Raoom’s 2023 profit rises to SAR 46.6M; Q4 at SAR 10.1M
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Raoom Trading Co. reported a net profit rise to SAR 46.6 million in 2023, compared to SAR 30.7 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 135.23 | 135.04 | (0.1 %) |
| Gross Income | 43.71 | 43.29 | (0.9 %) |
| Operating Income | 34.14 | 32.00 | (6.3 %) |
| Net Income | 30.74 | 46.58 | 51.5 % |
| Average Shares | 6.25 | 6.25 | - |
| EPS (Riyals) | 4.92 | 7.45 | 51.5 % |
The company reported non-recurring profits from short-term investments.
On the other hand, revenue was almost flat at SAR 135 million in 2023, edging down 0.14% year-on-year (YoY). Operating profit dropped by 9.58% to SAR 30.9 million from SAR 34.14 million in 2022, on higher general and administrative expenses. Raoom incurred additional fees on signing a non-binding memorandum of understating (MoU) to acquire an asset. The MoU was cancelled this year.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 70.19 | 66.57 | (5.2 %) |
| Gross Income | 21.72 | 21.79 | 0.3 % |
| Operating Income | 16.48 | 16.41 | (0.4 %) |
| Net Income | 14.50 | 18.88 | 30.2 % |
| Average Shares | 6.25 | 6.25 | - |
| EPS (Riyals) | 2.32 | 3.02 | 30.2 % |
Shareholders’ equity, no minority interest, stood at SAR 136.43 million as of Dec. 31, 2023, compared to SAR 107.09 million a year earlier.
|
Interim Financial Statements |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2020 |
55.67 |
16.05 |
2.57 |
|
H2 2020 |
53.19 |
10.02 |
1.60 |
|
H1 2021 |
55.72 |
15.40 |
2.46 |
|
H2 2021 |
54.47 |
9.49 |
1.52 |
|
H1 2022 |
65.04 |
16.24 |
2.60 |
|
H2 2022 |
70.19 |
14.50 |
2.32 |
|
H1 2023 |
68.48 |
27.69 |
4.43 |
|
H2 2023 |
66.56 |
18.89 |
3.02 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 68.48 | 5.3 % | 21.51 | (2.2 %) | 15.59 | (11.7 %) |
| H2 2023 | 66.57 | (5.2 %) | 21.79 | 0.3 % | 16.41 | (0.4 %) |
| 2023 | 135.04 | (0.1 %) | 43.29 | (0.9 %) | 32.00 | (6.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 27.69 | 70.5 % | 4.43 | 14.01 | 13.69 | 2.19 |
| H2 2023 | 18.88 | 30.2 % | 3.02 | 3.23 | 15.66 | 2.50 |
| 2023 | 46.58 | 51.5 % | 7.45 | 17.24 | 29.34 | 4.69 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 31.18 % | 27.04 % | 20.33 % |
| H2 2023 | - | - | - |
| 2023 | 32.06 % | 27.80 % | 21.73 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 6.25 | 6.75 | 4.51 | 20.54 |
| H2 2023 | 6.25 | - | - | 21.83 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 16.11 | 24.12 | 5.30 |
| H2 2023 | - | - | 5.38 |
Business Segments (Million)
Q4 2023
| Period | Glass | Plastic and acrylic |
|---|---|---|
| Q2 2023 | 51.42 | 17.06 |
| Q4 2023 | 55.46 | 11.11 |
| Current | |
| Market Cap (M Riyal) | 1,105.00 |
| Enterprise Value (EV) (M) | 1,025.45 |
| Shares Outstanding ((M)) | 6.25 |
| Book Value (BV) ( Riyal) | 21.83 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 37.66 |
| Price/book | 8.10 |
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