Al Abdullatif widens 9M 2022 net loss to SAR 31.1 mln; Q3 at SAR 15.6 mln

Al Abdullatif widens 9M 2022 net loss to SAR 31.1 mln; Q3 at SAR 15.6 mln

09/11/2022 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened net loss after Zakat and tax to SAR 31.1 million for the first nine months of 2022, from SAR 10 million in the year-earlier period, spurred by higher cost of sales, increased selling expenses and higher cost of financing.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 461.18 492.48 6.8 %
Gross Income 35.32 14.27 (59.6 %)
Operating Income 2.62 (18.63) (811.6 %)
Net Income (9.95) (31.13) (212.9 %)
Average Shares 81.25 81.25 -
EPS (Riyals) (0.12) (0.38) (212.9 %)

Al Abdullatif widened Q3 2022 net loss after Zakat and tax by 47% to SAR 15.6 million, from SAR 10.59 million in the year-earlier period, on lower sales, higher cost of sales, and increased cost of financing.

 

On a sequential basis, net losses deepened compared to SAR 3.45 million in Q2 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 156.17 142.60 (8.7 %)
Gross Income 8.02 0.85 (89.4 %)
Operating Income (6.05) (8.28) (36.9 %)
Net Income (10.59) (15.57) (47.0 %)
Average Shares 81.25 81.25 -
EPS (Riyals) (0.13) (0.19) (47.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.305 billion as of Sept. 30, 2022, compared to SAR 1.121 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 358.93 (3.6 %) 87.37 16.3 % 67.92 22.3 % 0.84
Q2 2013 349.55 (9.3 %) 92.06 (4.0 %) 70.67 1.4 % 0.87
Q3 2013 319.13 (12.3 %) 79.14 (15.7 %) 65.46 (7.7 %) 0.81
Q4 2013 320.36 (3.8 %) 70.41 (19.8 %) 62.78 (7.0 %) 0.77
Q1 2014 336.82 (6.2 %) 74.99 (14.2 %) 59.93 (11.8 %) 0.74
Q2 2014 339.16 (3.0 %) 71.44 (22.4 %) 63.87 (9.6 %) 0.79
Q3 2014 309.82 (2.9 %) 64.54 (18.4 %) 46.27 (29.3 %) 0.57
Q4 2014 339.26 5.9 % 53.02 (24.7 %) 30.34 (51.7 %) 0.37
Q1 2015 310.93 (7.7 %) 60.86 (18.8 %) 45.04 (24.9 %) 0.55
Q2 2015 306.01 (9.8 %) 75.96 6.3 % 54.27 (15.0 %) 0.67
Q3 2015 238.11 (23.1 %) 39.97 (38.1 %) 27.63 (40.3 %) 0.34
Q4 2015 244.22 (28.0 %) 30.96 (41.6 %) 12.28 (59.5 %) 0.15
Q1 2016 229.10 (26.3 %) 39.66 (34.8 %) 14.76 (67.2 %) 0.18
Q2 2016 214.61 (29.9 %) 26.74 (64.8 %) 12.64 (76.7 %) 0.16
Q3 2016 134.88 (43.4 %) 17.04 (57.4 %) 1.51 (94.5 %) 0.02
Q4 2016 162.22 (33.6 %) 22.59 (27.0 %) (0.26) (102.1 %) 0.00
Q1 2017 166.61 (27.3 %) 26.37 (33.5 %) 12.18 (17.5 %) 0.15
Q2 2017 182.25 (15.1 %) 27.21 1.8 % 13.59 7.5 % 0.17
Q3 2017 98.04 (27.3 %) 14.56 (14.6 %) 3.40 125.6 % 0.04
Q4 2017 221.51 36.5 % 13.70 (39.3 %) 6.05 2425.8 % 0.07
Q1 2018 163.57 (1.8 %) 18.32 (30.5 %) 7.27 (40.4 %) 0.09
Q2 2018 155.60 (14.6 %) 12.53 (53.9 %) 2.84 (79.1 %) 0.03
Q3 2018 147.62 50.6 % 14.42 (0.9 %) 1.72 (49.4 %) 0.02
Q4 2018 154.40 (30.3 %) 12.69 (7.4 %) (3.79) (162.7 %) (0.05)
Q1 2019 168.85 3.2 % 16.43 (10.3 %) 3.38 (53.4 %) 0.04
Q2 2019 172.90 11.1 % 18.79 49.9 % 4.12 45.5 % 0.05
Q3 2019 133.85 (9.3 %) 12.18 (15.6 %) 2.20 28.0 % 0.03
Q4 2019 124.91 (19.1 %) (6.36) (150.1 %) (21.38) (463.7 %) (0.26)
Q1 2020 133.35 (21.0 %) 5.59 (66.0 %) (7.73) (328.6 %) (0.10)
Q2 2020 81.86 (52.7 %) (3.53) (118.8 %) (13.03) (415.9 %) (0.16)
Q3 2020 102.56 (23.4 %) (2.09) (117.2 %) (12.12) (650.8 %) (0.15)
Q4 2020 148.33 18.7 % 30.33 577.1 % 8.05 137.7 % 0.10
Q1 2021 154.10 15.6 % 9.56 71.2 % (4.38) 43.4 % (0.05)
Q2 2021 150.91 84.4 % 17.73 601.8 % 5.02 138.5 % 0.06
Q3 2021 156.17 52.3 % 8.02 483.8 % (10.59) 12.6 % (0.13)
Q4 2021 180.34 21.6 % (16.53) (154.5 %) (37.81) (569.5 %) (0.47)
Q1 2022 181.65 17.9 % 2.90 (69.7 %) (12.11) (176.5 %) (0.15)
Q2 2022 168.23 11.5 % 10.52 (40.6 %) (3.45) (168.7 %) (0.04)
Q3 2022 142.60 (8.7 %) 0.85 (89.4 %) (15.57) (47.0 %) (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 25.32 % 25.86 % 19.16 %
Q2 2013 25.69 % 26.61 % 19.71 %
Q3 2013 25.46 % 26.10 % 19.49 %
Q4 2013 24.41 % 25.11 % 18.21 %
Q1 2014 23.88 % 24.76 % 17.63 %
Q2 2014 22.50 % 23.48 % 16.45 %
Q3 2014 21.54 % 22.62 % 15.59 %
Q4 2014 19.92 % 21.13 % 14.40 %
Q1 2015 19.23 % 20.66 % 13.83 %
Q2 2015 20.09 % 21.69 % 14.27 %
Q3 2015 19.24 % 21.29 % 13.56 %
Q4 2015 18.90 % 20.55 % 12.67 %
Q1 2016 18.34 % 20.33 % 11.70 %
Q2 2016 14.83 % 17.28 % 8.36 %
Q3 2016 13.90 % 16.68 % 6.23 %
Q4 2016 14.31 % 16.33 % 5.23 %
Q1 2017 13.67 % 15.64 % 3.84 %
Q2 2017 14.43 % 16.36 % 4.18 %
Q3 2017 14.90 % 16.99 % 4.75 %
Q4 2017 12.24 % 15.84 % 4.26 %
Q1 2018 11.09 % 14.88 % 3.54 %
Q2 2018 9.26 % 13.48 % 2.00 %
Q3 2018 8.57 % 12.19 % 1.61 %
Q4 2018 9.33 % 12.84 % 1.29 %
Q1 2019 8.95 % 12.13 % 0.66 %
Q2 2019 9.68 % 12.35 % 0.84 %
Q3 2019 9.54 % 12.49 % 0.94 %
Q4 2019 6.83 % 9.89 % (1.94 %)
Q1 2020 5.35 % 8.73 % (4.03 %)
Q2 2020 1.66 % 6.07 % (8.43 %)
Q3 2020 (1.44 %) 2.95 % (12.26 %)
Q4 2020 6.50 % 9.56 % (5.33 %)
Q1 2021 7.04 % 9.39 % (4.41 %)
Q2 2021 9.99 % 11.52 % (0.62 %)
Q3 2021 10.77 % 11.04 % (0.31 %)
Q4 2021 2.93 % 3.59 % (7.44 %)
Q1 2022 1.81 % 2.03 % (8.29 %)
Q2 2022 0.72 % 0.61 % (9.32 %)
Q3 2022 (0.34 %) 0.32 % (10.25 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 81.25 3.40 3.40 16.15
Q2 2013 81.25 3.41 3.41 15.77
Q3 2013 81.25 3.34 3.26 16.58
Q4 2013 81.25 3.28 3.02 15.35
Q1 2014 81.25 3.19 2.88 16.09
Q2 2014 81.25 3.10 2.66 15.87
Q3 2014 81.25 2.87 2.51 16.44
Q4 2014 81.25 2.47 2.35 15.32
Q1 2015 81.25 2.28 2.21 15.87
Q2 2015 81.25 2.17 2.22 16.04
Q3 2015 81.25 1.94 1.99 16.38
Q4 2015 81.25 1.71 1.71 15.28
Q1 2016 81.25 1.34 1.47 15.46
Q2 2016 81.25 0.83 0.95 15.02
Q3 2016 81.25 0.51 0.63 15.04
Q4 2016 81.25 0.35 0.48 15.04
Q1 2017 81.25 0.32 0.32 15.21
Q2 2017 81.25 0.33 0.33 14.88
Q3 2017 81.25 0.36 0.36 14.92
Q4 2017 81.25 0.43 0.35 14.94
Q1 2018 81.25 0.37 0.29 15.03
Q2 2018 81.25 0.24 0.16 14.56
Q3 2018 81.25 0.22 0.14 14.58
Q4 2018 81.25 0.10 0.10 14.58
Q1 2019 81.25 0.05 0.05 14.61
Q2 2019 81.25 0.07 0.07 14.41
Q3 2019 81.25 0.07 0.07 14.44
Q4 2019 81.25 (0.14) (0.14) 14.14
Q1 2020 81.25 (0.28) (0.28) 14.04
Q2 2020 81.25 (0.49) (0.49) 13.88
Q3 2020 81.25 (0.67) (0.67) 13.73
Q4 2020 81.25 (0.31) (0.31) 13.93
Q1 2021 81.25 (0.26) (0.26) 13.87
Q2 2021 81.25 (0.04) (0.04) 13.94
Q3 2021 81.25 (0.02) (0.02) 13.81
Q4 2021 81.25 (0.59) (0.59) 13.48
Q1 2022 81.25 (0.68) (0.68) 13.33
Q2 2022 81.25 (0.79) (0.79) 13.28
Q3 2022 81.25 (0.85) (0.85) 16.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 9.51 9.51 2.00
Q2 2013 11.91 11.91 2.57
Q3 2013 13.16 13.48 2.65
Q4 2013 12.48 13.57 2.67
Q1 2014 13.47 14.91 2.67
Q2 2014 13.70 15.95 2.68
Q3 2014 16.70 19.10 2.91
Q4 2014 13.52 14.20 2.18
Q1 2015 17.04 17.59 2.45
Q2 2015 18.55 18.07 2.50
Q3 2015 17.83 17.31 2.11
Q4 2015 17.48 17.48 1.96
Q1 2016 13.39 12.26 1.16
Q2 2016 21.12 18.37 1.17
Q3 2016 25.09 20.15 0.85
Q4 2016 43.76 32.35 1.03
Q1 2017 45.42 45.42 0.96
Q2 2017 38.10 38.10 0.85
Q3 2017 39.29 39.29 0.94
Q4 2017 31.17 38.56 0.90
Q1 2018 35.08 45.14 0.87
Q2 2018 52.38 80.02 0.87
Q3 2018 51.39 82.59 0.77
Q4 2018 More than 100 More than 100 0.76
Q1 2019 More than 100 More than 100 0.81
Q2 2019 More than 100 More than 100 0.79
Q3 2019 More than 100 More than 100 0.81
Q4 2019 NEG NEG 0.85
Q1 2020 NEG NEG 0.63
Q2 2020 NEG NEG 0.73
Q3 2020 NEG NEG 1.09
Q4 2020 NEG NEG 1.10
Q1 2021 NEG NEG 1.38
Q2 2021 NEG NEG 2.68
Q3 2021 NEG NEG 2.52
Q4 2021 NEG NEG 2.19
Q1 2022 NEG NEG 1.83
Q2 2022 NEG NEG 1.33
Q3 2022 NEG NEG 1.09

Business Segments (Million)

Compared With The
Period Carpets & Rugs and affiliate products Blankets Sector
Q1 2015 286.09 24.83
Q2 2015 295.47 10.54
Q3 2015 229.65 8.47
Q4 2015 214.14 30.14
Q1 2016 212.62 16.49
Q2 2016 201.70 7.87
Q3 2016 132.35 7.56
Q4 2016 148.75 13.47
Q1 2017 156.81 9.81
Q2 2017 175.48 6.77
Q3 2017 85.82 12.22
Q4 2017 192.47 29.04
Q1 2018 147.18 16.39
Q2 2018 138.69 16.92
Q3 2018 136.13 11.49
Q4 2018 136.46 17.94
Q1 2019 152.59 16.26
Q2 2019 157.88 15.02
Q3 2019 119.17 14.68
Q4 2019 100.35 24.57
Q1 2020 115.17 18.18
Q2 2020 67.24 14.62
Q3 2020 95.37 7.19
Q4 2020 125.66 22.67
Q1 2021 140.62 13.49
Q2 2021 141.67 9.23
Q3 2021 141.50 14.67
Q4 2021 148.77 31.57
Q1 2022 156.94 24.71
Q2 2022 151.79 16.44
Q3 2022 123.46 19.15


Financial Ratios
Current
Market Cap (M Riyal) 1,389.38
Enterprise Value (EV) (M) 1,543.16
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (0.66)
Book Value (BV) ( Riyal) 14.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.16
Return on Average Assets (%) (TTM) (3.43 )
Return on Average Equity (%) (TTM) (4.33 )
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Share Price

Al Abdullatif Industrial Investment Co.
17.10
0.28 1.66 %

Al Abdullatif Industrial Investment Co. (ALABDULLATIF)

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