Saudi Top Trading reports net profit of SAR 23.5 million in H1 2022

Saudi Top Trading reports net profit of SAR 23.5 million in H1 2022

17/10/2022 Argaam Exclusive

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Saudi Top Plastic Trading Co. (STP) reported a net profit of SAR 23.5 million for H1 2022, compared to SAR 6.6 million in the year-earlier period. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 92.93 105.80 13.8 %
Gross Income 15.12 34.46 128.0 %
Operating Income 7.02 24.12 243.6 %
Net Income 6.62 23.40 253.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.17 0.59 253.5 %

This profit surge was spurred by a 14% increase year-on-year (YoY) in revenue, higher other revenue, a rise in gross profit margins to 33% compared to 16% in the prior-year period and the 8% decline YoY in cost of revenue.

 

This was offset by higher Zakat and tax expenses and increased cost of finance. 



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 92.93 105.80 13.8 %
Gross Income 15.12 34.46 128.0 %
Operating Income 7.02 24.12 243.6 %
Net Income 6.62 23.40 253.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.17 0.59 253.5 %

Total shareholders’ equity, excluding minority interest, stood at SAR 76.158 million by the end of June 30, 2022, compared to SAR 58.712 million in the year-earlier period.  

 

Revenue from the industrial business portfolio reached SAR 86.20 million in H1 2022, compared to SAR 80.31 million in the corresponding period, while revenue from the trade business activities increased YoY to SAR 19.60 million.  



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
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 92.93 - 15.12 - 7.02 -
H2 2021 98.84 - 20.64 - 11.03 -
H1 2022 105.80 13.8 % 34.46 128.0 % 24.12 243.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
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 6.62 - 0.17 - 6.62 0.17
H2 2021 10.48 - 0.26 - 10.48 0.26
H1 2022 23.40 253.5 % 0.59 - 23.40 0.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
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 18.64 % 10.94 % 8.91 %
H1 2022 26.92 % 18.79 % 16.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
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 40.00 - - -
H2 2021 40.00 0.43 0.43 1.47
H1 2022 40.00 0.85 0.85 1.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
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 - - -

Business Segments (Million)

Compared With The
Period The industrial sector The commercial sector
Q2 2021 80.31 12.61
Q4 2021 82.98 15.86
Q2 2022 86.20 19.60


Financial Ratios
Current
Market Cap (M Riyal) 296.00
Enterprise Value (EV) (M) 289.18
Shares Outstanding ((M)) 40.00
Book Value (BV) ( Riyal) 1.70
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
Price/book 4.35
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Share Price

Saudi Top for Trading Co.
7.40
0.48 6.94 %

Saudi Top for Trading Co. (SAUDI TOP)

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