Al-Jouf Mineral Water’s 2023 profit falls 29% to SAR 4.1M
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Al-Jouf Mineral Water Bottling Co. posted a net profit drop of 29% to SAR 4.1 million in 2023, compared to SAR 5.7 million in the year-earlier period.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 73.98 | 76.87 | 3.9 % |
| Gross Income | 30.59 | 39.01 | 27.5 % |
| Operating Income | 6.75 | 5.78 | (14.3 %) |
| Net Income | 5.74 | 4.10 | (28.5 %) |
| Average Shares | 4.69 | 4.69 | - |
| EPS (Riyals) | 1.22 | 0.88 | (28.5 %) |
The annual profit decline was due to the 35% year-on-year (YoY) increase in selling and distribution expenses. Further, general and administrative expenses climbed by 57% YoY due to the company’s expansion and sales team augmentation.
In 2023, financing costs also grew 140% YoY due to higher interest rates on loans. This was despite a 3.9% YoY hike in sales.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 37.89 | 39.38 | 3.9 % |
| Gross Income | 12.05 | 19.26 | 59.8 % |
| Operating Income | 3.83 | 2.94 | (23.2 %) |
| Net Income | 2.93 | 1.80 | (38.7 %) |
| Average Shares | 4.69 | 4.69 | - |
| EPS (Riyals) | 0.63 | 0.38 | (38.7 %) |
Shareholders' equity (no minority interest) amounted to SAR 87.19 million by the end of Dec. 31, 2023, up from SAR 83.15 million in the prior year.
|
Historical Data |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2020 |
40.66 |
2.27 |
0.48 |
|
H2 2020 |
30.97 |
2.30 |
0.49 |
|
H1 2021 |
32.53 |
2.60 |
0.55 |
|
H2 2021 |
35.10 |
2.10 |
0.45 |
|
H1 2022 |
36.08 |
2.81 |
0.60 |
|
H2 2022 |
37.90 |
2.93 |
0.62 |
|
H1 2023 |
37.49 |
2.31 |
0.49 |
|
H2 2023 |
39.38 |
1.79 |
0.38 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 37.49 | 3.9 % | 19.74 | 6.5 % | 2.84 | (2.5 %) |
| H2 2023 | 39.38 | 3.9 % | 19.26 | 59.8 % | 2.94 | (23.2 %) |
| 2023 | 76.87 | 3.9 % | 39.01 | 27.5 % | 5.78 | (14.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 2.31 | (17.8 %) | 0.49 | - | 2.31 | 0.49 |
| H2 2023 | 1.80 | (38.7 %) | 0.38 | - | 1.80 | 0.38 |
| 2023 | 4.10 | (28.5 %) | 0.88 | - | 4.10 | 0.88 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 42.18 % | 17.47 % | 6.95 % |
| H2 2023 | 50.74 % | 16.08 % | 5.34 % |
| 2023 | 50.74 % | 16.08 % | 5.34 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 4.69 | 1.12 | 1.12 | 18.23 |
| H2 2023 | 4.69 | 0.88 | 0.88 | 18.60 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 25.60 | 25.60 | 1.57 |
| H2 2023 | 33.71 | 33.71 | 1.59 |
| Current | |
| Market Cap (M Riyal) | 118.66 |
| Enterprise Value (EV) (M) | 165.60 |
| Shares Outstanding ((M)) | 4.69 |
| Book Value (BV) ( Riyal) | 18.60 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 28.91 |
| Price/book | 1.36 |
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