Alsaif Gallery profit drops 38% to SAR 31.2M in Q1 2024

16/05/2024 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit decline of 38% to SAR 31.2 million in the first quarter of 2024, compared to SAR 50.6 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	229.42	270.01	17.7 %
Gross Income	77.54	74.49	(3.9 %)
Operating Income	48.97	36.56	(25.3 %)
Net Income	50.55	31.22	(38.2 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.14	0.09	(38.2 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	192.73	270.01	40.1 %
Gross Income	53.28	74.49	39.8 %
Operating Income	16.49	36.56	121.7 %
Net Income	17.09	31.22	82.7 %
Average Shares	350.00	350.00	-
EPS (Riyals)	0.05	0.09	82.7 %

The company cited higher selling and marketing expenses, along with lower other income.

It also reported a year-on-year (YoY) increase in financing costs, the right-of-use depreciation expenses and financial lease interest due to opening more branches.

Alsaif Gallery also recorded a relative YoY hike in the cost of goods sold due to higher global shipping prices during the first quarter of this year. The company did not pass on the rise in costs to customers in order to maintain prices and boost its market share.

Meanwhile, sales jumped 18% on an annual basis in Q1 2024, backed by higher seasonal sales due to the onset of the holy month of Ramadan and new branch openings.

Compared to Q4 2023, the company’s net profit leapt 82.7% from SAR 17.09 million, as sales increased 40% on a sequential basis due to better seasonal sales.

Total shareholders’ equity, no minority interest, grew to SAR 433.7 million as of March 31, 2024, from SAR 426.65 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q3 2023	151.89	(9.7 %)	41.79	(7.4 %)	14.69	(36.1 %)
Q4 2023	192.73	2.3 %	53.28	52.1 %	16.49	43.3 %
2023	719.78	(2.6 %)	210.42	2.0 %	94.13	(16.4 %)
Q1 2024	270.01	17.7 %	74.49	(3.9 %)	36.56	(25.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2023	719.78	(2.6 %)	210.42	2.0 %	94.13	(16.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q3 2023	15.27	(44.5 %)	0.04	-	15.27	0.04
Q4 2023	17.09	(39.1 %)	0.05	-	17.09	0.05
2023	98.19	(24.3 %)	0.28	-	98.19	0.28
Q1 2024	31.22	(38.2 %)	0.09	-	31.22	0.09

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	98.19	(24.3 %)	0.28	-	98.19	0.28

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	26.86 %	18.02 %	13.16 %
Q4 2023	29.23 %	19.06 %	13.64 %
2023	29.23 %	19.06 %	13.64 %
Q1 2024	27.27 %	16.86 %	10.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	29.23 %	19.06 %	13.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	27.51 %	17.06 %	10.05 %
Q4 2023	27.64 %	14.76 %	8.87 %
Q1 2024	27.59 %	18.38 %	11.56 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	350.00	0.31	0.27	1.21
Q4 2023	350.00	0.28	0.28	1.15
Q1 2024	350.00	0.23	0.23	1.24

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	350.00	0.28	0.28	1.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2023	26.36	30.55	6.81
Q4 2023	31.40	31.40	7.66
Q1 2024	50.42	50.42	9.17

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	24.41	27.59	7.70
2023	31.40	31.40	7.66

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)	2,695.00
Enterprise Value (EV) (M)	2,784.38
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	6.16
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 profit drops 38% to SAR 31.2M in Q1 2024

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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) 2024 Q1

Financial Ratios

Share Price

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

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Alsaif Gallery profit drops 38% to SAR 31.2M in Q1 2024

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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) 2024 Q1

Financial Ratios

Share Price

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

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Business Segments (Million)