Osool & Bakheet profit falls 60% to SAR 10.2 mln in 2022
25/09/2023
Argaam Exclusive
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Osool & Bakheet Investment Co. posted a SAR 10.2 million net profit for 2022, a drop of 60% from SAR 25.9 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 50.77 | 28.21 | (44.4 %) |
| Operating Income | 25.09 | 9.98 | (60.2 %) |
| Net Income | 25.89 | 10.24 | (60.4 %) |
| Average Shares | 6.00 | 6.00 | - |
| Earnings Per Share before unusual items (Riyals) | 4.31 | 1.71 | (60.4 %) |
| EPS (Riyal) | 4.31 | 1.71 | (60.4 %) |
The profit decline was attributed to a decrease in revenues by 45% year-on-year (YoY) due to lower income from investments, a fall in operating profit margin and higher Zakat provision.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | - | 12.43 | - |
| Operating Income | - | 3.71 | - |
| Net Income | - | 3.57 | - |
| Average Shares | - | 6.00 | - |
| Earnings Per Share before unusual items (Riyal) | - | 0.60 | - |
| EPS (Riyal) | - | 0.60 | - |
Shareholder equity (with no minority interest) amounted to SAR 107.70 million in 2022, compared to SAR 97.73 million in 2021.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 15.77 | - | - | - | 6.27 | - |
| H2 2022 | 12.43 | - | - | - | 3.71 | - |
| 2022 | 28.21 | (44.4 %) | - | - | 9.98 | (60.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| H1 2022 | 6.67 | - | 1.11 | - | 6.67 | 1.11 |
| H2 2022 | 3.57 | - | 0.60 | - | 3.57 | 0.60 |
| 2022 | 10.24 | (60.4 %) | 1.71 | - | 10.24 | 1.71 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
| 2021 | - | 51.26 % | 50.99 % |
| H1 2022 | - | - | - |
| H2 2022 | - | 38.84 % | 36.32 % |
| 2022 | - | 38.84 % | 36.32 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 6.00 | - | - | 17.40 |
| H2 2022 | 6.00 | 1.71 | 1.71 | 17.95 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | - | - | - |
Business Segments (Million)
Q4 2022
| Period | Fund management fees | Portfolio management fees | Custody and operation management fees | Underwriting management fees | Dealing fees | Brokerage revenues, net | Special commission revenues | Murabaha loans revenues | Gains on selling financial investments at fair value | Gains on financial investments valuation at fair value | Cash dividend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 2022 | 3.77 | 3.39 | 0.97 | - | 1.03 | 0.47 | - | 0.10 | 1.42 | 2.23 | 2.40 |
| Q4 2022 | 3.63 | 2.03 | 0.26 | 0.20 | - | 0.26 | - | 0.27 | 0.06 | 5.54 | 0.20 |
| Current | |
| Market Cap (M Riyal) | 202.50 |
| Enterprise Value (EV) (M Riyal) | 63.24 |
| Shares Outstanding ((M)) | 8.10 |
| Book Value (BV) ( Riyal) | 22.59 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| Price/book | 1.11 |
| EV/adj EBITDA | - |
| EV/Revenues | (48.46) |
Share Price
Osool and Bakheet Investment Co. (OSOOL AND BAKHEET)
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