Amwaj International’s 2021 net profit drops 37% to SAR 28.3 mln, Q4 loss at SAR 700,000
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Amwaj International Co. posted a 37% fall in net profit to SAR 28.3 million for 2021, compared to SAR 44.7 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 385.75 | 270.55 | (29.9 %) |
| Gross Income | 75.48 | 57.87 | (23.3 %) |
| Operating Income | 51.66 | 35.89 | (30.5 %) |
| Net Income | 44.69 | 28.26 | (36.8 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 7.45 | 4.71 | (36.8 %) |
The profit decline was attributed to a 30% drop year-on-year (YoY) in revenue, despite a rise in gross profit margins to 21.4% from 19.6% in 2020. Moreover, selling, general and administrative expenses (SG&A) went lower.
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|
In Q4 2021, Amwaj swung to a net loss of SAR 700,000 against a net profit of SAR 1.73 million in the year-earlier period.
The loss was incurred on a 58% decline YoY in revenue and a 64% increase in selling and distribution expenses.
On the other hand, gross profit margins expanded to 22.3% from 19.5% in Q4 2020. General and administrative expenses declined to SAR 1.5 million in Q4 2021, compared to SAR 4.8 million in the year-earlier period.
The company also reported negative results, against a net profit of 7.89 million in Q3 2021, as revenue dived 66% despite a rise in gross profit margins to 22.3% from 20.1% in the previous quarter.
Shareholders’ equity, excluding minority interests, stood at SAR 93.1 million in 2021, up from SAR 85 million in 2020.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 165.43 | - | 36.18 | - | 26.24 | - |
| H2 2021 | 105.13 | - | 21.69 | - | 9.65 | - |
| 2021 | 270.55 | (29.9 %) | 57.87 | (23.3 %) | 35.89 | (30.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 21.08 | - | 3.51 | - | 21.08 | 3.51 |
| H2 2021 | 7.18 | - | 1.20 | - | 7.18 | 1.20 |
| 2021 | 28.26 | (36.8 %) | 4.71 | - | 28.26 | 4.71 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | 21.39 % | 14.58 % | 10.45 % |
| 2021 | 21.39 % | 14.58 % | 10.45 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 6.00 | - | - | 17.68 |
| H2 2021 | 6.00 | 4.71 | 4.71 | 15.52 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
| Current | |
| Market Cap (M Riyal) | 299.70 |
| Enterprise Value (EV) (M) | 479.51 |
| Shares Outstanding ((M)) | 6.00 |
| Book Value (BV) ( Riyal) | 21.62 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 18.78 |
| Price/book | 2.31 |
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