Al-Omran swings to losses of SAR 6.9 mln in 9M 2023; Q3 at SAR 2.8 mln

Al-Omran swings to losses of SAR 6.9 mln in 9M 2023; Q3 at SAR 2.8 mln

09/11/2023 Argaam Exclusive

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Al-Omran Industrial Trading Co. reported a net loss of SAR 6.9 million in the first nine months of 2023, against a net profit of SAR 6.4 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 105.50 109.63 3.9 %
Gross Income 26.56 16.56 (37.6 %)
Operating Income 10.50 (1.23) (111.8 %)
Net Income 6.35 (6.91) (208.7 %)
Average Shares 10.21 6.00 (41.2 %)
EPS (Riyals) 0.62 (1.15) (285.0 %)

The losses were attributed to the higher ratio of cost of sales to sales by 10%, which was not offset by an increase in selling prices due to intense competition. This is in addition to a year-on-year (YoY) rise in general and administrative expenses by 43% and a 42% YoY hike in financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 29.56 39.24 32.7 %
Gross Income 7.91 6.83 (13.7 %)
Operating Income 1.96 0.10 (95.0 %)
Net Income 0.47 (2.75) (681.8 %)
Average Shares 10.21 6.00 (41.2 %)
EPS (Riyals) 0.05 (0.46) (1089.7 %)

In Q3 2023, the company incurred a net loss of SAR 2.8 million against a net profit of SAR 470,000 in Q3 2022.

 

Compared to Q2 2023, Al-Omran narrowed its third-quarter losses from SAR 3.61 million on improved sales by 35% a quarterly basis.

 

Shareholders’ equity, excluding minority interest, reached SAR 109 million as of Sept. 30, 2023, down from SAR 118 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 22.45 - 6.57 - 2.16 -
Q1 2017 26.54 - 6.49 - 2.79 -
Q2 2017 47.78 - 10.89 - 5.96 -
Q3 2017 23.82 - 5.47 - 1.64 -
Q4 2017 24.11 7.4 % 5.45 (17.0 %) 0.71 (67.0 %)
Q1 2018 22.59 (14.9 %) 6.32 (2.5 %) 2.30 (17.8 %)
Q2 2018 37.23 (22.1 %) 7.55 (30.7 %) 3.31 (44.4 %)
Q3 2018 34.51 44.9 % 6.58 20.2 % 1.92 17.1 %
Q4 2018 22.11 (8.3 %) 2.88 (47.2 %) (0.99) (239.2 %)
Q1 2019 23.60 4.5 % 4.38 (30.8 %) 0.68 (70.2 %)
Q2 2019 37.85 1.7 % 5.76 (23.7 %) 1.71 (48.4 %)
Q3 2019 31.05 (10.0 %) 4.64 (29.4 %) 0.00 (99.9 %)
Q4 2019 22.72 2.7 % 5.73 99.1 % 0.57 157.6 %
Q1 2020 31.58 33.8 % 4.33 (1.0 %) 0.45 (34.1 %)
Q2 2020 61.72 63.1 % 9.35 62.4 % 3.03 77.1 %
Q3 2020 23.04 (25.8 %) 7.75 66.8 % 2.79 278500.0 %
Q4 2020 23.02 1.3 % 8.64 50.8 % (2.59) (551.5 %)
Q1 2021 38.65 22.4 % 9.00 107.7 % 3.76 734.6 %
Q2 2021 43.20 (30.0 %) 9.77 4.5 % 5.26 73.6 %
Q3 2021 32.60 41.5 % 7.68 (0.8 %) 2.58 (7.5 %)
Q4 2021 20.79 (9.7 %) 10.40 20.4 % 3.02 216.7 %
Q1 2022 41.48 7.3 % 8.41 (6.6 %) 3.48 (7.6 %)
Q2 2022 34.46 (20.2 %) 10.24 4.9 % 5.06 (3.7 %)
Q3 2022 29.56 (9.3 %) 7.91 3.0 % 1.96 (23.9 %)
Q4 2022 21.43 3.1 % 8.13 (21.9 %) 1.41 (53.2 %)
Q1 2023 41.43 (0.1 %) 6.22 (26.0 %) 0.74 (78.7 %)
Q2 2023 28.96 (16.0 %) 3.52 (65.6 %) (2.08) (141.0 %)
Q3 2023 39.24 32.7 % 6.83 (13.7 %) 0.10 (95.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 2.10 - 0.21 - 2.10 0.21
Q1 2017 2.29 - 0.22 - 2.29 0.22
Q2 2017 5.23 - 0.51 - 5.23 0.51
Q3 2017 0.98 - 0.10 - 0.98 0.10
Q4 2017 0.40 (80.8 %) 0.04 - 0.40 0.04
Q1 2018 1.72 (24.8 %) 0.17 - 1.72 0.17
Q2 2018 2.96 (43.5 %) 0.29 - 2.96 0.29
Q3 2018 0.78 (20.1 %) 0.08 - 0.78 0.08
Q4 2018 (1.74) (530.0 %) (0.17) - (1.74) (0.17)
Q1 2019 0.71 (58.7 %) 0.07 - 0.71 0.07
Q2 2019 1.22 (58.6 %) 0.12 - 1.22 0.12
Q3 2019 (0.31) (139.0 %) (0.03) - (0.31) (0.03)
Q4 2019 (1.32) 23.8 % (0.13) - (1.32) (0.13)
Q1 2020 0.04 (94.8 %) 0.00 - 0.04 0.00
Q2 2020 1.63 33.3 % 0.16 - 1.63 0.16
Q3 2020 1.94 734.8 % 0.19 - 1.94 0.19
Q4 2020 (2.80) (111.3 %) (0.27) - (2.80) (0.27)
Q1 2021 2.84 7573.0 % 0.28 - 2.84 0.28
Q2 2021 4.42 171.0 % 0.43 - 4.42 0.43
Q3 2021 1.63 (16.0 %) 0.16 - 1.63 0.16
Q4 2021 1.06 137.7 % 0.10 - 1.06 0.10
Q1 2022 2.26 (20.4 %) 0.22 - 2.26 0.22
Q2 2022 3.62 (18.1 %) 0.35 - 3.62 0.35
Q3 2022 0.47 (70.9 %) 0.05 - 0.47 0.05
Q4 2022 (0.56) (153.0 %) (0.05) - (0.56) (0.05)
Q1 2023 (0.63) (128.0 %) (0.06) - (0.63) (0.06)
Q2 2023 (3.61) (199.8 %) (0.35) - (3.61) (0.35)
Q3 2023 (2.75) (681.8 %) (0.46) - (2.75) (0.46)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q2 2017 - - -
Q3 2017 24.39 % 12.66 % 8.79 %
Q4 2017 23.15 % 11.41 % 7.28 %
Q1 2018 23.78 % 11.43 % 7.04 %
Q2 2018 23.01 % 10.20 % 5.62 %
Q3 2018 21.87 % 9.55 % 4.95 %
Q4 2018 20.04 % 8.06 % 3.19 %
Q1 2019 18.20 % 6.54 % 2.31 %
Q2 2019 16.59 % 5.11 % 0.83 %
Q3 2019 15.40 % 3.77 % (0.10 %)
Q4 2019 17.80 % 5.24 % 0.26 %
Q1 2020 16.61 % 4.96 % (0.30 %)
Q2 2020 16.36 % 5.23 % 0.03 %
Q3 2020 19.53 % 7.54 % 1.64 %
Q4 2020 21.57 % 5.23 % 0.58 %
Q1 2021 23.72 % 7.18 % 2.46 %
Q2 2021 27.48 % 9.90 % 5.00 %
Q3 2021 25.52 % 8.99 % 4.43 %
Q4 2021 27.25 % 13.30 % 7.35 %
Q1 2022 26.26 % 12.77 % 6.78 %
Q2 2022 28.40 % 13.45 % 6.62 %
Q3 2022 29.26 % 13.27 % 5.86 %
Q4 2022 27.32 % 11.94 % 4.56 %
Q1 2023 25.61 % 9.79 % 2.28 %
Q2 2023 21.23 % 4.35 % (3.56 %)
Q3 2023 18.84 % 2.60 % (5.76 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 10.21 - - 9.89
Q1 2017 10.21 - - 10.12
Q2 2017 10.21 - - 10.63
Q3 2017 10.21 1.04 1.04 10.73
Q4 2017 10.21 0.87 0.87 10.62
Q1 2018 10.21 0.82 0.82 10.79
Q2 2018 10.21 0.59 0.59 11.08
Q3 2018 10.21 0.57 0.57 11.16
Q4 2018 10.21 0.36 0.36 10.41
Q1 2019 10.21 0.27 0.27 10.48
Q2 2019 10.21 0.10 0.10 10.60
Q3 2019 10.21 (0.01) (0.01) 10.57
Q4 2019 10.21 0.03 0.03 10.52
Q1 2020 10.21 (0.04) (0.04) -
Q2 2020 10.21 0.00 0.00 10.71
Q3 2020 10.21 0.22 0.22 10.90
Q4 2020 10.21 0.08 0.08 10.49
Q1 2021 10.21 0.35 0.35 10.77
Q2 2021 10.21 0.63 0.63 11.20
Q3 2021 10.21 0.60 0.60 11.36
Q4 2021 10.21 0.97 0.97 11.34
Q1 2022 10.21 0.92 0.92 11.57
Q2 2022 10.21 0.84 0.84 11.48
Q3 2022 10.21 0.73 0.73 11.53
Q4 2022 10.21 0.57 0.57 11.31
Q1 2023 10.21 0.28 0.28 11.25
Q2 2023 10.21 (0.42) (0.42) 10.90
Q3 2023 6.00 (1.26) (1.26) 10.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - 2.08
Q2 2017 - - 1.53
Q3 2017 12.56 12.56 1.22
Q4 2017 13.78 13.78 1.13
Q1 2018 13.78 13.78 1.04
Q2 2018 18.99 18.99 1.02
Q3 2018 16.85 16.85 0.87
Q4 2018 37.94 37.94 1.33
Q1 2019 44.26 44.26 1.12
Q2 2019 More than 100 More than 100 1.18
Q3 2019 NEG NEG 1.23
Q4 2019 More than 100 More than 100 2.72
Q1 2020 NEG NEG -
Q2 2020 More than 100 More than 100 5.34
Q3 2020 More than 100 More than 100 5.23
Q4 2020 More than 100 More than 100 6.24
Q1 2021 More than 100 More than 100 7.10
Q2 2021 More than 100 More than 100 6.86
Q3 2021 More than 100 More than 100 6.88
Q4 2021 76.83 76.83 6.59
Q1 2022 75.55 75.55 5.99
Q2 2022 70.06 70.06 5.12
Q3 2022 73.54 73.54 4.63
Q4 2022 86.37 86.37 4.33
Q1 2023 More than 100 More than 100 4.64
Q2 2023 NEG NEG 5.05
Q3 2023 NEG NEG 4.38

Business Segments (Million)

Compared With The
Period The commercial sector Industrial development
Q4 2019 12.87 9.85
Q1 2020 21.20 10.38
Q2 2020 39.50 22.22
Q4 2020 10.66 12.36
Q1 2021 22.44 16.22
Q2 2021 24.34 18.86
Q3 2021 18.07 14.53
Q4 2021 10.20 10.60
Q1 2022 23.87 17.61
Q2 2022 17.61 16.85
Q3 2022 16.19 13.37
Q4 2022 6.39 15.05
Q1 2023 29.39 12.04
Q2 2023 20.37 8.59
Q3 2023 24.80 14.44

Current
Market Cap (M Riyal) 460.80
Enterprise Value (EV) (M) 449.60
Shares Outstanding ((M)) 12.00
EPS ( Riyal) (TTM) (0.74)
Book Value (BV) ( Riyal) 13.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.95
Return on Average Assets (%) (TTM) (4.26 )
Return on Average Equity (%) (TTM) (6.68 )

Share Price

38.40
(0.10) (0.26 %)

Al-Omran Industrial Trading Co. (ALOMRAN)


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