AlBabtain Food profit dips 47% to SAR 3 mln in H1 2023

AlBabtain Food profit dips 47% to SAR 3 mln in H1 2023

30/08/2023 Argaam Exclusive

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Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit fall of 47% to SAR 3 million in the first half of 2023, compared to SAR 5.7 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 62.69 65.16 3.9 %
Gross Income 18.18 17.19 (5.4 %)
Operating Income 4.33 3.16 (27.1 %)
Net Income 5.66 3.04 (46.3 %)
Average Shares 3.40 3.40 -
EPS (Riyals) 1.67 0.89 (46.3 %)

The company cited an increase in the cost of goods sold to 73.7% in H1 2023, from 70.1% in the prior-year period on the higher costs of raw materials amid global inflation.

 

Increased general and administrative expenses as well as finance costs , along with a decline in other income amid fluctuations in foreign exchange rates also weighed on the six-month results.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 62.69 65.16 3.9 %
Gross Income 18.18 17.19 (5.4 %)
Operating Income 4.33 3.16 (27.1 %)
Net Income 5.66 3.04 (46.3 %)
Average Shares 3.40 3.40 -
EPS (Riyals) 1.67 0.89 (46.3 %)

Shareholders’ equity, no minority interest, increased to SAR 60.9 million as of June 30, 2023, from SAR 50.4 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H2 2020

71.10

9.06

2.66

H1 2021

55.10

5.78

1.70

H2 2021

72.64

10.09

2.97

H1 2022

62.69

5.66

1.67

H2 2022

64.20

8.73

2.57

H1 2023

65.20

3.00

0.89

 

View More Financial Results

 


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 - - - - - -
H2 2020 - - - - - -
H1 2021 55.10 - 17.14 - 6.11 -
H2 2021 72.64 - 24.30 - 10.36 -
H1 2022 62.69 13.8 % 18.18 6.1 % 4.33 (29.2 %)
H2 2022 64.20 (11.6 %) 18.59 (23.5 %) 5.77 (44.3 %)
H1 2023 65.16 3.9 % 17.19 (5.4 %) 3.16 (27.1 %)


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 - - - - - -
H2 2020 - - - - - -
H1 2021 5.78 - 1.70 - 5.78 1.70
H2 2021 10.09 - 2.97 - 10.09 2.97
H1 2022 5.66 (2.0 %) 1.67 - 5.66 1.67
H2 2022 8.72 (13.6 %) 2.57 - 8.72 2.57
H1 2023 3.04 (46.3 %) 0.89 - 3.04 0.89

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 - - -
H1 2021 - - -
H2 2021 32.43 % 13.76 % 12.43 %
H1 2022 31.39 % 11.70 % 11.64 %
H2 2022 28.98 % 8.85 % 11.34 %
H1 2023 27.67 % 8.18 % 9.09 %


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 3.40 - - 11.88
H2 2021 3.40 4.67 4.67 14.15
H1 2022 3.40 4.63 4.63 14.82
H2 2022 3.40 4.23 4.23 17.51
H1 2023 3.40 3.46 3.46 17.90

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 - - -
H2 2022 11.86 11.86 2.87
H1 2023 15.09 15.09 2.92

Business Segments (Million)

Compared With The
Period Bakery & sweets materials - babtin Chocolate Materials-babtin Ice cream materials - babtin Café Shop Materials - babtin Cheese products materials - babtin


Financial Ratios
Current
Market Cap (M Riyal) 163.20
Enterprise Value (EV) (M) 161.12
Shares Outstanding ((M)) 3.40
Book Value (BV) ( Riyal) 18.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.05
Price/book 2.56
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Share Price

Abdulaziz and Mansour Ibrahim Albabtin Co.
48.00
(4.40) (8.40 %)

Abdulaziz and Mansour Ibrahim Albabtin Co. (ALBABTAIN FOOD)

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