Al Abdullatif extends loss to SAR 74.8M in 2023; Q4 at SAR 10.8M

Al Abdullatif extends loss to SAR 74.8M in 2023; Q4 at SAR 10.8M

31/03/2024 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened net losses to SAR 74.8 million in 2023 from SAR 57.9 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 647.50 522.61 (19.3 %)
Gross Income 7.44 (10.85) (245.9 %)
Operating Income (37.55) (47.88) (27.5 %)
Net Income (57.87) (74.79) (29.2 %)
Average Shares 81.25 81.25 -
EPS (Riyals) (0.71) (0.92) (29.2 %)

The losses were attributed to a 19% year-on-year (YoY) decline in sales on lower demand in European and other markets due to geopolitical situation. In addition, the company noted intense competition, coupled lower capacity utilization due to balancing, modernization & replacement (BMR) of production facilities, which started coming into effect in later part of Q4 2023.

 

The capacity building will likely result in positive impact on sales revenue in the coming periods.

 

Meanwhile, the company noted higher cost of sales, general and administration expenses, and financing cost.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 155.02 141.12 (9.0 %)
Gross Income (6.84) 8.06 217.8 %
Operating Income (18.92) (3.50) 81.5 %
Net Income (26.74) (10.73) 59.9 %
Average Shares 81.25 81.25 -
EPS (Riyals) (0.33) (0.13) 59.9 %

Net losses narrowed YoY to SAR 10.8 million in Q4 2023, from SAR 26.7 million in Q4 2022.

 

Compared to Q3 2023, net losses eased in Q4 2023 from SAR 24.30 million.

 

Shareholders’ equity, no minority interest, reached SAR 1.20 billion as of Dec. 31, 2023, down from SAR 1.28 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q4 2022 155.02 (14.0 %) (6.84) 58.6 % (26.74) 29.3 % (0.33)
Q1 2023 140.28 (22.8 %) (4.84) (267.0 %) (20.00) (65.2 %) (0.25)
Q2 2023 123.53 (26.6 %) (4.62) (143.9 %) (19.76) (473.0 %) (0.24)
Q3 2023 117.69 (17.5 %) (9.45) (1210.7 %) (24.30) (56.0 %) (0.30)
Q4 2023 141.12 (9.0 %) 8.06 217.8 % (10.73) 59.9 % (0.13)
2023 522.61 (19.3 %) (10.85) (245.9 %) (74.79) (29.2 %) (0.92)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 1.15 % 1.68 % (8.94 %)
Q1 2023 (0.05 %) 1.29 % (10.85 %)
Q2 2023 (2.75 %) (0.79 %) (14.62 %)
Q3 2023 (4.80 %) (2.47 %) (16.92 %)
Q4 2023 (2.08 %) 0.28 % (14.31 %)
2023 (2.08 %) 0.28 % (14.31 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 81.25 (0.71) (0.71) 15.77
Q1 2023 81.25 (0.81) (0.81) 15.53
Q2 2023 81.25 (1.01) (1.01) 15.28
Q3 2023 81.25 (1.12) (1.12) 14.98
Q4 2023 81.25 (0.92) (0.92) 14.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 NEG NEG 0.99
Q1 2023 NEG NEG 1.11
Q2 2023 NEG NEG 1.23
Q3 2023 NEG NEG 1.15
Q4 2023 NEG NEG 1.13

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
Q4 2022 122.97 32.05
Q1 2023 114.63 25.65
Q2 2023 111.51 12.02
Q3 2023 109.58 8.10
Q4 2023 116.93 24.19

Current
Market Cap (M Riyal) 1,369.88
Enterprise Value (EV) (M) 1,523.66
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 1.14
Return on Average Assets (%) (TTM) (3.43 )
Return on Average Equity (%) (TTM) (4.33 )

Share Price

Al Abdullatif Industrial Investment Co. (ALABDULLATIF)


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