Neft Alsharq net profit up 21% to SAR 4.4M in 2023
07/05/2024
Argaam Exclusive
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Neft Alsharq Co. for Chemical Industries, which is in the process of listing on Nomu-Parallel Market, posted 21% rise in net profit for 2023 to SAR 4.4 million, compared to SAR 3.6 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 56.20 | 62.05 | 10.4 % |
| Gross Income | 8.34 | 10.06 | 20.6 % |
| Operating Income | 4.05 | 5.13 | 26.6 % |
| Net Income | 3.65 | 4.40 | 20.5 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.18 | 0.22 | 20.5 % |
The profit rise was driven by a 10.4% growth in revenues to SAR 62.1 million, as well as a rise in gross profit margin from 15% to 16%, and in operating profit margin from 7% to 8%. Meanwhile, general and administrative expenses rose 44% year-on-year.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|
Shareholders' equity (with no minority interest) amounted to SAR 28.3 million by the end of 2023, compared to SAR 24.1 million in 2022.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 33.84 | - | 5.59 | - | 3.68 | - |
| H2 2023 | 28.21 | - | 4.47 | - | 1.45 | - |
| 2023 | 62.05 | 10.4 % | 10.06 | 20.6 % | 5.13 | 26.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 3.43 | - | 0.17 | - | 3.43 | 0.17 |
| H2 2023 | 0.96 | - | 0.05 | - | 0.96 | 0.05 |
| 2023 | 4.40 | 20.5 % | 0.22 | - | 4.40 | 0.22 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 16.22 % | 10.65 % | 7.09 % |
| 2023 | 16.22 % | 10.65 % | 7.09 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 20.00 | - | - | 1.38 |
| H2 2023 | 20.00 | 0.22 | 0.22 | 1.42 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | - | - | - |
Business Segments (Million)
2023
| Period | Car Engine Oils | Diesel Engine Oils | Transmission Oils of all Kinds | Base Oils | Hydraulic Oils | Industrial Greases | Engine Coolants | Other (Oil Additive-Scrap) |
|---|
| Current | |
| Market Cap (M Riyal) | 101.25 |
| Enterprise Value (EV) (M) | 96.89 |
| Shares Outstanding ((M)) | 25.00 |
| Book Value (BV) ( Riyal) | 1.42 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 23.03 |
| Price/book | 3.57 |
Share Price
Neft Alsharq Company for Chemical Industries (NEFT ALSHARQ)
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