Saudi Top’s net profit plummets 87% to SAR 4.3M in 2023

14/03/2024 Argaam Exclusive

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Saudi Top for Trading Co. reported a net profit of SAR 4.3 million for 2023, a decline of 87% from SAR 32.3 million a year earlier, due to lower profit margins for most products and decreased revenue on a slump in average selling prices.

Financials (M)

Item	2022	2023	Change‬
Revenues	186.54	142.16	(23.8 %)
Gross Income	54.08	21.48	(60.3 %)
Operating Income	33.95	6.00	(82.3 %)
Net Income	32.26	4.28	(86.7 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.81	0.11	(86.7 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	80.75	74.51	(7.7 %)
Gross Income	19.61	10.95	(44.2 %)
Operating Income	9.82	2.21	(77.5 %)
Net Income	8.86	1.12	(87.4 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.22	0.03	(87.4 %)

Item	H1 2023	H2 2023	Change‬
Revenues	67.66	74.51	10.1 %
Gross Income	10.53	10.95	4.0 %
Operating Income	3.79	2.21	(41.8 %)
Net Income	3.16	1.12	(64.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.08	0.03	(64.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 68.10 million by Dec. 31, 2023, compared to SAR 85.41 million a year earlier.

Interim Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2021	92.93	6.62	0.16
H2 2021	98.84	10.48	0.26
H1 2022	105.80	23.40	0.59
H2 2022	80.74	8.86	0.22
H1 2023	67.66	3.16	0.08
H2 2023	74.50	1.12	0.03

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	100.07	-	22.96	-	11.94	-
H1 2021	92.93	-	15.12	-	7.02	-
H2 2021	98.84	-	20.64	-	11.03	-
2021	191.77	91.6 %	35.75	55.7 %	18.05	51.2 %
H1 2022	105.80	13.8 %	34.46	128.0 %	24.12	243.6 %
H2 2022	80.75	(18.3 %)	19.61	(4.9 %)	9.82	(10.9 %)
2022	186.54	(2.7 %)	54.08	51.3 %	33.95	88.1 %
H1 2023	67.66	(36.1 %)	10.53	(69.4 %)	3.79	(84.3 %)
H2 2023	74.51	(7.7 %)	10.95	(44.2 %)	2.21	(77.5 %)
2023	142.16	(23.8 %)	21.48	(60.3 %)	6.00	(82.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	100.07	-	22.96	-	11.94	-
2021	191.77	91.6 %	35.75	55.7 %	18.05	51.2 %
2022	186.54	(2.7 %)	54.08	51.3 %	33.95	88.1 %
2023	142.16	(23.8 %)	21.48	(60.3 %)	6.00	(82.3 %)

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	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	11.06	-	0.38	-	11.06	0.38
H1 2021	6.62	-	0.17	-	6.62	0.17
H2 2021	10.48	-	0.26	-	10.48	0.26
2021	17.10	54.6 %	0.43	-	17.10	0.43
H1 2022	23.40	253.5 %	0.59	-	23.40	0.59
H2 2022	8.86	(15.5 %)	0.22	-	8.86	0.22
2022	32.26	88.7 %	0.81	-	32.26	0.81
H1 2023	3.16	(86.5 %)	0.08	-	3.16	0.08
H2 2023	1.12	(87.4 %)	0.03	-	1.12	0.03
2023	4.28	(86.7 %)	0.11	-	4.28	0.11

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	11.06	-	0.38	-	11.06	0.38
2021	17.10	54.6 %	0.43	-	17.10	0.43
2022	32.26	88.7 %	0.81	-	32.26	0.81
2023	4.28	(86.7 %)	0.11	-	4.28	0.11

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	22.94 %	13.65 %	11.05 %
H1 2021	-	-	-
H2 2021	18.64 %	10.94 %	8.91 %
2021	18.64 %	10.94 %	8.91 %
H1 2022	26.92 %	18.79 %	16.55 %
H2 2022	28.99 %	20.23 %	17.29 %
2022	28.99 %	20.22 %	17.29 %
H1 2023	20.31 %	12.08 %	8.09 %
H2 2023	15.11 %	7.85 %	3.01 %
2023	15.11 %	7.85 %	3.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	22.94 %	13.65 %	11.05 %
2021	18.64 %	10.94 %	8.91 %
2022	28.99 %	20.22 %	17.29 %
2023	15.11 %	7.85 %	3.01 %

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	16.27 %	9.06 %	7.12 %
H2 2021	20.88 %	12.72 %	10.60 %
H1 2022	32.57 %	24.47 %	22.12 %
H2 2022	24.29 %	14.67 %	10.97 %
H1 2023	15.56 %	8.99 %	4.67 %
H2 2023	14.70 %	6.81 %	1.50 %

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	40.00	-	-	-
H2 2021	40.00	0.43	0.43	1.47
H1 2022	40.00	0.85	0.85	1.90
H2 2022	40.00	0.81	0.81	2.14
H1 2023	40.00	0.30	0.30	1.85
H2 2023	40.00	0.11	0.11	1.70

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	29.04	0.38	0.38	1.26
2021	40.00	0.43	0.43	1.47
2022	40.00	0.81	0.81	2.14
2023	40.00	0.11	0.11	1.70

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	14.01	14.01	5.29
H1 2023	33.30	33.30	5.39
H2 2023	70.92	70.92	4.45

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	14.01	14.01	5.29
2023	70.92	70.92	4.45

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
Q4 2022	63.86	16.89
Q2 2023	51.36	16.29
Q4 2023	57.07	17.43

Period	The industrial sector	The commercial sector
2020	80.73	19.33
2021	163.30	28.48
2022	150.06	36.48
2023	108.44	33.73

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

Saudi Top for Trading Co. (SAUDI TOP)

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Saudi Top’s net profit plummets 87% to SAR 4.3M in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Saudi Top for Trading Co. (SAUDI TOP)

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Saudi Top’s net profit plummets 87% to SAR 4.3M in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Saudi Top for Trading Co. (SAUDI TOP)

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Business Segments (Million)