National Building net profit down 36% to SAR 46.8 mln in 2022; Q4 loss at SAR 3.4 mln

National Building net profit down 36% to SAR 46.8 mln in 2022; Q4 loss at SAR 3.4 mln

30/03/2023 Argaam Exclusive

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National Building and Marketing Co. (NBM) reported a net profit of SAR 46.8 million in 2022, a drop of 36% from SAR 73.4 million in the year-earlier period.



Financials (M)

Item 2021 2022 Change‬
Revenues 678.42 652.19 (3.9 %)
Gross Income 95.95 70.17 (26.9 %)
Operating Income 80.00 48.43 (39.5 %)
Net Income 73.40 38.74 (47.2 %)
Average Shares 12.00 12.00 -
EPS (Riyals) 6.12 3.23 (47.2 %)

Earnings were impacted by lower profits from the steel division on decreased selling prices. This is in addition to a year-on-year (YoY) decline in sales from the construction segment from SAR 270 million to SAR 160 million.



Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Revenues 380.39 331.45 (12.9 %)
Gross Income 60.19 26.76 (55.5 %)
Operating Income 51.28 13.94 (72.8 %)
Net Income 48.31 6.09 (87.4 %)
Average Shares 12.00 12.00 -
EPS (Riyals) 4.03 0.51 (87.4 %)

Q4 2022 net loss amounted to SAR 3.41 million, versus a net profit of SAR 20.18 million in the year-earlier period.

 

On a quarterly basis, NBM turned to losses from a net profit of SAR 18.35 million in Q3 2022.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 273.36 million as of Dec. 31, 2022, compared to SAR 228.00 million a year ago.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 81.25 - 14.69 - 11.22 -
H2 2017 87.11 - 11.18 - 11.67 -
H1 2018 80.51 (0.9 %) 16.38 11.5 % 13.54 20.7 %
H2 2018 86.61 (0.6 %) 14.67 31.2 % 14.49 24.2 %
H1 2019 79.68 (1.0 %) 13.91 (15.1 %) 11.99 (11.4 %)
H2 2019 91.13 5.2 % 1.93 (86.8 %) 0.83 (94.2 %)
H1 2020 153.70 92.9 % 14.78 6.3 % 11.12 (7.2 %)
H2 2020 133.04 46.0 % 23.63 1125.2 % 18.71 2141.3 %
H1 2021 298.03 93.9 % 35.76 142.0 % 28.72 158.2 %
H2 2021 380.39 185.9 % 60.19 154.7 % 51.28 174.1 %
H1 2022 320.75 7.6 % 43.42 21.4 % 34.49 20.1 %
H2 2022 331.45 (12.9 %) 26.76 (55.5 %) 13.94 (72.8 %)
2022 652.19 (3.9 %) 70.17 (26.9 %) 48.43 (39.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 11.21 - 0.93 - 11.21 0.93
H2 2017 15.58 - 1.30 - 15.58 1.30
H1 2018 12.47 11.2 % 1.04 - 12.47 1.04
H2 2018 11.64 (25.3 %) 0.97 - 11.64 0.97
H1 2019 8.56 (31.4 %) 0.71 - 8.56 0.71
H2 2019 (2.33) (120.0 %) (0.19) - (2.33) (0.19)
H1 2020 7.76 (9.3 %) 0.65 - 7.76 0.65
H2 2020 22.69 1072.1 % 1.89 - 22.69 1.89
H1 2021 25.09 223.5 % 2.09 - 25.09 2.09
H2 2021 48.31 112.9 % 4.03 - 48.31 4.03
H1 2022 32.65 30.1 % 2.72 - 32.65 2.72
H2 2022 6.09 (87.4 %) 0.51 - 6.09 0.51
2022 38.74 (47.2 %) 3.23 - 38.74 3.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 15.36 % 16.79 % 15.91 %
H1 2018 16.44 % 18.28 % 16.74 %
H2 2018 18.58 % 20.71 % 14.43 %
H1 2019 17.18 % 19.61 % 12.15 %
H2 2019 9.27 % 13.16 % 3.64 %
H1 2020 6.82 % 13.08 % 2.21 %
H2 2020 13.40 % 19.17 % 10.62 %
H1 2021 13.78 % 15.55 % 11.08 %
H2 2021 14.14 % 15.41 % 10.82 %
H1 2022 14.78 % 16.79 % 11.55 %
H2 2022 10.76 % 11.97 % 5.94 %
2022 10.76 % 11.97 % 5.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 12.00 - - 7.02
H2 2017 12.00 2.23 2.23 8.24
H1 2018 12.00 2.34 2.34 8.54
H2 2018 12.00 2.01 2.01 10.62
H1 2019 12.00 1.68 1.68 11.33
H2 2019 12.00 0.52 0.52 10.78
H1 2020 12.00 0.45 0.45 10.96
H2 2020 12.00 2.54 2.54 13.25
H1 2021 12.00 3.98 3.98 15.34
H2 2021 12.00 6.12 6.12 19.00
H1 2022 12.00 6.75 6.75 21.71
H2 2022 12.00 3.23 3.23 21.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 9.41 9.41 2.58
H2 2018 10.95 10.95 2.07
H1 2019 More than 100 More than 100 15.88
H2 2019 More than 100 More than 100 12.94
H1 2020 More than 100 More than 100 9.81
H2 2020 More than 100 More than 100 34.52
H1 2021 75.75 75.75 19.66
H2 2021 54.44 54.44 17.53
H1 2022 40.61 40.61 12.62
H2 2022 77.43 77.43 11.38

Business Segments (Million)

Compared With The
Period Iron Industry Contracting Projects commercial sector Information technology
Q2 2020 133.31 - 20.38 -
Q4 2020 80.39 - 52.65 -
Q2 2021 185.71 110.48 1.85 -
Q4 2021 180.74 159.41 40.23 -
Q2 2022 213.22 104.31 3.19 0.03
Q4 2022 264.07 56.21 8.87 2.30


Financial Ratios
Current
Market Cap (M Riyal) 2,404.80
Enterprise Value (EV) (M) 2,774.17
Shares Outstanding ((M)) 12.00
Book Value (BV) ( Riyal) 24.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 8.13
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Share Price

National Building and Marketing Co.
200.40
(0.40) (0.20 %)

National Building and Marketing Co. (NBM)

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