Pan Gulf Marketing reports 56% profit drop to SAR 5.7M in H1 2023

05/12/2023 Argaam Exclusive

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Pan Gulf Marketing Co. reported a 56% profit decline to SAR 5.7 million in H1 2023, compared to SAR 12.9 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	179.28	185.63	3.5 %
Gross Income	55.62	59.42	6.8 %
Operating Income	13.84	14.34	3.6 %
Net Income	12.91	5.65	(56.3 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	1.72	0.75	(56.3 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	179.28	185.63	3.5 %
Gross Income	55.62	59.42	6.8 %
Operating Income	13.84	14.34	3.6 %
Net Income	12.91	5.65	(56.3 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	1.72	0.75	(56.3 %)

Item	H2 2022	H1 2023	Change‬
Revenues	236.13	185.63	(21.4 %)
Gross Income	75.54	59.42	(21.3 %)
Operating Income	26.82	14.34	(46.5 %)
Net Income	19.87	5.65	(71.6 %)
Average Shares	7.50	7.50	-
EPS (Riyals)	2.65	0.75	(71.6 %)

This was driven by a 93% increase in the cost of finance to SAR 6.88 million in Q3, from SAR 3.57 million in the prior year period.

The company also cited FX losses of SAR 440,000 in Q3, compared to FX gains of SAR 3.34 million in the year-earlier period and an increase in Zakat and income tax to SAR 1.56 million compared with SAR 933,000 in the corresponding period.

Meanwhile, revenues rose to SAR 185.6 million from SAR 179.3 million due to higher sales to the government sector. Gross profit margin increased from 31% to 32% as cost of sales to revenues declined to 68%.

Shareholders’ equity, no minority interest, stood at SAR 58.49 million by the end of H1 2023, compared to SAR 115.75 million in the year-earlier period.

Pan Gulf Marketing is currently active in purchasing, importing and exporting stationery and office supplies stationery products.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	-	-	-	-	-	-
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	247.34	-	82.13	-	13.64	-
H1 2022	179.28	-	55.62	-	13.84	-
H2 2022	236.13	-	75.54	-	26.82	-
2022	415.41	67.9 %	131.16	59.7 %	40.66	198.2 %
H1 2023	185.63	3.5 %	59.42	6.8 %	14.34	3.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	-	-	-	-	-	-
2021	247.34	-	82.13	-	13.64	-
2022	415.41	67.9 %	131.16	59.7 %	40.66	198.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	-	-	-	-	-	-
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	7.97	-	1.06	1.56	6.42	0.86
H1 2022	12.91	-	1.72	-	12.91	1.72
H2 2022	19.87	-	2.65	-	19.87	2.65
2022	32.78	311.1 %	4.37	-	32.78	4.37
H1 2023	5.65	(56.3 %)	0.75	-	5.65	0.75

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	-	-	-	-	-	-
2021	7.97	-	1.06	1.56	6.42	0.86
2022	32.78	311.1 %	4.37	-	32.78	4.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
2021	33.20 %	8.50 %	2.59 %
H1 2022	-	-	-
H2 2022	31.57 %	11.54 %	7.89 %
2022	31.57 %	11.54 %	7.89 %
H1 2023	32.00 %	11.71 %	6.05 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	33.20 %	8.50 %	2.59 %
2022	31.57 %	11.54 %	7.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
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	31.03 %	10.00 %	7.20 %
H2 2022	31.99 %	12.71 %	8.41 %
H1 2023	32.01 %	10.44 %	3.04 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2014	-	-	-	-
H2 2014	-	-	-	-
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	7.50	-	-	15.43
H2 2022	7.50	4.37	4.37	7.78
H1 2023	7.50	3.40	3.40	7.80

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	-	-	-	-
2021	7.50	1.06	0.86	9.60
2022	7.50	4.37	4.37	7.78

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2014	-	-	-
H2 2014	-	-	-
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	-	-	-

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

Business Segments (Million)

Compared With The

Period	Private Sector	Government Sector
Q2 2022	174.43	4.85
Q4 2022	230.45	5.68
Q2 2023	173.77	11.86

Period	Private Sector	Government Sector
2021	241.23	6.11
2022	404.88	10.53

Share Price

Pan Gulf Marketing Co. (PAN GULF)

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Pan Gulf Marketing reports 56% profit drop to SAR 5.7M in H1 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Share Price

Pan Gulf Marketing Co. (PAN GULF)

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Business Segments (Million)