Al Rasheed profit leaps 81.4% to SAR 44.7M in 2023
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Mohammad Hadi Al Rasheed Co.'s earnings reached SAR 44.7 million in 2023, up 81.4% from SAR 24.7 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 167.60 | 215.23 | 28.4 % |
| Gross Income | 46.82 | 70.82 | 51.2 % |
| Operating Income | 27.67 | 50.54 | 82.7 % |
| Net Income | 24.65 | 44.71 | 81.4 % |
| Average Shares | 12.00 | 12.00 | - |
| Earnings Per Share before unusual items (Riyals) | 2.05 | 3.83 | 86.2 % |
| EPS (Riyal) | 2.05 | 3.73 | 81.4 % |
The profit growth was buoyed by the rise in the contracting segment's revenues to SAR 6.94 million in 2023, compared with SAR 700,000 in 2022, which led the topline 28% higher.
The gross operating profit margin grew from 17% in 2022 to 23% in 2023. Further, the gross profit margin rose from 28% to 33%.
However, this was offset by higher general and administrative expenses, as well as Zakat assessments of SAR 1.19 million in 2023. The company also posted higher sales costs for the same year.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 98.22 | 124.04 | 26.3 % |
| Gross Income | 32.80 | 47.31 | 44.2 % |
| Operating Income | 19.25 | 35.45 | 84.2 % |
| Net Income | 16.65 | 32.91 | 97.6 % |
| Average Shares | 12.00 | 12.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.39 | 2.74 | 97.6 % |
| EPS (Riyal) | 1.39 | 2.74 | 97.6 % |
Total shareholders' equity, no minority interest, climbed to SAR 147.11 million at the end of 2023, compared with SAR 146.53 million a year before.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 91.19 | 31.4 % | 23.51 | 67.7 % | 15.09 | 79.2 % |
| H2 2023 | 124.04 | 26.3 % | 47.31 | 44.2 % | 35.45 | 84.2 % |
| 2023 | 215.23 | 28.4 % | 70.82 | 51.2 % | 50.54 | 82.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| H1 2023 | 11.80 | 47.6 % | 0.98 | (1.19) | 13.00 | 1.08 |
| H2 2023 | 32.91 | 97.6 % | 2.74 | - | 32.91 | 2.74 |
| 2023 | 44.71 | 81.4 % | 3.73 | (1.19) | 45.91 | 3.83 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | - | - | - |
| H2 2022 | 27.94 % | 24.71 % | 14.71 % |
| 2022 | 27.94 % | 24.71 % | 14.71 % |
| H1 2023 | 29.73 % | 25.72 % | 15.65 % |
| H2 2023 | 32.90 % | 30.44 % | 21.33 % |
| 2023 | 32.90 % | 30.44 % | 21.33 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 12.00 | 2.37 | 2.47 | 12.49 |
| H2 2023 | 12.00 | 3.73 | 3.83 | 14.51 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | - | - | - |
Business Segments (Million)
Q4 2023
| Period | Silica sand and granite sales sector | Contracting business sector |
|---|---|---|
| Q2 2023 | 90.85 | 0.34 |
| Q4 2023 | 117.44 | 6.59 |
| Current | |
| Market Cap (M Riyal) | 1,560.00 |
| Enterprise Value (EV) (M Riyal) | 1,575.81 |
| Shares Outstanding ((M)) | 12.00 |
| Book Value (BV) ( Riyal) | 21.13 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 16.26 |
| Price/book | 6.15 |
| EV/adj EBITDA | 13.96 |
| EV/Revenues | 4.44 |
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