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Alsaif Gallery net profit down 30% to SAR 129.8 mln in 2022; Q4 at SAR 28.1 mln
16/03/2023
Argaam Exclusive
Alsaif Stores for Development and Investment Co. (Alsaif Gallery) reported a decline of 30% in net profit to SAR 129.8 million in 2022, from SAR 184.9 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 825.29 | 739.11 | (10.4 %) |
| Gross Income | 275.53 | 206.26 | (25.1 %) |
| Operating Income | 174.51 | 112.61 | (35.5 %) |
| Net Income | 184.88 | 129.77 | (29.8 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.53 | 0.37 | (29.8 %) |
The profit decline was attributed to a 10% drop in sales and the higher cost of goods sold due to an uptick in the cost of purchased goods. This is besides increased shipping costs which began to return to average by 2022-end.
The company reported a decrease of 46% in net profit to SAR 28.05 million in Q4 2022 from SAR 51.90 million in the year-ago period.
Sequentially, net profit rose 2% from SAR 27.51 million in Q3 2022.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 202.43 | 188.40 | (6.9 %) |
| Gross Income | 65.14 | 35.02 | (46.2 %) |
| Operating Income | 41.54 | 11.51 | (72.3 %) |
| Net Income | 51.90 | 28.05 | (46.0 %) |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 0.15 | 0.08 | (46.0 %) |
Total shareholders’ equity, with no minority interest, fell to SAR 411.10 million as of Dec. 31, 2022, from SAR 381.13 million a year earlier.
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Share Price
AlSaif Stores for Development and Investment Co. (ALSAIF GALLERY)
| Current | |
| Market Cap (M Riyal) | 2,723.00 |
| Enterprise Value (EV) (M) | 2,812.38 |
| Shares Outstanding ((M)) | 350.00 |
| EPS ( Riyal) (TTM) | 0.15 |
| Book Value (BV) ( Riyal) | 1.25 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 6.22 |
| Return on Average Assets (%) (TTM) | 6.4 |
| Return on Average Equity (%) (TTM) | 12.1 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 252.95 | (7.3 %) | 85.41 | (16.6 %) | 58.11 | (22.5 %) |
| Q2 2022 | 129.62 | (30.9 %) | 40.71 | (32.0 %) | 19.99 | (41.9 %) |
| Q3 2022 | 168.14 | 3.4 % | 45.11 | (6.1 %) | 23.00 | (2.3 %) |
| Q4 2022 | 188.40 | (6.9 %) | 35.02 | (46.2 %) | 11.51 | (72.3 %) |
| 2022 | 739.11 | (10.4 %) | 206.26 | (25.1 %) | 112.61 | (35.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 59.09 | (20.0 %) | 0.17 | - | 59.09 | 0.17 |
| Q2 2022 | 15.12 | (56.2 %) | 0.04 | - | 15.12 | 0.04 |
| Q3 2022 | 27.51 | 11.7 % | 0.08 | - | 27.51 | 0.08 |
| Q4 2022 | 28.05 | (46.0 %) | 0.08 | 14.97 | 13.08 | 0.04 |
| 2022 | 129.77 | (29.8 %) | 0.37 | 14.97 | 114.80 | 0.33 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 32.10 % | 21.56 % | 21.12 % |
| Q2 2022 | 32.01 % | 22.41 % | 20.16 % |
| Q3 2022 | 31.39 % | 23.30 % | 20.40 % |
| Q4 2022 | 27.91 % | 19.76 % | 15.53 % |
| 2022 | 27.91 % | 19.76 % | 15.53 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 350.00 | 0.49 | 0.49 | 1.26 |
| Q2 2022 | 350.00 | 0.43 | 0.43 | 1.12 |
| Q3 2022 | 350.00 | 0.44 | 0.44 | 1.19 |
| Q4 2022 | 350.00 | 0.37 | 0.33 | 1.17 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | 24.41 | 27.59 | 7.70 |
Business Segments (Million)
Q4 2022
| Period | Branch retail | E-COMMERCE | Wholesale |
|---|---|---|---|
| Q1 2022 | 226.56 | 25.06 | 1.32 |
| Q2 2022 | 117.90 | 8.83 | 2.89 |
| Q3 2022 | 153.11 | 13.74 | 1.29 |
| Q4 2022 | 167.46 | 18.64 | 2.30 |
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