WAJA H1 2022 net profit down 30% to SAR 8.3 mln

WAJA H1 2022 net profit down 30% to SAR 8.3 mln

25/01/2023 Argaam Exclusive

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WAJA Co.’s net profit fell 30% to SAR 8.3 million in H1 2022, compared to SAR 11.8 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 36.49 43.97 20.5 %
Gross Income 15.12 11.84 (21.7 %)
Operating Income 12.00 9.11 (24.1 %)
Net Income 11.80 8.30 (29.7 %)
Average Shares 70.00 70.00 -
EPS (Halala) 16.85 11.85 (29.7 %)

The profit decline is attributed to lower gross profit margin of 27% for the current period, compared to 41% for the same period a year earlier, as revenue costs increased by 50%.

 

Operating profit margin also fell to 21% from 33% in the comparative period, despite recording a provision for potential claims formed during the previous period.

 

The current period also witnessed the recording of financing costs, higher Zakat expense, and lower share of profits from investments in associates.

 

This came despite higher revenue compared to the same period the previous year.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 36.49 43.97 20.5 %
Gross Income 15.12 11.84 (21.7 %)
Operating Income 12.00 9.11 (24.1 %)
Net Income 11.80 8.30 (29.7 %)
Average Shares 70.00 70.00 -
EPS (Halala) 16.85 11.85 (29.7 %)

Total shareholders’ equity, no minority interest, reached SAR 62.82 million by the end of the six-month period, from SAR 47.15 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
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 36.49 - 15.12 - 12.00 -
H2 2021 42.55 - 8.04 - 4.89 -
H1 2022 43.97 20.5 % 11.84 (21.7 %) 9.11 (24.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
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 11.80 - 16.85 - 11.80 0.17
H2 2021 5.57 - 7.95 1.65 3.92 0.06
H1 2022 8.30 (29.7 %) 11.85 - 8.30 0.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
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 29.30 % 23.27 % 19.88 %
H1 2022 22.98 % 17.75 % 14.11 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
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 70.00 - - 0.67
H2 2021 70.00 24.80 22.45 0.75
H1 2022 70.00 19.80 17.44 0.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
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 - - -

Business Segments (Million)

Compared With The
Period Contracting business sector Operation and maintenance sector
Q2 2022 38.65 5.32


Financial Ratios
Current
Market Cap (M Riyal) 552.30
Enterprise Value (EV) (M) 561.09
Shares Outstanding ((M)) 70.00
Book Value (BV) ( Riyal) 1.36
Par Value ( Halala) 50.00
Adjusted P/E (Last12) 24.16
Price/book 5.80
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Share Price

Waja Co.
7.89
0.04 0.51 %

Waja Co. (WAJA)

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