Alsaif Gallery profit falls 20% to SAR 81.1 mln in 9M 2023; Q3 drops 45% to SAR 15.3 mln
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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 81.1 million for the first nine months of 2023, down 20% compared to SAR 101.7 million in the year-earlier period.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 550.71 | 527.05 | (4.3 %) |
| Gross Income | 171.24 | 157.15 | (8.2 %) |
| Operating Income | 101.10 | 77.64 | (23.2 %) |
| Net Income | 101.72 | 81.10 | (20.3 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.29 | 0.23 | (20.3 %) |
The lower profit was due to a decrease in total sales by 4.3%. The company also cited an increase in selling and marketing expenses by 16%, as well as a rise in expenses related to the cost of financing lease contracts in accordance with IFRS 16.
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 168.14 | 151.89 | (9.7 %) |
| Gross Income | 45.11 | 41.79 | (7.4 %) |
| Operating Income | 23.00 | 14.69 | (36.1 %) |
| Net Income | 27.51 | 15.27 | (44.5 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.08 | 0.04 | (44.5 %) |
Q3 2022 net profit dropped 45% year-on-year (YoY) to SAR 15.3 million from SAR 27.5 million as total sales decreased by 9.67% YoY despite the improvement in profit margins by 2.55%.
Compared with Q2 2023, net earnings slightly declined from SAR 15.28 million on an 18.2% rise in marketing expenses.
Total shareholders’ equity, no minority interest, increased to SAR 422.2 million by the end of the nine-month period from SAR 417.9 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2023 | 229.42 | (9.3 %) | 77.54 | (9.2 %) | 50.55 | (14.5 %) | 0.14 |
| Q2 2023 | 145.74 | 12.4 % | 37.82 | (7.1 %) | 15.28 | 1.0 % | 0.04 |
| Q3 2023 | 151.89 | (9.7 %) | 41.79 | (7.4 %) | 15.27 | (44.5 %) | 0.04 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 27.72 % | 19.36 % | 14.85 % |
| Q2 2023 | 26.72 % | 18.39 % | 14.54 % |
| Q3 2023 | 26.86 % | 18.02 % | 13.16 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 350.00 | 0.35 | 0.30 | 1.22 |
| Q2 2023 | 350.00 | 0.35 | 0.30 | 1.26 |
| Q3 2023 | 350.00 | 0.31 | 0.27 | 1.21 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 24.98 | 28.49 | 7.10 |
| Q2 2023 | 26.82 | 30.59 | 7.37 |
| Q3 2023 | 26.36 | 30.55 | 6.81 |
Business Segments (Million)
Q2 2023
| Period | Branch retail | E-COMMERCE | Wholesale |
|---|---|---|---|
| Q1 2023 | 202.05 | 25.32 | 2.05 |
| Q2 2023 | 108.49 | 12.50 | 24.76 |
| Current | |
| Market Cap (M Riyal) | 3,216.50 |
| Enterprise Value (EV) (M) | 3,381.01 |
| Shares Outstanding ((M)) | 350.00 |
| EPS ( Riyal) (TTM) | 0.23 |
| Book Value (BV) ( Riyal) | 1.24 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 40.79 |
| P/E (TTM) | 40.79 |
| Price/book | 7.42 |
| Return on Average Assets (%) (TTM) | 9.9 |
| Return on Average Equity (%) (TTM) | 18.3 |
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