APICO net profit up 40% to SAR 13M in 2023
28/03/2024
Argaam Exclusive
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Arabian Plastic Industrial Co. (APICO) reported a net profit of SAR 13 million for 2023, up 40% from SAR 9.3 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 154.57 | 156.65 | 1.3 % |
| Gross Income | 21.34 | 28.04 | 31.4 % |
| Operating Income | 11.74 | 16.12 | 37.4 % |
| Net Income | 9.30 | 13.03 | 40.1 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 1.86 | 2.61 | 40.1 % |
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 77.26 | 74.18 | (4.0 %) |
| Gross Income | 10.63 | 13.73 | 29.2 % |
| Operating Income | 5.67 | 7.97 | 40.6 % |
| Net Income | 4.57 | 6.52 | 42.7 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 0.91 | 1.30 | 42.7 % |
The annual profit growth was triggered by the lower cost of production and decreased raw materials prices, which sent gross profit 31.40% higher year-on-year (YoY).
The 2023 bottom line expanded despite the uptick in selling and administrative expenses, with financing costs also soaring 23% YoY during the year.
Total shareholders’ equity, no minority interest, rose to SAR 95.98 million by Dec. 31, 2023, compared to SAR 82.58 million a year ago.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 82.47 | 6.7 % | 14.31 | 33.6 % | 8.16 | 34.4 % |
| H2 2023 | 74.18 | (4.0 %) | 13.73 | 29.2 % | 7.97 | 40.6 % |
| 2023 | 156.65 | 1.3 % | 28.04 | 31.4 % | 16.12 | 37.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 6.51 | 37.6 % | 1.30 | - | 6.51 | 1.30 |
| H2 2023 | 6.52 | 42.7 % | 1.30 | - | 6.52 | 1.30 |
| 2023 | 13.03 | 40.1 % | 2.61 | - | 13.03 | 2.61 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 15.61 % | 14.59 % | 6.94 % |
| H2 2023 | 17.90 % | 16.45 % | 8.32 % |
| 2023 | 17.90 % | 16.45 % | 8.32 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 5.00 | 2.22 | 2.22 | 17.82 |
| H2 2023 | 5.00 | 2.61 | 2.61 | 19.20 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 14.89 | 14.89 | 1.85 |
| H2 2023 | 16.00 | 16.00 | 2.17 |
| Current | |
| Market Cap (M Riyal) | 174.00 |
| Enterprise Value (EV) (M) | 227.46 |
| Shares Outstanding ((M)) | 5.00 |
| Book Value (BV) ( Riyal) | 19.20 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 13.35 |
| Price/book | 1.81 |
Share Price
Arabian Plastic Industrial Co. (APICO)
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