Al-Rashid Industrial posts 9% profit growth to SAR 16.6 mln in 2022
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Al-Rashid Industrial Co., which filed for direct listing on Nomu Parallel-Market, reported a 9% profit rise to SAR 16.5 million in 2022, compared to SAR 15.2 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 95.15 | 116.50 | 22.4 % |
| Gross Income | 30.34 | 35.58 | 17.3 % |
| Operating Income | 16.12 | 17.70 | 9.8 % |
| Net Income | 15.22 | 16.55 | 8.7 % |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 1.90 | 2.07 | 8.7 % |
The profit growth was driven by a 23% leap in revenues to SAR 116.7 million in 2022 from SAR 95.1 million in 2021, thanks to the private sector revenues, which increased by 26% year-on-year (YoY).
Other income also rose to SAR 864,3000 in 2022 from SAR 375,800 a year earlier.
This came despite a decline in the operating profit margin to 15% from 17% in 2021, as operating expenses increased by 24%.
Al-Rashid reported impairment in financial assets of SAR 180,400 against a provision reversal of SAR 189,400 in 2021.
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|
Shareholders’ equity, no minority interest, reached SAR 106.30 million by the end of the 12-month period, compared to SAR 98.44 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 55.68 | - | 16.27 | - | 7.39 | - |
| H2 2022 | 60.82 | - | 19.32 | - | 10.31 | - |
| 2022 | 116.50 | 22.4 % | 35.58 | 17.3 % | 17.70 | 9.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 7.83 | - | 0.98 | - | 7.83 | 0.98 |
| H2 2022 | 8.72 | - | 1.09 | - | 8.72 | 1.09 |
| 2022 | 16.55 | 8.7 % | 2.07 | - | 16.55 | 2.07 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | 30.54 % | 23.29 % | 14.20 % |
| 2022 | 30.54 % | 23.29 % | 14.20 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 8.00 | - | - | 12.32 |
| H2 2022 | 8.00 | 2.07 | 2.07 | 13.29 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | - | - | - |
Business Segments (Million)
2022
| Period | Private | Related party | Government |
|---|
| Current | |
| Market Cap (M Riyal) | 371.20 |
| Enterprise Value (EV) (M) | 342.80 |
| Shares Outstanding ((M)) | 8.00 |
| Book Value (BV) ( Riyal) | 15.14 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 17.41 |
| Price/book | 3.07 |
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