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

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 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2023 156.79 3.3 % 11.87 (4.4 %) 6.21 (19.8 %)
Q2 2023 150.48 (18.3 %) 15.93 8.5 % 10.84 11.0 %
Q3 2023 156.45 (8.8 %) 16.91 80.8 % 11.74 153.2 %
Q4 2023 108.77 (7.1 %) 25.74 21.1 % 18.75 74.4 %
2023 572.49 (8.4 %) 70.45 22.1 % 47.53 44.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2023 1.93 (67.4 %) 0.09 - 1.92 0.09
Q2 2023 7.84 95.6 % 0.35 - 7.84 0.35
Q3 2023 7.16 1597.6 % 0.32 - 7.16 0.32
Q4 2023 16.95 213.7 % 0.75 - 16.95 0.75
2023 33.87 115.2 % 1.51 - 33.87 1.51

Profitability

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 - - -
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 %
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 %


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

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

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

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)


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