TAQAT turns to net loss of SAR 11.6M in 2023
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TAQAT Mineral Trading Co. reported a net loss of SAR 11.6 million in 2023, versus a net profit of SAR 832,000 a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 239.98 | 156.41 | (34.8 %) |
| Gross Income | 8.44 | (0.39) | (104.6 %) |
| Operating Income | 1.75 | (9.29) | (630.3 %) |
| Net Income | 0.83 | (11.62) | (1496.9 %) |
| Average Shares | 9.75 | 9.75 | - |
| EPS (Riyals) | 0.09 | (1.19) | (1496.9 %) |
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 98.12 | 78.18 | (20.3 %) |
| Gross Income | 2.15 | (1.70) | (179.2 %) |
| Operating Income | (1.50) | (7.08) | (373.7 %) |
| Net Income | (1.72) | (8.86) | (415.1 %) |
| Average Shares | 9.75 | 9.75 | - |
| EPS (Riyals) | (0.18) | (0.91) | (415.1 %) |
This was due to the steep decline in selling prices of steel scraps, which led to lower profit margins. This is besides higher finance costs on soaring interest rates, paired with increased general and administrative expenses related to the company’s Nomu listing.
Total shareholders’ equity, no minority interest, stood at SAR 88.66 million by Dec. 31, 2023, down from SAR 103.20 million a year ago.
Accumulated losses reached SAR 10.33 million by Dec. 31, 2023, accounting for 10.6% of the company’s capital.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
141.86 |
2.55 |
0.26 |
|
H2 2022 |
98.12 |
(1.72) |
(0.17) |
|
H1 2023 |
78.23 |
(2.76) |
(0.28) |
|
H2 2023 |
78.18 |
(8.85) |
(0.91) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 78.23 | (44.9 %) | 1.31 | (79.2 %) | (2.20) | (167.9 %) |
| H2 2023 | 78.18 | (20.3 %) | (1.70) | (179.2 %) | (7.08) | (373.7 %) |
| 2023 | 156.41 | (34.8 %) | (0.39) | (104.6 %) | (9.29) | (630.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | (2.76) | (208.2 %) | (0.28) | - | (2.76) | (0.28) |
| H2 2023 | (8.86) | (415.1 %) | (0.91) | - | (8.86) | (0.91) |
| 2023 | (11.62) | (1496.9 %) | (1.19) | - | (11.62) | (1.19) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 1.96 % | 0.51 % | (2.54 %) |
| H2 2023 | (0.25 %) | (2.85 %) | (7.43 %) |
| 2023 | (0.25 %) | (2.85 %) | (7.43 %) |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 9.75 | (0.46) | (0.46) | 10.00 |
| H2 2023 | 9.75 | (1.19) | (1.19) | 8.75 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | - | - | - |
Business Segments (Million)
Q2 2023
| Period | Shear steel | Processed heavy steel | Steel tying wire | Other materials |
|---|---|---|---|---|
| Q2 2023 | 32.46 | 45.04 | - | 0.73 |
| Current | |
| Market Cap (M Riyal) | 145.03 |
| Enterprise Value (EV) (M) | 164.13 |
| Shares Outstanding ((M)) | 12.19 |
| Book Value (BV) ( Riyal) | 8.75 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| Price/book | 1.70 |
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