Thob Al Aseel net profit slips 11% to SAR 53.4 mln in 2022, Q4 at SAR 5.8 mln

28/02/2023 Argaam Exclusive

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Thob Al Aseel Co.’s net profit after Zakat and tax slipped 11% to SAR 53.4 million in 2022, from SAR 59.7 million in 2021, due to higher provisions for credit losses in line with the general increase in trade receivables, in accordance with IFRS 9.

Financials (M)

Item	2021	2022	Change‬
Revenues	481.90	508.80	5.6 %
Gross Income	174.51	212.21	21.6 %
Operating Income	77.79	78.77	1.3 %
Net Income	59.73	53.44	(10.5 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.15	0.13	(10.5 %)

In addition, selling and marketing rose during the 12-month period due to increased spending on promotional activities.

The company reported a net profit after Zakat and tax of SAR 5.8 million in Q4 2022, down 25% year-on-year (YoY).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	91.68	100.44	9.6 %
Gross Income	35.29	43.43	23.1 %
Operating Income	10.01	15.32	53.1 %
Net Income	7.69	5.75	(25.2 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.02	0.01	(25.2 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	65.43	100.44	53.5 %
Gross Income	28.68	43.43	51.4 %
Operating Income	7.52	15.32	103.8 %
Net Income	3.66	5.75	57.3 %
Average Shares	400.00	400.00	-
EPS (Riyals)	0.01	0.01	57.3 %

On a sequential basis, Q4 2022 net profit jumped 57.4% from SAR 3.66 million.

Total shareholders’ equity, no minority interest, amounted to SAR 572.51 million by Dec. 31, 2022, compared to SAR 579.22 million a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	389.57	(4.9 %)	124.35	(8.9 %)	97.14	(12.4 %)
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	390.77	0.3 %	119.53	(3.9 %)	88.39	(9.0 %)
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	397.37	1.7 %	129.57	8.4 %	94.15	6.5 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	316.64	(20.3 %)	113.47	(12.4 %)	81.74	(13.2 %)
Q1 2017	188.60	-	70.31	-	40.38	-
Q2 2017	210.08	-	86.89	-	63.66	-
Q3 2017	66.38	-	24.47	-	9.89	-
Q4 2017	104.47	-	37.04	-	12.42	-
2017	569.53	79.9 %	218.72	92.8 %	126.34	54.6 %
Q1 2018	82.47	(56.3 %)	32.33	(54.0 %)	16.56	(59.0 %)
Q2 2018	157.61	(25.0 %)	61.10	(29.7 %)	41.77	(34.4 %)
Q3 2018	61.19	(7.8 %)	22.54	(7.9 %)	4.40	(55.5 %)
Q4 2018	76.10	(27.2 %)	27.37	(26.1 %)	10.24	(17.6 %)
2018	377.37	(33.7 %)	143.35	(34.5 %)	72.97	(42.2 %)
Q1 2019	101.18	22.7 %	39.91	23.4 %	19.11	15.4 %
Q2 2019	190.14	20.6 %	71.66	17.3 %	52.01	24.5 %
Q3 2019	79.65	30.2 %	29.16	29.4 %	9.29	111.0 %
Q4 2019	106.25	39.6 %	39.98	46.0 %	14.51	41.7 %
2019	477.21	26.5 %	180.71	26.1 %	94.92	30.1 %
Q1 2020	117.46	16.1 %	42.98	7.7 %	21.75	13.8 %
Q2 2020	193.84	1.9 %	74.86	4.5 %	56.01	7.7 %
Q3 2020	110.08	38.2 %	31.57	8.2 %	10.57	13.8 %
Q4 2020	105.96	(0.3 %)	39.08	(2.2 %)	9.61	(33.8 %)
2020	527.34	10.5 %	188.49	4.3 %	97.93	3.2 %
Q1 2021	138.84	18.2 %	47.56	10.6 %	19.16	(11.9 %)
Q2 2021	168.06	(13.3 %)	61.02	(18.5 %)	40.55	(27.6 %)
Q3 2021	83.33	(24.3 %)	30.66	(2.9 %)	8.07	(23.6 %)
Q4 2021	91.68	(13.5 %)	35.29	(9.7 %)	10.01	4.1 %
2021	481.90	(8.6 %)	174.51	(7.4 %)	77.79	(20.6 %)
Q1 2022	186.30	34.2 %	63.45	33.4 %	24.54	28.1 %
Q2 2022	156.63	(6.8 %)	76.64	25.6 %	31.40	(22.6 %)
Q3 2022	65.43	(21.5 %)	28.68	(6.4 %)	7.52	(6.9 %)
Q4 2022	100.44	9.6 %	43.43	23.1 %	15.32	53.1 %
2022	508.80	5.6 %	212.21	21.6 %	78.77	1.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	389.57	(4.9 %)	124.35	(8.9 %)	97.14	(12.4 %)
2014	390.77	0.3 %	119.53	(3.9 %)	88.39	(9.0 %)
2015	397.37	1.7 %	129.57	8.4 %	94.15	6.5 %
2016	316.64	(20.3 %)	113.47	(12.4 %)	81.74	(13.2 %)
2017	569.53	79.9 %	218.72	92.8 %	126.34	54.6 %
2018	377.37	(33.7 %)	143.35	(34.5 %)	72.97	(42.2 %)
2019	477.21	26.5 %	180.71	26.1 %	94.92	30.1 %
2020	527.34	10.5 %	188.49	4.3 %	97.93	3.2 %
2021	481.90	(8.6 %)	174.51	(7.4 %)	77.79	(20.6 %)
2022	508.80	5.6 %	212.21	21.6 %	78.77	1.3 %

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	-	-	-	-	-	-
2013	91.21	(12.9 %)	5.70	-	91.21	5.70
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	84.59	(7.3 %)	0.21	-	84.59	0.21
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	87.30	3.2 %	0.22	-	87.30	0.22
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	74.45	(14.7 %)	0.19	-	74.45	0.19
Q1 2017	41.20	-	0.10	-	41.20	0.10
Q2 2017	63.42	-	0.16	-	63.42	0.16
Q3 2017	8.27	-	0.02	-	8.27	0.02
Q4 2017	1.88	-	0.00	(4.19)	6.07	0.02
2017	114.76	54.1 %	0.29	(4.19)	118.95	0.30
Q1 2018	14.16	(65.6 %)	0.04	-	14.16	0.04
Q2 2018	38.43	(39.4 %)	0.10	-	38.43	0.10
Q3 2018	1.73	(79.1 %)	0.00	-	1.73	0.00
Q4 2018	2.30	22.5 %	0.01	(3.40)	5.69	0.01
2018	56.61	(50.7 %)	0.14	(3.40)	60.01	0.15
Q1 2019	16.20	14.4 %	0.04	-	16.20	0.04
Q2 2019	48.34	25.8 %	0.12	-	48.34	0.12
Q3 2019	5.21	200.9 %	0.01	-	5.21	0.01
Q4 2019	10.62	362.7 %	0.03	-	10.62	0.03
2019	80.37	42.0 %	0.20	-	80.37	0.20
Q1 2020	17.51	8.1 %	0.04	-	17.51	0.04
Q2 2020	52.32	8.2 %	0.13	-	52.32	0.13
Q3 2020	5.92	13.6 %	0.01	-	5.92	0.01
Q4 2020	6.63	(37.6 %)	0.02	-	6.63	0.02
2020	82.39	2.5 %	0.21	-	82.39	0.21
Q1 2021	13.97	(20.2 %)	0.03	-	13.97	0.03
Q2 2021	34.49	(34.1 %)	0.09	-	34.49	0.09
Q3 2021	3.58	(39.5 %)	0.01	-	3.58	0.01
Q4 2021	7.69	16.0 %	0.02	-	7.69	0.02
2021	59.73	(27.5 %)	0.15	-	59.73	0.15
Q1 2022	18.98	35.8 %	0.05	-	18.98	0.05
Q2 2022	25.05	(27.4 %)	0.06	-	25.05	0.06
Q3 2022	3.66	2.2 %	0.01	-	3.66	0.01
Q4 2022	5.75	(25.2 %)	0.01	(3.50)	9.25	0.02
2022	53.44	(10.5 %)	0.13	(3.50)	56.93	0.14

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	91.21	(12.9 %)	5.70	-	91.21	5.70
2014	84.59	(7.3 %)	0.21	-	84.59	0.21
2015	87.30	3.2 %	0.22	-	87.30	0.22
2016	74.45	(14.7 %)	0.19	-	74.45	0.19
2017	114.76	54.1 %	0.29	(4.19)	118.95	0.30
2018	56.61	(50.7 %)	0.14	(3.40)	60.01	0.15
2019	80.37	42.0 %	0.20	-	80.37	0.20
2020	82.39	2.5 %	0.21	-	82.39	0.21
2021	59.73	(27.5 %)	0.15	-	59.73	0.15
2022	53.44	(10.5 %)	0.13	(3.50)	56.93	0.14

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	31.92 %	25.18 %	23.41 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	30.59 %	22.85 %	21.65 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	32.61 %	23.97 %	21.97 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	35.83 %	26.11 %	23.51 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	38.40 %	22.72 %	20.89 %
2017	38.40 %	22.72 %	20.89 %
Q1 2018	39.00 %	22.79 %	19.83 %
Q2 2018	37.71 %	20.25 %	16.29 %
Q3 2018	37.71 %	19.16 %	14.88 %
Q4 2018	37.99 %	20.11 %	15.90 %
2018	37.99 %	20.11 %	15.90 %
Q1 2019	38.11 %	20.54 %	15.67 %
Q2 2019	37.68 %	22.02 %	16.79 %
Q3 2019	37.60 %	22.89 %	16.88 %
Q4 2019	37.87 %	22.92 %	16.84 %
2019	37.87 %	22.92 %	16.84 %
Q1 2020	37.24 %	22.67 %	16.55 %
Q2 2020	37.61 %	23.26 %	17.23 %
Q3 2020	35.89 %	22.03 %	16.37 %
Q4 2020	35.74 %	21.07 %	15.62 %
2020	35.74 %	21.07 %	15.62 %
Q1 2021	35.18 %	19.68 %	14.37 %
Q2 2021	34.27 %	17.67 %	11.67 %
Q3 2021	35.94 %	18.15 %	11.82 %
Q4 2021	36.21 %	18.77 %	12.39 %
2021	36.21 %	18.77 %	12.39 %
Q1 2022	35.97 %	18.12 %	12.23 %
Q2 2022	39.78 %	16.71 %	10.68 %
Q3 2022	40.81 %	17.17 %	11.07 %
Q4 2022	41.71 %	17.97 %	11.19 %
2022	41.71 %	17.97 %	11.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	31.92 %	25.18 %	23.41 %
2014	30.59 %	22.85 %	21.65 %
2015	32.61 %	23.97 %	21.97 %
2016	35.83 %	26.11 %	23.51 %
2017	38.40 %	22.72 %	20.89 %
2018	37.99 %	20.11 %	15.90 %
2019	37.87 %	22.92 %	16.84 %
2020	35.74 %	21.07 %	15.62 %
2021	36.21 %	18.77 %	12.39 %
2022	41.71 %	17.97 %	11.19 %

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	37.28 %	21.78 %	21.84 %
Q2 2017	41.36 %	30.87 %	30.19 %
Q3 2017	36.87 %	15.90 %	12.46 %
Q4 2017	35.46 %	12.36 %	5.81 %
Q1 2018	39.21 %	20.97 %	17.17 %
Q2 2018	38.77 %	26.95 %	24.38 %
Q3 2018	36.84 %	8.26 %	2.83 %
Q4 2018	35.97 %	14.55 %	7.48 %
Q1 2019	39.45 %	22.47 %	16.01 %
Q2 2019	37.69 %	29.21 %	25.42 %
Q3 2019	36.62 %	16.32 %	6.54 %
Q4 2019	37.63 %	17.04 %	10.00 %
Q1 2020	36.59 %	21.50 %	14.91 %
Q2 2020	38.62 %	30.60 %	26.99 %
Q3 2020	28.67 %	12.31 %	5.38 %
Q4 2020	36.88 %	12.27 %	6.26 %
Q1 2021	34.25 %	15.94 %	10.07 %
Q2 2021	36.31 %	26.02 %	20.52 %
Q3 2021	36.79 %	13.46 %	4.30 %
Q4 2021	38.49 %	14.58 %	8.39 %
Q1 2022	34.06 %	14.83 %	10.19 %
Q2 2022	48.93 %	21.91 %	15.99 %
Q3 2022	43.84 %	16.07 %	5.59 %
Q4 2022	43.24 %	18.88 %	9.21 %

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	400.00	-	-	1.32
Q2 2017	400.00	-	-	1.48
Q3 2017	400.00	-	-	1.35
Q4 2017	400.00	0.29	0.30	1.35
Q1 2018	400.00	0.22	0.23	1.39
Q2 2018	400.00	0.16	0.17	1.34
Q3 2018	400.00	0.14	0.15	1.34
Q4 2018	400.00	0.14	0.15	1.27
Q1 2019	400.00	0.15	0.16	1.31
Q2 2019	400.00	0.17	0.18	1.36
Q3 2019	400.00	0.18	0.19	1.29
Q4 2019	400.00	0.20	0.20	1.32
Q1 2020	400.00	0.20	0.20	1.27
Q2 2020	400.00	0.21	0.21	1.40
Q3 2020	400.00	0.22	0.22	1.34
Q4 2020	400.00	0.21	0.21	1.36
Q1 2021	400.00	0.20	0.20	1.39
Q2 2021	400.00	0.15	0.15	1.48
Q3 2021	400.00	0.15	0.15	1.43
Q4 2021	400.00	0.15	0.15	1.45
Q1 2022	400.00	0.16	0.16	1.42
Q2 2022	400.00	0.14	0.14	1.48
Q3 2022	400.00	0.14	0.14	1.42
Q4 2022	400.00	0.13	0.14	1.43

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	16.00	5.70	5.70	5.89
2014	400.00	0.21	0.21	0.34
2015	400.00	0.22	0.22	0.37
2016	400.00	0.19	0.19	0.81
2017	400.00	0.29	0.30	1.35
2018	400.00	0.14	0.15	1.27
2019	400.00	0.20	0.20	1.32
2020	400.00	0.21	0.21	1.36
2021	400.00	0.15	0.15	1.45
2022	400.00	0.13	0.14	1.43

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	-	-	-
Q2 2017	-	-	1.56
Q3 2017	-	-	1.95
Q4 2017	8.20	7.91	1.74
Q1 2018	10.35	9.88	1.63
Q2 2018	14.64	13.72	1.72
Q3 2018	13.62	12.67	1.43
Q4 2018	10.94	10.32	1.22
Q1 2019	14.50	13.71	1.62
Q2 2019	11.60	11.05	1.47
Q3 2019	14.16	13.52	1.97
Q4 2019	16.28	16.28	2.48
Q1 2020	16.53	16.53	2.66
Q2 2020	18.21	18.21	2.78
Q3 2020	19.73	19.73	3.18
Q4 2020	28.41	28.41	4.31
Q1 2021	29.91	29.91	4.24
Q2 2021	42.10	42.10	4.35
Q3 2021	43.99	43.99	4.51
Q4 2021	32.21	32.21	3.32
Q1 2022	27.41	27.41	3.12
Q2 2022	24.45	24.45	2.28
Q3 2022	26.69	26.69	2.61
Q4 2022	28.30	26.56	2.64

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	8.20	7.91	1.74
2018	10.94	10.32	1.22
2019	16.28	16.28	2.48
2020	28.41	28.41	4.31
2021	32.21	32.21	3.32
2022	28.30	26.56	2.64

Business Segments (Million)

Compared With The

Period	Clothing sector	Textiles sector	Eliminations
Q1 2017	170.55	19.95	-
Q2 2017	171.92	36.26	-
Q3 2017	56.93	14.66	(0.45)
Q4 2017	76.79	25.14	-
Q1 2018	60.01	22.46	-
Q2 2018	124.16	33.44	-
Q3 2018	50.54	10.65	-
Q4 2018	55.01	21.09	-
Q1 2019	79.00	22.17	-
Q2 2019	157.71	32.43	-
Q3 2019	63.80	15.85	-
Q4 2019	81.00	25.25	-
Q1 2020	91.87	25.59	-
Q2 2020	175.32	18.52	-
Q3 2020	97.05	13.04	-
Q4 2020	76.52	29.44	-
Q1 2021	114.65	24.18	-
Q2 2021	142.39	25.67	-
Q3 2021	68.61	14.72	-
Q4 2021	64.71	26.97	-
Q1 2022	151.96	34.34	-
Q2 2022	132.92	23.71	-
Q3 2022	49.31	16.12	-
Q4 2022	73.10	27.34	-

Period	Clothing sector	Textiles sector	Eliminations
2017	474.63	94.89	-
2018	289.72	87.65	-
2019	381.50	95.71	-
2020	440.75	86.58	-
2021	390.36	91.54	-
2022	407.29	101.51	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,704.00
Enterprise Value (EV) (M)	1,612.67
Shares Outstanding ((M))	400.00
EPS ( Riyal) (TTM)	0.21
Book Value (BV) ( Riyal)	1.45
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	20.34
P/E (TTM)	20.34
Price/book	2.93
Return on Average Assets (%) (TTM)	12.2
Return on Average Equity (%) (TTM)	14.5

Thob Al Aseel Co. (ALASEEL)

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Thob Al Aseel net profit slips 11% to SAR 53.4 mln in 2022, Q4 at SAR 5.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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) 2022 Q4

Financial Ratios

Share Price

Thob Al Aseel Co. (ALASEEL)

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Thob Al Aseel net profit slips 11% to SAR 53.4 mln in 2022, Q4 at SAR 5.8 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Thob Al Aseel Co. (ALASEEL)

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Business Segments (Million)