Riyal Investment H1 2024 profit down 11% to SAR 9.9M

Riyal Investment H1 2024 profit down 11% to SAR 9.9M

15/08/2024 Argaam Exclusive

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Riyal Investment & Development Co. posted SAR 9.9 million in net profit for H1 2024, a decline of 11% from SAR 11 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 61.06 68.89 12.8 %
Gross Income 25.30 26.00 2.8 %
Operating Income 18.75 18.59 (0.8 %)
Net Income 11.02 9.86 (10.6 %)
Average Shares 8.00 8.00 -
EPS (Riyals) 1.38 1.23 (10.6 %)

The year-on-year (YoY) profit drop was ascribed to the 9.7% annual rise in financing costs to SAR 11.3 million due to an increase in lending and lease obligations.

 

The company also logged SAR 400,000 in impairment losses during the six-month period.

 

However, its top line climbed by 12.3% for the first half of 2024, compared to the same period in 2023. This was primarily driven by the expansion of the company’s operational vehicle fleet which boosted service capacity, resulting in higher overall sales. Further, the improved performance of the used car segment largely lifted revenues.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 61.06 68.89 12.8 %
Gross Income 25.30 26.00 2.8 %
Operating Income 18.75 18.59 (0.8 %)
Net Income 11.02 9.86 (10.6 %)
Average Shares 8.00 8.00 -
EPS (Riyals) 1.38 1.23 (10.6 %)

Shareholders' equity (no minority interest) rose to SAR 161.54 million by the end of H1 2024, compared to SAR 151.68 million a year ago.

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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 - - - - - -
H2 2022 - - - - - -
H1 2023 61.06 - 25.30 - 18.75 -
H2 2023 60.60 - 19.10 - 11.48 -
H1 2024 68.89 12.8 % 26.00 2.8 % 18.59 (0.8 %)


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 - - - - - -
H2 2022 - - - - - -
H1 2023 11.02 - 1.38 - 11.02 1.38
H2 2023 7.25 - 0.91 - 7.25 0.91
H1 2024 9.86 (10.6 %) 1.23 - 9.86 1.23

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 - - -
H1 2023 - - -
H2 2023 36.49 % 52.69 % 15.02 %
H1 2024 34.83 % 51.06 % 13.22 %


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 - - - -
H2 2022 - - - -
H1 2023 8.00 - - 18.08
H2 2023 8.00 2.28 2.28 18.96
H1 2024 8.00 2.14 2.14 20.19

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 11.82 11.82 1.42
H1 2024 11.92 11.92 1.26

Business Segments (Million)

Compared With The
Period Car sale Car lease
Q2 2023 9.52 51.54
Q4 2023 10.15 50.45
Q2 2024 14.96 53.93


Financial Ratios
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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Share Price

Riyal Investment and Development Co.
26.10
0.30 1.16 %

Riyal Investment and Development Co. (RIYAL)

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