Thob Al Aseel 9M 2023 profit up 37% to SAR 65.4 mln; Q3 at SAR 5.2 mln

Thob Al Aseel 9M 2023 profit up 37% to SAR 65.4 mln; Q3 at SAR 5.2 mln

25/10/2023 Argaam Exclusive

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Thob Al Aseel Co. reported a 37% rise in net profit to SAR 65.4 million for the first nine months of 2023, compared to SAR 47.7 million a year ago. 

 


Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 408.36 426.71 4.5 %
Gross Income 168.78 170.00 0.7 %
Operating Income 63.46 81.08 27.8 %
Net Income 47.68 65.44 37.2 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.12 0.16 37.2 %

The company reported a 4.49% year-on-year (YoY) increase in sales and a 63.66% YoY decrease in the allowance for credit losses due to the improvement in collection rates. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 65.43 73.13 11.8 %
Gross Income 28.68 33.76 17.7 %
Operating Income 7.52 10.41 38.5 %
Net Income 3.66 5.16 41.0 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.01 0.01 41.0 %

The third-quarter net profit grew 41% to SAR 5.2 million from SAR 3.6 million in Q3 2022 on higher sales due to the back-to-school season. 

 

Sequentially, the Q3 bottom line fell by 84.1% from SAR 32.5 million in Q2 2023, attributed to lower sales resulting from seasonality of activity. 

 

Shareholders’ equity, no minority interest, stood at SAR 573.3 million by the end of Sept. 30, 2023, compared to SAR 566.89 million in the year-earlier period.

 



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 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 %)
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 %
Q1 2023 190.49 2.2 % 66.28 4.4 % 33.83 37.9 %
Q2 2023 163.09 4.1 % 69.96 (8.7 %) 36.84 17.3 %
Q3 2023 73.13 11.8 % 33.76 17.7 % 10.41 38.5 %


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 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
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
Q1 2023 27.76 46.3 % 0.07 - 27.76 0.07
Q2 2023 32.53 29.9 % 0.08 - 32.53 0.08
Q3 2023 5.16 41.0 % 0.01 - 5.16 0.01

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 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 %
Q3 2022 40.81 % 17.17 % 11.07 %
Q4 2022 41.71 % 17.97 % 11.19 %
Q1 2023 41.92 % 19.68 % 12.81 %
Q2 2023 40.11 % 20.56 % 14.09 %
Q3 2023 40.49 % 20.92 % 14.17 %


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 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
Q1 2023 400.00 0.16 0.16 1.43
Q2 2023 400.00 0.17 0.18 1.51
Q3 2023 400.00 0.18 0.19 1.43

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 - - -
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
Q1 2023 24.17 22.89 2.64
Q2 2023 33.29 31.70 3.85
Q3 2023 28.09 26.78 3.49

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 -
Q1 2023 145.12 45.37 -
Q2 2023 139.52 23.57 -
Q3 2023 53.26 19.87 -

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

Share Price

4.33
0.03 0.70 %

Thob Al Aseel Co. (ALASEEL)


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