Sadr trims 2023 loss to SAR 4.3M; Q4 loss at SAR 4.4M

Sadr trims 2023 loss to SAR 4.3M; Q4 loss at SAR 4.4M

21/03/2024 Argaam Exclusive

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Sadr Logistics Co. narrowed 2023 net loss by 41.2% to SAR 4.3 million, from SAR 7.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 110.82 104.04 (6.1 %)
Gross Income 15.51 18.02 16.1 %
Operating Income (4.62) (3.18) 31.1 %
Net Income (7.22) (4.25) 41.2 %
Average Shares 175.00 175.00 -
EPS (Riyals) (0.04) (0.02) 41.2 %

The cost of sales decreased by 10% compared to the year before, despite allocating an estimated inventory reserve of SAR 3 million. This was driven by the company’s focus on sales of the most profitable and least costly products.

 

The company also cited increased investment profit and other revenue, in addition to a decline in Zakat provisions.

 

Q4 2023 loss stood at SAR 4.4 million, compared to a loss of SAR 1.8 million.

 

On a quarterly basis, net loss widened from SAR 720,000 in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 41.02 25.09 (38.8 %)
Gross Income 5.37 3.27 (39.1 %)
Operating Income (1.27) (3.06) (140.5 %)
Net Income (1.77) (4.43) (149.9 %)
Average Shares 175.00 175.00 -
EPS (Riyals) (0.01) (0.03) (149.9 %)

Total shareholders’ equity, no minority interest, stood at SAR 171.73 million by Dec. 31, 2023, compared to SAR 176.23 million a year earlier.

 

Accumulated losses stood at SAR 4.79 million as of Dec. 31, 2023, accounting for 0.03% of the company’s capital.



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 - - - - - -
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 %)
Q1 2023 40.82 106.5 % 7.84 136.9 % 3.12 331.3 %
Q2 2023 17.20 4.4 % 2.51 (22.1 %) (2.57) (241.2 %)
Q3 2023 20.94 (37.6 %) 4.39 21.7 % (0.68) 45.8 %
Q4 2023 25.09 (38.8 %) 3.27 (39.1 %) (3.06) (140.5 %)
2023 104.04 (6.1 %) 18.02 16.1 % (3.18) 31.1 %


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 - - - - - -
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)
Q1 2023 3.29 279.8 % 0.02 - 3.29 0.02
Q2 2023 (2.39) (139.9 %) (0.01) - (2.39) (0.01)
Q3 2023 (0.72) 72.7 % 0.00 - (0.72) 0.00
Q4 2023 (4.43) (149.9 %) (0.03) - (4.43) (0.03)
2023 (4.25) 41.2 % (0.02) - (4.25) (0.02)

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 - - -
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 %)
Q1 2023 15.20 % 8.72 % (1.59 %)
Q2 2023 14.58 % 7.70 % (2.63 %)
Q3 2023 16.76 % 9.14 % (1.32 %)
Q4 2023 17.32 % 9.22 % (4.08 %)
2023 17.32 % 9.22 % (4.08 %)


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 - - - -
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
Q1 2023 175.00 (0.01) (0.01) 1.03
Q2 2023 175.00 (0.02) (0.02) 1.01
Q3 2023 175.00 (0.01) (0.01) 1.01
Q4 2023 175.00 (0.02) (0.02) 0.98

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 - - 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
Q1 2023 NEG NEG 3.50
Q2 2023 NEG NEG 4.00
Q3 2023 NEG NEG 3.31
Q4 2023 NEG NEG 3.27

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 - - - -
Q1 2023 11.30 22.63 5.16 1.72 - - - -
Q2 2023 9.53 3.76 3.86 0.04 - - - -
Q3 2023 10.21 3.69 4.95 2.08 - - - -
Q4 2023 15.72 2.85 6.05 0.46 - - - -

Current
Market Cap (M Riyal) 572.25
Enterprise Value (EV) (M) 570.70
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 3.47
Return on Average Assets (%) (TTM) (4.59 )
Return on Average Equity (%) (TTM) (6.72 )

Share Price

3.27
(0.02) (0.61 %)

Sadr Logistics Co. (SADR)


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