Zahrat Al Waha 2023 profit rises to SAR 33.9M; Q4 at SAR 17M

28/02/2024 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit of SAR 33.9 million in 2023, more than double from SAR 15.7 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	624.74	572.49	(8.4 %)
Gross Income	57.70	70.45	22.1 %
Operating Income	32.88	47.53	44.5 %
Net Income	15.74	33.87	115.2 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.70	1.51	115.2 %

The profit increase was driven by lower cost of goods sold (COGS) during 2023, which fell by 11.46% year-on-year (YoY) due to the decrease in purchasing prices for raw materials. Sales dropped by 8.36% YoY.

The effect of the end-of-year inventory valuation in 2023 decreased from 2022 by SAR 4.5 million.

Last year, there was also an increase in profit from investments at fair value, as investment in the investment portfolio’s realized profits reached SAR 5.15 million, compared to losses of SAR 2.64 million in 2022.

On the other hand, selling prices fell 23.12% YoY due to a decrease in the purchase prices of main raw materials in 2023 for the plastic bottles preforms segment.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	117.14	108.77	(7.1 %)
Gross Income	21.25	25.74	21.1 %
Operating Income	10.75	18.75	74.4 %
Net Income	5.40	16.95	213.7 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.24	0.75	213.7 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	156.45	108.77	(30.5 %)
Gross Income	16.91	25.74	52.2 %
Operating Income	11.74	18.75	59.7 %
Net Income	7.16	16.95	136.6 %
Average Shares	22.50	22.50	-
EPS (Riyals)	0.32	0.75	136.6 %

Net earnings soared to SAR 17 million in Q4 2023 from SAR 5.40 million in Q4 2022.

On a quarterly basis, Q4 net earnings rose 136.6% from SAR 7.16 million in Q3 2023.

Total shareholders’ equity, no minority interest, stood at SAR 316.09 million by Dec. 31, 2023, compared to SAR 295.76 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	190.97	66.3 %	34.99	61.4 %	26.77	60.1 %	1.19
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	253.31	32.6 %	67.16	92.0 %	53.78	100.9 %	2.39
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	89.69	-	22.80	-	16.60	-	0.74
Q4 2016	74.41	-	13.20	-	1.65	-	0.07
2016	319.21	26.0 %	80.09	19.3 %	53.21	(1.1 %)	2.36
Q1 2017	84.28	-	18.85	-	12.06	-	0.54
Q2 2017	128.76	-	25.89	-	17.21	-	0.76
Q3 2017	121.75	35.8 %	22.65	(0.7 %)	17.17	3.5 %	0.76
Q4 2017	87.52	17.6 %	10.47	(20.7 %)	0.45	(72.8 %)	0.02
2017	422.31	32.3 %	77.86	(2.8 %)	46.89	(11.9 %)	2.08
Q1 2018	97.77	16.0 %	10.70	(43.2 %)	4.25	(64.8 %)	0.19
Q2 2018	140.67	9.2 %	16.49	(36.3 %)	7.85	(54.4 %)	0.35
Q3 2018	141.57	16.3 %	17.40	(23.2 %)	9.52	(44.6 %)	0.42
Q4 2018	108.51	24.0 %	20.45	95.3 %	13.05	2806.2 %	0.58
2018	488.51	15.7 %	65.04	(16.5 %)	34.66	(26.1 %)	1.54
Q1 2019	129.89	32.9 %	16.80	57.0 %	9.13	114.8 %	0.41
Q2 2019	133.42	(5.2 %)	18.04	9.4 %	10.14	29.2 %	0.45
Q3 2019	147.00	3.8 %	23.48	34.9 %	14.97	57.4 %	0.67
Q4 2019	109.45	0.9 %	30.15	47.4 %	22.39	71.6 %	1.00
2019	519.76	6.4 %	88.46	36.0 %	56.64	63.4 %	2.52
Q1 2020	123.65	(4.8 %)	20.95	24.7 %	12.91	41.4 %	0.57
Q2 2020	108.62	(18.6 %)	14.67	(18.7 %)	6.62	(34.7 %)	0.29
Q3 2020	101.54	(30.9 %)	14.93	(36.4 %)	7.20	(51.9 %)	0.32
Q4 2020	91.05	(16.8 %)	23.64	(21.6 %)	13.84	(38.2 %)	0.62
2020	424.85	(18.3 %)	74.19	(16.1 %)	40.57	(28.4 %)	1.80
Q1 2021	118.14	(4.5 %)	22.64	8.1 %	20.32	57.4 %	0.90
Q2 2021	124.59	14.7 %	19.75	34.6 %	16.28	145.9 %	0.72
Q3 2021	165.49	63.0 %	16.03	7.4 %	7.47	3.8 %	0.33
Q4 2021	140.80	54.6 %	29.40	24.4 %	20.50	48.1 %	0.91
2021	549.01	29.2 %	87.83	18.4 %	64.57	59.2 %	2.87
Q1 2022	151.84	28.5 %	12.41	(45.2 %)	5.91	(70.9 %)	0.26
Q2 2022	184.27	47.9 %	14.68	(25.7 %)	4.01	(75.4 %)	0.18
Q3 2022	171.50	3.6 %	9.35	(41.7 %)	0.42	(94.4 %)	0.02
Q4 2022	117.14	(16.8 %)	21.25	(27.7 %)	5.40	(73.7 %)	0.24
2022	624.74	13.8 %	57.70	(34.3 %)	15.74	(75.6 %)	0.70
Q1 2023	156.79	3.3 %	11.87	(4.4 %)	1.93	(67.4 %)	0.09
Q2 2023	150.48	(18.3 %)	15.93	8.5 %	7.84	95.6 %	0.35
Q3 2023	156.45	(8.8 %)	16.91	80.8 %	7.16	1597.6 %	0.32
Q4 2023	108.77	(7.1 %)	25.74	21.1 %	16.95	213.7 %	0.75
2023	572.49	(8.4 %)	70.45	22.1 %	33.87	115.2 %	1.51

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	190.97	66.3 %	34.99	61.4 %	26.77	60.1 %	1.19
2015	253.31	32.6 %	67.16	92.0 %	53.78	100.9 %	2.39
2016	319.21	26.0 %	80.09	19.3 %	53.21	(1.1 %)	2.36
2017	422.31	32.3 %	77.86	(2.8 %)	46.89	(11.9 %)	2.08
2018	488.51	15.7 %	65.04	(16.5 %)	34.66	(26.1 %)	1.54
2019	519.76	6.4 %	88.46	36.0 %	56.64	63.4 %	2.52
2020	424.85	(18.3 %)	74.19	(16.1 %)	40.57	(28.4 %)	1.80
2021	549.01	29.2 %	87.83	18.4 %	64.57	59.2 %	2.87
2022	624.74	13.8 %	57.70	(34.3 %)	15.74	(75.6 %)	0.70
2023	572.49	(8.4 %)	70.45	22.1 %	33.87	115.2 %	1.51

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	10.16 %	12.14 %	4.73 %
Q4 2022	9.24 %	10.17 %	2.52 %
2022	9.24 %	10.17 %	2.52 %
Q1 2023	9.08 %	9.83 %	1.87 %
Q2 2023	9.80 %	10.55 %	2.62 %
Q3 2023	11.36 %	12.02 %	3.84 %
Q4 2023	12.31 %	13.52 %	5.92 %
2023	12.31 %	13.52 %	5.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	9.24 %	10.17 %	2.52 %
2023	12.31 %	13.52 %	5.92 %

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	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 %
Q3 2022	5.45 %	7.14 %	0.25 %
Q4 2022	18.14 %	15.70 %	4.61 %
Q1 2023	7.57 %	8.86 %	1.23 %
Q2 2023	10.59 %	12.20 %	5.21 %
Q3 2023	10.81 %	12.26 %	4.58 %
Q4 2023	23.66 %	23.89 %	15.58 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	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	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
Q1 2023	22.50	0.52	0.52	13.23
Q2 2023	22.50	0.69	0.69	12.98
Q3 2023	22.50	0.99	0.99	13.30
Q4 2023	22.50	1.51	1.51	14.05

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	22.50	0.70	0.70	13.15
2023	22.50	1.51	1.51	14.05

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	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
Q1 2023	64.21	64.21	2.54
Q2 2023	56.16	56.16	3.00
Q3 2023	37.19	37.19	2.77
Q4 2023	24.54	24.54	2.63

Period	P/E	Adjusted P/E	Price/book
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
2022	44.75	44.75	2.38
2023	24.54	24.54	2.63

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
Q1 2023	136.52	20.27
Q2 2023	127.29	23.19
Q3 2023	127.12	29.33
Q4 2023	86.74	22.03

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
2022	533.60	91.14
2023	477.67	94.82

Financial Ratios

	Current
Market Cap (M Riyal)	895.50
Enterprise Value (EV) (M)	1,115.59
Shares Outstanding ((M))	22.50
EPS ( Riyal) (TTM)	1.58
Book Value (BV) ( Riyal)	14.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.12
P/E (TTM)	25.12
Price/book	2.80
Return on Average Assets (%) (TTM)	6.0
Return on Average Equity (%) (TTM)	11.5

Zahrat Al Waha for Trading Co. (OASIS)

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Zahrat Al Waha 2023 profit rises to SAR 33.9M; Q4 at SAR 17M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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 Q4

Financial Ratios

Share Price

Zahrat Al Waha for Trading Co. (OASIS)

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Zahrat Al Waha 2023 profit rises to SAR 33.9M; Q4 at SAR 17M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Zahrat Al Waha for Trading Co. (OASIS)

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Business Segments (Million)