Alsaif Gallery profit falls 60% to SAR 26.4M in H1 2024; Q2 loss at SAR 4.9M

07/08/2024 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit fall of 60% to SAR 26.4 million in the first half of 2024, from SAR 65.8 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	375.16	393.19	4.8 %
Gross Income	115.36	102.19	(11.4 %)
Operating Income	62.95	37.01	(41.2 %)
Net Income	65.83	26.37	(59.9 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.19	0.08	(59.9 %)

The profit decline was attributed to the higher cost of goods due to a rise in global shipping prices by more than 82% year-on-year (YoY). The company did not pass the increased costs on to customers to maintain prices and increase market share. Additionally, local goods transportation expenses increased by over 10% YoY

The company also closed two branches, which led to a profit decrease due to the write-off and liquidation of the inventory and assets of these branches, as a result of relocating to alternative branches

The company also cited an increase in selling and marketing expenses as well as customer acquisition costs This is in addition to a decrease in other revenues and an increase in financing interest expenses due to higher bank facility amounts

However, AlSaif Stores posted increased sales of seasonal items specific to the Ramadan season, as well as higher number of branches within the Kingdom and the GCC countries, which positively impacted total sales for the period.

Sales through e-commerce platforms and project sales also grew.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	145.74	123.18	(15.5 %)
Gross Income	37.82	27.70	(26.8 %)
Operating Income	13.98	0.46	(96.7 %)
Net Income	15.28	(4.85)	(131.7 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.04	(0.01)	(131.7 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	270.01	123.18	(54.4 %)
Gross Income	74.49	27.70	(62.8 %)
Operating Income	36.56	0.46	(98.8 %)
Net Income	31.22	(4.85)	(115.5 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.09	(0.01)	(115.5 %)

In Q2 2024, the company incurred a loss of SAR 4.9 million, against earnings of SAR.

15.28 million a year before, mainly due to the closure of two branches in the Eastern and Western regions due to their obsolescence.

Based on a quarter-on-quarter basis, the company turned to a loss from SAR 31.2 million in Q1 2024.

Shareholders’ equity, no minority interest, stood at SAR 429 million by the end of Q2 2024, compared to SAR 442 million in the year-earlier period.

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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 %)
Q2 2024	123.18	(15.5 %)	27.70	(26.8 %)	0.46	(96.7 %)

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
Q2 2024	(4.85)	(131.7 %)	(0.01)	-	(4.85)	(0.01)

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 %
Q2 2024	26.74 %	15.99 %	7.96 %

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 %
Q2 2024	22.49 %	11.37 %	(3.93 %)

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
Q2 2024	350.00	0.17	0.17	1.23

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
Q2 2024	55.96	55.96	7.66

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)	2,688.00
Enterprise Value (EV) (M)	2,777.38
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	6.14
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 falls 60% to SAR 26.4M in H1 2024; Q2 loss at SAR 4.9M

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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) 2024 Q2

Financial Ratios

Share Price

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

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Alsaif Gallery profit falls 60% to SAR 26.4M in H1 2024; Q2 loss at SAR 4.9M

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) 2024 Q2

Financial Ratios

Share Price

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

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Business Segments (Million)