Alsaif Gallery profit drops 57% to SAR 35M in 9M 2024; Q3 at SAR 8.6M

04/11/2024 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 35 million for the first nine months of 2024, falling 57% from SAR 81.1 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	527.05	584.28	10.9 %
Gross Income	157.15	142.90	(9.1 %)
Operating Income	77.64	47.84	(38.4 %)
Net Income	81.10	34.99	(56.8 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.23	0.10	(56.8 %)

The profit decline was attributed to higher cost of goods sold due to a rise in global shipping rates. This was in addition to reduced profit margins on promotional pricing aimed at increasing market share.

The company also cited increased financing expenses due to higher interest rates and an expansion in bank facilities. However, it worked to decrease its reliance on bank facilities and shift towards using its own resources.

This was offset by a 10.86% rise in sales year-on-year (YoY) due to higher promotional sales, an increase in the number of company branches in the Kingdom and GCC countries, as well as the company’s recent entry into the large home appliances category.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	151.89	191.09	25.8 %
Gross Income	41.79	40.71	(2.6 %)
Operating Income	14.69	10.83	(26.3 %)
Net Income	15.27	8.62	(43.5 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.04	0.02	(43.5 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	123.18	191.09	55.1 %
Gross Income	27.70	40.71	47.0 %
Operating Income	0.46	10.83	2274.3 %
Net Income	(4.85)	8.62	277.9 %
Average Shares	350.00	350.00	-
EPS (Riyals)	(0.01)	0.02	277.9 %

Q3 2024 net profit dropped 44% YoY to SAR 8.6 million from SAR 15.3 million, mainly hurt by higher cost of goods sold due to a rise in global shipping rates.

However, the company turned profitable in Q3 2024 from a loss of SAR 4.85 million in the previous quarter.

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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 %)
Q3 2024	191.09	25.8 %	40.71	(2.6 %)	10.83	(26.3 %)

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
Q2 2024	(4.85)	(131.7 %)	(0.01)	-	(4.85)	(0.01)
Q3 2024	8.62	(43.5 %)	0.02	-	8.62	0.02

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 %
Q3 2024	25.25 %	14.96 %	6.70 %

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 %)
Q3 2024	21.31 %	12.66 %	4.51 %

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
Q3 2024	350.00	0.15	0.15	1.25

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
Q3 2024	55.10	55.10	6.56

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)	2,691.50
Enterprise Value (EV) (M)	2,780.88
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	6.15
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 57% to SAR 35M in 9M 2024; Q3 at SAR 8.6M

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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 Q3

Financial Ratios

Share Price

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

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Alsaif Gallery profit drops 57% to SAR 35M in 9M 2024; Q3 at SAR 8.6M

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 Q3

Financial Ratios

Share Price

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

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Business Segments (Million)