Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 mln

06/11/2023 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of SAR 3.3 million for the first nine months of 2023, versus a net loss of SAR 3.9 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	78.56	94.79	20.6 %
Gross Income	4.46	21.38	379.3 %
Operating Income	(2.23)	8.19	467.9 %
Net Income	(3.94)	3.23	182.1 %
Average Shares	226.04	226.04	-
EPS (Halala)	(1.74)	1.43	182.1 %

This is propelled by higher concrete sales and a significant increase in private projects. The company also cited revenue of SAR 6.7 million from sale of gravel and sand during the nine-month period, in addition to a 10% year-on-year (YoY) decline in the raw material costs.

Meanwhile, cement sales decreased by 55% YoY and panel sales fell 32.7% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	32.56	30.00	(7.8 %)
Gross Income	4.02	8.48	110.9 %
Operating Income	2.20	3.27	48.7 %
Net Income	1.58	1.03	(35.0 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.70	0.46	(35.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	32.67	30.00	(8.2 %)
Gross Income	7.29	8.48	16.4 %
Operating Income	2.47	3.27	32.2 %
Net Income	0.64	1.03	61.0 %
Average Shares	226.04	226.04	-
EPS (Halala)	0.28	0.46	61.0 %

Q3 2023 net earnings dropped 34% YoY to SAR 1.1 million, driven by a 240% increase in general and administrative expenses on calculating an allowance for credit losses for the period ended on Sept. 30, 2023.

Sequentially, net profit increased 59.8% from SAR 666,169.

Total shareholders’ equity, after minority interest, stood at SAR 138.5 million by Sept. 30, 2023, compared to SAR 129.8 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	31.55	-	5.77	-	5.46	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	52.98	67.9 %	10.08	74.7 %	8.14	49.2 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	53.48	1.0 %	11.55	14.6 %	8.57	5.3 %
Q1 2017	2.03	-	0.22	-	0.10	-
Q2 2017	9.59	-	2.99	-	1.86	-
Q3 2017	14.44	-	5.53	-	4.09	-
Q4 2017	16.92	-	3.11	-	1.76	-
2017	42.98	(19.6 %)	11.77	1.9 %	7.81	(8.9 %)
Q1 2018	13.80	580.6 %	4.08	1795.8 %	2.24	2143.0 %
Q2 2018	12.75	32.9 %	3.92	31.4 %	2.20	18.1 %
Q3 2018	13.67	(5.4 %)	5.49	(0.8 %)	3.48	(15.0 %)
Q4 2018	10.27	(39.3 %)	2.38	(23.5 %)	1.76	0.1 %
2018	50.49	17.5 %	15.87	34.8 %	9.68	23.9 %
Q1 2019	26.10	89.2 %	7.80	91.3 %	4.54	102.4 %
Q2 2019	17.90	40.4 %	5.62	43.1 %	3.14	42.6 %
Q3 2019	18.02	31.8 %	6.68	21.6 %	4.20	20.9 %
Q4 2019	26.36	156.6 %	7.81	228.7 %	5.04	186.7 %
2019	89.47	77.2 %	27.90	75.8 %	17.85	84.5 %
Q1 2020	25.57	(2.0 %)	7.48	(4.0 %)	4.06	(10.6 %)
Q2 2020	15.24	(14.9 %)	1.94	(65.4 %)	(0.71)	(122.6 %)
Q3 2020	26.55	47.4 %	5.76	(13.7 %)	2.55	(39.4 %)
Q4 2020	37.08	40.6 %	11.78	50.8 %	4.46	(11.5 %)
2020	104.44	16.7 %	26.97	(3.3 %)	10.36	(42.0 %)
Q1 2021	35.21	37.7 %	9.90	32.3 %	4.50	10.7 %
Q2 2021	40.19	163.7 %	11.81	508.0 %	3.37	574.4 %
Q3 2021	41.48	56.2 %	11.37	97.3 %	5.44	113.5 %
Q4 2021	11.90	(67.9 %)	7.15	(39.3 %)	0.00	(100.0 %)
2021	128.78	23.3 %	40.22	49.1 %	13.31	28.5 %
Q1 2022	25.27	(28.2 %)	1.03	(89.6 %)	(1.60)	(135.6 %)
Q2 2022	20.73	(48.4 %)	(0.59)	(105.0 %)	(2.83)	(183.9 %)
Q3 2022	32.56	(21.5 %)	4.02	(64.6 %)	2.20	(59.6 %)
Q4 2022	50.81	327.1 %	10.61	48.4 %	5.45	545100.0 %
2022	129.37	0.5 %	15.07	(62.5 %)	3.23	(75.7 %)
Q1 2023	32.11	27.1 %	5.62	445.6 %	2.44	252.6 %
Q2 2023	32.67	57.6 %	7.29	1329.0 %	2.47	187.5 %
Q3 2023	30.00	(7.8 %)	8.48	110.9 %	3.27	48.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	31.55	-	5.77	-	5.46	-
2015	52.98	67.9 %	10.08	74.7 %	8.14	49.2 %
2016	53.48	1.0 %	11.55	14.6 %	8.57	5.3 %
2017	42.98	(19.6 %)	11.77	1.9 %	7.81	(8.9 %)
2018	50.49	17.5 %	15.87	34.8 %	9.68	23.9 %
2019	89.47	77.2 %	27.90	75.8 %	17.85	84.5 %
2020	104.44	16.7 %	26.97	(3.3 %)	10.36	(42.0 %)
2021	128.78	23.3 %	40.22	49.1 %	13.31	28.5 %
2022	129.37	0.5 %	15.07	(62.5 %)	3.23	(75.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	5.46	-	2.55	-	5.46	0.03
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	7.78	42.6 %	3.64	-	7.78	0.04
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	7.91	1.7 %	3.70	-	7.91	0.04
Q1 2017	0.09	-	0.04	-	0.09	0.00
Q2 2017	1.77	-	0.83	-	1.77	0.01
Q3 2017	3.27	-	1.53	(0.78)	4.05	0.02
Q4 2017	1.52	-	0.71	-	1.52	0.01
2017	6.65	(16.0 %)	3.11	(0.78)	7.43	0.03
Q1 2018	2.27	2365.2 %	1.06	-	2.27	0.01
Q2 2018	2.27	28.2 %	1.06	-	2.27	0.01
Q3 2018	3.40	3.9 %	1.59	-	3.40	0.02
Q4 2018	1.37	(9.6 %)	0.64	-	1.37	0.01
2018	9.30	40.0 %	4.35	-	9.30	0.04
Q1 2019	4.57	101.5 %	2.14	-	4.57	0.02
Q2 2019	3.01	32.7 %	1.41	-	3.01	0.01
Q3 2019	4.15	22.1 %	1.94	-	4.15	0.02
Q4 2019	4.29	212.4 %	2.01	-	4.29	0.02
2019	16.02	72.1 %	7.49	-	16.02	0.07
Q1 2020	3.63	(20.6 %)	1.70	-	3.63	0.02
Q2 2020	(1.29)	(143.0 %)	(0.60)	-	(1.29)	(0.01)
Q3 2020	2.64	(36.4 %)	1.23	-	2.64	0.01
Q4 2020	4.69	9.1 %	2.07	-	4.69	0.02
2020	9.66	(39.7 %)	4.27	-	9.66	0.04
Q1 2021	4.18	15.1 %	1.85	-	4.18	0.02
Q2 2021	3.07	337.6 %	1.36	-	3.07	0.01
Q3 2021	4.49	70.2 %	1.99	-	4.49	0.02
Q4 2021	(3.07)	(165.6 %)	(1.36)	(1.61)	(1.47)	(0.01)
2021	8.67	(10.3 %)	3.83	(1.61)	10.27	0.05
Q1 2022	(2.06)	(149.3 %)	(0.91)	-	(2.06)	(0.01)
Q2 2022	(3.46)	(212.7 %)	(1.53)	-	(3.46)	(0.02)
Q3 2022	1.58	(64.7 %)	0.70	-	1.58	0.01
Q4 2022	5.65	283.8 %	2.50	2.46	3.19	0.01
2022	1.71	(80.3 %)	0.76	2.46	(0.75)	0.00
Q1 2023	1.56	175.9 %	0.69	-	1.56	0.01
Q2 2023	0.64	118.5 %	0.28	-	0.64	0.00
Q3 2023	1.03	(35.0 %)	0.46	-	1.03	0.00

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	5.46	-	2.55	-	5.46	0.03
2015	7.78	42.6 %	3.64	-	7.78	0.04
2016	7.91	1.7 %	3.70	-	7.91	0.04
2017	6.65	(16.0 %)	3.11	(0.78)	7.43	0.03
2018	9.30	40.0 %	4.35	-	9.30	0.04
2019	16.02	72.1 %	7.49	-	16.02	0.07
2020	9.66	(39.7 %)	4.27	-	9.66	0.04
2021	8.67	(10.3 %)	3.83	(1.61)	10.27	0.05
2022	1.71	(80.3 %)	0.76	2.46	(0.75)	0.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	18.29 %	-	17.29 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	19.03 %	17.57 %	14.68 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	21.60 %	19.12 %	14.80 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	27.55 %	23.34 %	17.28 %
2017	27.39 %	23.34 %	17.29 %
Q1 2018	28.68 %	24.22 %	17.54 %
Q2 2018	28.73 %	24.51 %	17.45 %
Q3 2018	29.05 %	24.71 %	16.54 %
Q4 2018	31.43 %	28.84 %	18.43 %
2018	31.43 %	28.84 %	18.43 %
Q1 2019	31.20 %	27.05 %	18.49 %
Q2 2019	31.32 %	26.38 %	18.18 %
Q3 2019	31.08 %	25.75 %	18.12 %
Q4 2019	31.57 %	24.95 %	18.12 %
2019	31.19 %	25.70 %	17.90 %
Q1 2020	31.41 %	24.45 %	17.16 %
Q2 2020	28.07 %	20.81 %	12.65 %
Q3 2020	24.54 %	17.17 %	9.89 %
Q4 2020	25.82 %	14.90 %	9.25 %
2020	25.82 %	14.90 %	9.25 %
Q1 2021	25.75 %	14.30 %	8.95 %
Q2 2021	28.23 %	15.10 %	10.48 %
Q3 2021	29.13 %	15.87 %	10.67 %
Q4 2021	31.23 %	16.25 %	7.98 %
2021	31.23 %	16.25 %	7.98 %
Q1 2022	26.38 %	13.92 %	3.40 %
Q2 2022	19.07 %	11.74 %	(2.51 %)
Q3 2022	12.83 %	11.00 %	(5.97 %)
Q4 2022	11.64 %	12.74 %	(0.58 %)
2022	11.64 %	12.74 %	(0.58 %)
Q1 2023	14.43 %	15.23 %	2.11 %
Q2 2023	18.59 %	17.69 %	4.71 %
Q3 2023	21.98 %	18.78 %	4.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	18.29 %	-	17.29 %
2015	19.03 %	17.57 %	14.68 %
2016	21.60 %	19.12 %	14.80 %
2017	27.39 %	23.34 %	17.29 %
2018	31.43 %	28.84 %	18.43 %
2019	31.19 %	25.70 %	17.90 %
2020	25.82 %	14.90 %	9.25 %
2021	31.23 %	16.25 %	7.98 %
2022	11.64 %	12.74 %	(0.58 %)

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	10.61 %	8.44 %	4.54 %
Q2 2017	31.13 %	26.58 %	18.43 %
Q3 2017	38.31 %	33.75 %	28.04 %
Q4 2017	18.35 %	14.41 %	8.98 %
Q1 2018	29.54 %	24.62 %	16.44 %
Q2 2018	30.78 %	27.31 %	17.78 %
Q3 2018	40.16 %	35.11 %	24.84 %
Q4 2018	23.14 %	28.05 %	13.37 %
Q1 2019	29.88 %	22.31 %	17.52 %
Q2 2019	31.37 %	24.70 %	16.81 %
Q3 2019	37.06 %	30.46 %	23.00 %
Q4 2019	29.64 %	23.98 %	16.29 %
Q1 2020	29.27 %	20.53 %	14.20 %
Q2 2020	12.74 %	4.42 %	(8.48 %)
Q3 2020	21.70 %	14.51 %	9.93 %
Q4 2020	31.78 %	15.60 %	12.64 %
Q1 2021	28.10 %	17.06 %	11.86 %
Q2 2021	29.38 %	13.31 %	7.64 %
Q3 2021	27.40 %	17.58 %	10.82 %
Q4 2021	60.07 %	19.18 %	(12.32 %)
Q1 2022	4.08 %	6.40 %	(8.15 %)
Q2 2022	(2.86 %)	2.30 %	(16.70 %)
Q3 2022	12.35 %	17.11 %	4.87 %
Q4 2022	20.87 %	17.35 %	6.27 %
Q1 2023	17.50 %	18.33 %	4.87 %
Q2 2023	22.31 %	18.19 %	1.96 %
Q3 2023	28.27 %	22.36 %	3.43 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	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	213.84	-	-	0.13
Q2 2017	213.84	-	-	0.16
Q3 2017	213.84	-	-	0.21
Q4 2017	213.84	3.11	3.47	0.21
Q1 2018	213.84	4.13	4.49	0.23
Q2 2018	213.84	4.36	4.73	0.24
Q3 2018	213.84	4.42	4.42	0.25
Q4 2018	213.84	4.35	4.35	0.26
Q1 2019	213.84	5.43	5.43	0.28
Q2 2019	213.84	5.77	5.77	0.29
Q3 2019	213.84	6.13	6.13	0.31
Q4 2019	213.84	7.49	7.49	0.33
Q1 2020	213.84	7.05	7.05	0.35
Q2 2020	213.84	5.04	5.04	0.34
Q3 2020	213.84	4.33	4.33	0.36
Q4 2020	226.04	4.27	4.27	0.56
Q1 2021	226.04	4.52	4.52	0.57
Q2 2021	226.04	6.45	6.45	0.59
Q3 2021	226.04	7.27	7.27	0.61
Q4 2021	226.04	3.83	4.54	0.59
Q1 2022	226.04	1.07	1.79	0.58
Q2 2022	226.04	(1.82)	(1.11)	0.57
Q3 2022	226.04	(3.10)	(2.39)	0.57
Q4 2022	226.04	0.76	(0.33)	0.60
Q1 2023	226.04	2.36	1.27	0.61
Q2 2023	226.04	4.17	3.09	0.61
Q3 2023	226.04	3.93	2.84	0.61

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2013	-	-	-	-
2014	213.84	2.55	2.55	0.08
2015	213.84	3.64	3.64	0.09
2016	213.84	3.70	3.70	0.13
2017	213.84	3.11	3.47	0.21
2018	213.84	4.35	4.35	0.26
2019	213.84	7.49	7.49	0.33
2020	226.04	4.27	4.27	0.56
2021	226.04	3.83	4.54	0.59
2022	226.04	0.76	(0.33)	0.60

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	-	-	-
Q3 2017	-	-	1.43
Q4 2017	10.94	9.79	1.58
Q1 2018	8.22	7.55	1.51
Q2 2018	9.60	8.86	1.77
Q3 2018	10.53	10.53	1.85
Q4 2018	25.14	25.14	4.24
Q1 2019	16.11	16.11	3.13
Q2 2019	23.32	23.32	4.59
Q3 2019	16.43	16.43	3.22
Q4 2019	39.36	39.36	8.85
Q1 2020	25.82	25.82	5.20
Q2 2020	40.34	40.34	5.91
Q3 2020	84.82	84.82	10.33
Q4 2020	79.43	79.43	6.11
Q1 2021	86.77	86.77	6.83
Q2 2021	65.00	65.00	7.14
Q3 2021	55.95	55.95	6.70
Q4 2021	91.16	76.90	5.91
Q1 2022	More than 100	More than 100	5.69
Q2 2022	NEG	NEG	3.90
Q3 2022	NEG	NEG	3.83
Q4 2022	More than 100	NEG	2.97
Q1 2023	More than 100	More than 100	5.62
Q2 2023	74.02	More than 100	5.08
Q3 2023	74.32	More than 100	4.77

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	10.93	9.78	1.58
2018	25.14	25.14	4.24
2019	39.36	39.36	8.85
2020	79.43	79.43	6.11
2021	91.16	76.90	5.91
2022	More than 100	NEG	2.97

Business Segments (Million)

Compared With The

Period	Concrete sales	Cement sales	Special projects	Concrete wall sales	Construction Revenue	others
Q1 2021	13.66	12.50	1.52	-	-	7.52
Q2 2021	15.04	11.65	-	-	-	13.50
Q3 2021	19.93	13.39	0.51	-	-	7.65
Q1 2022	17.43	6.36	1.48	-	-	-
Q2 2022	13.82	4.46	0.42	2.03	-	-
Q3 2022	22.01	4.27	0.25	6.03	-	-
Q4 2022	44.20	4.98	0.05	1.58	-	-
Q1 2023	21.02	4.05	5.34	1.70	-	-
Q2 2023	21.91	1.41	0.07	2.55	-	6.72
Q3 2023	21.73	1.28	5.82	1.16	-	-

Period	Concrete sales	Cement sales	Special projects	Concrete wall sales	Construction Revenue	others
2021	64.12	23.05	3.60	-	-	38.01
2022	97.47	20.06	2.21	9.64	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	603.53
Enterprise Value (EV) (M)	685.92
Shares Outstanding ((M))	226.04
EPS (Halala) (TTM)	(2.37)
Book Value (BV) ( Riyal)	0.59
Par Value ( Halala)	50.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	4.54
Return on Average Assets (%) (TTM)	(1.79 )
Return on Average Equity (%) (TTM)	(3.94 )

Al Kathiri Holding Co. (ALKATHIRI)

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Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 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) 2023 Q3

Financial Ratios

Share Price

Al Kathiri Holding Co. (ALKATHIRI)

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Al Kathiri turns to SAR 3.3 mln profit in 9M 2023; Q3 at SAR 1.1 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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Al Kathiri Holding Co. (ALKATHIRI)

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Business Segments (Million)