Saudi Lime net profit slides 38% to SAR 9.8M in 2023

27/03/2024 Argaam Exclusive

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Saudi Lime Industries Co. reported a net profit of SAR 9.8 million for 2023, a 38% decline from SAR 15.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	142.38	149.98	5.3 %
Gross Income	63.14	66.71	5.7 %
Operating Income	15.70	6.32	(59.7 %)
Net Income	15.83	9.76	(38.3 %)
Average Shares	20.00	22.00	10.0 %
EPS (Riyals)	0.79	0.44	(43.9 %)

This was attributed to higher general and administrative expenses (G&As), a rise in credit loss provisions and increased Zakat and income tax expenses.

However, revenues increased during the year due to higher sales volume and value compared with 2022.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	71.48	78.44	9.7 %
Gross Income	32.01	35.68	11.5 %
Operating Income	9.01	1.74	(80.7 %)
Net Income	9.31	5.09	(45.3 %)
Average Shares	20.00	22.00	10.0 %
EPS (Riyals)	0.47	0.23	(50.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	71.53	78.44	9.7 %
Gross Income	31.03	35.68	15.0 %
Operating Income	4.59	1.74	(62.1 %)
Net Income	4.67	5.09	8.9 %
Average Shares	22.00	22.00	-
EPS (Riyals)	0.21	0.23	8.9 %

Total shareholders’ equity, no minority interest, stood at SAR 275.75 million by Dec. 31, 2023, compared to SAR 237.26 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2021	65.15	6.45	0.32
H2 2021	66.44	4.81	0.24
H1 2022	70.90	6.52	0.33
H2 2022	71.48	9.31	0.47
H1 2023	71.53	4.68	0.22
H2 2023	78.45	5.08	0.24

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	130.10	-	48.53	-	(2.68)	-
H1 2021	65.15	-	29.90	-	8.33	-
H2 2021	66.45	-	28.82	-	1.46	-
2021	131.59	1.1 %	58.72	21.0 %	9.79	465.8 %
H1 2022	70.90	8.8 %	31.13	4.1 %	6.69	(19.7 %)
H2 2022	71.48	7.6 %	32.01	11.1 %	9.01	519.1 %
2022	142.38	8.2 %	63.14	7.5 %	15.70	60.4 %
H1 2023	71.53	0.9 %	31.03	(0.3 %)	4.59	(31.5 %)
H2 2023	78.44	9.7 %	35.68	11.5 %	1.74	(80.7 %)
2023	149.98	5.3 %	66.71	5.7 %	6.32	(59.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	130.10	-	48.53	-	(2.68)	-
2021	131.59	1.1 %	58.72	21.0 %	9.79	465.8 %
2022	142.38	8.2 %	63.14	7.5 %	15.70	60.4 %
2023	149.98	5.3 %	66.71	5.7 %	6.32	(59.7 %)

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	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	(19.86)	-	(0.99)	-	(19.86)	(0.99)
H1 2021	6.45	-	0.32	-	6.45	0.32
H2 2021	4.82	-	0.24	3.65	1.17	0.06
2021	11.26	156.7 %	0.56	3.65	7.61	0.38
H1 2022	6.52	1.1 %	0.33	1.50	5.02	0.25
H2 2022	9.31	93.3 %	0.47	-	9.31	0.47
2022	15.83	40.5 %	0.79	1.50	14.33	0.72
H1 2023	4.67	(28.3 %)	0.21	-	4.67	0.21
H2 2023	5.09	(45.3 %)	0.23	3.72	1.37	0.06
2023	9.76	(38.3 %)	0.44	3.72	6.04	0.27

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	(19.86)	-	(0.99)	-	(19.86)	(0.99)
2021	11.26	156.7 %	0.56	3.65	7.61	0.38
2022	15.83	40.5 %	0.79	1.50	14.33	0.72
2023	9.76	(38.3 %)	0.44	3.72	6.04	0.27

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	37.30 %	8.21 %	(15.26 %)
H1 2021	-	-	-
H2 2021	44.62 %	16.96 %	5.79 %
2021	44.62 %	16.96 %	5.79 %
H1 2022	43.65 %	16.69 %	4.50 %
H2 2022	44.35 %	20.35 %	10.06 %
2022	44.35 %	20.35 %	10.06 %
H1 2023	44.08 %	19.66 %	9.78 %
H2 2023	44.48 %	14.64 %	4.03 %
2023	44.48 %	14.64 %	4.03 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	37.30 %	8.21 %	(15.26 %)
2021	44.62 %	16.96 %	5.79 %
2022	44.35 %	20.35 %	10.06 %
2023	44.48 %	14.64 %	4.03 %

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	45.89 %	20.24 %	9.89 %
H2 2021	43.38 %	13.74 %	1.76 %
H1 2022	43.90 %	19.44 %	7.08 %
H2 2022	44.79 %	21.26 %	13.02 %
H1 2023	43.37 %	18.06 %	6.54 %
H2 2023	45.49 %	11.53 %	1.74 %

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	20.00	-	-	11.34
H2 2021	20.00	0.56	0.38	11.56
H1 2022	20.00	0.57	0.31	11.38
H2 2022	20.00	0.79	0.72	11.86
H1 2023	22.00	0.64	0.64	12.32
H2 2023	22.00	0.44	0.27	12.53

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	20.00	(0.99)	(0.99)	11.02
2021	20.00	0.56	0.38	11.56
2022	20.00	0.79	0.72	11.86
2023	22.00	0.44	0.27	12.53

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	20.70	20.70	1.07
H2 2023	31.55	50.97	1.12

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	31.55	50.97	1.12

Business Segments (Million)

Compared With The

Period	limestone Sector	Carbonate Sector	Brick Sector
Q2 2021	49.52	10.17	5.46
Q4 2021	50.06	11.26	5.13
Q2 2022	53.37	10.59	6.95
Q4 2022	53.59	11.72	6.17
Q2 2023	55.61	8.74	7.18
Q4 2023	54.92	16.30	7.21

Period	limestone Sector	Carbonate Sector	Brick Sector
2020	97.23	21.85	11.01
2021	99.58	21.43	10.59
2022	106.96	22.30	13.11
2023	110.53	25.05	14.40

Financial Ratios

	Current
Market Cap (M Riyal)	272.80
Enterprise Value (EV) (M)	233.15
Shares Outstanding ((M))	22.00
Book Value (BV) ( Riyal)	12.53
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	45.14
Price/book	0.99

Saudi Lime Industries Co. (LIME INDUSTRIES)

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Saudi Lime net profit slides 38% to SAR 9.8M in 2023

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Financials (M)

Current Half Annual 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) 2023 Q4

Financial Ratios

Share Price

Saudi Lime Industries Co. (LIME INDUSTRIES)

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Saudi Lime net profit slides 38% to SAR 9.8M in 2023

View other reports

Financials (M)

Current Half Annual 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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Saudi Lime Industries Co. (LIME INDUSTRIES)

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Business Segments (Million)