Baazeem profit rises 3% to SAR 18.1M in 9M 2024; Q3 at SAR 5M

Baazeem profit rises 3% to SAR 18.1M in 9M 2024; Q3 at SAR 5M

07/11/2024 Argaam Exclusive

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Baazeem Trading Co. reported a net profit of SAR 18.1 million for the first nine months of 2024, a rise of 3% from SAR 17.6 million in the same period last year.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 195.25 192.78 (1.3 %)
Gross Income 71.90 74.57 3.7 %
Operating Income 20.78 20.46 (1.6 %)
Net Income 17.56 18.13 3.2 %
Average Shares 101.25 101.25 -
EPS (Riyals) 0.17 0.18 3.2 %

Baazeem attributed the annual profit growth to improved cost of sales.

 

However, revenues fell 1% YoY to SAR 192.78 million, due to weak demand for some of the company’s categories in the first and second quarters of 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 60.46 64.79 7.2 %
Gross Income 20.24 23.17 14.5 %
Operating Income 4.90 5.90 20.5 %
Net Income 3.90 5.03 29.2 %
Average Shares 101.25 101.25 -
EPS (Riyals) 0.04 0.05 29.2 %

In Q3 2024, net earnings leapt 29% to SAR 5 million, compared with SAR 3.90 million, driven by higher revenue for the three-month period.

 

On a quarterly basis, the bottom line also grew 10% from SAR 4.57 million in Q2 2024. This came as revenues increased sequentially as the company witnessed an uptick in sales of its newest brand.

 

Shareholders’ equity, no minority interest, reached SAR 193.96 million as of Sept. 30, 2024, up from SAR 189.72 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 77.25 - 33.87 - 12.20 -
Q4 2015 104.19 - 45.12 - 9.27 -
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 %)
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 %)
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 %
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 %
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 %)
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 %)
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 %
Q4 2022 67.25 9.9 % 25.74 16.9 % 6.19 8.3 %
Q1 2023 75.44 1.4 % 26.72 0.4 % 10.13 0.6 %
Q2 2023 59.35 1.5 % 24.93 8.1 % 5.75 8.6 %
Q3 2023 60.46 (4.4 %) 20.24 (9.9 %) 4.90 (8.7 %)
Q4 2023 61.86 (8.0 %) 27.02 5.0 % 4.74 (23.5 %)
Q1 2024 70.43 (6.6 %) 26.49 (0.9 %) 9.26 (8.6 %)
Q2 2024 57.55 (3.0 %) 24.91 (0.1 %) 5.30 (7.9 %)
Q3 2024 64.79 7.2 % 23.17 14.5 % 5.90 20.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 10.86 - 0.11 - 10.86 0.11
Q4 2015 9.07 - 0.09 - 9.07 0.09
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
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
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
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
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
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
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
Q4 2022 4.29 60.1 % 0.04 - 4.29 0.04
Q1 2023 8.94 0.6 % 0.09 - 8.94 0.09
Q2 2023 4.72 3.7 % 0.05 - 4.72 0.05
Q3 2023 3.90 (3.7 %) 0.04 - 3.90 0.04
Q4 2023 4.09 (4.6 %) 0.04 - 4.09 0.04
Q1 2024 8.52 (4.7 %) 0.08 - 8.52 0.08
Q2 2024 4.57 (3.1 %) 0.05 - 4.57 0.05
Q3 2024 5.03 29.2 % 0.05 - 5.03 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2022 37.14 % 12.19 % 8.12 %
Q2 2022 36.44 % 11.92 % 8.01 %
Q3 2022 36.60 % 11.93 % 7.84 %
Q4 2022 37.17 % 11.81 % 8.27 %
Q1 2023 37.07 % 11.77 % 8.26 %
Q2 2023 37.65 % 11.88 % 8.29 %
Q3 2023 37.20 % 11.86 % 8.32 %
Q4 2023 38.47 % 11.51 % 8.42 %
Q1 2024 39.15 % 11.34 % 8.42 %
Q2 2024 39.42 % 11.05 % 8.42 %
Q3 2024 39.90 % 11.34 % 8.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 101.25 0.22 0.22 1.88
Q1 2023 101.25 0.22 0.22 1.97
Q2 2023 101.25 0.22 0.22 1.91
Q3 2023 101.25 0.22 0.22 1.87
Q4 2023 101.25 0.21 0.21 1.92
Q1 2024 101.25 0.21 0.21 2.00
Q2 2024 101.25 0.21 0.21 1.94
Q3 2024 101.25 0.22 0.22 1.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 26.36 26.36 3.02
Q1 2023 30.61 30.61 3.35
Q2 2023 32.04 32.04 3.65
Q3 2023 29.75 29.75 3.43
Q4 2023 30.40 30.40 3.39
Q1 2024 32.91 32.91 3.45
Q2 2024 30.35 30.35 3.26
Q3 2024 29.89 29.89 3.42

Current
Market Cap (M Riyal) 688.50
Enterprise Value (EV) (M) 674.84
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) 30.99
P/E (TTM) 30.99
Price/book 3.55
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 11.6

Share Price

6.80
0.06 0.89 %

Baazeem Trading Co. (BAAZEEM)


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