Amwaj International’s net profit down 45% to SAR 16M in 2023
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Amwaj International Co. reported a net profit of SAR 16 million for 2023, a decline of 45% from SAR 29 million a year ago.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 323.92 | 301.93 | (6.8 %) |
| Gross Income | 64.19 | 63.97 | (0.3 %) |
| Operating Income | 40.40 | 33.95 | (16.0 %) |
| Net Income | 29.03 | 15.96 | (45.0 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 4.84 | 2.66 | (45.0 %) |
The profit drop was attributed to the annual decrease in net sales by 7% on lower sales of the heating, ventilation, air conditioning and home appliances solutions segment, which includes corporate projects and the consumer segment.
Meanwhile, net profit was also affected by the seasonal factor, higher financing costs due to rising SAIBOR, lower sales due to the pullback in average selling prices and sales volumes. This is besides higher general and administrative expenses, marketing expenses, and Zakat expenses.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 157.70 | 147.04 | (6.8 %) |
| Gross Income | 34.48 | 36.41 | 5.6 % |
| Operating Income | 22.49 | 19.90 | (11.5 %) |
| Net Income | 14.00 | 5.81 | (58.5 %) |
| Average Shares | 6.00 | 6.00 | - |
| EPS (Riyals) | 2.33 | 0.97 | (58.5 %) |
Total shareholders’ equity, no minority interest, reached SAR 129.69 million by Dec. 31, 2023, compared to SAR 122.50 million in the prior year.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
165.43 |
21.08 |
3.51 |
|
H2 2021 |
105.12 |
7.18 |
1.20 |
|
H1 2022 |
166.22 |
15.03 |
2.50 |
|
H2 2022 |
157.70 |
14.00 |
2.34 |
|
H1 2023 |
154.89 |
10.15 |
1.69 |
|
H2 2023 |
147.04 |
5.81 |
0.97 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 154.89 | (6.8 %) | 27.56 | (7.2 %) | 14.04 | (21.6 %) |
| H2 2023 | 147.04 | (6.8 %) | 36.41 | 5.6 % | 19.90 | (11.5 %) |
| 2023 | 301.93 | (6.8 %) | 63.97 | (0.3 %) | 33.95 | (16.0 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 10.15 | (32.4 %) | 1.69 | - | 10.15 | 1.69 |
| H2 2023 | 5.81 | (58.5 %) | 0.97 | - | 5.81 | 0.97 |
| 2023 | 15.96 | (45.0 %) | 2.66 | - | 15.96 | 2.66 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 19.85 % | 12.99 % | 7.73 % |
| H2 2023 | 21.19 % | 12.58 % | 5.29 % |
| 2023 | 21.19 % | 12.58 % | 5.29 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 6.00 | 4.03 | 4.03 | 22.11 |
| H2 2023 | 6.00 | 2.66 | 2.66 | 21.62 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 27.33 | 27.33 | 4.98 |
| H2 2023 | 19.17 | 19.17 | 2.36 |
| Current | |
| Market Cap (M Riyal) | 287.70 |
| Enterprise Value (EV) (M) | 467.51 |
| Shares Outstanding ((M)) | 6.00 |
| Book Value (BV) ( Riyal) | 21.62 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 18.03 |
| Price/book | 2.22 |
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