Sadr earns SAR 898,000 in H1 2023, incurs SAR 2.4 mln loss in Q2

10/08/2023 Argaam Exclusive

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Sadr Logistics Co. reported a net profit of SAR 898,000 in H1 2023 against a net loss of SAR 2.8 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	36.25	58.01	60.1 %
Gross Income	6.53	10.35	58.5 %
Operating Income	(2.10)	0.55	126.2 %
Net Income	(2.82)	0.90	131.8 %
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.02)	0.01	131.8 %

The company posted a 60% year-on-year (YoY) rise in sales across the board.

It also reported better revenues from its finance leasing contract with the US-based Avenger Flight Co. Investment profits surged 112% YoY on higher interest rates and short-term Murabaha contracts with local banks.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	16.48	17.20	4.4 %
Gross Income	3.22	2.51	(22.1 %)
Operating Income	(0.75)	(2.57)	(241.2 %)
Net Income	(1.00)	(2.39)	(139.9 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.01)	(0.01)	(139.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	40.82	17.20	(57.9 %)
Gross Income	7.84	2.51	(68.0 %)
Operating Income	3.12	(2.57)	(182.3 %)
Net Income	3.29	(2.39)	(172.7 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	0.02	(0.01)	(172.7 %)

In Q2 2023, the company widened net losses to SAR 2.39 million from SAR 1 million in the prior-year period. Sadr recorded an 11% YoY increase in the cost of goods sold, along with higher operating expenses (OpEx) as well as selling and distribution expenses.

The company swung to losses in the second quarter from a net profit of SAR 3.29 million in Q1 2023 due to a 58% quarter-on-quarter fall in sales. Sadr also recorded higher selling and distribution expenses, as well as general and administrative expenses.

Shareholders’ equity, no minority interest, declined to SAR 177.13 million as of June 30, 2023, from SAR 180.04 million in the corresponding period in 2022.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	45.72	42.4 %	9.10	25.1 %	2.93	22.1 %	0.02
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	48.26	5.5 %	15.39	69.1 %	4.81	64.2 %	0.04
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	38.42	(20.4 %)	14.58	(5.2 %)	7.10	47.6 %	0.06
Q1 2017	14.75	-	6.39	-	2.57	-	0.02
Q2 2017	9.04	-	3.16	-	1.08	-	0.01
Q3 2017	10.64	-	3.37	-	1.14	-	0.01
Q4 2017	11.76	-	4.36	-	0.89	-	0.01
2017	46.19	20.2 %	17.28	18.5 %	5.68	(19.9 %)	0.04
Q1 2018	11.94	(19.1 %)	4.06	(36.4 %)	1.52	(41.0 %)	0.01
Q2 2018	10.68	18.2 %	3.14	(0.6 %)	0.83	(22.9 %)	0.01
Q3 2018	9.26	(13.0 %)	3.17	(6.0 %)	0.86	(24.6 %)	0.01
Q4 2018	7.65	(34.9 %)	0.41	(90.5 %)	(2.75)	(409.7 %)	(0.02)
2018	39.53	(14.4 %)	10.78	(37.6 %)	0.46	(91.9 %)	0.00
Q1 2019	7.78	(34.8 %)	1.75	(57.0 %)	(0.85)	(156.0 %)	(0.01)
Q2 2019	11.02	3.2 %	2.66	(15.5 %)	0.23	(72.7 %)	0.00
Q3 2019	12.05	30.1 %	3.13	(1.3 %)	0.26	(70.4 %)	0.00
Q4 2019	11.19	46.2 %	2.28	453.0 %	(1.54)	44.2 %	(0.01)
2019	42.04	6.3 %	9.81	(9.0 %)	(1.90)	(513.9 %)	(0.01)
Q1 2020	10.26	32.0 %	2.35	34.4 %	(0.33)	61.8 %	0.00
Q2 2020	10.79	(2.0 %)	3.91	47.3 %	1.55	581.1 %	0.01
Q3 2020	11.65	(3.4 %)	3.52	12.6 %	0.55	116.9 %	0.00
Q4 2020	21.58	92.9 %	4.90	114.7 %	0.81	152.5 %	0.01
2020	54.28	29.1 %	14.68	49.6 %	2.58	235.5 %	0.02
Q1 2021	14.88	45.0 %	4.41	88.2 %	0.60	284.9 %	0.00
Q2 2021	16.08	49.0 %	4.02	2.8 %	0.25	(84.2 %)	0.00
Q3 2021	21.03	80.6 %	9.25	162.9 %	2.67	383.0 %	0.02
Q4 2021	21.24	(1.6 %)	3.66	(25.4 %)	0.08	(89.9 %)	0.00
2021	73.23	34.9 %	21.34	45.4 %	3.60	39.6 %	0.02
Q1 2022	19.77	32.9 %	3.31	(25.1 %)	(1.83)	(404.3 %)	(0.01)
Q2 2022	16.48	2.5 %	3.22	(19.8 %)	(1.00)	(506.3 %)	(0.01)
Q3 2022	33.56	59.5 %	3.61	(61.0 %)	(2.62)	(198.1 %)	(0.01)
Q4 2022	41.02	93.1 %	5.37	46.9 %	(1.77)	(2268.9 %)	(0.01)
2022	110.82	51.3 %	15.51	(27.3 %)	(7.22)	(300.5 %)	(0.04)
Q1 2023	40.82	106.5 %	7.84	136.9 %	3.29	279.8 %	0.02
Q2 2023	17.20	4.4 %	2.51	(22.1 %)	(2.39)	(139.9 %)	(0.01)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	32.11	(10.1 %)	7.28	18.8 %	2.40	(3.8 %)	0.02
2014	45.72	42.4 %	9.10	25.1 %	2.93	22.1 %	0.02
2015	48.26	5.5 %	15.39	69.1 %	4.81	64.2 %	0.04
2016	38.42	(20.4 %)	14.58	(5.2 %)	7.10	47.6 %	0.06
2017	46.19	20.2 %	17.28	18.5 %	5.68	(19.9 %)	0.04
2018	39.53	(14.4 %)	10.78	(37.6 %)	0.46	(91.9 %)	0.00
2019	42.04	6.3 %	9.81	(9.0 %)	(1.90)	(513.9 %)	(0.01)
2020	54.28	29.1 %	14.68	49.6 %	2.58	235.5 %	0.02
2021	73.23	34.9 %	21.34	45.4 %	3.60	39.6 %	0.02
2022	110.82	51.3 %	15.51	(27.3 %)	(7.22)	(300.5 %)	(0.04)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	19.90 %	9.67 %	6.40 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	31.88 %	14.56 %	9.96 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	37.96 %	21.43 %	18.48 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	37.41 %	16.36 %	12.30 %
2017	37.41 %	16.37 %	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 %
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 %)
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 %
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 %
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 %)
Q1 2023	15.20 %	8.72 %	(1.59 %)
Q2 2023	14.58 %	7.70 %	(2.63 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	22.66 %	11.52 %	7.47 %
2014	19.90 %	9.67 %	6.40 %
2015	31.88 %	14.56 %	9.96 %
2016	37.96 %	21.43 %	18.48 %
2017	37.41 %	16.37 %	12.30 %
2018	27.28 %	6.11 %	3.24 %
2019	23.34 %	(0.62 %)	(4.53 %)
2020	27.04 %	14.77 %	4.75 %
2021	29.14 %	20.50 %	4.91 %
2022	14.00 %	5.69 %	(6.51 %)

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	43.32 %	23.37 %	17.43 %
Q2 2017	34.96 %	15.37 %	11.95 %
Q3 2017	31.68 %	15.07 %	10.74 %
Q4 2017	37.06 %	9.51 %	7.56 %
Q1 2018	34.03 %	16.25 %	12.72 %
Q2 2018	29.41 %	10.72 %	7.80 %
Q3 2018	34.20 %	13.27 %	9.31 %
Q4 2018	5.40 %	(24.80 %)	(25.23 %)
Q1 2019	22.44 %	(6.76 %)	(10.93 %)
Q2 2019	24.09 %	4.66 %	2.06 %
Q3 2019	25.94 %	5.95 %	2.12 %
Q4 2019	20.41 %	(8.63 %)	(13.73 %)
Q1 2020	22.86 %	0.53 %	(3.17 %)
Q2 2020	36.22 %	18.58 %	14.32 %
Q3 2020	30.22 %	15.34 %	4.75 %
Q4 2020	22.72 %	19.34 %	3.73 %
Q1 2021	29.67 %	21.07 %	4.04 %
Q2 2021	25.00 %	19.13 %	1.52 %
Q3 2021	43.98 %	27.50 %	12.70 %
Q4 2021	17.21 %	14.21 %	0.38 %
Q1 2022	16.73 %	4.98 %	(9.25 %)
Q2 2022	19.56 %	10.94 %	(6.04 %)
Q3 2022	10.76 %	5.17 %	(7.81 %)
Q4 2022	13.09 %	4.35 %	(4.32 %)
Q1 2023	19.20 %	15.12 %	8.05 %
Q2 2023	14.61 %	3.02 %	(13.89 %)

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	123.17	0.02	0.02	0.06
2014	123.17	0.02	0.02	0.09
2015	123.17	0.04	0.04	0.09
2016	123.17	0.06	0.06	0.14
2017	153.96	0.04	0.04	0.25
2018	153.96	0.00	0.01	0.24
2019	153.96	(0.01)	(0.01)	0.21
2020	153.96	0.02	0.02	0.22
2021	175.00	0.02	0.02	1.04
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 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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	24.63	24.63	3.61
2018	More than 100	89.63	3.14
2019	NEG	NEG	11.71
2020	More than 100	More than 100	18.38
2021	More than 100	More than 100	9.80
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	-	-	-	-
Q1 2023	11.30	22.63	5.16	1.72	-	-	-	-
Q2 2023	9.53	3.76	3.86	0.04	-	-	-	-

Period	Steel	Wood	Logistics	Others	Metal products and metal shelves	Wooden Pallets	Plastic Pallets	Forklifts
2014	-	-	-	-	29.75	12.07	3.46	0.44
2015	-	-	-	-	33.32	9.68	4.23	1.03
2016	-	-	-	-	26.50	8.32	3.53	0.07
2017	32.79	8.36	-	5.05	-	-	-	-
2018	28.32	6.48	-	4.73	-	-	-	-
2019	27.99	10.44	-	3.61	-	-	-	-
2020	28.10	9.69	4.49	11.99	-	-	-	-
2021	33.55	15.03	19.89	4.76	-	-	-	-
2022	40.39	52.17	15.27	2.99	-	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	598.50
Enterprise Value (EV) (M)	563.38
Shares Outstanding ((M))	175.00
EPS ( Riyal) (TTM)	(0.05)
Book Value (BV) ( Riyal)	0.97
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.52
Return on Average Assets (%) (TTM)	(3.70 )
Return on Average Equity (%) (TTM)	(5.19 )

Sadr Logistics Co. (SADR)

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Sadr earns SAR 898,000 in H1 2023, incurs SAR 2.4 mln loss in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Sadr Logistics Co. (SADR)

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Sadr earns SAR 898,000 in H1 2023, incurs SAR 2.4 mln loss in Q2

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Sadr Logistics Co. (SADR)

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Business Segments (Million)