0.31	-	18.12	0.31
2023	23.82	31.5 %	0.41	0.74	23.07	0.40

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	13.36 %	10.15 %	(4.79 %)
H1 2020	-	-	-
H2 2020	-	-	-
2020	22.18 %	18.86 %	13.89 %
H1 2021	-	-	-
H2 2021	12.20 %	8.83 %	5.80 %
2021	12.20 %	8.83 %	5.80 %
H1 2022	7.94 %	6.15 %	3.59 %
H2 2022	7.67 %	6.97 %	4.50 %
2022	7.67 %	6.97 %	4.50 %
H1 2023	7.25 %	6.73 %	4.06 %
H2 2023	6.16 %	5.69 %	3.65 %
2023	6.16 %	5.69 %	3.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	13.36 %	10.15 %	(4.79 %)
2020	22.18 %	18.86 %	13.89 %
2021	12.20 %	8.83 %	5.80 %
2022	7.67 %	6.97 %	4.50 %
2023	6.16 %	5.69 %	3.65 %

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	15.88 %	14.05 %	11.04 %
H2 2021	9.33 %	4.78 %	1.73 %
H1 2022	7.31 %	6.77 %	4.42 %
H2 2022	8.00 %	7.16 %	4.58 %
H1 2023	6.64 %	6.39 %	3.65 %
H2 2023	5.83 %	5.22 %	3.66 %

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	45.00	-	-	-
H2 2021	58.08	0.19	0.15	2.38
H1 2022	58.08	0.17	0.17	2.53
H2 2022	58.08	0.31	0.31	2.69
H1 2023	58.08	0.34	0.33	3.20
H2 2023	58.08	0.41	0.40	3.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	16.88	(0.06)	(0.06)	0.71
2020	45.00	0.21	0.21	1.03
2021	58.08	0.19	0.15	2.38
2022	58.08	0.31	0.31	2.69
2023	58.08	0.41	0.40	3.44

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	43.33	43.33	2.94
H2 2022	18.59	18.59	2.15
H1 2023	21.71	22.56	2.31
H2 2023	19.75	20.39	2.35

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	18.59	18.59	2.15
2023	19.75	20.39	2.35

Financial Ratios

	Current
Market Cap (M Riyal)	904.89
Enterprise Value (EV) (M)	973.50
Shares Outstanding ((M))	58.08
Book Value (BV) ( Riyal)	3.44
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	39.22
Price/book	4.53

National Environmental Recycling Co. (TADWEEER)

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Tadweeer posts 32% profit rise to SAR 23.8M 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

Financial Ratios

Share Price

National Environmental Recycling Co. (TADWEEER)

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Tadweeer posts 32% profit rise to SAR 23.8M 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

Financial Ratios

Share Price

National Environmental Recycling Co. (TADWEEER)

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