Almuneef’s net profit slumps 15% to SAR 17.6M in 2023
31/03/2024
Argaam Exclusive
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Almuneef Co. for Trade, Industry, Agriculture and Contracting’s (Almuneef) net profit dropped 15% to SAR 17.6 million in 2023, from SAR 20.6 million a year earlier, on lower sales value given the decreased prices of the company’s main products.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 318.43 | 246.30 | (22.7 %) |
| Gross Income | 32.64 | 27.94 | (14.4 %) |
| Operating Income | 22.52 | 19.87 | (11.8 %) |
| Net Income | 20.63 | 17.58 | (14.8 %) |
| Average Shares | 3.80 | 3.80 | - |
| EPS (Riyals) | 5.43 | 4.63 | (14.8 %) |
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 169.41 | 121.96 | (28.0 %) |
| Gross Income | 15.20 | 13.75 | (9.5 %) |
| Operating Income | 10.46 | 9.00 | (14.0 %) |
| Net Income | 8.85 | 7.04 | (20.5 %) |
| Average Shares | 3.80 | 3.80 | - |
| EPS (Riyals) | 2.33 | 1.85 | (20.5 %) |
Total shareholders’ equity, no minority interest, jumped to SAR 75.54 million by Dec. 31, 2023, compared to SAR 61.15 million a year ago.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
149.03 |
11.77 |
3.10 |
|
H2 2022 |
169.4 |
8.86 |
2.33 |
|
H1 2023 |
124.34 |
10.54 |
2.77 |
|
H2 2023 |
121.96 |
7.04 |
1.85 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 124.34 | (16.6 %) | 14.18 | (18.6 %) | 10.87 | (9.8 %) |
| H2 2023 | 121.96 | (28.0 %) | 13.75 | (9.5 %) | 9.00 | (14.0 %) |
| 2023 | 246.30 | (22.7 %) | 27.94 | (14.4 %) | 19.87 | (11.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 10.54 | (10.5 %) | 2.77 | - | 10.54 | 2.77 |
| H2 2023 | 7.04 | (20.5 %) | 1.85 | - | 7.04 | 1.85 |
| 2023 | 17.58 | (14.8 %) | 4.63 | - | 17.58 | 4.63 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 10.00 % | 9.69 % | 6.60 % |
| H2 2023 | 11.34 % | 10.90 % | 7.14 % |
| 2023 | 11.34 % | 10.90 % | 7.14 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 3.80 | 5.10 | 5.10 | 22.89 |
| H2 2023 | 3.80 | 4.63 | 4.63 | 24.85 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 13.66 | 13.66 | 3.04 |
| H2 2023 | 11.09 | 11.09 | 2.06 |
Business Segments (Million)
Q4 2023
| Period | Agriculture sector | Transportation sector | Stations sector |
|---|---|---|---|
| Q2 2023 | 117.37 | 6.96 | - |
| Q4 2023 | 114.21 | 7.74 | - |
| Current | |
| Market Cap (M Riyal) | 216.22 |
| Enterprise Value (EV) (M) | 186.17 |
| Shares Outstanding ((M)) | 3.80 |
| Book Value (BV) ( Riyal) | 24.85 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 12.30 |
| Price/book | 2.29 |
Share Price
Almuneef Company for Trade, Industry, Agriculture and Contracting (ALMUNEEF)
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