Zahrat Al Waha’s profit slides 76% to SAR 15.7 mln in 2022; Q4 at SAR 5.4 mln

Zahrat Al Waha’s profit slides 76% to SAR 15.7 mln in 2022; Q4 at SAR 5.4 mln

02/03/2023 Argaam Exclusive

View other reports

Zahrat Al Waha for Trading Co. reported a slump of 76% in its annual net profit after Zakat and tax to SAR 15.7 million from SAR 64.6 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 549.01 624.74 13.8 %
Gross Income 87.83 57.70 (34.3 %)
Operating Income 69.59 32.88 (52.7 %)
Net Income 64.57 15.74 (75.6 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 2.87 0.70 (75.6 %)

The 12-month profit was battered by cost of goods sold, which increased by 23% year-on-year (YoY) on higher raw material prices, especially during the second half.

 

Selling and distribution expenses, as well as general and administrative expenses (G&A) increased by 9.70% and 6.7% YoY, respectively in the same period.

 

Al Waha also cited a rise in the provision for impairment of trade receivables by 39.83% YoY.

 

The effect of evaluating the inventory at the end of the year also weighed on the 2022 results, as the decline in inventory amounted to SAR 4.5 million.

 

Al Waha also recorded higher investment loss at fair value, as the investment portfolio incurred losses of SAR 2.95 million, against profits of SAR 6.17 million in 2021.

 

Financing costs also jumped by 65.13% YoY, due to the increase in average SAIBOR rates.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 140.80 117.14 (16.8 %)
Gross Income 29.40 21.25 (27.7 %)
Operating Income 25.84 10.75 (58.4 %)
Net Income 20.50 5.40 (73.7 %)
Average Shares 22.50 22.50 -
EPS (Riyals) 0.91 0.24 (73.7 %)

In Q4 2022, the company’s net profit after Zakat and tax tumbled 74% to SAR 5.4 million, from SAR 20.5 million in the prior-year period.

 

Net profit surged from SAR 420,000 in Q3 2022.

 

Total shareholders’ equity, no minority interest, decreased to SAR 295.76 million as of Dec. 31, 2022, from SAR 301.90 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 89.69 - 22.80 - 19.74 -
Q4 2016 74.41 - 13.20 - 8.95 -
Q1 2017 84.28 - 18.85 - 15.28 -
Q2 2017 128.76 - 25.89 - 22.90 -
Q3 2017 121.75 35.8 % 22.65 (0.7 %) 17.33 (12.2 %)
Q4 2017 87.52 17.6 % 10.47 (20.7 %) 6.40 (28.5 %)
Q1 2018 97.77 16.0 % 10.70 (43.2 %) 7.42 (51.4 %)
Q2 2018 140.67 9.2 % 16.49 (36.3 %) 12.24 (46.5 %)
Q3 2018 141.57 16.3 % 17.40 (23.2 %) 14.09 (18.7 %)
Q4 2018 108.51 24.0 % 20.45 95.3 % 17.93 180.2 %
Q1 2019 129.89 32.9 % 16.80 57.0 % 13.40 80.6 %
Q2 2019 133.42 (5.2 %) 18.04 9.4 % 13.91 13.6 %
Q3 2019 147.00 3.8 % 23.48 34.9 % 18.82 33.6 %
Q4 2019 109.45 0.9 % 30.15 47.4 % 26.41 47.3 %
Q1 2020 123.65 (4.8 %) 20.95 24.7 % 16.44 22.7 %
Q2 2020 108.62 (18.6 %) 14.67 (18.7 %) 10.31 (25.9 %)
Q3 2020 101.54 (30.9 %) 14.93 (36.4 %) 10.85 (42.3 %)
Q4 2020 91.05 (16.8 %) 23.64 (21.6 %) 20.10 (23.9 %)
Q1 2021 118.14 (4.5 %) 22.64 8.1 % 17.98 9.4 %
Q2 2021 124.59 14.7 % 19.75 34.6 % 15.15 46.9 %
Q3 2021 165.49 63.0 % 16.03 7.4 % 10.62 (2.1 %)
Q4 2021 140.80 54.6 % 29.40 24.4 % 25.84 28.5 %
Q1 2022 151.84 28.5 % 12.41 (45.2 %) 7.74 (56.9 %)
Q2 2022 184.27 47.9 % 14.68 (25.7 %) 9.76 (35.6 %)
Q3 2022 171.50 3.6 % 9.35 (41.7 %) 4.64 (56.4 %)
Q4 2022 117.14 (16.8 %) 21.25 (27.7 %) 10.75 (58.4 %)
2022 624.74 13.8 % 57.70 (34.3 %) 32.88 (52.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 16.60 - 0.74 - 16.60 0.74
Q4 2016 1.65 - 0.07 (3.51) 5.16 0.23
Q1 2017 12.06 - 0.54 - 12.06 0.54
Q2 2017 17.21 - 0.76 - 17.21 0.76
Q3 2017 17.17 3.5 % 0.76 - 17.17 0.76
Q4 2017 0.45 (72.8 %) 0.02 - 0.45 0.02
Q1 2018 4.25 (64.8 %) 0.19 - 4.25 0.19
Q2 2018 7.85 (54.4 %) 0.35 - 7.85 0.35
Q3 2018 9.52 (44.6 %) 0.42 - 9.52 0.42
Q4 2018 13.05 2806.2 % 0.58 - 13.05 0.58
Q1 2019 9.13 114.8 % 0.41 - 9.13 0.41
Q2 2019 10.14 29.2 % 0.45 - 10.14 0.45
Q3 2019 14.97 57.4 % 0.67 - 14.97 0.67
Q4 2019 22.39 71.6 % 1.00 - 22.39 1.00
Q1 2020 12.91 41.4 % 0.57 - 12.91 0.57
Q2 2020 6.62 (34.7 %) 0.29 - 6.62 0.29
Q3 2020 7.20 (51.9 %) 0.32 - 7.20 0.32
Q4 2020 13.84 (38.2 %) 0.62 - 13.84 0.62
Q1 2021 20.32 57.4 % 0.90 2.52 17.81 0.79
Q2 2021 16.28 145.9 % 0.72 4.89 11.39 0.51
Q3 2021 7.47 3.8 % 0.33 0.03 7.44 0.33
Q4 2021 20.50 48.1 % 0.91 0.18 20.32 0.90
Q1 2022 5.91 (70.9 %) 0.26 - 5.91 0.26
Q2 2022 4.01 (75.4 %) 0.18 - 4.01 0.18
Q3 2022 0.42 (94.4 %) 0.02 - 0.42 0.02
Q4 2022 5.40 (73.7 %) 0.24 - 5.40 0.24
2022 15.74 (75.6 %) 0.70 - 15.74 0.70

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 21.41 % 22.03 % 13.53 %
Q3 2017 19.69 % 21.09 % 12.61 %
Q4 2017 18.44 % 19.93 % 11.10 %
Q1 2018 16.00 % 17.58 % 8.97 %
Q2 2018 13.47 % 14.82 % 6.64 %
Q3 2018 11.78 % 13.57 % 4.72 %
Q4 2018 13.31 % 15.20 % 7.10 %
Q1 2019 13.66 % 15.58 % 7.59 %
Q2 2019 14.16 % 16.27 % 8.15 %
Q3 2019 15.18 % 17.17 % 9.12 %
Q4 2019 17.02 % 19.15 % 10.90 %
Q1 2020 18.03 % 20.08 % 11.77 %
Q2 2020 18.26 % 20.45 % 11.64 %
Q3 2020 18.20 % 20.91 % 11.08 %
Q4 2020 17.46 % 20.49 % 9.55 %
Q1 2021 18.09 % 21.27 % 10.84 %
Q2 2021 18.60 % 21.75 % 11.54 %
Q3 2021 16.44 % 18.96 % 10.11 %
Q4 2021 16.00 % 18.29 % 10.38 %
Q1 2022 13.32 % 15.49 % 7.73 %
Q2 2022 11.29 % 13.20 % 5.87 %
Q3 2022 10.16 % 12.14 % 4.73 %
Q4 2022 9.24 % 10.17 % 2.52 %
2022 9.24 % 10.17 % 2.52 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 22.50 - - 6.25
Q4 2016 22.50 - - 6.32
Q1 2017 22.50 - - 6.86
Q2 2017 22.50 2.11 2.27 7.62
Q3 2017 22.50 2.14 2.29 8.39
Q4 2017 22.50 2.08 2.08 8.41
Q1 2018 22.50 1.74 1.74 7.93
Q2 2018 22.50 1.32 1.32 7.62
Q3 2018 22.50 0.98 0.98 8.04
Q4 2018 22.50 1.54 1.54 8.57
Q1 2019 22.50 1.76 1.76 8.97
Q2 2019 22.50 1.86 1.86 8.76
Q3 2019 22.50 2.10 2.10 9.42
Q4 2019 22.50 2.52 2.52 9.92
Q1 2020 22.50 2.69 2.69 10.50
Q2 2020 22.50 2.53 2.53 10.28
Q3 2020 22.50 2.18 2.18 10.60
Q4 2020 22.50 1.80 1.80 11.22
Q1 2021 22.50 2.13 2.02 12.13
Q2 2021 22.50 2.56 2.23 12.17
Q3 2021 22.50 2.57 2.24 12.51
Q4 2021 22.50 2.87 2.53 13.42
Q1 2022 22.50 2.23 2.00 13.69
Q2 2022 22.50 1.68 1.67 12.88
Q3 2022 22.50 1.37 1.36 12.91
Q4 2022 22.50 0.70 0.70 13.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 16.70 15.57 4.26
Q4 2017 15.79 15.79 3.91
Q1 2018 17.92 17.92 3.92
Q2 2018 20.95 20.95 3.63
Q3 2018 24.95 24.95 3.04
Q4 2018 17.70 17.70 3.18
Q1 2019 15.55 15.55 3.05
Q2 2019 14.31 14.31 3.04
Q3 2019 14.34 14.34 3.20
Q4 2019 12.45 12.45 3.16
Q1 2020 10.96 10.96 2.80
Q2 2020 12.94 12.94 3.18
Q3 2020 19.12 19.12 3.94
Q4 2020 29.28 29.28 4.71
Q1 2021 26.01 27.45 4.57
Q2 2021 22.17 25.44 4.67
Q3 2021 21.65 24.84 4.46
Q4 2021 19.84 22.49 4.24
Q1 2022 26.38 29.36 4.29
Q2 2022 21.56 21.68 2.82
Q3 2022 26.67 26.82 2.83
Q4 2022 44.74 44.75 2.38

Business Segments (Million)

Compared With The
Period Flasks sector Plastic covers sector
Q4 2016 65.84 8.58
Q1 2017 75.83 8.45
Q2 2017 110.81 17.95
Q3 2017 100.76 20.99
Q4 2017 76.80 10.72
Q1 2018 83.88 13.89
Q2 2018 119.58 21.09
Q3 2018 120.92 20.65
Q4 2018 94.88 13.63
Q1 2019 112.59 17.30
Q2 2019 112.71 20.71
Q3 2019 123.17 23.83
Q4 2019 94.29 15.16
Q1 2020 106.27 17.38
Q2 2020 89.74 18.88
Q3 2020 83.01 18.53
Q4 2020 73.38 17.67
Q1 2021 101.58 16.56
Q2 2021 104.26 20.33
Q3 2021 144.07 21.42
Q4 2021 124.79 16.01
Q1 2022 131.49 20.34
Q2 2022 159.30 24.97
Q3 2022 146.85 24.65
Q4 2022 95.96 21.18

Current
Market Cap (M Riyal) 758.25
Enterprise Value (EV) (M) 947.35
Shares Outstanding ((M)) 22.50
EPS ( Riyal) (TTM) 1.03
Book Value (BV) ( Riyal) 12.97
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.24
P/E (TTM) 32.72
Price/book 2.60
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 7.8

Share Price

Zahrat Al Waha for Trading Co. (OASIS)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.