FAD’s 2023 net profit sinks 98% to SAR 262,000
31/03/2024
Argaam Exclusive
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Fad International Co. (FAD) reported a 98% slump in its 2023 net profit to SAR 262,000, from SAR 14.6 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 170.23 | 163.96 | (3.7 %) |
| Gross Income | 109.41 | 102.39 | (6.4 %) |
| Operating Income | 16.91 | 4.83 | (71.5 %) |
| Net Income | 14.62 | 0.26 | (98.2 %) |
| Average Shares | 1.20 | 1.20 | - |
| EPS (Riyals) | 12.18 | 0.22 | (98.2 %) |
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|
The profit drop was attributed to a decline in revenues, compared to 2022, due to lower sales volumes at showrooms.
On the other hand, operating expenses increased in 2023.
Shareholders’ equity, no minority interest, came in at SAR 16.86 million as of Dec. 31, 2023, compared to SAR 21.35 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 110.31 | - | 71.00 | - | 19.94 | - |
| H2 2023 | 53.65 | - | 31.38 | - | (15.11) | - |
| 2023 | 163.96 | (3.7 %) | 102.39 | (6.4 %) | 4.83 | (71.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 17.26 | - | 14.38 | - | 17.26 | 14.38 |
| H2 2023 | (17.00) | - | (14.17) | - | (17.00) | (14.17) |
| 2023 | 0.26 | (98.2 %) | 0.22 | - | 0.26 | 0.22 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 62.44 % | 17.22 % | 0.16 % |
| 2023 | 62.44 % | 17.22 % | 0.16 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 1.20 | - | - | 25.93 |
| H2 2023 | 1.20 | 0.22 | 0.22 | 14.05 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | More than 100 | More than 100 | 7.67 |
Business Segments (Million)
Q4 2023
| Period | Femi9 | Vivid Flair London |
|---|---|---|
| Q2 2023 | 100.43 | 9.88 |
| Q4 2023 | 43.68 | 9.97 |
| Current | |
| Market Cap (M Riyal) | 105.60 |
| Enterprise Value (EV) (M) | 119.10 |
| Shares Outstanding ((M)) | 1.20 |
| Book Value (BV) ( Riyal) | 14.05 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 6.26 |
Share Price
Fad International Co. (FAD)
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