Sadr Logistics turns to SAR 7M loss in 9M 2024; Q3 at SAR 1.7M

Sadr Logistics turns to SAR 7M loss in 9M 2024; Q3 at SAR 1.7M

07/11/2024 Argaam Exclusive

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Sadr Logistics Co. swung to a net loss of SAR 7 million for the first nine months of 2024, against a net profit of SAR 184,000 in the same period last year



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 78.95 78.80 (0.2 %)
Gross Income 14.74 13.59 (7.8 %)
Operating Income (0.13) (3.68) (2,821.6 %)
Net Income 0.18 (7.03) (3928.6 %)
Average Shares 175.00 175.00 -
EPS (Riyals) 0.00 (0.04) (3928.6 %)

This was due to a slight decline in sales, higher cost of sales, and the elevated selling, marketing, administrative, and general expenses.

 

The company also cited an increase in financing costs and an expanded Zakat provision. It also witnessed higher other expenses and lower investment gains as some were pumped into the company’s expansion in the logistics sector.

 

In Q3 2024, the company widened its losses to SAR 1.7 million from SAR 720,000 in Q3 2023, as the steel segment’s revenues contracted by 8% year-on-year (YoY) amid weaker sales volumes and an 18% YoY slip in sales of other sectors.

 

On a sequential basis, the company narrowed losses from SAR 3.77 million in Q2 2024, thanks to the 22% quarter-on-quarter (QoQ) sales growth despite the 19% QoQ drop in the cost of sales in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 20.94 25.87 23.6 %
Gross Income 4.39 5.03 14.4 %
Operating Income (0.68) (0.47) 30.3 %
Net Income (0.72) (1.72) (140.9 %)
Average Shares 175.00 175.00 -
EPS (Riyals) 0.00 (0.01) (140.9 %)

Shareholders’ equity, no minority interest, reached SAR 164.70 million as of Sept. 30, 2024, down from SAR 176.41 million a year earlier.

 

Accumulated losses reached SAR 11.81 million by the end of the nine-month period, representing 6.75% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2024 31.65 (22.5 %) 4.79 (38.9 %) (1.03) (133.1 %)
Q2 2024 21.28 23.7 % 3.78 50.3 % (2.18) 15.2 %
Q3 2024 25.87 23.6 % 5.03 14.4 % (0.47) 30.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2024 (1.54) (146.8 %) (0.01) - (1.54) (0.01)
Q2 2024 (3.77) (57.7 %) (0.02) - (3.77) (0.02)
Q3 2024 (1.72) (140.9 %) (0.01) - (1.72) (0.01)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2024 15.77 % 6.36 % (9.56 %)
Q2 2024 16.40 % 7.33 % (10.56 %)
Q3 2024 16.23 % 8.05 % (11.03 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 175.00 (0.05) (0.05) 0.97
Q2 2024 175.00 (0.06) (0.06) 0.95
Q3 2024 175.00 (0.07) (0.07) 0.94

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 NEG NEG 3.64
Q2 2024 NEG NEG 3.59
Q3 2024 NEG NEG 3.64

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 - - - -
Q1 2024 14.73 9.91 6.61 0.39 - - - -
Q2 2024 8.63 5.70 5.57 1.39 - - - -
Q3 2024 9.37 7.26 7.54 1.70 - - - -

Current
Market Cap (M Riyal) 570.50
Enterprise Value (EV) (M) 568.95
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 3.46
Return on Average Assets (%) (TTM) (4.59 )
Return on Average Equity (%) (TTM) (6.72 )

Share Price

3.26
(0.03) (0.91 %)

Sadr Logistics Co. (SADR)


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