Al Abdullatif H1 2023 loss deepens to SAR 39.8 mln; Q2 at SAR 19.8 mln

14/08/2023 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened H1 2023 net losses to SAR 39.8 million from SAR 15.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	349.88	263.80	(24.6 %)
Gross Income	13.42	(9.46)	(170.4 %)
Operating Income	(10.35)	(26.88)	(159.7 %)
Net Income	(15.56)	(39.76)	(155.6 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.19)	(0.49)	(155.6 %)

The company was impacted by lower sales value and an increase in the percentage of cost of sales to total sales. A drop in other income and higher finance costs also weighed on the half-year results.

In Q2 2023, net losses increased to SAR 19.76 million from SAR 3.45 million in Q2 2022, due to lower sales value and other income.

Tihama recorded an increase in general and administrative expenses (G&A), as well as finance costs during the three-month period.

Compared to Q1 2023, net losses narrowed by 1.2% from SAR 20 million, thanks to a decline in the cost of raw materials as a percentage of sales and lower Zakat provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	168.23	123.53	(26.6 %)
Gross Income	10.52	(4.62)	(143.9 %)
Operating Income	(1.13)	(13.95)	(1,130.5 %)
Net Income	(3.45)	(19.76)	(473.0 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.04)	(0.24)	(473.0 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	140.28	123.53	(11.9 %)
Gross Income	(4.84)	(4.62)	4.6 %
Operating Income	(12.92)	(13.95)	(8.0 %)
Net Income	(20.00)	(19.76)	1.2 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.25)	(0.24)	1.2 %

Shareholders’ equity, no minority interest, reached SAR 1.24 billion as of June 30, 2023, up from SAR 1.07 billion a year earlier.

Accumulated losses reached SAR 67.04 million by the end of the six-month period, representing 8.25% of the company’s capital.

View more financial results

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
2014	1,297.74	(3.7 %)	263.99	(19.8 %)	200.41	(24.9 %)	2.47
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
2015	1,099.32	(15.3 %)	207.84	(21.3 %)	139.28	(30.5 %)	1.71
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
2016	740.81	(32.6 %)	106.03	(49.0 %)	28.65	(79.4 %)	0.35
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
2017	668.41	(9.8 %)	81.84	(22.8 %)	35.21	22.9 %	0.43
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)
2018	621.19	(7.1 %)	57.97	(29.2 %)	8.03	(77.2 %)	0.10
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)
2019	600.51	(3.3 %)	41.04	(29.2 %)	(11.67)	(245.4 %)	(0.14)
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
2020	466.09	(22.4 %)	30.30	(26.2 %)	(24.83)	(112.7 %)	(0.31)
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)
2021	641.52	37.6 %	18.79	(38.0 %)	(47.75)	(92.3 %)	(0.59)
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)
2022	647.50	0.9 %	7.44	(60.4 %)	(57.87)	(21.2 %)	(0.71)
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)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	1,347.96	(7.3 %)	328.98	(6.7 %)	266.83	1.2 %	3.28
2014	1,297.74	(3.7 %)	263.99	(19.8 %)	200.41	(24.9 %)	2.47
2015	1,099.32	(15.3 %)	207.84	(21.3 %)	139.28	(30.5 %)	1.71
2016	740.81	(32.6 %)	106.03	(49.0 %)	28.65	(79.4 %)	0.35
2017	668.41	(9.8 %)	81.84	(22.8 %)	35.21	22.9 %	0.43
2018	621.19	(7.1 %)	57.97	(29.2 %)	8.03	(77.2 %)	0.10
2019	600.51	(3.3 %)	41.04	(29.2 %)	(11.67)	(245.4 %)	(0.14)
2020	466.09	(22.4 %)	30.30	(26.2 %)	(24.83)	(112.7 %)	(0.31)
2021	641.52	37.6 %	18.79	(38.0 %)	(47.75)	(92.3 %)	(0.59)
2022	647.50	0.9 %	7.44	(60.4 %)	(57.87)	(21.2 %)	(0.71)

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 %
2014	20.34 %	21.62 %	14.71 %
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 %
2015	18.91 %	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 %
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 %
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 %
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 %)
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 %)
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 %)
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 %)
2022	1.15 %	1.68 %	(8.94 %)
Q1 2023	(0.05 %)	1.29 %	(10.85 %)
Q2 2023	(2.75 %)	(0.79 %)	(14.62 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	24.41 %	25.74 %	18.19 %
2014	20.34 %	21.62 %	14.71 %
2015	18.91 %	20.55 %	12.67 %
2016	14.31 %	16.33 %	5.23 %
2017	12.24 %	15.84 %	4.26 %
2018	9.33 %	12.84 %	1.29 %
2019	6.83 %	9.89 %	(1.94 %)
2020	6.50 %	9.56 %	(5.33 %)
2021	2.93 %	3.59 %	(7.44 %)
2022	1.15 %	1.68 %	(8.94 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	22.26 %	22.93 %	16.68 %
Q2 2014	21.06 %	21.54 %	15.73 %
Q3 2014	20.83 %	21.44 %	14.93 %
Q4 2014	15.63 %	18.64 %	10.33 %
Q1 2015	19.57 %	21.14 %	14.49 %
Q2 2015	24.82 %	25.88 %	17.74 %
Q3 2015	16.79 %	19.36 %	11.61 %
Q4 2015	12.68 %	14.27 %	5.03 %
Q1 2016	17.31 %	20.39 %	10.85 %
Q2 2016	12.46 %	15.08 %	5.89 %
Q3 2016	12.63 %	17.31 %	1.12 %
Q4 2016	13.92 %	11.44 %	(0.16 %)
Q1 2017	15.83 %	19.09 %	7.31 %
Q2 2017	14.93 %	17.54 %	7.45 %
Q3 2017	14.85 %	21.55 %	3.46 %
Q4 2017	6.19 %	9.46 %	(0.32 %)
Q1 2018	11.20 %	15.27 %	4.44 %
Q2 2018	8.05 %	12.23 %	1.82 %
Q3 2018	9.77 %	12.81 %	1.16 %
Q4 2018	8.22 %	10.92 %	(2.46 %)
Q1 2019	9.73 %	12.56 %	2.00 %
Q2 2019	10.87 %	13.04 %	2.39 %
Q3 2019	9.10 %	13.53 %	1.64 %
Q4 2019	(5.09 %)	(1.96 %)	(17.12 %)
Q1 2020	4.19 %	8.36 %	(5.80 %)
Q2 2020	(4.32 %)	2.43 %	(15.92 %)
Q3 2020	(2.04 %)	2.32 %	(11.82 %)
Q4 2020	20.45 %	19.57 %	5.43 %
Q1 2021	6.21 %	8.00 %	(2.84 %)
Q2 2021	11.75 %	13.46 %	3.33 %
Q3 2021	5.14 %	3.58 %	(6.78 %)
Q4 2021	(9.16 %)	(8.41 %)	(20.96 %)
Q1 2022	1.60 %	1.57 %	(6.67 %)
Q2 2022	6.26 %	6.47 %	(2.05 %)
Q3 2022	0.60 %	2.50 %	(10.92 %)
Q4 2022	(4.41 %)	(4.15 %)	(17.25 %)
Q1 2023	(3.45 %)	(0.14 %)	(14.26 %)
Q2 2023	(3.74 %)	(1.12 %)	(16.00 %)

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	81.25	3.28	3.02	15.35
2014	81.25	2.47	2.35	15.32
2015	81.25	1.71	1.71	15.28
2016	81.25	0.35	0.48	15.04
2017	81.25	0.43	0.35	14.94
2018	81.25	0.10	0.10	14.58
2019	81.25	(0.14)	(0.14)	14.14
2020	81.25	(0.31)	(0.31)	13.93
2021	81.25	(0.59)	(0.59)	13.48
2022	81.25	(0.71)	(0.71)	15.77

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

Period	P/E	Adjusted P/E	Price/book
2013	12.48	13.58	2.67
2014	13.52	14.20	2.18
2015	17.47	17.47	1.96
2016	43.77	32.35	1.03
2017	31.17	38.56	0.90
2018	More than 100	More than 100	0.76
2019	NEG	NEG	0.85
2020	NEG	NEG	1.10
2021	NEG	NEG	2.19
2022	NEG	NEG	0.99

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

Period	Carpets & Rugs and affiliate products	Blankets Sector
2013	1,256.20	91.76
2014	1,221.17	76.57
2015	1,025.35	73.97
2016	695.42	45.40
2017	610.58	57.83
2018	558.46	62.73
2019	529.98	70.52
2020	403.43	62.67
2021	572.56	68.96
2022	555.15	92.35

Financial Ratios

	Current
Market Cap (M Riyal)	1,391.00
Enterprise Value (EV) (M)	1,544.78
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 )

Al Abdullatif Industrial Investment Co. (ALABDULLATIF)

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Al Abdullatif H1 2023 loss deepens to SAR 39.8 mln; Q2 at SAR 19.8 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Al Abdullatif Industrial Investment Co. (ALABDULLATIF)

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Al Abdullatif H1 2023 loss deepens to SAR 39.8 mln; Q2 at SAR 19.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Al Abdullatif Industrial Investment Co. (ALABDULLATIF)

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Business Segments (Million)