Neft Alsharq’s H1 2024 profit dives 91% to SAR 317,000

Neft Alsharq’s H1 2024 profit dives 91% to SAR 317,000

25/08/2024 Argaam Exclusive

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Neft Alsharq Co. reported a 91% tumble in H1 2024 net profit to SAR 317,000, from SAR 3.4 million in the prior-year period

 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 33.84 23.45 (30.7 %)
Gross Income 5.59 4.29 (23.4 %)
Operating Income 3.68 0.48 (87.0 %)
Net Income 3.43 0.32 (90.8 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.17 0.02 (90.8 %)

The company’s profit slumped as revenue dropped 31% year-on-year (YoY) as average selling prices and sales volumes declined by 13% and 18% YoY, respectively.

 

Neft Alsharq recorded an increase in general and administrative expenses, on the advisory and administrative fees incurred on the company’s listing.

 

Selling and marketing expenses also rose by 150% YoY.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 33.84 23.45 (30.7 %)
Gross Income 5.59 4.29 (23.4 %)
Operating Income 3.68 0.48 (87.0 %)
Net Income 3.43 0.32 (90.8 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.17 0.02 (90.8 %)

Shareholders’ equity, no minority interest, increased to SAR 46.64 million as of June 30, 2024, from SAR 28.33 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2023

33.84

3.43

0.17

H2 2023

28.21

0.97

0.05

H1 2024

23.45

0.32

0.02

 

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 - - - - - -
H2 2022 - - - - - -
H1 2023 33.84 - 5.59 - 3.68 -
H2 2023 28.21 - 4.47 - 1.45 -
H1 2024 23.45 (30.7 %) 4.29 (23.4 %) 0.48 (87.0 %)


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 - - - - - -
H2 2022 - - - - - -
H1 2023 3.43 - 0.17 - 3.43 0.17
H2 2023 0.96 - 0.05 - 0.96 0.05
H1 2024 0.32 (90.8 %) 0.02 - 0.32 0.02

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 - - -
H1 2023 - - -
H2 2023 16.22 % 10.65 % 7.09 %
H1 2024 16.94 % 6.98 % 2.48 %


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 - - - -
H2 2022 - - - -
H1 2023 20.00 - - 1.38
H2 2023 20.00 0.22 0.22 1.42
H1 2024 20.00 0.06 0.06 2.33

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 76.20 76.20 2.09

Business Segments (Million)

Compared With The
Period Car Engine Oils Diesel Engine Oils Transmission Oils of all Kinds Base Oils Hydraulic Oils Industrial Greases Engine Coolants Other (Oil Additive-Scrap)


Financial Ratios
Current
Market Cap (M Riyal) 102.50
Enterprise Value (EV) (M) 98.14
Shares Outstanding ((M)) 25.00
Book Value (BV) ( Riyal) 1.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 23.31
Price/book 3.62
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Share Price

Neft Alsharq Company for Chemical Industries
4.10
0.09 2.24 %

Neft Alsharq Company for Chemical Industries (NEFT ALSHARQ)

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