Thob Al Aseel H1 profit jumps 11% to SAR 66.7M; Q2 at SAR 26.7M

Thob Al Aseel H1 profit jumps 11% to SAR 66.7M; Q2 at SAR 26.7M

25/07/2024 Argaam Exclusive

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Thob Al Aseel Co. posted a net profit increase of 11% to SAR 66.7 million in the first half of 2024, compared to SAR 60.3 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 353.58 327.60 (7.3 %)
Gross Income 136.23 133.27 (2.2 %)
Operating Income 70.67 77.34 9.4 %
Net Income 60.29 66.72 10.7 %
Average Shares 400.00 400.00 -
EPS (Riyals) 0.15 0.17 10.7 %

The six-month period bottom line was backed by high-profit margins sales and decrease in the provision for credit losses during the current period due to improved collection rates.

 

On the other hand, the company’s sales declined by 7.35% year-on-year (YoY) amid lower sales volumes and the updated credit policy.

 

In Q2 2024, the company’s net profit dropped 18% to SAR 26.7 million, from SAR 32.5 million in Q2 2023. The decline was attributed to a 28.61% YoY drop in sales, due to seasonal factors related to the sales during the holy month of Ramadan, which usually have the largest contribution to annual sales.

 

On the other hand, net earnings fell by 33.4% from SAR 40.05 million in the previous quarter on lower sales due to seasonality factors, and a decline in sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 163.09 116.43 (28.6 %)
Gross Income 69.96 52.85 (24.5 %)
Operating Income 36.84 31.37 (14.9 %)
Net Income 32.53 26.67 (18.0 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.08 0.07 (18.0 %)

Total shareholders’ equity, no minority interest, rose to SAR 612.25 million as of June 30, 2024, from SAR 603.28 million a year earlier.



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 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 %
Q4 2023 105.51 5.0 % 46.79 7.7 % 17.10 11.7 %
Q1 2024 211.17 10.9 % 80.42 21.3 % 45.97 35.9 %
Q2 2024 116.43 (28.6 %) 52.85 (24.5 %) 31.37 (14.9 %)


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 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
Q4 2023 11.47 99.4 % 0.03 - 11.47 0.03
Q1 2024 40.05 44.3 % 0.10 - 40.05 0.10
Q2 2024 26.67 (18.0 %) 0.07 - 26.67 0.07

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 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 %
Q4 2023 40.73 % 20.57 % 14.45 %
Q1 2024 41.77 % 22.16 % 16.13 %
Q2 2024 42.24 % 23.33 % 16.46 %


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 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
Q4 2023 400.00 0.19 0.19 1.46
Q1 2024 400.00 0.22 0.22 1.46
Q2 2024 400.00 0.21 0.21 1.53

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 - - -
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
Q4 2023 24.39 24.39 3.21
Q1 2024 21.25 21.25 3.24
Q2 2024 22.46 22.46 3.06

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 -
Q4 2023 76.78 28.73 -
Q1 2024 162.14 49.03 -
Q2 2024 94.36 22.07 -

Current
Market Cap (M Riyal) 1,716.00
Enterprise Value (EV) (M) 1,624.67
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) 20.48
P/E (TTM) 20.48
Price/book 2.95
Return on Average Assets (%) (TTM) 12.2
Return on Average Equity (%) (TTM) 14.5

Share Price

4.29
(0.04) (0.92 %)

Thob Al Aseel Co. (ALASEEL)


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