Al Rasheed profit leaps 81.4% to SAR 44.7M in 2023

31/03/2024 Argaam Exclusive

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 -
EPS (Riyals) 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)

Compared With The
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 -
EPS (Riyals) 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.

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Share Price

Mohammed Hadi Al Rasheed and Partners Co.
97.40
7.50 8.34 %

Mohammed Hadi Al Rasheed and Partners Co. (ALRASHEED)

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 69.37 - 14.02 - 8.42 -
H2 2022 98.22 - 32.80 - 19.25 -
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 Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 8.00 - 0.67 - 8.00 0.67
H2 2022 16.65 - 1.39 - 16.65 1.39
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 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 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)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 12.00 - - 11.66
H2 2022 12.00 2.05 2.05 12.21
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)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 - - -

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