Group Five turns to profit of SAR 9.7 mln in H1 2023

Group Five turns to profit of SAR 9.7 mln in H1 2023

06/08/2023 Argaam Exclusive

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Group Five Pipe Saudi Co. reported a net profit of SAR 9.7 million in H1 2023, against a loss of SAR 18.7 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 58.40 311.48 433.4 %
Gross Income (7.11) 30.42 528.1 %
Operating Income (13.13) 22.37 270.3 %
Net Income (18.73) 9.68 151.7 %
Average Shares 28.00 28.00 -
EPS (Riyals) (0.67) 0.35 151.7 %

The profit was driven by increased number and size of the implemented projects in addition to the stability of raw material prices.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 58.40 311.48 433.4 %
Gross Income (7.11) 30.42 528.1 %
Operating Income (13.13) 22.37 270.3 %
Net Income (18.73) 9.68 151.7 %
Average Shares 28.00 28.00 -
EPS (Riyals) (0.67) 0.35 151.7 %

Shareholders’ equity, no minority interest, stood at SAR 322.95 million as of June 30, 2023, from SAR 315.74 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 352.84 - 44.25 - 40.50 -
H2 2020 563.33 - 85.51 - 79.52 -
H1 2021 477.82 35.4 % 40.38 (8.7 %) 42.27 4.4 %
H2 2021 163.28 (71.0 %) 20.93 (75.5 %) 11.86 (85.1 %)
H1 2022 58.40 (87.8 %) (7.11) (117.6 %) (13.13) (131.1 %)
H2 2022 172.14 5.4 % 9.27 (55.7 %) 3.28 (72.4 %)
H1 2023 311.48 433.4 % 30.42 528.1 % 22.37 270.3 %


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 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 30.07 - 1.07 - 30.07 1.07
H2 2020 53.54 - 1.91 - 53.54 1.91
H1 2021 28.83 (4.1 %) 1.03 - 28.83 1.03
H2 2021 6.29 (88.3 %) 0.22 - 6.29 0.22
H1 2022 (18.73) (165.0 %) (0.67) - (18.73) (0.67)
H2 2022 (5.65) (189.8 %) (0.20) - (5.65) (0.20)
H1 2023 9.68 151.7 % 0.35 - 9.68 0.35

Profitability

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 14.16 % 14.68 % 9.13 %
H1 2021 12.09 % 13.56 % 7.91 %
H2 2021 9.56 % 11.79 % 5.48 %
H1 2022 6.23 % 9.12 % (5.61 %)
H2 2022 0.94 % 5.00 % (10.57 %)
H1 2023 8.21 % 9.75 % 0.83 %


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 28.00 - - 8.81
H2 2020 28.00 2.99 2.99 10.68
H1 2021 28.00 2.94 2.94 11.71
H2 2021 28.00 1.25 1.25 11.95
H1 2022 28.00 (0.44) (0.44) 11.28
H2 2022 28.00 (0.87) (0.87) 11.19
H1 2023 28.00 0.14 0.14 11.53

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 30.50 30.50 3.20
H1 2022 NEG NEG 2.22
H2 2022 NEG NEG 2.15
H1 2023 More than 100 More than 100 1.92

Business Segments (Million)

Compared With The
Period Pipe sales Scrap sales and others
Q2 2020 327.47 25.37
Q4 2020 536.63 26.70
Q2 2021 453.36 24.46
Q4 2021 156.88 6.40
Q2 2022 56.31 2.09
Q4 2022 167.21 4.94
Q2 2023 305.35 6.14


Financial Ratios
Current
Market Cap (M Riyal) 1,128.40
Enterprise Value (EV) (M) 1,886.45
Shares Outstanding ((M)) 28.00
Book Value (BV) ( Riyal) 11.57
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 3.48
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Share Price

Group Five Pipe Saudi Co.
40.30
1.90 4.95 %

Group Five Pipe Saudi Co. (GROUP FIVE)

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