Shalfa net profit rises 10% to SAR 10M in H1 2024

Shalfa net profit rises 10% to SAR 10M in H1 2024

29/09/2024 Argaam Exclusive

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Shalfa Facilities Management Co., poised to list on Nomu-Parallel Market, reported SAR 10 million in net profit for H1 2024, an increase of 10% from SAR 9.1 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 119.09 151.69 27.4 %
Gross Income 20.75 23.26 12.1 %
Operating Income 12.36 14.01 13.4 %
Net Income 9.06 9.96 10.0 %
Average Shares 4.20 4.20 -
EPS (Riyals) 2.16 2.37 10.0 %

The annual profit rise was attributed to a 27% year-on-year (YoY) jump in the six-month topline, coupled with higher other revenues and EBITDA.

 

This came although the gross profit margin decreased to 15% by the end of the first six months of 2024, compared to 17% for the same period a year ago as the cost of revenues ratio soared YoY to 85%.

 

Further, the operating profit margin plunged YoY to 9% in H1 2024 as general and administrative expenses inched up on an annual basis. For the same period, the net profit margin also fell YoY to 7% as the company’s financial burdens climbed YoY to SAR 4 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 119.09 151.69 27.4 %
Gross Income 20.75 23.26 12.1 %
Operating Income 12.36 14.01 13.4 %
Net Income 9.06 9.96 10.0 %
Average Shares 4.20 4.20 -
EPS (Riyals) 2.16 2.37 10.0 %

Shareholders' equity (no minority interest) amounted to SAR 71.63 million in H1 2024, compared to SAR 57.99 million in the same period a year earlier.

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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 119.09 - 20.75 - 12.36 -
H2 2023 141.29 - 24.29 - 13.20 -
H1 2024 151.69 27.4 % 23.26 12.1 % 14.01 13.4 %


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 9.06 - 2.16 - 9.06 2.16
H2 2023 12.49 - 2.97 - 12.49 2.97
H1 2024 9.96 10.0 % 2.37 - 9.96 2.37

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 17.30 % 12.13 % 8.27 %
H1 2024 16.23 % 11.55 % 7.66 %


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 4.20 - - 13.81
H2 2023 4.20 5.13 5.13 15.16
H1 2024 4.20 5.35 5.35 17.06

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 - - -

Business Segments (Million)

Compared With The
Period Facilities Management Services Environmental Services Rental Income from Investment Property Project Management Services
Q2 2023 100.64 18.29 0.12 0.05
Q4 2023 127.53 13.85 - 0.02
Q2 2024 142.02 9.52 0.14 -


Financial Ratios
Current
Market Cap (M Riyal) 428.40
Enterprise Value (EV) (M) 449.81
Shares Outstanding ((M)) 4.20
Book Value (BV) ( Riyal) 15.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.89
Price/book 6.73
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Share Price

Shalfa Facilities Management Co.
102.00
2.00 2.00 %

Shalfa Facilities Management Co. (SHALFA)

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