Foods Gate’s net profit edges up to SAR 8.4M in 2023

Foods Gate’s net profit edges up to SAR 8.4M in 2023

28/03/2024 Argaam Exclusive

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Foods Gate Trading Co. reported a net profit of SAR 8.4 million for 2023, compared to SAR 8.3 million a year earlier, backed by 18.2% lower year-on-year (YoY) general and administrative expenses (G&As) despite a decline in sales.



Financials (M)

Item 2022 2023 Change‬
Revenues 61.59 59.37 (3.6 %)
Gross Income 18.12 18.46 1.9 %
Operating Income 8.03 9.39 16.9 %
Net Income 8.35 8.40 0.7 %
Average Shares 2.10 2.10 -
EPS (Riyals) 3.97 4.00 0.7 %


Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 29.83 30.81 3.3 %
Gross Income 8.66 9.39 8.4 %
Operating Income 3.95 4.76 20.5 %
Net Income 1.94 4.28 120.6 %
Average Shares 2.10 2.10 -
EPS (Riyals) 0.92 2.04 120.6 %

Total shareholders’ equity, no minority interest, stood at SAR 45.86 million by Dec. 31, 2023, compared to SAR 37.24 million a year ago.

 

Historical Data

Period

Revenue (SAR mln)

Net profit (SAR mln)

EPS (SAR /share)

H1 2021

25.09

1.76

0.84

H2 2021

34.93

3.88

1.85

H1 2022

31.76

6.41

3.05

H2 2022

29.83

1.94

0.92

H1 2023

28.57

5.37

2.56

H2 2023

30.80

3.03

1.44



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 25.09 - 8.60 - 2.13 -
H2 2021 34.93 - 8.56 - 3.24 -
H1 2022 31.76 26.6 % 9.45 10.0 % 4.08 91.3 %
H2 2022 29.83 (14.6 %) 8.66 1.2 % 3.95 22.0 %
H1 2023 28.57 (10.1 %) 9.08 (4.0 %) 4.62 13.4 %
H2 2023 30.81 3.3 % 9.39 8.4 % 4.76 20.5 %
2023 59.37 (3.6 %) 18.46 1.9 % 9.39 16.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 1.76 - 0.84 - 1.76 0.84
H2 2021 3.89 - 1.85 - 3.89 1.85
H1 2022 6.41 264.6 % 3.05 2.14 4.27 2.03
H2 2022 1.94 (50.1 %) 0.92 (1.07) 3.01 1.43
H1 2023 4.12 (35.6 %) 1.96 - 4.12 1.96
H2 2023 4.28 120.6 % 2.04 0.03 4.25 2.02
2023 8.40 0.7 % 4.00 0.03 8.37 3.99

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 28.58 % 24.31 % 9.40 %
H1 2022 27.00 % 26.44 % 12.23 %
H2 2022 29.41 % 28.27 % 11.82 %
H1 2023 30.37 % 28.71 % 12.22 %
H2 2023 31.10 % 28.81 % 14.10 %
2023 31.10 % 28.81 % 14.10 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 2.10 - - 11.88
H2 2021 2.10 2.69 2.69 13.73
H1 2022 2.10 4.90 3.88 16.78
H2 2022 2.10 3.97 3.47 17.74
H1 2023 2.10 2.89 3.40 19.70
H2 2023 2.10 4.00 3.99 21.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 23.80 20.22 3.49
H2 2023 15.50 15.55 2.84

Business Segments (Million)

Compared With The
Period Restaurants Applications Events Others
Q2 2022 21.06 7.83 2.67 -
Q4 2022 22.81 6.67 (0.67) 1.23
Q2 2023 21.35 7.22 - -
Q4 2023 23.16 7.05 0.60 -

Current
Market Cap (M Riyal) 128.10
Enterprise Value (EV) (M) 125.86
Shares Outstanding ((M)) 2.10
Book Value (BV) ( Riyal) 21.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.30
Price/book 2.79

Share Price

61.00
1.50 2.52 %

Foods Gate Trading Co. (FOOD GATE)


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