Avalon Pharma turns to profit of SAR 9.4M in Q1 2024

19/05/2024 Argaam Exclusive

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Middle East Pharmaceutical Industries Co. (Avalon Pharma) reported a net profit of SAR 9.4 million in the first quarter of 2024, against a loss of SAR 500,000 in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	55.23	75.82	37.3 %
Gross Income	33.74	46.46	37.7 %
Operating Income	2.96	12.43	320.1 %
Net Income	(0.50)	9.37	1987.0 %
Average Shares	20.00	20.00	-
EPS (Riyals)	(0.02)	0.47	1987.0 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	129.17	75.82	(41.3 %)
Gross Income	86.74	46.46	(46.4 %)
Operating Income	48.65	12.43	(74.5 %)
Net Income	45.41	9.37	(79.4 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	2.27	0.47	(79.4 %)

The positive performance was driven by a substantial increase in gross profit of 37.70% to SAR 46.46 million, due to the remarkable sales growth. This increase in gross profit resulted in an overall gross profit margin increase of 0.2% compared to the previous year.

The gross profit rise was pushed by strong sales growth of 37.28%, or SAR 20.59 million, primarily driven by strong sales performance in all distribution channels, with the retail segment contributing SAR 12.42 million, the export segment contributing SAR 5.38 million, and the public segment contributing SAR 2.79 million to this growth.

There was a more moderate increase of 9.39% in operating expenses, reaching SAR 34.12 million, mainly due to the rise in expenses related to salaries and related benefits, reflecting the company’s ongoing commitment to investment in growth.

This led to a substantial rise in EBITDA by 187.26% to SAR 15.64 million, for a margin of 20.62% versus 9.86% in Q1 2023, demonstrating strong operational leverage and improved efficiency.

Moreover, financing costs were lower compared to the previous year, attributed to a significant reduction in short-term loans.

Sequentially, the company’s profit fell 79.4% from SAR 45.4 million in Q4 2023.

Shareholders’ equity, no minority interest, reached SAR 315.5 million as of March 31, 2024, up from SAR 270.07 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	-	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	232.09	-	147.13	-	54.05	-	2.70
Q1 2020	-	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-	-
2020	301.66	30.0 %	176.38	19.9 %	72.81	34.7 %	3.64
Q1 2021	-	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-	-
2021	287.22	(4.8 %)	174.58	(1.0 %)	66.28	(9.0 %)	3.31
Q1 2022	49.67	-	29.30	-	(2.57)	-	(0.13)
Q2 2022	83.23	-	48.52	-	20.24	-	1.01
Q3 2022	-	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-	-
2022	302.66	5.4 %	184.29	5.6 %	59.45	(10.3 %)	2.97
Q1 2023	55.23	11.2 %	33.74	15.1 %	(0.50)	80.6 %	(0.02)
Q2 2023	93.29	12.1 %	52.67	8.5 %	18.04	(10.9 %)	0.90
Q3 2023	60.75	-	34.23	-	2.87	-	0.14
Q4 2023	129.17	-	86.74	-	45.41	-	2.27
2023	338.44	11.8 %	207.37	12.5 %	65.83	10.7 %	3.29
Q1 2024	75.82	37.3 %	46.46	37.7 %	9.37	1987.0 %	0.47

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
2018	-	-	-	-	-	-	-
2019	232.09	-	147.13	-	54.05	-	2.70
2020	301.66	30.0 %	176.38	19.9 %	72.81	34.7 %	3.64
2021	287.22	(4.8 %)	174.58	(1.0 %)	66.28	(9.0 %)	3.31
2022	302.66	5.4 %	184.29	5.6 %	59.45	(10.3 %)	2.97
2023	338.44	11.8 %	207.37	12.5 %	65.83	10.7 %	3.29

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	63.39 %	29.75 %	23.29 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	58.47 %	29.24 %	24.14 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	60.78 %	29.36 %	23.08 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	60.89 %	26.75 %	19.64 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	61.27 %	-	19.45 %
2023	61.27 %	26.77 %	19.45 %
Q1 2024	61.30 %	26.32 %	21.08 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	63.39 %	29.75 %	23.29 %
2020	58.47 %	29.24 %	24.14 %
2021	60.78 %	29.36 %	23.08 %
2022	60.89 %	26.75 %	19.64 %
2023	61.27 %	26.77 %	19.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	59.00 %	-	(5.17 %)
Q2 2022	58.30 %	-	24.32 %
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	61.09 %	10.61 %	(0.90 %)
Q2 2023	56.45 %	25.56 %	19.34 %
Q3 2023	56.34 %	-	4.72 %
Q4 2023	67.15 %	-	35.16 %
Q1 2024	61.27 %	20.74 %	12.36 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	20.00	-	-	-
Q2 2022	20.00	-	-	13.17
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	20.00	-	-	13.50
Q2 2023	20.00	-	-	13.87
Q3 2023	20.00	-	-	-
Q4 2023	20.00	3.29	3.29	15.32
Q1 2024	20.00	3.78	3.78	15.77

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	20.00	2.70	2.70	10.87
2020	20.00	3.64	3.64	12.62
2021	20.00	3.31	3.31	13.35
2022	20.00	2.97	2.97	14.01
2023	20.00	3.29	3.29	15.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	38.68	38.68	9.28

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Business Segments (Million)

Compared With The

Period	Retail customers	Public sector	Export customers
Q1 2022	36.71	10.47	2.49
Q2 2022	63.55	15.92	3.76
Q1 2023	42.36	9.32	3.55
Q2 2023	67.46	18.47	7.36
Q1 2024	54.78	12.11	8.94

Period	Retail customers	Public sector	Export customers
2019	158.40	52.57	21.13
2020	190.92	88.16	22.58
2021	194.14	65.64	27.44
2022	207.97	68.58	26.11
2023	228.84	72.39	37.22

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	1.97	9.37	375.57 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
OSOOL AND BAKHEET	2.91	9.37	222.0 %
GIB Capital	2.00	9.37	368.4 %
Al Rajhi Capital	1.00	9.37	836.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	2,548.00
Enterprise Value (EV) (M)	2,562.32
Shares Outstanding ((M))	20.00
EPS ( Riyal) (TTM)	3.78
Book Value (BV) ( Riyal)	15.77
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	33.66
P/E (TTM)	33.66
Price/book	8.08
Return on Average Assets (%) (TTM)	-
Return on Average Equity (%) (TTM)	25.9

Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
MIS	42.00	73.09	74.0 %
SACO	(9.40)	(4.55)	51.6 %
RIYADH CEMENT	58.00	70.10	20.9 %
ALARABIA	89.43	100.82	12.7 %
CHEMANOL	(18.00)	(24.48)	(36.0 %)
CENOMI RETAIL	(76.19)	(151.82)	(99.3 %)

Company	Estimated	Actual	Change
AVALON PHARMA	1.97	9.37	375.6 %
MIS	42.00	73.09	74.0 %
SACO	(9.40)	(4.55)	51.6 %
RIYADH CEMENT	58.00	70.10	20.9 %
TCC	13.60	16.11	18.5 %
DAR ALARKAN	131.20	153.59	17.1 %
ALARABIA	89.43	100.82	12.7 %

Company	Estimated	Actual	Change
ALAMAR	9.00	(16.62)	(284.7 %)
CENOMI RETAIL	(76.19)	(151.82)	(99.3 %)
CHEMANOL	(18.00)	(24.48)	(36.0 %)
ALHAMMADI	81.97	64.04	(21.9 %)
NAJRAN CEMENT	27.55	21.55	(21.8 %)

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Avalon Pharma turns to profit of SAR 9.4M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

Quarterly Actuals vs Estimates 19/05/202419/05/2024

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Avalon Pharma turns to profit of SAR 9.4M in Q1 2024

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

Quarterly Actuals vs Estimates 19/05/202419/05/2024

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Business Segments (Million)