Baazeem net profit down 7% to SAR 17.5 mln in 9M 2022; Q3 at SAR 4 mln

08/11/2022 Argaam Exclusive

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Baazeem Trading Co. reported a net profit after Zakat and tax of SAR 17.5 million for the first nine months of 2022, a 7% decline compared to SAR 18.9 million in the same period last year.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	198.73	196.10	(1.3 %)
Gross Income	74.97	72.14	(3.8 %)
Operating Income	22.14	20.73	(6.4 %)
Net Income	18.87	17.49	(7.3 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.19	0.17	(7.3 %)

The profit drop was due to lower sales and higher cost of goods sold, driven by global inflation.

The company reported a net profit of SAR 4 million for Q3 2022, a 3% year-on-year (YoY) decrease, due to one-off cash dividends from its investments in the third quarter of 2021.

On a sequential basis, net profit fell 11% from SAR 4.6 million on higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	59.52	63.21	6.2 %
Gross Income	20.70	22.46	8.5 %
Operating Income	4.82	5.36	11.3 %
Net Income	4.18	4.04	(3.3 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	(3.3 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	58.45	63.21	8.1 %
Gross Income	23.06	22.46	(2.6 %)
Operating Income	5.29	5.36	1.3 %
Net Income	4.55	4.04	(11.2 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.04	(11.2 %)

Total shareholders’ equity, after minority interest, reached SAR 186.766 million as of Sept. 30, 2022, from SAR 192.357 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	300.33	-	120.43	-	37.40	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	316.51	5.4 %	128.31	6.5 %	38.12	1.9 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	77.25	-	33.87	-	12.20	-
Q4 2015	104.19	-	45.12	-	9.27	-
2015	344.39	8.8 %	146.58	14.2 %	41.00	7.5 %
Q1 2016	77.45	-	33.22	-	6.62	-
Q2 2016	96.96	-	41.83	-	13.51	-
Q3 2016	75.39	(2.4 %)	31.35	(7.4 %)	6.39	(47.6 %)
Q4 2016	93.68	(10.1 %)	42.49	(5.8 %)	8.53	(7.9 %)
2016	343.48	(0.3 %)	148.90	1.6 %	35.04	(14.5 %)
Q1 2017	76.35	(1.4 %)	26.08	(21.5 %)	6.97	5.4 %
Q2 2017	95.25	(1.8 %)	48.57	16.1 %	13.08	(3.2 %)
Q3 2017	66.28	(12.1 %)	25.54	(18.5 %)	4.78	(25.2 %)
Q4 2017	92.66	(1.1 %)	37.10	(12.7 %)	5.53	(35.2 %)
2017	330.53	(3.8 %)	126.05	(15.3 %)	30.35	(13.4 %)
Q1 2018	71.36	(6.5 %)	28.69	10.0 %	7.50	7.6 %
Q2 2018	81.36	(14.6 %)	36.62	(24.6 %)	7.07	(45.9 %)
Q3 2018	65.86	(0.6 %)	26.65	4.3 %	5.52	15.5 %
Q4 2018	83.83	(9.5 %)	32.44	(12.6 %)	7.47	35.1 %
2018	302.41	(8.5 %)	124.40	(1.3 %)	27.56	(9.2 %)
Q1 2019	64.69	(9.4 %)	21.41	(25.4 %)	8.72	16.2 %
Q2 2019	66.71	(18.0 %)	21.18	(42.2 %)	6.90	(2.5 %)
Q3 2019	60.16	(8.7 %)	17.56	(34.1 %)	4.59	(16.9 %)
Q4 2019	68.70	(18.0 %)	23.31	(28.1 %)	7.61	2.0 %
2019	260.26	(13.9 %)	83.46	(32.9 %)	27.81	0.9 %
Q1 2020	80.87	25.0 %	31.05	45.1 %	10.62	21.8 %
Q2 2020	71.75	7.6 %	22.84	7.9 %	8.30	20.3 %
Q3 2020	66.00	9.7 %	24.95	42.0 %	6.38	39.0 %
Q4 2020	66.86	(2.7 %)	26.89	15.4 %	7.10	(6.7 %)
2020	285.48	9.7 %	110.72	32.7 %	32.39	16.5 %
Q1 2021	79.84	(1.3 %)	29.09	(6.3 %)	11.31	6.5 %
Q2 2021	59.38	(17.2 %)	25.18	10.2 %	6.01	(27.5 %)
Q3 2021	59.52	(9.8 %)	20.70	(17.0 %)	4.82	(24.5 %)
Q4 2021	61.18	(8.5 %)	22.01	(18.1 %)	5.72	(19.4 %)
2021	259.91	(9.0 %)	96.98	(12.4 %)	27.86	(14.0 %)
Q1 2022	74.44	(6.8 %)	26.62	(8.5 %)	10.07	(11.0 %)
Q2 2022	58.45	(1.6 %)	23.06	(8.4 %)	5.29	(11.9 %)
Q3 2022	63.21	6.2 %	22.46	8.5 %	5.36	11.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	300.33	-	120.43	-	37.40	-
2014	316.51	5.4 %	128.31	6.5 %	38.12	1.9 %
2015	344.39	8.8 %	146.58	14.2 %	41.00	7.5 %
2016	343.48	(0.3 %)	148.90	1.6 %	35.04	(14.5 %)
2017	330.53	(3.8 %)	126.05	(15.3 %)	30.35	(13.4 %)
2018	302.41	(8.5 %)	124.40	(1.3 %)	27.56	(9.2 %)
2019	260.26	(13.9 %)	83.46	(32.9 %)	27.81	0.9 %
2020	285.48	9.7 %	110.72	32.7 %	32.39	16.5 %
2021	259.91	(9.0 %)	96.98	(12.4 %)	27.86	(14.0 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	32.17	-	0.32	-	32.17	0.32
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	32.91	2.3 %	0.33	-	32.91	0.33
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	10.86	-	0.11	-	10.86	0.11
Q4 2015	9.07	-	0.09	-	9.07	0.09
2015	36.91	12.1 %	0.36	-	36.91	0.36
Q1 2016	5.89	-	0.06	-	5.89	0.06
Q2 2016	10.70	-	0.11	-	10.70	0.11
Q3 2016	7.23	(33.5 %)	0.07	-	7.23	0.07
Q4 2016	9.38	3.4 %	0.09	-	9.38	0.09
2016	33.20	(10.0 %)	0.33	-	33.20	0.33
Q1 2017	6.36	7.9 %	0.06	-	6.36	0.06
Q2 2017	11.45	7.0 %	0.11	-	11.45	0.11
Q3 2017	3.95	(45.4 %)	0.04	-	3.95	0.04
Q4 2017	2.80	(70.2 %)	0.03	-	2.80	0.03
2017	24.55	(26.0 %)	0.24	-	24.55	0.24
Q1 2018	6.47	1.7 %	0.06	-	6.47	0.06
Q2 2018	5.34	(53.4 %)	0.05	-	5.34	0.05
Q3 2018	3.66	(7.3 %)	0.04	-	3.66	0.04
Q4 2018	4.99	78.4 %	0.05	-	4.99	0.05
2018	20.45	(16.7 %)	0.20	-	20.45	0.20
Q1 2019	7.02	8.5 %	0.07	-	7.02	0.07
Q2 2019	5.36	0.4 %	0.05	-	5.36	0.05
Q3 2019	3.11	(15.1 %)	0.03	-	3.11	0.03
Q4 2019	5.14	3.1 %	0.05	-	5.14	0.05
2019	20.63	0.8 %	0.20	-	20.63	0.20
Q1 2020	8.91	26.9 %	0.09	-	8.91	0.09
Q2 2020	6.59	22.9 %	0.07	-	6.59	0.07
Q3 2020	4.89	57.5 %	0.05	-	4.89	0.05
Q4 2020	5.88	14.4 %	0.06	-	5.88	0.06
2020	26.27	27.3 %	0.26	-	26.27	0.26
Q1 2021	9.78	9.9 %	0.10	-	9.78	0.10
Q2 2021	4.91	(25.5 %)	0.05	-	4.91	0.05
Q3 2021	4.18	(14.5 %)	0.04	-	4.18	0.04
Q4 2021	2.68	(54.4 %)	0.03	-	2.68	0.03
2021	21.55	(18.0 %)	0.21	-	21.55	0.21
Q1 2022	8.89	(9.1 %)	0.09	-	8.89	0.09
Q2 2022	4.55	(7.2 %)	0.04	-	4.55	0.04
Q3 2022	4.04	(3.3 %)	0.04	-	4.04	0.04

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	32.17	-	0.32	-	32.17	0.32
2014	32.91	2.3 %	0.33	-	32.91	0.33
2015	36.91	12.1 %	0.36	-	36.91	0.36
2016	33.20	(10.0 %)	0.33	-	33.20	0.33
2017	24.55	(26.0 %)	0.24	-	24.55	0.24
2018	20.45	(16.7 %)	0.20	-	20.45	0.20
2019	20.63	0.8 %	0.20	-	20.63	0.20
2020	26.27	27.3 %	0.26	-	26.27	0.26
2021	21.55	(18.0 %)	0.21	-	21.55	0.21

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	40.10 %	-	10.71 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	40.54 %	12.50 %	10.40 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	42.56 %	12.27 %	10.72 %
Q1 2016	-	-	-
Q2 2016	43.29 %	11.98 %	10.26 %
Q3 2016	42.80 %	10.50 %	9.29 %
Q4 2016	43.35 %	10.63 %	9.67 %
2016	43.35 %	10.63 %	9.67 %
Q1 2017	41.40 %	10.81 %	9.83 %
Q2 2017	43.59 %	10.79 %	10.10 %
Q3 2017	43.04 %	10.56 %	9.39 %
Q4 2017	41.54 %	9.84 %	7.43 %
2017	38.14 %	9.84 %	7.43 %
Q1 2018	42.98 %	10.24 %	7.58 %
Q2 2018	41.06 %	8.70 %	5.95 %
Q3 2018	41.47 %	9.23 %	5.87 %
Q4 2018	41.14 %	9.79 %	6.76 %
2018	41.14 %	9.79 %	6.76 %
Q1 2019	39.60 %	10.34 %	7.10 %
Q2 2019	36.17 %	10.89 %	7.48 %
Q3 2019	33.62 %	10.70 %	7.43 %
Q4 2019	32.07 %	11.82 %	7.93 %
2019	32.07 %	11.82 %	7.92 %
Q1 2020	33.68 %	12.04 %	8.14 %
Q2 2020	33.67 %	12.56 %	8.43 %
Q3 2020	35.55 %	12.80 %	8.88 %
Q4 2020	37.04 %	12.94 %	9.20 %
2020	38.79 %	12.94 %	9.20 %
Q1 2021	36.48 %	13.25 %	9.54 %
Q2 2021	39.00 %	13.02 %	9.36 %
Q3 2021	38.35 %	12.96 %	9.32 %
Q4 2021	37.31 %	12.44 %	8.29 %
2021	37.31 %	12.44 %	8.29 %
Q1 2022	37.14 %	12.19 %	8.12 %
Q2 2022	36.44 %	11.92 %	8.01 %
Q3 2022	36.60 %	11.93 %	7.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	40.10 %	-	10.71 %
2014	40.54 %	12.50 %	10.40 %
2015	42.56 %	12.27 %	10.72 %
2016	43.35 %	10.63 %	9.67 %
2017	38.14 %	9.84 %	7.43 %
2018	41.14 %	9.79 %	6.76 %
2019	32.07 %	11.82 %	7.92 %
2020	38.79 %	12.94 %	9.20 %
2021	37.31 %	12.44 %	8.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	43.84 %	-	14.06 %
Q4 2015	43.30 %	9.26 %	8.71 %
Q1 2016	42.90 %	8.96 %	7.61 %
Q2 2016	43.14 %	14.27 %	11.04 %
Q3 2016	41.58 %	8.93 %	9.58 %
Q4 2016	45.36 %	9.59 %	10.01 %
Q1 2017	34.16 %	9.76 %	8.33 %
Q2 2017	51.00 %	14.27 %	12.02 %
Q3 2017	38.53 %	7.51 %	5.95 %
Q4 2017	40.04 %	7.04 %	3.02 %
Q1 2018	40.21 %	11.56 %	9.06 %
Q2 2018	45.01 %	9.06 %	6.56 %
Q3 2018	40.46 %	9.99 %	5.55 %
Q4 2018	38.69 %	8.86 %	5.95 %
Q1 2019	33.09 %	14.25 %	10.85 %
Q2 2019	31.74 %	11.09 %	8.03 %
Q3 2019	29.20 %	9.03 %	5.16 %
Q4 2019	33.93 %	12.70 %	7.48 %
Q1 2020	38.40 %	14.50 %	11.01 %
Q2 2020	31.83 %	13.19 %	9.18 %
Q3 2020	37.80 %	10.39 %	7.41 %
Q4 2020	40.22 %	13.30 %	8.79 %
Q1 2021	36.44 %	15.63 %	12.26 %
Q2 2021	42.40 %	12.12 %	8.26 %
Q3 2021	34.78 %	9.82 %	7.02 %
Q4 2021	35.99 %	11.15 %	4.38 %
Q1 2022	35.76 %	15.00 %	11.95 %
Q2 2022	39.45 %	10.95 %	7.79 %
Q3 2022	35.54 %	9.99 %	6.40 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	101.25	-	-	1.64
Q4 2015	101.25	-	-	1.72
Q1 2016	101.25	-	-	1.77
Q2 2016	101.25	0.36	0.36	1.67
Q3 2016	101.25	0.32	0.32	1.74
Q4 2016	101.25	0.33	0.33	1.83
Q1 2017	101.25	0.33	0.33	1.89
Q2 2017	101.25	0.34	0.34	1.80
Q3 2017	101.25	0.31	0.31	1.83
Q4 2017	101.25	0.24	0.24	1.88
Q1 2018	101.25	0.24	0.24	1.95
Q2 2018	101.25	0.18	0.18	1.83
Q3 2018	101.25	0.18	0.18	1.87
Q4 2018	101.25	0.20	0.20	1.92
Q1 2019	101.25	0.21	0.21	1.99
Q2 2019	101.25	0.21	0.21	1.89
Q3 2019	101.25	0.20	0.20	1.92
Q4 2019	101.25	0.20	0.20	1.79
Q1 2020	101.25	0.22	0.22	1.88
Q2 2020	101.25	0.23	0.23	1.78
Q3 2020	101.25	0.25	0.25	1.83
Q4 2020	101.25	0.26	0.26	1.89
Q1 2021	101.25	0.27	0.27	1.99
Q2 2021	101.25	0.25	0.25	1.86
Q3 2021	101.25	0.24	0.24	1.90
Q4 2021	101.25	0.21	0.21	1.92
Q1 2022	101.25	0.20	0.20	2.00
Q2 2022	101.25	0.20	0.20	1.87
Q3 2022	101.25	0.20	0.20	1.84

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	101.25	0.32	0.32	1.50
2014	101.25	0.33	0.33	1.59
2015	101.25	0.36	0.36	1.72
2016	101.25	0.33	0.33	1.83
2017	101.25	0.24	0.24	1.88
2018	101.25	0.20	0.20	1.92
2019	101.25	0.20	0.20	1.79
2020	101.25	0.26	0.26	1.89
2021	101.25	0.21	0.21	1.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	10.46	10.46	1.84
Q2 2017	7.68	7.68	1.45
Q3 2017	8.06	8.06	1.35
Q4 2017	11.42	11.42	1.47
Q1 2018	9.81	9.81	1.23
Q2 2018	14.57	14.57	1.46
Q3 2018	13.58	13.58	1.31
Q4 2018	14.41	14.41	1.52
Q1 2019	14.08	14.08	1.47
Q2 2019	14.26	14.26	1.57
Q3 2019	14.54	14.54	1.53
Q4 2019	21.03	21.03	2.40
Q1 2020	15.92	15.92	1.89
Q2 2020	20.75	20.75	2.73
Q3 2020	23.96	23.96	3.30
Q4 2020	34.77	34.77	4.78
Q1 2021	40.06	40.06	5.41
Q2 2021	57.82	57.82	7.82
Q3 2021	51.54	51.54	6.63
Q4 2021	52.90	52.90	5.87
Q1 2022	48.96	48.96	4.98
Q2 2022	32.37	32.37	3.46
Q3 2022	33.59	33.59	3.63

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	11.42	11.42	1.47
2018	14.41	14.41	1.52
2019	21.04	21.04	2.40
2020	34.77	34.77	4.78
2021	52.90	52.90	5.87

Financial Ratios

	Current
Market Cap (M Riyal)	712.80
Enterprise Value (EV) (M)	699.14
Shares Outstanding ((M))	101.25
EPS ( Riyal) (TTM)	0.22
Book Value (BV) ( Riyal)	1.92
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	32.08
P/E (TTM)	32.08
Price/book	3.68
Return on Average Assets (%) (TTM)	9.1
Return on Average Equity (%) (TTM)	11.6

Baazeem Trading Co. (BAAZEEM)

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Baazeem net profit down 7% to SAR 17.5 mln in 9M 2022; Q3 at SAR 4 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Baazeem Trading Co. (BAAZEEM)

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Baazeem net profit down 7% to SAR 17.5 mln in 9M 2022; Q3 at SAR 4 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Baazeem Trading Co. (BAAZEEM)

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