Riyal Investment 2023 profits down 5% to SAR 18.3M
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Riyal Investment and Development Co. reported a net profit of SAR 18.3 million for 2023, a decline of 5% compared to SAR 19.1 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 189.58 | 121.66 | (35.8 %) |
| Gross Income | 40.36 | 44.40 | 10.0 % |
| Operating Income | 29.54 | 30.22 | 2.3 % |
| Net Income | 19.14 | 18.28 | (4.5 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 2.39 | 2.28 | (4.5 %) |
The decline is largely due to a significant decline in the sale of new vehicles, which reflects diminished demand for new vehicles in 2023, contrasting with the surge experienced in 2022, fueled by increased vehicle demand in Saudi Arabia following the COVID-19 period.
This is in addition to the increase in specific operational expenses, expected credit loss (ECL), and inventory provisions, along with higher financing costs.
The 2023 revenue stood at SAR 121.7 million, compared to SAR 189.6 million in 2022.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|
Total shareholders’ equity, no minority interest, stood at SAR 151.7 million by Dec. 31, 2023, compared to SAR 133.61 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 61.06 | - | 25.30 | - | 18.75 | - |
| H2 2023 | 60.60 | - | 19.10 | - | 11.48 | - |
| 2023 | 121.66 | (35.8 %) | 44.40 | 10.0 % | 30.22 | 2.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 11.02 | - | 1.38 | - | 11.02 | 1.38 |
| H2 2023 | 7.25 | - | 0.91 | - | 7.25 | 0.91 |
| 2023 | 18.28 | (4.5 %) | 2.28 | - | 18.28 | 2.28 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 36.49 % | 52.69 % | 15.02 % |
| 2023 | 36.49 % | 52.69 % | 15.02 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 8.00 | - | - | 18.08 |
| H2 2023 | 8.00 | 2.28 | 2.28 | 18.96 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 11.82 | 11.82 | 1.42 |
Business Segments (Million)
Q4 2023
| Period | Car sale | Car lease |
|---|---|---|
| Q2 2023 | 9.52 | 51.54 |
| Q4 2023 | 10.15 | 50.45 |
| Current | |
| Market Cap (M Riyal) | 208.80 |
| Enterprise Value (EV) (M) | 241.92 |
| Shares Outstanding ((M)) | 8.00 |
| Book Value (BV) ( Riyal) | 18.96 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 11.42 |
| Price/book | 1.38 |
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