Thob Al Aseel’s H1 2022 net profit dips 9% to SAR 44 mln; Q2 at SAR 25 mln

Thob Al Aseel’s H1 2022 net profit dips 9% to SAR 44 mln; Q2 at SAR 25 mln

28/07/2022 Argaam Exclusive

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Thob Al Aseel Co. reported a net profit after Zakat and tax of SAR 44 million in H1 2022, a decline of 9%, compared to SAR 48.5 million in the prior-year period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 306.89 342.93 11.7 %
Gross Income 108.57 140.09 29.0 %
Operating Income 59.71 55.94 (6.3 %)
Net Income 48.46 44.03 (9.2 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.12 0.11 (9.2 %)

This was driven by higher credit loss provisions due to an increase in trade receivables in line with International Financial Reporting Standards (IFRS) 9 requirements.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 168.06 156.63 (6.8 %)
Gross Income 61.02 76.64 25.6 %
Operating Income 40.55 31.40 (22.6 %)
Net Income 34.49 25.05 (27.4 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.09 0.06 (27.4 %)

The company’s Q2 2022 net profit after Zakat and tax dropped 27% to SAR 25 million from SAR 34.49 million a year earlier on higher credit loss provisions as a result of increased trade receivables.

 

On a sequential basis, net profit increased by 32.1%, on higher profit margins amid increased sales of highly profitable products quarter-on-quarter.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 593.49 million by the end of H1 2022, compared to SAR 590.82 million in the year-earlier period.

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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 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 -
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 %)
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 %
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 %)
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 %
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 %)


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 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
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
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
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
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
Q1 2022 18.98 35.8 % 0.05 - 18.98 0.05
Q2 2022 25.05 (27.4 %) 0.06 - 25.05 0.06

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 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 %
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 %
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 %
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 %
Q1 2022 35.97 % 18.12 % 12.23 %
Q2 2022 39.78 % 16.71 % 10.68 %


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

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

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 -


Financial Ratios
Current
Market Cap (M Riyal) 1,732.00
Enterprise Value (EV) (M) 1,640.67
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) 20.67
P/E (TTM) 20.67
Price/book 2.98
Return on Average Assets (%) (TTM) 12.2
Return on Average Equity (%) (TTM) 14.5
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Share Price

Thob Al Aseel Co.
4.33
0.03 0.70 %

Thob Al Aseel Co. (ALASEEL)

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