Al Kathiri’s profit drops 85% to SAR 230,000 in Q1 2024

16/05/2024 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of SAR 230,000 in Q1 2024, from SAR 1.6 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	32.11	45.64	42.1 %
Gross Income	5.62	5.85	4.2 %
Operating Income	2.44	2.64	8.0 %
Net Income	1.56	0.24	(84.5 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.69	0.11	(84.5 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	34.40	45.64	32.7 %
Gross Income	1.38	5.85	325.1 %
Operating Income	(4.86)	2.64	154.3 %
Net Income	(7.37)	0.24	103.3 %
Average Shares	226.04	226.04	-
EPS (Halala)	(3.26)	0.11	103.3 %

The profit decline is attributed to higher cost of revenue and financing expenses.

Sequentially, the company turned to net profit against a loss of SAR 7.37 million in Q4 2023, on higher revenue from all segments.

Total shareholders’ equity, after excluding minority interest, stood at SAR 131.27 million, as of March 31, 2024, from SAR 136.77 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q4 2023	34.40	(32.3 %)	1.38	(87.0 %)	(4.86)	(189.1 %)
2023	129.18	(0.1 %)	22.75	51.0 %	3.32	3.0 %
Q1 2024	45.64	42.1 %	5.85	4.2 %	2.64	8.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2023	129.18	(0.1 %)	22.75	51.0 %	3.32	3.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q4 2023	(7.37)	(230.5 %)	(3.26)	-	(7.37)	(0.03)
2023	(4.14)	(342.1 %)	(1.83)	-	(4.14)	(0.02)
Q1 2024	0.24	(84.5 %)	0.11	-	0.24	0.00

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	(4.14)	(342.1 %)	(1.83)	-	(4.14)	(0.02)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	17.63 %	13.21 %	(3.20 %)
2023	17.61 %	13.21 %	(3.20 %)
Q1 2024	16.12 %	12.17 %	(3.83 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2023	17.61 %	13.21 %	(3.20 %)

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	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 %
Q4 2023	4.00 %	(4.26 %)	(21.43 %)
Q1 2024	12.83 %	13.54 %	0.53 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
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
Q4 2023	226.04	(1.83)	(1.83)	0.58
Q1 2024	226.04	(2.42)	(2.42)	0.58

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
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
2023	226.04	(1.83)	(1.83)	0.58

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	-	-	-
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
Q4 2023	NEG	NEG	4.59
Q1 2024	NEG	NEG	4.72

Period	P/E	Adjusted P/E	Price/book
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
2023	NEG	NEG	4.59

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	-	-
Q4 2023	26.98	3.16	-	4.17	0.09	-
Q1 2024	27.76	6.90	8.39	2.57	-	0.01

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	-	-
2023	91.64	9.90	-	9.59	11.33	6.72

Financial Ratios

	Current
Market Cap (M Riyal)	599.01
Enterprise Value (EV) (M)	681.40
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	4.50
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’s profit drops 85% to SAR 230,000 in Q1 2024

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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) 2024 Q1

Financial Ratios

Share Price

Al Kathiri Holding Co. (ALKATHIRI)

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Al Kathiri’s profit drops 85% to SAR 230,000 in Q1 2024

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Al Kathiri Holding Co. (ALKATHIRI)

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Business Segments (Million)