Financial Results : Build Station Q1 2025 profit falls 40% to SAR 12.8M

Build Station Q1 2025 profit falls 40% to SAR 12.8M

21/07/2025 Argaam Exclusive

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Marketing Home Group for Trading Co. (Build Station), which is in the process of listing on TASI via an IPO, posted SAR 12.8 million in net profit for the first quarter of 2025, a drop of 40% year-on-year (YoY) from SAR 21.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 104.87 87.72 (16.4 %)
Gross Income 59.64 50.99 (14.5 %)
Operating Income 24.73 15.79 (36.2 %)
Net Income 21.33 12.79 (40.1 %)
Average Shares 16.00 16.00 -
Earnings Per Share before unusual items (Riyal) 1.33 0.80 (40.1 %)
EPS (Riyal) 1.33 0.80 (40.1 %)

The YoY profit decline was attributed to a 16% annual decrease in topline due to lower revenue across all segments in Q1 2025, despite the YoY rise in gross profit margin to 58% from 57% a year earlier. This is in addition to higher financing costs (FCs) related to lease obligations.

 

Moreover, the company’s Zakat and tax expenses rose during the three-month period, while net profit margin went down YoY from 20% to 15% in Q1 2025. EBITDA also decreased YoY from SAR 30.8 million in Q1 2024 to SAR 22.8 million.

 

Total shareholders’ equity, after minority interest, amounted to SAR 326.04 million in Q1 2025, compared to SAR 314.56 million in the same period a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 91.88 - 49.28 - 17.20 -
Q4 2023 99.35 - 56.28 - 7.84 -
Q1 2024 104.87 - 59.64 - 24.73 -
Q2 2024 84.23 - 43.32 - 4.77 -
Q3 2024 93.23 1.5 % 55.33 12.3 % 16.48 (4.2 %)
Q4 2024 107.64 8.3 % 57.07 1.4 % 19.47 148.4 %
Q1 2025 87.72 (16.4 %) 50.99 (14.5 %) 15.79 (36.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 14.63 - 0.91 - 14.63 0.91
Q4 2023 3.51 - 0.22 - 3.51 0.22
Q1 2024 21.33 - 1.33 - 21.33 1.33
Q2 2024 2.50 - 0.16 - 2.50 0.16
Q3 2024 15.56 6.4 % 0.97 - 15.56 0.97
Q4 2024 16.11 358.4 % 1.01 - 16.11 1.01
Q1 2025 12.79 (40.1 %) 0.80 - 12.79 0.80

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 54.83 % - 11.04 %
Q3 2024 56.22 % 21.03 % 11.24 %
Q4 2024 55.22 % 23.71 % 14.23 %
2024 55.22 % 23.55 % 14.23 %
Q1 2025 55.44 % 22.65 % 12.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 - - - -
Q2 2023 - - - -
Q3 2023 16.00 - - 20.55
Q4 2023 16.00 - - 18.32
Q1 2024 16.00 - - 19.66
Q2 2024 16.00 2.62 2.62 17.57
Q3 2024 16.00 2.68 2.68 18.54
Q4 2024 16.00 3.47 3.47 19.57
Q1 2025 16.00 2.94 2.94 20.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
Q1 2025 - - -

Business Segments (Million)

Compared With The
Period Ceramics and Sanitary ware Lighting Consulting,Supplies,Installation and others Adjustments and Exclusions
Q4 2023 55.16 41.40 3.18 (0.39)
Q1 2024 55.95 49.80 1.82 (2.70)
Q2 2024 51.65 36.50 0.81 (4.72)
Q3 2024 58.97 44.03 1.77 (11.54)
Q4 2024 63.50 48.85 1.41 (6.12)
Q1 2025 51.20 41.03 0.52 (5.03)


Financial Ratios
Current
Market Cap (M Riyal) 858.40
Enterprise Value (EV) (M Riyal) 737.39
Shares Outstanding ((M)) 16.00
EPS ( Riyal) (TTM) 3.84
Book Value (BV) ( Riyal) 22.42
Par Value ( Riyal) 10.00
Recurring P/E 13.96
P/E (TTM) 13.96
Price/book 2.39
Return on Average Assets (%) (TTM) 12.1
Return on Average Equity (%) (TTM) 18.8
EV/adj EBITDA 7.09
EV/Revenues 1.83
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Share Price

Marketing Home Group for Trading Co.
53.65
(2.20) (3.94 %)

Marketing Home Group for Trading Co. (BUILD STATION)

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