Al Rashid Industrial posts 29% profit rise to SAR 21.3M in 2023
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Al Rashid Industrial Co. reported a 29% profit rise to SAR 21.3 million in 2023, compared to SAR 16.55 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 116.50 | 135.03 | 15.9 % |
| Gross Income | 35.58 | 44.02 | 23.7 % |
| Operating Income | 17.70 | 22.66 | 28.0 % |
| Net Income | 16.55 | 21.32 | 28.8 % |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 2.07 | 2.67 | 28.8 % |
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 60.82 | 67.87 | 11.6 % |
| Gross Income | 19.32 | 22.75 | 17.8 % |
| Operating Income | 10.31 | 11.47 | 11.3 % |
| Net Income | 8.72 | 10.77 | 23.6 % |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 1.09 | 1.35 | 23.6 % |
The earnings growth was driven by a 15.91% increase year-on-year (YoY) in sales, thanks to growth in production lines sales, increased points of sale and distribution across Saudi Arabia.
Gross profit jumped 23.71% YoY on higher revenue.
Meanwhile, raw material prices declined on a YoY basis.
Shareholders’ equity, no minority interest, reached SAR 121 million as of Dec. 31, 2023, up from SAR 106 million a year earlier.
|
Interim Financial Statements |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (mln) |
EPS (SAR) |
|
H1 2022 |
55.68 |
7.83 |
0.98 |
|
H2 2022 |
60.82 |
8.72 |
1.09 |
|
H1 2023 |
67.16 |
10.55 |
1.32 |
|
H2 2023 |
67.87 |
10.77 |
1.35 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 67.16 | 20.6 % | 21.28 | 30.8 % | 11.19 | 51.4 % |
| H2 2023 | 67.87 | 11.6 % | 22.75 | 17.8 % | 11.47 | 11.3 % |
| 2023 | 135.03 | 15.9 % | 44.02 | 23.7 % | 22.66 | 28.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 10.55 | 34.7 % | 1.32 | - | 10.55 | 1.32 |
| H2 2023 | 10.77 | 23.6 % | 1.35 | - | 10.77 | 1.35 |
| 2023 | 21.32 | 28.8 % | 2.67 | - | 21.32 | 2.67 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 31.72 % | 24.43 % | 15.05 % |
| H2 2023 | 32.60 % | 23.92 % | 15.79 % |
| 2023 | 32.60 % | 23.92 % | 15.79 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 8.00 | 2.41 | 2.41 | 13.95 |
| H2 2023 | 8.00 | 2.67 | 2.67 | 15.14 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 11.88 | 11.88 | 2.09 |
Business Segments (Million)
2023
| Period | Private | Related party | Government |
|---|
| Current | |
| Market Cap (M Riyal) | 358.40 |
| Enterprise Value (EV) (M) | 330.00 |
| Shares Outstanding ((M)) | 8.00 |
| Book Value (BV) ( Riyal) | 15.14 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 16.81 |
| Price/book | 2.96 |
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