Al Rashid Industrial H1 2024 net profit jumps 86% to SAR 19.7M

Al Rashid Industrial H1 2024 net profit jumps 86% to SAR 19.7M

01/09/2024 Argaam Exclusive

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Al Rashid Industrial Co. reported a net profit of SAR 19.7 million in H1 2024, an increase of 86%, compared to SAR 10.6 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 67.16 74.05 10.3 %
Gross Income 21.28 31.29 47.0 %
Operating Income 11.19 19.81 77.0 %
Net Income 10.55 19.65 86.3 %
Average Shares 8.00 8.00 -
EPS (Riyals) 1.32 2.46 86.3 %

The company reported higher sales of existing and new production lines, an increase in production capacity, in addition to adding new varieties and products during the period. The company also increased the coverage of local markets by introducing points of sale to fulfil customer orders.

 

Gross profit increase by 47.05% year-on-year (YoY) due to higher revenue, lower prices of raw materials and access to new sources of raw materials.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 67.16 74.05 10.3 %
Gross Income 21.28 31.29 47.0 %
Operating Income 11.19 19.81 77.0 %
Net Income 10.55 19.65 86.3 %
Average Shares 8.00 8.00 -
EPS (Riyals) 1.32 2.46 86.3 %

Total shareholders’ equity, no minority interest, reached SAR 132.74 million by June 30, 2024, compared to SAR 111.59 million a year earlier.

 

Development of Interim Financials

Period

Revenue ( SAR mln)

Net Profit ( SAR mln)

EPS (SAR/Share)

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

H1 2024

74.05

19.65

2.46

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 55.68 - 16.27 - 7.39 -
H2 2022 60.82 - 19.32 - 10.31 -
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 %
H1 2024 74.05 10.3 % 31.29 47.0 % 19.81 77.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 7.83 - 0.98 - 7.83 0.98
H2 2022 8.72 - 1.09 - 8.72 1.09
H1 2023 10.55 34.7 % 1.32 - 10.55 1.32
H2 2023 10.77 23.6 % 1.35 - 10.77 1.35
H1 2024 19.65 86.3 % 2.46 - 19.65 2.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 30.54 % 23.29 % 14.20 %
H1 2023 31.72 % 24.43 % 15.05 %
H2 2023 32.60 % 23.92 % 15.79 %
H1 2024 38.07 % 28.67 % 21.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 8.00 - - 12.32
H2 2022 8.00 2.07 2.07 13.29
H1 2023 8.00 2.41 2.41 13.95
H2 2023 8.00 2.67 2.67 15.14
H1 2024 8.00 3.80 3.80 16.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2023 11.88 11.88 2.09
H1 2024 8.87 8.87 2.03

Business Segments (Million)

Compared With The
Period Private Related party Government


Financial Ratios
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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Share Price

Al Rashid Industrial Co.
44.80
0.90 2.05 %

Al Rashid Industrial Co. (ALRASHID INDUSTRIAL)

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