TAQAT widens H1 2024 loss to SAR 4.3M

TAQAT widens H1 2024 loss to SAR 4.3M

01/09/2024 Argaam Exclusive

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TAQAT Mineral Trading Co. widened its net loss in H1 2024 to SAR 4.3 million from SAR 2.8 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 78.23 84.87 8.5 %
Gross Income 1.31 1.14 (13.0 %)
Operating Income (2.20) (3.61) (63.7 %)
Net Income (2.76) (4.33) (56.8 %)
Average Shares 9.75 12.19 25.0 %
EPS (Riyals) (0.28) (0.35) (25.4 %)

This was due to a rise in public and administrative expenses related to its listing on the Nomu-Parallel Market, as well as higher financing costs.

 

However, TAQAT posted robust sales, mainly due to higher sales volume.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 78.23 84.87 8.5 %
Gross Income 1.31 1.14 (13.0 %)
Operating Income (2.20) (3.61) (63.7 %)
Net Income (2.76) (4.33) (56.8 %)
Average Shares 9.75 12.19 25.0 %
EPS (Riyals) (0.28) (0.35) (25.4 %)

Total shareholders’ equity, no minority interest, stood at SAR 123.91 million as of June 30, 2024, compared to SAR 85.33 million a year ago.

 

Accumulated losses reached SAR 17.99 million at the end of H1 2024, accounting for 14.76% 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)

(0.18)

H1 2023

78.23

(2.76)

(0.28)

H2 2023

78.18

(8.86)

(0.91)

H2 2024

84.87

(4.33)

(0.35)

 

View more financial results

 


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 141.86 - 6.29 - 3.25 -
H2 2022 98.12 - 2.15 - (1.50) -
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 %)
H1 2024 84.87 8.5 % 1.14 (13.0 %) (3.61) (63.7 %)


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 2.55 - 0.26 - 2.55 0.26
H2 2022 (1.72) - (0.18) - (1.72) (0.18)
H1 2023 (2.76) (208.2 %) (0.28) - (2.76) (0.28)
H2 2023 (8.86) (415.1 %) (0.91) - (8.86) (0.91)
H1 2024 (4.33) (56.8 %) (0.35) - (4.33) (0.35)

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 3.51 % 2.54 % 0.35 %
H1 2023 1.96 % 0.51 % (2.54 %)
H2 2023 (0.25 %) (2.85 %) (7.43 %)
H1 2024 (0.34 %) (3.46 %) (8.08 %)


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 9.75 - - 10.67
H2 2022 9.75 0.09 0.09 10.58
H1 2023 9.75 (0.46) (0.46) 10.00
H2 2023 9.75 (1.19) (1.19) 8.75
H1 2024 12.19 (1.08) (1.08) 10.17

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 - - -
H1 2024 NEG NEG 1.30

Business Segments (Million)

Compared With The
Period Shear steel Processed heavy steel Steel tying wire Other materials
Q2 2022 31.35 108.11 - 2.40
Q4 2022 34.21 62.90 - 1.01
Q2 2023 32.46 45.04 - 0.73


Financial Ratios
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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Share Price

Taqat Mineral Trading Co.
11.90
0.10 0.85 %

Taqat Mineral Trading Co. (TAQAT)

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