Marble Design makes SAR 22.6 mln earnings in 2022

Logo of Marble Design Co.

Marble Design Co., which is expected to list on Nomu-Parallel Market, posted a net profit of SAR 22.6 million (SAR 3.77/share) for 2022, compared with SAR 24.8 million a year earlier.

Key Income Statement Items
Item	2021	2022	Change
Revenue	59.1	55.2	(7%)
Gross Income	38.7	36.7	(5%)
Gross Profit Margin (%)	65.4%	66.6%	+1.1%
Net Profit	24.8	22.6	(9%)
Number of Shares	6.0	6.0	--
Earnings Per Share	4.13	3.77	(9%)

The company's profit margins improved as direct costs of sales fell 10%, which is higher than the percentage of revenue decline.

The following table shows key balance sheet items:

Key Balance Sheet Items (SAR mln)
Item	2021	2022	Change
Current Assets	57.4	68.5	+19%
Non-current Assets	43.1	32.5	(25%)
Total Assets	100.6	101.1	+1%
Current Liabilities	12.6	11.9	(5%)
Non-current Liabilities	2.6	2.1	(19%)
Total Liabilities	15.1	14.0	+8%
Capital	11.0	60.0	+445%
Shareholders' Equity	85.4	87.1	+2%

Marble Design paid a 93% cash dividend for 2022, amounting to SAR 21 million, compared with SAR 10 million a year earlier.

Cash Dividend (SAR mln)
Item	2021	2022	Change
Net Profit	24.8	22.6	(9%)
Cash Dividend	10	21.0	+179%
Dividend Percentage of Profit (%)	40%	93%	+63%

As for cash flows, the company recorded a negative net cash of SAR 0.5 million, compared with SAR 13.6 million a year earlier, boosted by cash from operations and investments.

Cash Flows (SAR mln)
Item	2021	2022	Change
Cash from Operations	(11.1)	14.4	--
Cash from Investments	(18.8)	7.2	--
Cash from Financing	16.3	(22.1)	--
Net Cash Change	(13.6)	(0.5)	+97%

The company boosted its maximum production capacity of floor and façade marbles from 52,000 square meters (sqm) per year to 160,000 sqm, to meet the expected growth in the construction sector. This was reflected on the industrial license after renewing it in March 2022.

In 2022, the actual production amounted to about 66,700 sqm, or 41.69% of the production capacity, compared to 49,820 sqm, or nearly 95.8% of the maximum production capacity in 2021.

Maximum Production Capacity, Actual Production (sqm)
Period	Maximum Production Capacity	Actual Production	Percentage of Maximum Production Capacity
2021	52,000	49,817	95.80%
2022	160,000	66,700	41.69%

The following table illustrates the most important financial indicators:

Key Financial Indicators
Indicator	2021	2022
Gross Profit Margin	65.4%	66.6%
Net Profit Margin	41.9%	41.0%
Return on equity	29.0%	26.0%
Return on Assets	24.6%	22.4%
Current Assets/Current Liabilities (X)	4.57	5.75
Liabilities/Equity (x)	0.18	0.16

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