Zahrat Al Waha’s H1 2022 net profit slumps 73% to SAR 9.9 mln; Q2 at SAR 4 mln

31/07/2022 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit after Zakat and tax of SAR 9.9 million in H1 2022, down 73% from SAR 36.6 million in the year-earlier period.

This was driven by higher cost of goods sold, increased selling and distribution expenses, general and administrative (G&A) expenses and lower other revenue.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	242.73	336.10	38.5 %
Gross Income	42.39	27.09	(36.1 %)
Operating Income	33.13	17.50	(47.2 %)
Net Income	36.60	9.92	(72.9 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	1.63	0.44	(72.9 %)

Q2 2022 net profit after Zakat and tax plunged 75.4% year-on-year (YoY) to SAR 4.01 million, from SAR 16.28 million Q2 2021, on the rising cost of goods sold, selling and distribution expenses, G&A expenses and financing cost (FC).

The company also cited higher unrealized loss from investments at fair value through profit or loss (FVTPL).

On a sequential basis, net profit fell 32.2% from SAR 5.91 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	124.59	184.27	47.9 %
Gross Income	19.75	14.68	(25.7 %)
Operating Income	15.15	9.76	(35.6 %)
Net Income	16.28	4.01	(75.4 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.72	0.18	(75.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	151.84	184.27	21.4 %
Gross Income	12.41	14.68	18.4 %
Operating Income	7.74	9.76	26.1 %
Net Income	5.91	4.01	(32.2 %)
Average Shares	22.50	22.50	-
EPS (Riyals)	0.26	0.18	(32.2 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 289.809 million in H1 2022, compared to SAR 273.857 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	114.84	-	21.68	-	19.49	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	190.97	66.3 %	34.99	61.4 %	31.32	60.7 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	253.31	32.6 %	67.16	92.0 %	61.38	96.0 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	89.69	-	22.80	-	19.74	-
Q4 2016	74.41	-	13.20	-	8.95	-
2016	319.21	26.0 %	80.09	19.3 %	67.63	10.2 %
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 %)
2017	422.31	32.3 %	77.86	(2.8 %)	61.89	(8.5 %)
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 %
2018	488.51	15.7 %	65.04	(16.5 %)	51.69	(16.5 %)
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 %
2019	519.76	6.4 %	88.46	36.0 %	72.55	40.4 %
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 %)
2020	424.85	(18.3 %)	74.19	(16.1 %)	57.71	(20.5 %)
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 %
2021	549.01	29.2 %	87.83	18.4 %	69.59	20.6 %
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	114.84	-	21.68	-	19.49	-
2014	190.97	66.3 %	34.99	61.4 %	31.32	60.7 %
2015	253.31	32.6 %	67.16	92.0 %	61.38	96.0 %
2016	319.21	26.0 %	80.09	19.3 %	67.63	10.2 %
2017	422.31	32.3 %	77.86	(2.8 %)	61.89	(8.5 %)
2018	488.51	15.7 %	65.04	(16.5 %)	51.69	(16.5 %)
2019	519.76	6.4 %	88.46	36.0 %	72.55	40.4 %
2020	424.85	(18.3 %)	74.19	(16.1 %)	57.71	(20.5 %)
2021	549.01	29.2 %	87.83	18.4 %	69.59	20.6 %

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	-	-	-	-	-	-
2013	16.72	-	0.74	-	16.72	0.74
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	26.77	60.1 %	1.19	-	26.77	1.19
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	53.78	100.9 %	2.39	-	53.78	2.39
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
2016	53.21	(1.1 %)	2.36	(3.51)	56.71	2.52
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
2017	46.89	(11.9 %)	2.08	-	46.89	2.08
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
2018	34.66	(26.1 %)	1.54	-	34.66	1.54
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
2019	56.64	63.4 %	2.52	-	56.64	2.52
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
2020	40.57	(28.4 %)	1.80	-	40.57	1.80
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
2021	64.57	59.2 %	2.87	7.61	56.96	2.53
Q1 2022	5.91	(70.9 %)	0.26	-	5.91	0.26
Q2 2022	4.01	(75.4 %)	0.18	-	4.01	0.18

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	16.72	-	0.74	-	16.72	0.74
2014	26.77	60.1 %	1.19	-	26.77	1.19
2015	53.78	100.9 %	2.39	-	53.78	2.39
2016	53.21	(1.1 %)	2.36	(3.51)	56.71	2.52
2017	46.89	(11.9 %)	2.08	-	46.89	2.08
2018	34.66	(26.1 %)	1.54	-	34.66	1.54
2019	56.64	63.4 %	2.52	-	56.64	2.52
2020	40.57	(28.4 %)	1.80	-	40.57	1.80
2021	64.57	59.2 %	2.87	7.61	56.96	2.53

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	18.88 %	20.36 %	14.56 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	18.32 %	19.70 %	14.02 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	26.51 %	28.34 %	21.23 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	25.09 %	26.35 %	17.77 %
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 %
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 %
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 %
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 %
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 %
2021	16.00 %	18.29 %	10.38 %
Q1 2022	13.32 %	15.49 %	7.73 %
Q2 2022	11.29 %	13.20 %	5.87 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	18.88 %	20.36 %	14.56 %
2014	18.32 %	19.70 %	14.02 %
2015	26.51 %	28.34 %	21.23 %
2016	25.09 %	26.35 %	17.77 %
2017	18.44 %	19.93 %	11.10 %
2018	13.31 %	15.20 %	7.10 %
2019	17.02 %	19.15 %	10.90 %
2020	17.46 %	20.49 %	9.55 %
2021	16.00 %	18.29 %	10.38 %

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	25.42 %	22.01 %	18.50 %
Q4 2016	17.73 %	19.18 %	6.93 %
Q1 2017	22.36 %	24.50 %	14.31 %
Q2 2017	20.10 %	22.06 %	13.37 %
Q3 2017	18.60 %	18.87 %	14.11 %
Q4 2017	11.96 %	13.85 %	0.51 %
Q1 2018	10.94 %	13.43 %	4.35 %
Q2 2018	11.72 %	12.87 %	5.58 %
Q3 2018	12.29 %	14.18 %	6.72 %
Q4 2018	18.84 %	21.16 %	12.03 %
Q1 2019	12.93 %	15.37 %	7.03 %
Q2 2019	13.52 %	15.38 %	7.60 %
Q3 2019	15.97 %	17.46 %	10.19 %
Q4 2019	27.54 %	30.51 %	20.46 %
Q1 2020	16.94 %	19.02 %	10.44 %
Q2 2020	13.50 %	16.01 %	6.09 %
Q3 2020	14.70 %	18.10 %	7.09 %
Q4 2020	25.96 %	30.52 %	15.20 %
Q1 2021	19.16 %	21.72 %	15.07 %
Q2 2021	15.85 %	18.33 %	9.14 %
Q3 2021	9.69 %	11.09 %	4.50 %
Q4 2021	20.88 %	23.85 %	14.43 %
Q1 2022	8.17 %	10.19 %	3.89 %
Q2 2022	7.97 %	9.45 %	2.17 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	22.50	0.74	0.74	1.44
2014	22.50	1.19	1.19	2.26
2015	22.50	2.39	2.39	3.96
2016	22.50	2.36	2.52	6.32
2017	22.50	2.08	2.08	8.41
2018	22.50	1.54	1.54	8.57
2019	22.50	2.52	2.52	9.92
2020	22.50	1.80	1.80	11.22
2021	22.50	2.87	2.53	13.42

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

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.79	15.79	3.91
2018	17.70	17.70	3.18
2019	12.45	12.45	3.16
2020	29.28	29.28	4.71
2021	19.84	22.49	4.24

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

Period	Flasks sector	Plastic covers sector
2016	273.34	45.87
2017	364.19	58.12
2018	419.26	69.25
2019	442.76	77.00
2020	352.40	72.45
2021	474.70	74.32

Financial Ratios

	Current
Market Cap (M Riyal)	725.63
Enterprise Value (EV) (M)	914.73
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)	29.90
P/E (TTM)	31.32
Price/book	2.49
Return on Average Assets (%) (TTM)	4.1
Return on Average Equity (%) (TTM)	7.8

Zahrat Al Waha for Trading Co. (OASIS)

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Zahrat Al Waha’s H1 2022 net profit slumps 73% to SAR 9.9 mln; Q2 at SAR 4 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) 2022 Q2

Financial Ratios

Share Price

Zahrat Al Waha for Trading Co. (OASIS)

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Zahrat Al Waha’s H1 2022 net profit slumps 73% to SAR 9.9 mln; Q2 at SAR 4 mln

View other reports

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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Zahrat Al Waha for Trading Co. (OASIS)

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Business Segments (Million)