ARTEX cuts losses to SAR 12.4M in 9M 2024, SAR 4.8M in Q3

ARTEX cuts losses to SAR 12.4M in 9M 2024, SAR 4.8M in Q3

05/11/2024 Argaam Exclusive

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ARTEX Industrial Investment Co. narrowed net losses to SAR 12.4 million in the first nine months of 2024, from SAR 64.1 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 381.49 408.13 7.0 %
Gross Income (18.91) 20.63 209.1 %
Operating Income (44.37) (0.15) 99.7 %
Net Income (64.06) (12.44) 80.6 %
Average Shares 81.25 81.25 -
EPS (Riyals) (0.79) (0.15) 80.6 %

The company attributed the positive results to a 7% year-on-year (YoY) rise in gross sales, as the local and export sales grew by 9% and 4% YoY, respectively.

 

Additionally, the ratio of the cost of sales to sales saw a decline. ARTEX recorded gains from the land sale of real estate investments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 117.69 125.11 6.3 %
Gross Income (9.45) 0.67 107.1 %
Operating Income (17.50) (6.52) 62.7 %
Net Income (24.30) (4.83) 80.1 %
Average Shares 81.25 81.25 -
EPS (Riyals) (0.30) (0.06) 80.1 %

In Q3 2024, ARTEX net losses declined by 80.1% to SAR 4.8 million, from SAR 24.3 million in Q3 2023 as sales jumped 6% YoY, with the local sales rising by 10%.

 

Net losses also shrank by 46.5% from SAR 9 million in the previous quarter on a 21% sequential increase in export sales, leading to a 4% rise in sales.

 

Total shareholders’ equity, after minority interest, decreased to SAR 1.18 billion as of Sept. 30, 2024, from SAR 1.21 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 310.93 (7.7 %) 60.86 (18.8 %) 48.92 (20.5 %)
Q2 2015 306.01 (9.8 %) 75.96 6.3 % 62.56 8.7 %
Q3 2015 238.11 (23.1 %) 39.97 (38.1 %) 29.66 (41.9 %)
Q4 2015 244.22 (28.0 %) 30.96 (41.6 %) 18.21 (53.4 %)
Q1 2016 229.10 (26.3 %) 39.66 (34.8 %) 30.41 (37.8 %)
Q2 2016 214.61 (29.9 %) 26.74 (64.8 %) 16.25 (74.0 %)
Q3 2016 134.88 (43.4 %) 17.04 (57.4 %) 7.42 (75.0 %)
Q4 2016 162.22 (33.6 %) 22.59 (27.0 %) 2.97 (83.7 %)
Q1 2017 166.61 (27.3 %) 26.37 (33.5 %) 16.32 (46.3 %)
Q2 2017 182.25 (15.1 %) 27.21 1.8 % 16.81 3.5 %
Q3 2017 98.04 (27.3 %) 14.56 (14.6 %) 6.23 (16.0 %)
Q4 2017 221.51 36.5 % 13.70 (39.3 %) 6.18 107.9 %
Q1 2018 163.57 (1.8 %) 18.32 (30.5 %) 10.46 (35.9 %)
Q2 2018 155.60 (14.6 %) 12.53 (53.9 %) 4.71 (72.0 %)
Q3 2018 147.62 50.6 % 14.42 (0.9 %) 4.81 (22.8 %)
Q4 2018 154.40 (30.3 %) 12.69 (7.4 %) 4.23 (31.6 %)
Q1 2019 168.85 3.2 % 16.43 (10.3 %) 7.11 (32.0 %)
Q2 2019 172.90 11.1 % 18.79 49.9 % 8.83 87.5 %
Q3 2019 133.85 (9.3 %) 12.18 (15.6 %) 4.35 (9.6 %)
Q4 2019 124.91 (19.1 %) (6.36) (150.1 %) (16.69) (494.7 %)
Q1 2020 133.35 (21.0 %) 5.59 (66.0 %) (2.09) (129.3 %)
Q2 2020 81.86 (52.7 %) (3.53) (118.8 %) (10.98) (224.3 %)
Q3 2020 102.56 (23.4 %) (2.09) (117.2 %) (10.22) (334.9 %)
Q4 2020 148.33 18.7 % 30.33 577.1 % 16.67 199.9 %
Q1 2021 154.10 15.6 % 9.56 71.2 % 0.20 109.4 %
Q2 2021 150.91 84.4 % 17.73 601.8 % 8.47 177.1 %
Q3 2021 156.17 52.3 % 8.02 483.8 % (6.05) 40.8 %
Q4 2021 180.34 21.6 % (16.53) (154.5 %) (28.76) (272.5 %)
Q1 2022 181.65 17.9 % 2.90 (69.7 %) (9.22) (4778.2 %)
Q2 2022 168.23 11.5 % 10.52 (40.6 %) (1.13) (113.4 %)
Q3 2022 142.60 (8.7 %) 0.85 (89.4 %) (8.28) (36.9 %)
Q4 2022 155.02 (14.0 %) (6.84) 58.6 % (18.92) 34.2 %
Q1 2023 140.28 (22.8 %) (4.84) (267.0 %) (12.92) (40.2 %)
Q2 2023 123.53 (26.6 %) (4.62) (143.9 %) (13.95) (1,130.5 %)
Q3 2023 117.69 (17.5 %) (9.45) (1210.7 %) (17.50) (111.3 %)
Q4 2023 141.12 (9.0 %) 8.06 217.8 % (3.50) 81.5 %
Q1 2024 162.57 15.9 % 18.98 492.1 % 8.42 165.2 %
Q2 2024 120.44 (2.5 %) 0.99 121.3 % (4.92) 64.7 %
Q3 2024 125.11 6.3 % 0.67 107.1 % (6.52) 62.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 45.04 (24.9 %) 0.55 - 45.04 0.55
Q2 2015 54.27 (15.0 %) 0.67 - 54.27 0.67
Q3 2015 27.63 (40.3 %) 0.34 - 27.63 0.34
Q4 2015 12.28 (59.5 %) 0.15 - 12.28 0.15
Q1 2016 14.76 (67.2 %) 0.18 (10.11) 24.87 0.31
Q2 2016 12.64 (76.7 %) 0.16 - 12.64 0.16
Q3 2016 1.51 (94.5 %) 0.02 - 1.51 0.02
Q4 2016 (0.26) (102.1 %) 0.00 - (0.26) 0.00
Q1 2017 12.18 (17.5 %) 0.15 - 12.18 0.15
Q2 2017 13.59 7.5 % 0.17 - 13.59 0.17
Q3 2017 3.40 125.6 % 0.04 - 3.40 0.04
Q4 2017 6.05 2425.8 % 0.07 6.75 (0.70) (0.01)
Q1 2018 7.27 (40.4 %) 0.09 - 7.27 0.09
Q2 2018 2.84 (79.1 %) 0.03 - 2.84 0.03
Q3 2018 1.72 (49.4 %) 0.02 - 1.72 0.02
Q4 2018 (3.79) (162.7 %) (0.05) - (3.79) (0.05)
Q1 2019 3.38 (53.4 %) 0.04 - 3.38 0.04
Q2 2019 4.12 45.5 % 0.05 - 4.12 0.05
Q3 2019 2.20 28.0 % 0.03 - 2.20 0.03
Q4 2019 (21.38) (463.7 %) (0.26) - (21.38) (0.26)
Q1 2020 (7.73) (328.6 %) (0.10) - (7.73) (0.10)
Q2 2020 (13.03) (415.9 %) (0.16) - (13.03) (0.16)
Q3 2020 (12.12) (650.8 %) (0.15) - (12.12) (0.15)
Q4 2020 8.05 137.7 % 0.10 - 8.05 0.10
Q1 2021 (4.38) 43.4 % (0.05) - (4.38) (0.05)
Q2 2021 5.02 138.5 % 0.06 - 5.02 0.06
Q3 2021 (10.59) 12.6 % (0.13) - (10.59) (0.13)
Q4 2021 (37.81) (569.5 %) (0.47) - (37.81) (0.47)
Q1 2022 (12.11) (176.5 %) (0.15) - (12.11) (0.15)
Q2 2022 (3.45) (168.7 %) (0.04) - (3.45) (0.04)
Q3 2022 (15.57) (47.0 %) (0.19) - (15.57) (0.19)
Q4 2022 (26.74) 29.3 % (0.33) - (26.74) (0.33)
Q1 2023 (20.00) (65.2 %) (0.25) - (20.00) (0.25)
Q2 2023 (19.76) (473.0 %) (0.24) - (19.76) (0.24)
Q3 2023 (24.30) (56.0 %) (0.30) - (24.30) (0.30)
Q4 2023 (10.73) 59.9 % (0.13) - (10.73) (0.13)
Q1 2024 1.43 107.2 % 0.02 - 1.43 0.02
Q2 2024 (9.04) 54.3 % (0.11) - (9.04) (0.11)
Q3 2024 (4.83) 80.1 % (0.06) - (4.83) (0.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2024 2.38 % 4.20 % (9.79 %)
Q2 2024 3.43 % 5.72 % (7.87 %)
Q3 2024 5.22 % - (4.22 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 81.25 (0.66) (0.66) 14.80
Q2 2024 81.25 (0.52) (0.52) 14.69
Q3 2024 81.25 (0.29) (0.29) 14.63

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 NEG NEG 1.09
Q2 2024 NEG NEG 1.19
Q3 2024 NEG NEG 1.18

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
Q1 2024 143.50 19.07
Q2 2024 106.27 14.18
Q3 2024 107.29 17.82


Financial Ratios
Current
Market Cap (M Riyal) 1,259.38
Enterprise Value (EV) (M) 1,444.49
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (0.29)
Book Value (BV) ( Riyal) 14.63
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.06
Return on Average Assets (%) (TTM) (1.48 )
Return on Average Equity (%) (TTM) (1.92 )
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Share Price

ARTEX Industrial Investment Co.
15.50
(0.02) (0.13 %)

ARTEX Industrial Investment Co. (ARTEX)

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