Foods Gate profit down 6% to SAR 3.9M in H1 2024

Foods Gate profit down 6% to SAR 3.9M in H1 2024

18/08/2024 Argaam Exclusive

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Foods Gate Trading Co. reported a net profit of SAR 3.9 million for H1 2024, down 6% from SAR 4.1 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 28.57 31.44 10.1 %
Gross Income 9.08 9.70 6.9 %
Operating Income 4.62 4.51 (2.4 %)
Net Income 4.12 3.89 (5.6 %)
Average Shares 2.10 2.10 -
EPS (Riyals) 1.96 1.85 (5.6 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 28.57 31.44 10.1 %
Gross Income 9.08 9.70 6.9 %
Operating Income 4.62 4.51 (2.4 %)
Net Income 4.12 3.89 (5.6 %)
Average Shares 2.10 2.10 -
EPS (Riyals) 1.96 1.85 (5.6 %)

The profit fall was attributed to the temporary closing of one of Kimono Restaurant’s branches in Riyadh for renovations and improvements for 70 days.

 

Foods Gate suffered higher general and administrative expenses, in addition to pre-operating expenses for new branches.

 

This was offset by rising revenues of 10%, or SAR 2.87 million, to SAR 31.44 million in H1 20204, compared to SAR 28.56 million a year ago due to the opening of two new branches in Jeddah.

 

Total shareholders’ equity, no minority interest, stood at SAR 47.8 million by June 30, 2024, compared to SAR 41.37 million a year ago.

 

Historical Data

Period

Revenue

(SAR mln)

Net profit

(SAR mln)

Earnings Per Share

(SAR)

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

H1 2024

31.44

3.89

1.85
 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
H1 2024 31.44 10.1 % 9.70 6.9 % 4.51 (2.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H1 2024 3.89 (5.6 %) 1.85 - 3.89 1.85

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2024 30.67 % 29.24 % 13.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2024 2.10 3.89 3.88 22.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 14.24 14.29 2.43

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 -
Q2 2024 25.71 5.29 0.44 -


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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