Zahrat Al Waha 9M 2023 profit hikes 64% to SAR 16.9 mln; Q3 at SAR 7.2 mln

Zahrat Al Waha 9M 2023 profit hikes 64% to SAR 16.9 mln; Q3 at SAR 7.2 mln

25/10/2023 Argaam Exclusive

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Zahrat Al Waha for Trading Co. reported a net profit of SAR 16.9 million in the nine-month period of 2023, an increase of 64% year-on-year (YoY) from SAR 10.3 million in a year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 507.60 463.72 (8.6 %)
Gross Income 36.45 44.71 22.7 %
Operating Income 22.14 28.78 30.0 %
Net Income 10.34 16.93 63.7 %
Average Shares 22.50 22.50 -
EPS (Riyals) 0.46 0.75 63.7 %

The rise was due to a decrease in the cost of goods sold (COGS) and higher profit from investments at fair value through profit or loss.

 

Net earnings soared to SAR 7.2 million in Q3 2023 from SAR 0.42 million in Q3 2022 due to lower COGS and general and administrative expenses (G&As).



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 171.50 156.45 (8.8 %)
Gross Income 9.35 16.91 80.8 %
Operating Income 4.64 11.74 153.2 %
Net Income 0.42 7.16 1597.6 %
Average Shares 22.50 22.50 -
EPS (Riyals) 0.02 0.32 1597.6 %

On a quarterly basis, Q3 net earnings dropped 8.6% due to higher selling and distribution expenses and unrealized losses on investments at fair value through profit or loss.

 

Total shareholders’ equity, no minority interest, stood at SAR 299.235 million by Sept. 30, 2023, compared to SAR 290.439 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 %


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

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 %


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

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

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

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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