CATRION’s 9M 2023 profit up 42% at SAR 213.2 mln; Q3 at SAR 92.3 mln

CATRION’s 9M 2023 profit up 42% at SAR 213.2 mln; Q3 at SAR 92.3 mln

06/11/2023 Argaam Exclusive

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CATRION Catering Holding Co. reported a 42% profit leap to SAR 213.2 million in the first nine months of 2023, compared to SAR 150 million in the prior-year period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 1,310.01 1,584.63 21.0 %
Gross Income 363.66 423.80 16.5 %
Operating Income 180.09 204.11 13.3 %
Net Income 150.02 213.21 42.1 %
Average Shares 82.00 82.00 -
EPS (Riyals) 1.83 2.60 42.1 %

The nine-month profit was driven by better sales from inflight catering, and interest income from Murabaha investment deposits.

 

The third-quarter net profit climbed 30% to SAR 92.3 million from SAR 71.25 million in Q3 2022 on improved sales from inflight catering, remote sites catering, railways catering services and interest income from Murabaha investment deposits.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 501.96 565.97 12.8 %
Gross Income 147.70 156.27 5.8 %
Operating Income 81.94 76.07 (7.2 %)
Net Income 71.25 92.35 29.6 %
Average Shares 82.00 82.00 -
EPS (Riyals) 0.87 1.13 29.6 %

CATRION’s bottom line increased by 44.8% quarter-on-quarter (QoQ) from SAR 63.73 million in Q2 2023.

 

Total shareholders’ equity, no minority interest, increased to SAR 1.21 billion as of Sept. 30, 2023, from SAR 1.02 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 496.69 10.0 % 195.56 15.2 % 155.75 12.0 %
Q2 2014 551.34 16.1 % 207.65 10.2 % 160.75 2.2 %
Q3 2014 552.54 20.0 % 188.03 20.4 % 152.15 20.2 %
Q4 2014 535.38 11.4 % 183.34 3.3 % 164.68 34.0 %
Q1 2015 560.35 12.8 % 194.73 (0.4 %) 162.11 4.1 %
Q2 2015 565.21 2.5 % 198.19 (4.6 %) 162.82 1.3 %
Q3 2015 578.88 4.8 % 203.26 8.1 % 159.97 5.1 %
Q4 2015 556.36 3.9 % 228.36 24.6 % 184.01 11.7 %
Q1 2016 559.17 (0.2 %) 192.09 (1.4 %) 140.62 (13.3 %)
Q2 2016 570.45 0.9 % 193.09 (2.6 %) 144.56 (11.2 %)
Q3 2016 592.01 2.3 % 213.55 5.1 % 149.82 (6.3 %)
Q4 2016 535.03 (3.8 %) 167.02 (26.9 %) 114.89 (37.6 %)
Q1 2017 533.88 (4.5 %) 166.99 (13.1 %) 130.24 (7.4 %)
Q2 2017 551.11 (3.4 %) 196.27 1.6 % 144.93 0.3 %
Q3 2017 602.17 1.7 % 202.41 (5.2 %) 137.56 (8.2 %)
Q4 2017 265.41 (50.4 %) 157.13 (5.9 %) 102.79 (10.5 %)
Q1 2018 488.52 (8.5 %) 175.32 5.0 % 117.86 (9.5 %)
Q2 2018 509.76 (7.5 %) 189.43 (3.5 %) 134.32 (7.3 %)
Q3 2018 551.26 (8.5 %) 204.03 0.8 % 151.65 10.2 %
Q4 2018 486.22 83.2 % 127.71 (18.7 %) 78.21 (23.9 %)
Q1 2019 521.63 6.8 % 191.87 9.4 % 125.56 6.5 %
Q2 2019 544.53 6.8 % 192.70 1.7 % 141.61 5.4 %
Q3 2019 585.24 6.2 % 230.23 12.8 % 166.85 10.0 %
Q4 2019 504.87 3.8 % 172.13 34.8 % 107.37 37.3 %
Q1 2020 452.70 (13.2 %) 119.16 (37.9 %) 34.54 (72.5 %)
Q2 2020 113.15 (79.2 %) (40.67) (121.1 %) (128.83) (191.0 %)
Q3 2020 154.78 (73.6 %) (26.76) (111.6 %) (92.57) (155.5 %)
Q4 2020 205.95 (59.2 %) (9.50) (105.5 %) (64.44) (160.0 %)
Q1 2021 256.26 (43.4 %) 51.70 (56.6 %) (15.88) (146.0 %)
Q2 2021 257.10 127.2 % 53.76 232.2 % (8.46) 93.4 %
Q3 2021 332.18 114.6 % 101.46 479.1 % 26.86 129.0 %
Q4 2021 366.97 78.2 % 124.92 1415.7 % 55.11 185.5 %
Q1 2022 394.61 54.0 % 103.06 99.3 % 44.66 381.2 %
Q2 2022 413.45 60.8 % 112.90 110.0 % 53.49 732.0 %
Q3 2022 501.96 51.1 % 147.70 45.6 % 81.94 205.0 %
Q4 2022 507.99 38.4 % 152.66 22.2 % 78.17 41.9 %
Q1 2023 521.58 32.2 % 142.65 38.4 % 62.28 39.5 %
Q2 2023 497.08 20.2 % 124.89 10.6 % 65.76 22.9 %
Q3 2023 565.97 12.8 % 156.27 5.8 % 76.07 (7.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 161.78 14.9 % 1.97 - 161.78 1.97
Q2 2014 164.35 (2.2 %) 2.00 - 164.35 2.00
Q3 2014 154.98 16.1 % 1.89 - 154.98 1.89
Q4 2014 172.83 35.9 % 2.11 - 172.83 2.11
Q1 2015 167.44 3.5 % 2.04 - 167.44 2.04
Q2 2015 175.82 7.0 % 2.14 - 175.82 2.14
Q3 2015 164.50 6.1 % 2.01 - 164.50 2.01
Q4 2015 190.75 10.4 % 2.33 - 190.75 2.33
Q1 2016 130.39 (22.1 %) 1.59 - 130.39 1.59
Q2 2016 141.76 (19.4 %) 1.73 - 141.76 1.73
Q3 2016 139.24 (15.4 %) 1.70 - 139.24 1.70
Q4 2016 107.72 (43.5 %) 1.31 - 107.72 1.31
Q1 2017 121.39 (6.9 %) 1.48 - 121.39 1.48
Q2 2017 131.02 (7.6 %) 1.60 - 131.02 1.60
Q3 2017 130.43 (6.3 %) 1.59 - 130.43 1.59
Q4 2017 98.91 (8.2 %) 1.21 - 98.91 1.21
Q1 2018 120.25 (0.9 %) 1.47 - 120.25 1.47
Q2 2018 120.28 (8.2 %) 1.47 - 120.28 1.47
Q3 2018 142.57 9.3 % 1.74 - 142.57 1.74
Q4 2018 76.17 (23.0 %) 0.93 - 76.17 0.93
Q1 2019 103.53 (13.9 %) 1.26 - 103.53 1.26
Q2 2019 117.07 (2.7 %) 1.43 - 117.07 1.43
Q3 2019 142.02 (0.4 %) 1.73 - 142.02 1.73
Q4 2019 101.32 33.0 % 1.24 - 101.32 1.24
Q1 2020 15.56 (85.0 %) 0.19 (5.32) 20.88 0.25
Q2 2020 (143.78) (222.8 %) (1.75) (6.26) (137.51) (1.68)
Q3 2020 (106.47) (175.0 %) (1.30) - (106.47) (1.30)
Q4 2020 (100.00) (198.7 %) (1.22) (22.80) (77.20) (0.94)
Q1 2021 (30.02) (293.0 %) (0.37) - (30.02) (0.37)
Q2 2021 (17.44) 87.9 % (0.21) - (17.44) (0.21)
Q3 2021 15.37 114.4 % 0.19 - 15.37 0.19
Q4 2021 46.15 146.1 % 0.56 - 46.15 0.56
Q1 2022 35.31 217.6 % 0.43 - 35.31 0.43
Q2 2022 43.46 349.2 % 0.53 - 43.46 0.53
Q3 2022 71.25 363.7 % 0.87 - 71.25 0.87
Q4 2022 107.08 132.0 % 1.31 21.14 85.94 1.05
Q1 2023 57.13 61.8 % 0.70 (2.25) 59.38 0.72
Q2 2023 63.73 46.6 % 0.78 - 63.73 0.78
Q3 2023 92.35 29.6 % 1.13 16.07 76.28 0.93

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 37.52 % 30.23 % 30.87 %
Q2 2014 37.05 % 29.28 % 29.50 %
Q3 2014 36.94 % 29.26 % 29.23 %
Q4 2014 36.26 % 30.52 % 30.62 %
Q1 2015 35.18 % 29.98 % 29.99 %
Q2 2015 34.53 % 29.94 % 30.32 %
Q3 2015 34.80 % 30.00 % 30.39 %
Q4 2015 36.47 % 30.68 % 30.90 %
Q1 2016 36.37 % 29.86 % 29.27 %
Q2 2016 36.06 % 29.11 % 27.70 %
Q3 2016 36.31 % 28.69 % 26.43 %
Q4 2016 33.93 % 26.11 % 23.00 %
Q1 2017 33.19 % 26.20 % 22.86 %
Q2 2017 33.63 % 26.70 % 22.57 %
Q3 2017 32.97 % 26.23 % 22.08 %
Q4 2017 37.02 % 29.35 % 24.67 %
Q1 2018 38.33 % 29.50 % 25.20 %
Q2 2018 38.82 % 29.67 % 25.18 %
Q3 2018 40.00 % 31.34 % 26.56 %
Q4 2018 34.21 % 26.79 % 22.56 %
Q1 2019 34.46 % 27.76 % 21.39 %
Q2 2019 34.05 % 28.77 % 20.88 %
Q3 2019 34.74 % 30.15 % 20.53 %
Q4 2019 36.50 % 32.49 % 21.52 %
Q1 2020 34.22 % 29.61 % 18.27 %
Q2 2020 29.04 % 21.73 % 7.65 %
Q3 2020 18.27 % 8.19 % (9.94 %)
Q4 2020 4.56 % (7.47 %) (32.41 %)
Q1 2021 (3.45 %) (16.83 %) (48.10 %)
Q2 2021 7.92 % (1.37 %) (26.44 %)
Q3 2021 18.78 % 10.25 % (10.39 %)
Q4 2021 27.37 % 18.57 % 1.16 %
Q1 2022 28.37 % 21.23 % 5.88 %
Q2 2022 29.35 % 23.25 % 9.31 %
Q3 2022 29.13 % 23.93 % 11.70 %
Q4 2022 28.40 % 23.16 % 12.98 %
Q1 2023 28.58 % 22.10 % 13.37 %
Q2 2023 27.99 % 21.10 % 13.82 %
Q3 2023 27.55 % 19.80 % 13.63 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 82.00 7.20 7.20 14.27
Q2 2014 82.00 7.16 7.16 14.65
Q3 2014 82.00 7.42 7.42 14.67
Q4 2014 82.00 7.97 7.97 14.95
Q1 2015 82.00 8.04 8.04 16.84
Q2 2015 82.00 8.18 8.18 15.39
Q3 2015 82.00 8.30 8.30 15.58
Q4 2015 82.00 8.52 8.52 16.08
Q1 2016 82.00 8.07 8.07 15.93
Q2 2016 82.00 7.65 7.65 15.92
Q3 2016 82.00 7.34 7.34 15.92
Q4 2016 82.00 6.33 6.33 15.37
Q1 2017 82.00 6.22 6.22 15.58
Q2 2017 82.00 6.09 6.09 15.95
Q3 2017 82.00 5.98 5.98 16.07
Q4 2017 82.00 5.87 5.87 15.65
Q1 2018 82.00 5.86 5.86 15.84
Q2 2018 82.00 5.73 5.73 15.98
Q3 2018 82.00 5.88 5.88 16.35
Q4 2018 82.00 5.60 5.60 15.87
Q1 2019 82.00 5.40 5.40 15.64
Q2 2019 82.00 5.36 5.36 15.79
Q3 2019 82.00 5.35 5.35 16.20
Q4 2019 82.00 5.66 5.66 15.92
Q1 2020 82.00 4.58 4.65 14.74
Q2 2020 82.00 1.40 1.55 12.98
Q3 2020 82.00 (1.63) (1.49) 11.68
Q4 2020 82.00 (4.08) (3.66) 10.49
Q1 2021 82.00 (4.64) (4.28) 10.12
Q2 2021 82.00 (3.10) (2.82) 9.91
Q3 2021 82.00 (1.61) (1.33) 10.10
Q4 2021 82.00 0.17 0.17 10.64
Q1 2022 82.00 0.97 0.97 11.07
Q2 2022 82.00 1.71 1.71 11.60
Q3 2022 82.00 2.39 2.39 12.47
Q4 2022 82.00 3.14 2.88 13.66
Q1 2023 82.00 3.40 3.17 13.85
Q2 2023 82.00 3.65 3.42 14.65
Q3 2023 82.00 3.91 3.48 14.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 21.88 21.88 11.03
Q2 2014 24.03 24.03 11.74
Q3 2014 25.61 25.61 12.95
Q4 2014 23.31 23.31 12.44
Q1 2015 21.30 21.30 10.18
Q2 2015 20.01 20.01 10.64
Q3 2015 16.74 16.74 8.92
Q4 2015 14.45 14.45 7.65
Q1 2016 13.00 13.00 6.59
Q2 2016 12.84 12.84 6.17
Q3 2016 11.48 11.48 5.30
Q4 2016 16.29 16.29 6.71
Q1 2017 14.44 14.44 5.77
Q2 2017 14.28 14.28 5.45
Q3 2017 14.76 14.76 5.49
Q4 2017 13.65 13.65 5.13
Q1 2018 13.99 13.99 5.18
Q2 2018 16.25 16.25 5.83
Q3 2018 14.36 14.36 5.16
Q4 2018 14.46 14.46 5.10
Q1 2019 15.01 15.01 5.18
Q2 2019 15.96 15.96 5.41
Q3 2019 16.37 16.37 5.41
Q4 2019 18.17 18.17 6.46
Q1 2020 16.47 16.24 5.12
Q2 2020 55.13 50.09 5.96
Q3 2020 NEG NEG 7.07
Q4 2020 NEG NEG 7.35
Q1 2021 NEG NEG 7.51
Q2 2021 NEG NEG 7.94
Q3 2021 NEG NEG 8.86
Q4 2021 More than 100 More than 100 7.32
Q1 2022 88.73 88.73 7.76
Q2 2022 41.85 41.85 6.17
Q3 2022 29.85 29.85 5.73
Q4 2022 23.92 26.06 5.49
Q1 2023 25.22 27.06 6.19
Q2 2023 27.08 28.90 6.74
Q3 2023 26.37 29.60 6.97

Business Segments (Million)

Compared With The
Period Inflight Catering and Facility management Retail Other activities Catering services sky sales
Q1 2014 - - - - 447.67 49.02
Q2 2014 - - - - 498.34 53.00
Q3 2014 - - - - 500.86 51.68
Q4 2014 - - - - 479.68 55.70
Q1 2015 - - - - 505.05 55.30
Q2 2015 - - - - 508.42 56.79
Q3 2015 - - - - 517.90 60.98
Q4 2015 - - - - 490.09 66.27
Q1 2016 408.51 75.24 66.49 8.92 - -
Q2 2016 493.86 - 68.56 9.02 - -
Q3 2016 479.12 38.70 61.53 12.66 - -
Q4 2016 - - - - 462.45 72.58
Q1 2017 420.49 28.86 74.55 9.98 - -
Q2 2017 434.05 30.10 79.41 7.54 - -
Q3 2017 487.40 30.49 56.09 28.18 - -
Q4 2017 166.17 30.44 51.45 17.35 - -
Q1 2018 395.21 33.30 44.93 15.08 - -
Q2 2018 413.97 34.48 44.99 16.31 - -
Q3 2018 438.64 46.01 47.86 18.75 - -
Q4 2018 208.82 42.57 39.97 23.65 - -
Q1 2019 418.06 44.13 38.89 20.54 - -
Q2 2019 442.42 41.87 43.35 16.89 - -
Q3 2019 457.40 65.43 44.97 17.44 - -
Q4 2019 389.24 45.85 49.48 20.30 - -
Q1 2020 340.73 73.41 35.69 2.87 - -
Q2 2020 58.15 33.75 15.47 5.79 - -
Q3 2020 100.09 42.64 5.76 6.29 - -
Q4 2020 148.03 45.90 7.69 4.32 - -
Q1 2021 200.88 47.41 7.97 - - -
Q2 2021 192.50 52.99 11.61 - - -
Q3 2021 246.58 72.98 12.62 - - -
Q4 2021 298.06 57.98 10.93 - - -
Q1 2022 309.78 84.83 - - - -
Q2 2022 323.00 90.45 - - - -
Q3 2022 399.90 102.06 - - - -
Q4 2022 399.54 108.45 - - - -
Q1 2023 379.12 142.47 - - - -
Q2 2023 368.94 128.14 - - - -
Q3 2023 428.41 137.56 - - - -

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 67.65 92.35 36.51 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
AlJazira Capital 77.50 92.35 19.2 %
SNB Capital 57.80 92.35 59.8 %


Financial Ratios
Current
Market Cap (M Riyal) 9,807.20
Enterprise Value (EV) (M) 9,459.90
Shares Outstanding ((M)) 82.00
EPS ( Riyal) (TTM) 3.94
Book Value (BV) ( Riyal) 16.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 30.79
P/E (TTM) 30.32
Price/book 7.24
Return on Average Assets (%) (TTM) 14.2
Return on Average Equity (%) (TTM) 25.2
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Share Price

CATRION Catering Holding Co.
119.60
(1.60) (1.32 %)

CATRION Catering Holding Co. (CATRION)

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