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Ladun records net profit of SAR 60.2 mln in 2022
22/03/2023
Argaam Exclusive
Ladun Investment Co. reported a decline of 26% in net profit to SAR 60.2 million in 2022, from SAR 80.8 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 769.82 | 881.18 | 14.5 % |
| Gross Income | 102.85 | 167.06 | 62.4 % |
| Operating Income | 35.88 | 77.43 | 115.8 % |
| Net Income | 80.80 | 60.19 | (25.5 %) |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.16 | 0.12 | (25.5 %) |
The profit decline was attributed to recording a non-recurring profit from sale of a subsidiary during last year at a value of SAR 57.58 million.
Excluding the impact of non-recurring profit, the company’s net profit from recurring operations grew by SAR 36.97 million, or 159%.
The company also noted the start of new projects with good profit margins, improvement at on-going projects, efficiency in managing projects’ costs, starting commercial production from new factories.
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 367.42 | 367.29 | 0.0 % |
| Gross Income | 66.99 | 85.18 | 27.2 % |
| Operating Income | 25.40 | 34.27 | 34.9 % |
| Net Income | 7.31 | 30.18 | 312.6 % |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Riyals) | 0.01 | 0.06 | 312.6 % |
Total shareholders’ equity, no minority interest, fell to SAR 551.99 million as of Dec. 31, 2022, from SAR 516.69 million a year earlier.
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Share Price
Ladun Investment Co. (LADUN)
| Current | |
| Market Cap (M Riyal) | 1,875.00 |
| Enterprise Value (EV) (M) | 2,792.32 |
| Shares Outstanding ((M)) | 500.00 |
| Book Value (BV) ( Riyal) | 1.19 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 15.48 |
| Price/book | 3.15 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 513.89 | 27.7 % | 81.88 | 128.3 % | 43.16 | 311.8 % |
| H2 2022 | 367.29 | 0.0 % | 85.18 | 27.2 % | 34.27 | 34.9 % |
| 2022 | 881.18 | 14.5 % | 167.06 | 62.4 % | 77.43 | 115.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 30.01 | (59.2 %) | 0.06 | - | 30.01 | 0.06 |
| H2 2022 | 30.18 | 312.6 % | 0.06 | 5.51 | 24.67 | 0.05 |
| 2022 | 60.19 | (25.5 %) | 0.12 | 5.51 | 54.68 | 0.11 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 16.89 % | 11.37 % | 4.24 % |
| H2 2022 | 18.96 % | 13.13 % | 6.21 % |
| 2022 | 18.96 % | 13.13 % | 6.21 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 500.00 | 0.07 | 0.07 | 1.09 |
| H2 2022 | 500.00 | 0.12 | 0.11 | 1.10 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | 20.15 | 20.15 | 1.38 |
| H2 2022 | 13.21 | 14.54 | 1.44 |
Business Segments (Million)
Q4 2022
| Period | Real estate investment | Construction sector | Industrial development | services segment | Restaurants |
|---|---|---|---|---|---|
| Q2 2022 | 307.32 | 156.57 | 48.46 | 1.55 | - |
| Q4 2022 | 247.55 | 79.54 | 38.02 | 2.18 | - |
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