Foods Gate H1 2023 net profit declines 16% to SAR 5.4 mln

Foods Gate H1 2023 net profit declines 16% to SAR 5.4 mln

06/08/2023 Argaam Exclusive

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Foods Gate Trading Co.’s net profit declined in the first half of 2023 by 16% to SAR 5.4 million from SAR 6.4 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 31.76 28.57 (10.1 %)
Gross Income 9.45 9.08 (4.0 %)
Operating Income 4.08 4.62 13.4 %
Net Income 6.41 4.12 (35.6 %)
Average Shares 2.10 2.10 -
EPS (Riyals) 3.05 1.96 (35.6 %)

General and administrative expenses decreased by 33.8% in H1 2023 to SAR 2.6 million from SAR 3.9 million in H1 2022, due to the company's efforts to enhance operating efficiency.

 

Selling and marketing expenses dropped by 12% to SAR 1.2 million compared to SAR 1.4 million for the same period of the previous year.

 

The company recorded no revenue from the seasonal events in the current period, compared to SAR 2.6 million in the same period of the previous year.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 31.76 28.57 (10.1 %)
Gross Income 9.45 9.08 (4.0 %)
Operating Income 4.08 4.62 13.4 %
Net Income 6.41 4.12 (35.6 %)
Average Shares 2.10 2.10 -
EPS (Riyals) 3.05 1.96 (35.6 %)

Total shareholders’ equity, excluding minority interest, reached SAR 42.61 million by June 30, 2023, compared to SAR 35.22 million a year earlier.

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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 %


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

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 %


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

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

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 - -


Financial Ratios
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
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Share Price

Foods Gate Trading Co.
61.00
1.50 2.52 %

Foods Gate Trading Co. (FOOD GATE)

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