Horizon Food posts 13% fall in 2022 profit to SAR 8.9 mln
30/03/2023
Argaam Exclusive
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Horizon Food Co. reported a 13% drop in 2022 net profit to SAR 8.9 million, compared to SAR 10.2 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 53.75 | 66.65 | 24.0 % |
| Gross Income | 16.69 | 19.30 | 15.6 % |
| Operating Income | 10.36 | 9.13 | (11.9 %) |
| Net Income | 10.17 | 8.89 | (12.6 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 1.27 | 1.11 | (12.6 %) |
The cost of revenue rose 71% year-on-year (YoY) in 2022, and the selling and marketing expenses increased due to higher sales and geographical expansion. In addition, the administrative expenses related to the implementation of governance and the conversion to a joint stock company rose in 2022.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 31.64 | 30.96 | (2.2 %) |
| Gross Income | 9.76 | 10.66 | 9.2 % |
| Operating Income | 6.62 | 4.17 | (37.1 %) |
| Net Income | 6.54 | 4.21 | (35.7 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 0.82 | 0.53 | (35.7 %) |
Shareholders' equity, no minority interest, reached SAR 93.1 million by the end of 2022, compared to SAR 84.2 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 35.70 | 61.5 % | 8.64 | 24.7 % | 4.96 | 32.8 % |
| H2 2022 | 30.96 | (2.2 %) | 10.66 | 9.2 % | 4.17 | (37.1 %) |
| 2022 | 66.65 | 24.0 % | 19.30 | 15.6 % | 9.13 | (11.9 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 4.68 | 29.2 % | 0.59 | - | 4.68 | 0.59 |
| H2 2022 | 4.21 | (35.7 %) | 0.53 | - | 4.21 | 0.53 |
| 2022 | 8.89 | (12.6 %) | 1.11 | - | 8.89 | 1.11 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 27.33 % | 21.14 % | 16.67 % |
| H2 2022 | 28.95 % | 18.50 % | 13.33 % |
| 2022 | 28.95 % | 18.50 % | 13.33 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 8.00 | 1.40 | 1.40 | 11.11 |
| H2 2022 | 8.00 | 1.11 | 1.11 | 11.63 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | - | - | - |
Business Segments (Million)
2022
| Period | Chicken shawarma sales | Meat shawarma sales | Doner Kebab Sales |
|---|
Share Price
Horizon Food Co. (HORIZON FOOD)
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