Sadr Logistics swings to SAR 7.2 mln loss in 2022, Q4 at SAR 1.8 mln

Sadr Logistics swings to SAR 7.2 mln loss in 2022, Q4 at SAR 1.8 mln

27/03/2023 Argaam Exclusive

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Sadr Logistics Co. reported a net loss of SAR 7.2 million in 2022, versus a net profit of SAR 3.6 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 73.23 110.82 51.3 %
Gross Income 21.34 15.51 (27.3 %)
Operating Income 5.53 (4.62) (183.7 %)
Net Income 3.60 (7.22) (300.5 %)
Average Shares 175.00 175.00 -
EPS (Riyals) 0.02 (0.04) (300.5 %)

This was triggered by an 84% increase in the cost of sales on higher raw material prices, increased operating costs in the iron segment, and lower storage and occupancy rates in the logistics division.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 21.24 41.02 93.1 %
Gross Income 3.66 5.37 46.9 %
Operating Income 0.64 (1.27) (300.2 %)
Net Income 0.08 (1.77) (2268.9 %)
Average Shares 175.00 175.00 -
EPS (Riyals) 0.00 (0.01) (2268.9 %)

The company incurred a net loss of SAR 1.8 million in Q4 2022, versus a net profit of SAR 0.08 million in the prior-year period.

 

On a quarterly basis, net losses shrank from SAR 2.62 million in Q3 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 176.23 million as of Dec. 31, 2022, compared to SAR 182.86 million in the year earlier period.

 

Accumulated losses came in at SAR 544,908 as of Dec. 31, 2022, which represents 0.31% of the company's SAR 175 million capital.


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 14.75 - 6.39 - 3.00 -
Q2 2017 9.04 - 3.16 - 1.11 -
Q3 2017 10.64 - 3.37 - 1.33 -
Q4 2017 11.76 - 4.36 - 0.87 -
Q1 2018 11.94 (19.1 %) 4.06 (36.4 %) 1.67 (44.3 %)
Q2 2018 10.68 18.2 % 3.14 (0.6 %) 0.87 (21.3 %)
Q3 2018 9.26 (13.0 %) 3.17 (6.0 %) 0.93 (30.3 %)
Q4 2018 7.65 (34.9 %) 0.41 (90.5 %) (2.19) (351.0 %)
Q1 2019 7.78 (34.8 %) 1.75 (57.0 %) (0.88) (152.9 %)
Q2 2019 11.02 3.2 % 2.66 (15.5 %) 0.16 (81.2 %)
Q3 2019 12.05 30.1 % 3.13 (1.3 %) 0.37 (59.7 %)
Q4 2019 11.19 46.2 % 2.28 453.0 % (1.33) 39.3 %
Q1 2020 10.26 32.0 % 2.35 34.4 % (0.31) 65.0 %
Q2 2020 10.79 (2.0 %) 3.91 47.3 % 1.65 904.3 %
Q3 2020 11.65 (3.4 %) 3.52 12.6 % 0.77 105.6 %
Q4 2020 21.58 92.9 % 4.90 114.7 % 1.81 236.1 %
Q1 2021 14.88 45.0 % 4.41 88.2 % 0.77 348.2 %
Q2 2021 16.08 49.0 % 4.02 2.8 % 0.71 (56.8 %)
Q3 2021 21.03 80.6 % 9.25 162.9 % 3.41 343.5 %
Q4 2021 21.24 (1.6 %) 3.66 (25.4 %) 0.64 (64.9 %)
Q1 2022 19.77 32.9 % 3.31 (25.1 %) (1.35) (275.9 %)
Q2 2022 16.48 2.5 % 3.22 (19.8 %) (0.75) (205.7 %)
Q3 2022 33.56 59.5 % 3.61 (61.0 %) (1.25) (136.6 %)
Q4 2022 41.02 93.1 % 5.37 46.9 % (1.27) (300.2 %)
2022 110.82 51.3 % 15.51 (27.3 %) (4.62) (183.7 %)


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 - - - - - -
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 2.57 - 0.02 - 2.57 0.02
Q2 2017 1.08 - 0.01 - 1.08 0.01
Q3 2017 1.14 - 0.01 - 1.14 0.01
Q4 2017 0.89 - 0.01 - 0.89 0.01
Q1 2018 1.52 (41.0 %) 0.01 - 1.52 0.01
Q2 2018 0.83 (22.9 %) 0.01 - 0.83 0.01
Q3 2018 0.86 (24.6 %) 0.01 - 0.86 0.01
Q4 2018 (2.75) (409.7 %) (0.02) (0.82) (1.93) (0.01)
Q1 2019 (0.85) (156.0 %) (0.01) - (0.85) (0.01)
Q2 2019 0.23 (72.7 %) 0.00 - 0.23 0.00
Q3 2019 0.26 (70.4 %) 0.00 - 0.26 0.00
Q4 2019 (1.54) 44.2 % (0.01) - (1.54) (0.01)
Q1 2020 (0.33) 61.8 % 0.00 - (0.33) 0.00
Q2 2020 1.55 581.1 % 0.01 - 1.55 0.01
Q3 2020 0.55 116.9 % 0.00 - 0.55 0.00
Q4 2020 0.81 152.5 % 0.01 - 0.81 0.01
Q1 2021 0.60 284.9 % 0.00 - 0.60 0.00
Q2 2021 0.25 (84.2 %) 0.00 - 0.25 0.00
Q3 2021 2.67 383.0 % 0.02 - 2.67 0.02
Q4 2021 0.08 (89.9 %) 0.00 - 0.08 0.00
Q1 2022 (1.83) (404.3 %) (0.01) - (1.83) (0.01)
Q2 2022 (1.00) (506.3 %) (0.01) - (1.00) (0.01)
Q3 2022 (2.62) (198.1 %) (0.01) - (2.62) (0.01)
Q4 2022 (1.77) (2268.9 %) (0.01) - (1.77) (0.01)
2022 (7.22) (300.5 %) (0.04) - (7.22) (0.04)

Profitability

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 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 37.41 % 16.36 % 12.30 %
Q1 2018 34.47 % 13.95 % 10.67 %
Q2 2018 33.17 % 12.90 % 9.74 %
Q3 2018 33.75 % 12.45 % 9.40 %
Q4 2018 27.28 % 6.11 % 3.24 %
Q1 2019 23.94 % (0.14 %) (3.07 %)
Q2 2019 22.35 % (1.91 %) (4.74 %)
Q3 2019 20.62 % (3.10 %) (5.97 %)
Q4 2019 23.34 % (0.62 %) (4.53 %)
Q1 2020 23.38 % 0.71 % (3.10 %)
Q2 2020 26.34 % 4.09 % (0.14 %)
Q3 2020 27.47 % 6.56 % 0.54 %
Q4 2020 27.04 % 14.77 % 4.75 %
Q1 2021 28.43 % 18.84 % 5.95 %
Q2 2021 26.26 % 18.96 % 3.44 %
Q3 2021 30.70 % 21.98 % 5.88 %
Q4 2021 29.14 % 20.50 % 4.91 %
Q1 2022 25.90 % 16.46 % 1.50 %
Q2 2022 24.76 % 14.76 % (0.09 %)
Q3 2022 15.15 % 8.28 % (5.89 %)
Q4 2022 14.00 % 5.69 % (6.51 %)
2022 14.00 % 5.69 % (6.51 %)


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 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 153.96 - - 0.23
Q2 2017 153.96 - - 0.24
Q3 2017 153.96 - - 0.25
Q4 2017 153.96 0.04 0.04 0.25
Q1 2018 153.96 0.03 0.03 0.26
Q2 2018 153.96 0.03 0.03 0.25
Q3 2018 153.96 0.03 0.03 0.26
Q4 2018 153.96 0.00 0.01 0.24
Q1 2019 153.96 (0.01) (0.01) 0.23
Q2 2019 153.96 (0.02) (0.01) 0.22
Q3 2019 153.96 (0.02) (0.01) 0.22
Q4 2019 153.96 (0.01) (0.01) 0.21
Q1 2020 153.96 (0.01) (0.01) -
Q2 2020 153.96 0.00 0.00 0.22
Q3 2020 153.96 0.00 0.00 -
Q4 2020 153.96 0.02 0.02 0.22
Q1 2021 153.96 0.02 0.02 0.23
Q2 2021 153.96 0.01 0.01 0.22
Q3 2021 153.96 0.03 0.03 0.24
Q4 2021 175.00 0.02 0.02 1.04
Q1 2022 175.00 0.01 0.01 1.03
Q2 2022 175.00 0.00 0.00 1.03
Q3 2022 175.00 (0.03) (0.03) 1.01
Q4 2022 175.00 (0.04) (0.04) 1.01

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 - - 5.28
Q2 2017 - - 4.24
Q3 2017 - - 3.30
Q4 2017 24.63 24.63 3.61
Q1 2018 29.79 29.79 3.46
Q2 2018 31.84 31.84 3.58
Q3 2018 31.18 31.18 3.21
Q4 2018 More than 100 89.56 3.14
Q1 2019 NEG NEG 3.97
Q2 2019 NEG NEG 3.71
Q3 2019 NEG NEG 3.49
Q4 2019 NEG NEG 11.71
Q1 2020 NEG NEG -
Q2 2020 NEG NEG 5.86
Q3 2020 More than 100 More than 100 -
Q4 2020 More than 100 More than 100 18.38
Q1 2021 More than 100 More than 100 28.64
Q2 2021 More than 100 More than 100 30.88
Q3 2021 More than 100 More than 100 32.85
Q4 2021 More than 100 More than 100 9.80
Q1 2022 More than 100 More than 100 6.78
Q2 2022 NEG NEG 3.94
Q3 2022 NEG NEG 4.29
Q4 2022 NEG NEG 3.21

Business Segments (Million)

Compared With The
Period Steel Wood Logistics Others Metal products and metal shelves Wooden Pallets Plastic Pallets Forklifts
Q1 2017 10.20 3.52 - 1.03 - - - -
Q2 2017 6.87 1.89 - 0.28 - - - -
Q3 2017 6.69 1.99 - 1.96 - - - -
Q1 2018 9.11 1.69 - 1.13 - - - -
Q2 2018 7.56 1.60 - 1.52 - - - -
Q3 2018 6.90 1.49 - 0.87 - - - -
Q4 2018 4.74 1.70 - 1.21 - - - -
Q1 2019 5.51 2.08 - 0.19 - - - -
Q2 2019 7.64 2.46 - 0.93 - - - -
Q3 2019 7.24 2.52 - 2.28 - - - -
Q4 2019 7.60 3.38 - 0.21 - - - -
Q1 2020 7.12 2.40 - 0.74 - - - -
Q2 2020 7.30 2.15 - 1.34 - - - -
Q3 2020 6.14 2.38 1.70 1.42 - - - -
Q4 2020 7.54 2.76 2.79 8.49 - - - -
Q1 2021 7.23 2.95 3.31 1.38 - - - -
Q2 2021 7.43 3.42 3.64 1.59 - - - -
Q3 2021 7.00 3.85 9.27 0.92 - - - -
Q4 2021 11.89 4.82 3.67 0.87 - - - -
Q1 2022 8.72 6.40 4.02 0.63 - - - -
Q2 2022 9.47 3.26 3.49 0.25 - - - -
Q3 2022 10.85 18.61 3.64 0.45 - - - -
Q4 2022 11.34 23.89 4.13 1.66 - - - -

Current
Market Cap (M Riyal) 575.75
Enterprise Value (EV) (M) 574.20
Shares Outstanding ((M)) 175.00
EPS ( Riyal) (TTM) (0.07)
Book Value (BV) ( Riyal) 0.94
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.50
Return on Average Assets (%) (TTM) (4.59 )
Return on Average Equity (%) (TTM) (6.72 )

Share Price

3.29
0.00 0.00 %

Sadr Logistics Co. (SADR)


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