Al Kathiri widens 2024 loss to SAR 18.1M; Q4 at SAR 20.1M

30/03/2025 Argaam Exclusive

Al Kathiri Holding Co. reported losses of SAR 18.1 million (after minority interest) for 2024, compared with SAR 4.1 million in 2023.

 

Before minority interest, losses also increased to SAR 19 million in 2024, from SAR 4.1 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 129.18 183.87 42.3 %
Gross Income 22.75 20.82 (8.5 %)
Operating Income 3.32 (9.21) (377.0 %)
Net Income (4.14) (19.00) (359.2 %)
Average Shares 226.04 226.04 -
Earnings Per Share before unusual items (0.02) (0.08) (359.2 %)
EPS (Halala) (1.83) (8.41) (359.2 %)

Al Kathiri reported higher provisions for credit losses, which impacted operating profit. In addition, it recorded higher financing costs and administrative expenses resulting from the establishment of Luxury Yacht Factory as well as Saraya Al-Diyar Investment Co.

 

However, the company generated higher revenue from the concrete segment due to increased demand and new project awards.

 

It also cited growth in the contracting segment's revenue, driven by the execution of new contracts and business expansion. This was in addition to the elevated cement sales due to higher prices, which supported the overall revenue growth.

 

The Q4 2024 losses deepened to SAR 20.1 million, compared with SAR 7.37 million in Q4 2023.

 

The company had posted SAR 1.55 million in net earnings in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 34.40 41.09 19.5 %
Gross Income 1.38 0.82 (40.4 %)
Operating Income (4.86) (18.67) (284.2 %)
Net Income (7.37) (21.04) (185.4 %)
Average Shares 226.04 226.04 -
Earnings Per Share before unusual items (0.03) (0.09) (185.4 %)
EPS (Halala) (3.26) (9.31) (185.4 %)

Total shareholders’ equity, after minority interest, contracted to SAR 112.12 million by the end of 2024, compared to SAR 131.03 million in 2023.

 

Accumulated losses reached SAR 13.38 million by the end of the current period, representing 11.84% of capital.

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Share Price

Al Kathiri Holding Co.
2.34
0.04 1.74 %

Al Kathiri Holding Co. (ALKATHIRI)

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Financial Ratios
Current
Market Cap (M Riyal) 528.93
Enterprise Value (EV) (M) 528.41
Shares Outstanding ((M)) 226.04
EPS (Halala) (TTM) (8.41)
Book Value (BV) ( Riyal) 0.50
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.72
Return on Average Assets (%) (TTM) (6.46 )
Return on Average Equity (%) (TTM) (9.20 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 2.03 - 0.22 - 0.10 -
Q2 2017 9.59 - 2.99 - 1.86 -
Q3 2017 14.44 - 5.53 - 4.09 -
Q4 2017 16.92 - 3.11 - 1.76 -
Q1 2018 13.80 580.6 % 4.08 1795.8 % 2.24 2143.0 %
Q2 2018 12.75 32.9 % 3.92 31.4 % 2.20 18.1 %
Q3 2018 13.67 (5.4 %) 5.49 (0.8 %) 3.48 (15.0 %)
Q4 2018 10.27 (39.3 %) 2.38 (23.5 %) 1.76 0.1 %
Q1 2019 26.10 89.2 % 7.80 91.3 % 4.54 102.4 %
Q2 2019 17.90 40.4 % 5.62 43.1 % 3.14 42.6 %
Q3 2019 18.02 31.8 % 6.68 21.6 % 4.20 20.9 %
Q4 2019 26.36 156.6 % 7.81 228.7 % 5.04 186.7 %
Q1 2020 25.57 (2.0 %) 7.48 (4.0 %) 4.06 (10.6 %)
Q2 2020 15.24 (14.9 %) 1.94 (65.4 %) (0.71) (122.6 %)
Q3 2020 26.55 47.4 % 5.76 (13.7 %) 2.55 (39.4 %)
Q4 2020 37.08 40.6 % 11.78 50.8 % 4.46 (11.5 %)
Q1 2021 35.21 37.7 % 9.90 32.3 % 4.50 10.7 %
Q2 2021 40.19 163.7 % 11.81 508.0 % 3.37 574.4 %
Q3 2021 41.48 56.2 % 11.37 97.3 % 5.44 113.5 %
Q4 2021 11.90 (67.9 %) 7.15 (39.3 %) 0.00 (100.0 %)
Q1 2022 25.27 (28.2 %) 1.03 (89.6 %) (1.60) (135.6 %)
Q2 2022 20.73 (48.4 %) (0.59) (105.0 %) (2.83) (183.9 %)
Q3 2022 32.56 (21.5 %) 4.02 (64.6 %) 2.20 (59.6 %)
Q4 2022 50.81 327.1 % 10.61 48.4 % 5.45 545100.0 %
Q1 2023 32.11 27.1 % 5.62 445.6 % 2.44 252.6 %
Q2 2023 32.67 57.6 % 7.29 1329.0 % 2.47 187.5 %
Q3 2023 30.00 (7.8 %) 8.48 110.9 % 3.27 48.7 %
Q4 2023 34.40 (32.3 %) 1.38 (87.0 %) (4.86) (189.1 %)
Q1 2024 45.64 42.1 % 5.85 4.2 % 2.64 8.0 %
Q2 2024 42.46 30.0 % 6.76 (7.2 %) 2.66 7.6 %
Q3 2024 54.68 82.3 % 7.38 (13.0 %) 4.17 27.4 %
Q4 2024 41.09 19.5 % 0.82 (40.4 %) (18.67) (284.2 %)
2024 183.87 42.3 % 20.82 (8.5 %) (9.21) (377.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 0.09 - 0.04 - 0.09 0.00
Q2 2017 1.77 - 0.83 - 1.77 0.01
Q3 2017 3.27 - 1.53 (0.78) 4.05 0.02
Q4 2017 1.52 - 0.71 - 1.52 0.01
Q1 2018 2.27 2365.2 % 1.06 - 2.27 0.01
Q2 2018 2.27 28.2 % 1.06 - 2.27 0.01
Q3 2018 3.40 3.9 % 1.59 - 3.40 0.02
Q4 2018 1.37 (9.6 %) 0.64 - 1.37 0.01
Q1 2019 4.57 101.5 % 2.14 - 4.57 0.02
Q2 2019 3.01 32.7 % 1.41 - 3.01 0.01
Q3 2019 4.15 22.1 % 1.94 - 4.15 0.02
Q4 2019 4.29 212.4 % 2.01 - 4.29 0.02
Q1 2020 3.63 (20.6 %) 1.70 - 3.63 0.02
Q2 2020 (1.29) (143.0 %) (0.60) - (1.29) (0.01)
Q3 2020 2.64 (36.4 %) 1.23 - 2.64 0.01
Q4 2020 4.69 9.1 % 2.07 - 4.69 0.02
Q1 2021 4.18 15.1 % 1.85 - 4.18 0.02
Q2 2021 3.07 337.6 % 1.36 - 3.07 0.01
Q3 2021 4.49 70.2 % 1.99 - 4.49 0.02
Q4 2021 (3.07) (165.6 %) (1.36) (1.61) (1.47) (0.01)
Q1 2022 (2.06) (149.3 %) (0.91) - (2.06) (0.01)
Q2 2022 (3.46) (212.7 %) (1.53) - (3.46) (0.02)
Q3 2022 1.58 (64.7 %) 0.70 - 1.58 0.01
Q4 2022 5.65 283.8 % 2.50 2.46 3.19 0.01
Q1 2023 1.56 175.9 % 0.69 - 1.56 0.01
Q2 2023 0.64 118.5 % 0.28 - 0.64 0.00
Q3 2023 1.03 (35.0 %) 0.46 - 1.03 0.00
Q4 2023 (7.37) (230.5 %) (3.26) - (7.37) (0.03)
Q1 2024 0.24 (84.5 %) 0.11 - 0.24 0.00
Q2 2024 0.23 (63.5 %) 0.10 - 0.23 0.00
Q3 2024 1.55 50.6 % 0.69 - 1.55 0.01
Q4 2024 (21.04) (185.4 %) (9.31) - (21.04) (0.09)
2024 (19.00) (359.2 %) (8.41) - (19.00) (0.08)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 27.55 % 23.34 % 17.28 %
Q1 2018 28.68 % 24.22 % 17.54 %
Q2 2018 28.73 % 24.51 % 17.45 %
Q3 2018 29.05 % 24.71 % 16.54 %
Q4 2018 31.43 % 28.84 % 18.43 %
Q1 2019 31.20 % 27.05 % 18.49 %
Q2 2019 31.32 % 26.38 % 18.18 %
Q3 2019 31.08 % 25.75 % 18.12 %
Q4 2019 31.57 % 24.95 % 18.12 %
Q1 2020 31.41 % 24.45 % 17.16 %
Q2 2020 28.07 % 20.81 % 12.65 %
Q3 2020 24.54 % 17.17 % 9.89 %
Q4 2020 25.82 % 14.90 % 9.25 %
Q1 2021 25.75 % 14.30 % 8.95 %
Q2 2021 28.23 % 15.10 % 10.48 %
Q3 2021 29.13 % 15.87 % 10.67 %
Q4 2021 31.23 % 16.25 % 7.98 %
Q1 2022 26.38 % 13.92 % 3.40 %
Q2 2022 19.07 % 11.74 % (2.51 %)
Q3 2022 12.83 % 11.00 % (5.97 %)
Q4 2022 11.64 % 12.74 % (0.58 %)
Q1 2023 14.43 % 15.23 % 2.11 %
Q2 2023 18.59 % 17.69 % 4.71 %
Q3 2023 21.98 % 18.78 % 4.41 %
Q4 2023 17.63 % 13.21 % (3.20 %)
Q1 2024 16.12 % 12.17 % (3.83 %)
Q2 2024 14.74 % 11.56 % (3.85 %)
Q3 2024 12.06 % 10.46 % (3.02 %)
Q4 2024 11.32 % 2.55 % (10.34 %)
2024 11.32 % 2.55 % (10.34 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Earnings Per Share before unusual items (Halala) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 213.84 - - 0.13
Q2 2017 213.84 - - 0.16
Q3 2017 213.84 - - 0.21
Q4 2017 213.84 3.11 3.47 0.21
Q1 2018 213.84 4.13 4.49 0.23
Q2 2018 213.84 4.36 4.73 0.24
Q3 2018 213.84 4.42 4.42 0.25
Q4 2018 213.84 4.35 4.35 0.26
Q1 2019 213.84 5.43 5.43 0.28
Q2 2019 213.84 5.77 5.77 0.29
Q3 2019 213.84 6.13 6.13 0.31
Q4 2019 213.84 7.49 7.49 0.33
Q1 2020 213.84 7.05 7.05 0.35
Q2 2020 213.84 5.04 5.04 0.34
Q3 2020 213.84 4.33 4.33 0.36
Q4 2020 226.04 4.27 4.27 0.56
Q1 2021 226.04 4.52 4.52 0.57
Q2 2021 226.04 6.45 6.45 0.59
Q3 2021 226.04 7.27 7.27 0.61
Q4 2021 226.04 3.83 4.54 0.59
Q1 2022 226.04 1.07 1.79 0.58
Q2 2022 226.04 (1.82) (1.11) 0.57
Q3 2022 226.04 (3.10) (2.39) 0.57
Q4 2022 226.04 0.76 (0.33) 0.60
Q1 2023 226.04 2.36 1.27 0.61
Q2 2023 226.04 4.17 3.09 0.61
Q3 2023 226.04 3.93 2.84 0.61
Q4 2023 226.04 (1.83) (1.83) 0.58
Q1 2024 226.04 (2.42) (2.42) 0.58
Q2 2024 226.04 (2.60) (2.60) 0.58
Q3 2024 226.04 (2.36) (2.36) 0.59
Q4 2024 226.04 (8.41) (8.41) 0.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - 1.43
Q4 2017 10.94 9.79 1.58
Q1 2018 8.22 7.55 1.51
Q2 2018 9.60 8.86 1.77
Q3 2018 10.53 10.53 1.85
Q4 2018 25.14 25.14 4.24
Q1 2019 16.11 16.11 3.13
Q2 2019 23.32 23.32 4.59
Q3 2019 16.43 16.43 3.22
Q4 2019 39.36 39.36 8.85
Q1 2020 25.82 25.82 5.20
Q2 2020 40.34 40.34 5.91
Q3 2020 84.82 84.82 10.33
Q4 2020 79.43 79.43 6.11
Q1 2021 86.77 86.77 6.83
Q2 2021 65.00 65.00 7.14
Q3 2021 55.95 55.95 6.70
Q4 2021 91.16 76.90 5.91
Q1 2022 More than 100 More than 100 5.69
Q2 2022 NEG NEG 3.90
Q3 2022 NEG NEG 3.83
Q4 2022 More than 100 NEG 2.97
Q1 2023 More than 100 More than 100 5.62
Q2 2023 74.02 More than 100 5.08
Q3 2023 74.32 More than 100 4.77
Q4 2023 NEG NEG 4.59
Q1 2024 NEG NEG 4.72
Q2 2024 NEG NEG 4.57
Q3 2024 NEG NEG 4.84
Q4 2024 NEG NEG 5.20

Business Segments (Million)

Compared With The
Period Concrete sales Cement sales Construction projects Concrete wall sales Sand and white Pebble sales
Q1 2021 13.66 12.50 1.52 - 7.52
Q2 2021 15.04 11.65 - - 13.50
Q3 2021 19.93 13.39 0.51 - 7.65
Q1 2022 17.43 6.36 1.48 - -
Q2 2022 13.82 4.46 0.42 2.03 -
Q3 2022 22.01 4.27 0.25 6.03 -
Q4 2022 44.20 4.98 0.05 1.58 -
Q1 2023 21.02 4.05 5.34 1.70 -
Q2 2023 21.91 1.41 0.07 2.55 6.72
Q3 2023 21.73 1.28 5.82 1.16 -
Q4 2023 26.98 3.16 0.09 4.17 -
Q1 2024 27.76 6.90 8.39 2.57 0.01
Q2 2024 25.41 14.99 0.01 2.05 -

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