Alsaif Gallery H1 profit drops 11% to SAR 65.8 mln; Q2 at SAR 15.3 mln

06/08/2023 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 65.8 million for the first half of 2023, a decline of 11% from SAR 74.2 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	382.56	375.16	(1.9 %)
Gross Income	126.12	115.36	(8.5 %)
Operating Income	78.10	62.95	(19.4 %)
Net Income	74.22	65.83	(11.3 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.21	0.19	(11.3 %)

The profit decline was due to a 1.9% fall in sales due to the end of seasonal discounts, Ramadan, as the holy month started on March 23, 2023, before the salaries for March 2023 were deposited, compared to the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	129.62	145.74	12.4 %
Gross Income	40.71	37.82	(7.1 %)
Operating Income	19.99	13.98	(30.1 %)
Net Income	15.12	15.28	1.0 %
Average Shares	350.00	350.00	-
EPS (Riyals)	0.04	0.04	1.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	229.42	145.74	(36.5 %)
Gross Income	77.54	37.82	(51.2 %)
Operating Income	48.97	13.98	(71.5 %)
Net Income	50.55	15.28	(69.8 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.14	0.04	(69.8 %)

Meanwhile, the company posted a net profit of SAR 15.3 million for Q2 2023, slightly higher than SAR 15.2 million a year before.

This was mainly driven by a 12.4% rise in total sales, supported by a 47.6% increase in online sales, in addition to the sales of new branches in Kuwait and the UAE.

On a quarterly basis, the second-quarter net earnings fell 69.8% from SAR 50.55 million in Q1 2023.

Shareholders’ equity, with no minority interest, stood at SAR 441.93 million as of June 30, 2023, compared to SAR 390.35 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	493.84	-	198.53	-	143.41	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	655.22	32.7 %	275.91	39.0 %	192.17	34.0 %
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	797.20	21.7 %	324.21	17.5 %	218.91	13.9 %
Q1 2021	272.81	-	102.43	-	75.02	-
Q2 2021	187.46	-	59.91	-	34.39	-
Q3 2021	162.60	-	48.04	-	23.56	-
Q4 2021	202.43	-	65.14	-	41.54	-
2021	825.29	3.5 %	275.53	(15.0 %)	174.51	(20.3 %)
Q1 2022	252.95	(7.3 %)	85.41	(16.6 %)	58.11	(22.5 %)
Q2 2022	129.62	(30.9 %)	40.71	(32.0 %)	19.99	(41.9 %)
Q3 2022	168.14	3.4 %	45.11	(6.1 %)	23.00	(2.3 %)
Q4 2022	188.40	(6.9 %)	35.02	(46.2 %)	11.51	(72.3 %)
2022	739.11	(10.4 %)	206.26	(25.1 %)	112.61	(35.5 %)
Q1 2023	229.42	(9.3 %)	77.54	(9.2 %)	48.97	(15.7 %)
Q2 2023	145.74	12.4 %	37.82	(7.1 %)	13.98	(30.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	493.84	-	198.53	-	143.41	-
2019	655.22	32.7 %	275.91	39.0 %	192.17	34.0 %
2020	797.20	21.7 %	324.21	17.5 %	218.91	13.9 %
2021	825.29	3.5 %	275.53	(15.0 %)	174.51	(20.3 %)
2022	739.11	(10.4 %)	206.26	(25.1 %)	112.61	(35.5 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	143.77	-	0.41	-	143.77	0.41
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	187.43	30.4 %	0.54	-	187.43	0.54
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	214.19	14.3 %	0.61	-	214.19	0.61
Q1 2021	73.85	-	0.21	-	73.85	0.21
Q2 2021	34.52	-	0.10	-	34.52	0.10
Q3 2021	24.62	-	0.07	-	24.62	0.07
Q4 2021	51.90	-	0.15	-	51.90	0.15
2021	184.88	(13.7 %)	0.53	-	184.88	0.53
Q1 2022	59.09	(20.0 %)	0.17	-	59.09	0.17
Q2 2022	15.12	(56.2 %)	0.04	-	15.12	0.04
Q3 2022	27.51	11.7 %	0.08	-	27.51	0.08
Q4 2022	28.05	(46.0 %)	0.08	14.97	13.08	0.04
2022	129.77	(29.8 %)	0.37	14.97	114.80	0.33
Q1 2023	50.55	(14.5 %)	0.14	-	50.55	0.14
Q2 2023	15.28	1.0 %	0.04	-	15.28	0.04

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	143.77	-	0.41	-	143.77	0.41
2019	187.43	30.4 %	0.54	-	187.43	0.54
2020	214.19	14.3 %	0.61	-	214.19	0.61
2021	184.88	(13.7 %)	0.53	-	184.88	0.53
2022	129.77	(29.8 %)	0.37	14.97	114.80	0.33

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	40.20 %	30.44 %	29.11 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	42.11 %	32.33 %	28.61 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	40.67 %	30.75 %	26.87 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	33.39 %	23.00 %	22.40 %
2021	33.39 %	24.98 %	22.40 %
Q1 2022	32.10 %	21.56 %	21.12 %
Q2 2022	32.01 %	22.41 %	20.16 %
Q3 2022	31.39 %	23.30 %	20.40 %
Q4 2022	27.91 %	19.76 %	15.53 %
2022	27.91 %	19.76 %	15.53 %
Q1 2023	27.72 %	19.36 %	14.85 %
Q2 2023	26.72 %	18.39 %	14.54 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	40.20 %	30.44 %	29.11 %
2019	42.11 %	32.33 %	28.61 %
2020	40.67 %	30.75 %	26.87 %
2021	33.39 %	24.98 %	22.40 %
2022	27.91 %	19.76 %	15.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	37.55 %	30.13 %	27.07 %
Q2 2021	31.96 %	-	18.41 %
Q3 2021	29.55 %	-	15.14 %
Q4 2021	32.18 %	24.53 %	25.64 %
Q1 2022	33.77 %	26.10 %	23.36 %
Q2 2022	31.41 %	21.80 %	11.67 %
Q3 2022	26.83 %	18.74 %	16.36 %
Q4 2022	18.59 %	10.74 %	6.94 %
Q1 2023	33.80 %	25.53 %	22.03 %
Q2 2023	25.95 %	16.62 %	10.48 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	350.00	-	-	1.20
Q2 2021	350.00	-	-	-
Q3 2021	350.00	-	-	1.37
Q4 2021	350.00	0.53	0.53	1.09
Q1 2022	350.00	0.49	0.49	1.26
Q2 2022	350.00	0.43	0.43	1.12
Q3 2022	350.00	0.44	0.44	1.19
Q4 2022	350.00	0.37	0.33	1.17
Q1 2023	350.00	0.35	0.30	1.22
Q2 2023	350.00	0.35	0.30	1.26

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	350.00	0.41	0.41	0.59
2019	350.00	0.54	0.54	0.94
2020	350.00	0.61	0.61	0.99
2021	350.00	0.53	0.53	1.09
2022	350.00	0.37	0.33	1.17

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	24.41	27.59	7.70
Q1 2023	24.98	28.49	7.10
Q2 2023	26.82	30.59	7.37

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	24.41	27.59	7.70

Business Segments (Million)

Compared With The

Period	Branch retail	E-COMMERCE	Wholesale
Q1 2022	226.56	25.06	1.32
Q2 2022	117.90	8.83	2.89
Q3 2022	153.11	13.74	1.29
Q4 2022	167.46	18.64	2.30
Q1 2023	202.05	25.32	2.05
Q2 2023	108.49	12.50	24.76

Period	Branch retail	E-COMMERCE	Wholesale
2019	636.44	9.85	8.93
2020	748.98	37.59	10.63
2021	757.89	61.43	5.96
2022	665.03	66.27	7.80

Financial Ratios

	Current
Market Cap (M Riyal)	2,681.00
Enterprise Value (EV) (M)	2,770.38
Shares Outstanding ((M))	350.00
EPS ( Riyal) (TTM)	0.15
Book Value (BV) ( Riyal)	1.25
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	6.13
Return on Average Assets (%) (TTM)	6.4
Return on Average Equity (%) (TTM)	12.1

AlSaif Stores for Development and Investment Co. (ALSAIF GALLERY)

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Alsaif Gallery H1 profit drops 11% to SAR 65.8 mln; Q2 at SAR 15.3 mln

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Financials (M)

Current Quarter 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 Q2

Financial Ratios

Share Price

AlSaif Stores for Development and Investment Co. (ALSAIF GALLERY)

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Alsaif Gallery H1 profit drops 11% to SAR 65.8 mln; Q2 at SAR 15.3 mln

View other reports

Financials (M)

Current Quarter 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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

AlSaif Stores for Development and Investment Co. (ALSAIF GALLERY)

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Business Segments (Million)