Leen Alkhair profits down 48% to SAR 12 in 2023
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Leen Alkhair Trading Co.’s net profit retreated 48% to SAR 12 million in 2023 from SAR 23.2 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 228.57 | 251.34 | 10.0 % |
| Gross Income | 40.83 | 32.18 | (21.2 %) |
| Operating Income | 25.17 | 16.50 | (34.4 %) |
| Net Income | 23.18 | 11.99 | (48.3 %) |
| Average Shares | 7.34 | 8.16 | 11.1 % |
| Earnings Per Share before unusual items (Riyals) | 3.16 | 1.47 | (53.4 %) |
| EPS (Riyal) | 3.16 | 1.47 | (53.4 %) |
The profit decline was driven by an increase in the cost of sales by SAR 31.43 million, resulting in a decrease in gross profit by SAR 8.66 million. The cost of sales was affected by the increase in costs related to targeting new sales outlets, in addition to the fact that purchases of vegetables and fruit accounted for 72% of sales.
Meanwhile, financing costs grew by 2.69 million and amortization of right-of-use expense increased by SAR 1.46 million.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 118.98 | 133.62 | 12.3 % |
| Gross Income | 22.02 | 17.02 | (22.7 %) |
| Operating Income | 13.34 | 7.67 | (42.5 %) |
| Net Income | 12.33 | 4.01 | (67.4 %) |
| Average Shares | 7.34 | 8.16 | 11.1 % |
| Earnings Per Share before unusual items (Riyal) | 1.68 | 0.49 | (70.7 %) |
| EPS (Riyal) | 1.68 | 0.49 | (70.7 %) |
Total shareholders’ equity, no minority interest, reached SAR 146.18 million by Dec. 31, 2023, compared to SAR 107.74 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
91.19 |
14.25 |
3.49 |
|
H2 2021 |
97.37 |
6.21 |
1.52 |
|
H1 2022 |
109.59 |
10.84 |
2.95 |
|
H2 2022 |
118.98 |
12.34 |
3.02 |
|
H1 2023 |
117.72 |
7.98 |
1.95 |
|
H2 2023 |
133.62 |
4.01 |
0.49 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 117.72 | 7.4 % | 15.16 | (19.4 %) | 8.84 | (25.3 %) |
| H2 2023 | 133.62 | 12.3 % | 17.02 | (22.7 %) | 7.67 | (42.5 %) |
| 2023 | 251.34 | 10.0 % | 32.18 | (21.2 %) | 16.50 | (34.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| H1 2023 | 7.98 | (26.4 %) | 0.98 | - | 7.98 | 0.98 |
| H2 2023 | 4.01 | (67.4 %) | 0.49 | - | 4.01 | 0.49 |
| 2023 | 11.99 | (48.3 %) | 1.47 | - | 11.99 | 1.47 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 13.45 % | 10.64 % | 10.65 % |
| H2 2022 | 17.86 % | 12.76 % | 10.14 % |
| 2022 | 17.86 % | 12.76 % | 10.14 % |
| H1 2023 | 15.71 % | 11.36 % | 8.58 % |
| H2 2023 | 12.80 % | 9.19 % | 4.77 % |
| 2023 | 12.80 % | 9.19 % | 4.77 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 8.16 | 2.49 | 2.49 | 17.43 |
| H2 2023 | 8.16 | 1.47 | 1.47 | 17.92 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| H1 2023 | 12.74 | 12.74 | 1.82 |
| H2 2023 | 19.23 | 19.23 | 1.58 |
| Current | |
| Market Cap (M Riyal) | 117.99 |
| Enterprise Value (EV) (M Riyal) | 206.24 |
| Shares Outstanding ((M)) | 8.16 |
| Book Value (BV) ( Riyal) | 17.97 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| Price/book | 0.80 |
| EV/adj EBITDA | 26.50 |
| EV/Revenues | 0.79 |
Share Price
Leen Alkhair Trading Co. (LEEN ALKHAIR)
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