Buy Or Sell Opportunity • Apr 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to ر.ع0.082. The fair value is estimated to be ر.ع0.067, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has grown by 5.9%. Reported Earnings • Apr 18
First quarter 2026 earnings released: EPS: ر.ع0.001 (vs ر.ع0 in 1Q 2025) First quarter 2026 results: EPS: ر.ع0.001 (up from ر.ع0 in 1Q 2025). Revenue: ر.ع438.0k (up 5.9% from 1Q 2025). Net income: ر.ع14.7k (up 175% from 1Q 2025). Profit margin: 3.4% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 20
Dividend reduced to ر.ع0.0039 Dividend of ر.ع0.0039 is 22% lower than last year. Ex-date: 29th March 2026 Payment date: 1st January 1970 Dividend yield will be 4.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (153% earnings payout ratio) nor is it covered by cash flows (106% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 71% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. New Risk • Mar 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 153% Cash payout ratio: 106% Dividend yield: 6.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 153% Cash payout ratio: 106% Market cap is less than US$10m (ر.ع1.74m market cap, or US$4.53m). Minor Risk Revenue is less than US$5m (ر.ع1.7m revenue, or US$4.4m). Announcement • Mar 09
Gulf International Chemicals SAOG, Annual General Meeting, Mar 28, 2026 Gulf International Chemicals SAOG, Annual General Meeting, Mar 28, 2026, at 19:00 Arabian Standard Time. Reported Earnings • Jan 17
Full year 2025 earnings released: EPS: ر.ع0.004 (vs ر.ع0.004 in FY 2024) Full year 2025 results: EPS: ر.ع0.004 (in line with FY 2024). Revenue: ر.ع1.78m (flat on FY 2024). Net income: ر.ع91.3k (flat on FY 2024). Profit margin: 5.1% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 16
First quarter 2025 earnings released: EPS: ر.ع0 (vs ر.ع0.001 in 1Q 2024) First quarter 2025 results: EPS: ر.ع0 (down from ر.ع0.001 in 1Q 2024). Revenue: ر.ع396.1k (down 20% from 1Q 2024). Net income: ر.ع5.1k (down 83% from 1Q 2024). Profit margin: 1.3% (down from 6.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Gulf International Chemicals SAOG Approves the Distribution of Cash Dividend for the Financial Year Ended the 31 of December 2024 Gulf International Chemicals SAOG announced at its Annual General Meeting held on March 27, 2025, approved the distribution of cash dividend of 5 Baisa per share to the shareholders at the date of the AGM meeting for the financial year ended the 31 of December 2024. Announcement • Mar 12
Gulf International Chemicals SAOG, Annual General Meeting, Mar 27, 2025 Gulf International Chemicals SAOG, Annual General Meeting, Mar 27, 2025, at 11:00 Arabian Standard Time. Announcement • Mar 10
Gulf International Chemicals SAOG Proposes Cash Dividends for the Year Ending on December 31, 2024 Gulf International Chemicals SAOG at the board meeting held on March 6, 2025, the board has proposed distribution of cash dividends of 5 Baiza per share for the year ending on December 31, 2024. Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: ر.ع0.001 (vs ر.ع0.001 in 3Q 2023) Third quarter 2024 results: EPS: ر.ع0.001 (in line with 3Q 2023). Revenue: ر.ع576.8k (up 5.5% from 3Q 2023). Net income: ر.ع22.6k (down 10.0% from 3Q 2023). Profit margin: 3.9% (down from 4.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 20
Second quarter 2024 earnings released: EPS: ر.ع0.002 (vs ر.ع0.001 in 2Q 2023) Second quarter 2024 results: EPS: ر.ع0.002 (up from ر.ع0.001 in 2Q 2023). Revenue: ر.ع469.7k (up 67% from 2Q 2023). Net income: ر.ع33.4k (up 64% from 2Q 2023). Profit margin: 7.1% (down from 7.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Jul 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Omani stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 228% Earnings have declined by 25% per year over the past 5 years. Market cap is less than US$10m (ر.ع1.81m market cap, or US$4.69m). Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Revenue is less than US$5m (ر.ع1.9m revenue, or US$4.9m). Announcement • May 22
Gulf International Chemicals SAOG, Annual General Meeting, Jun 09, 2024 Gulf International Chemicals SAOG, Annual General Meeting, Jun 09, 2024, at 17:00 Arabian Standard Time. Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: ر.ع0.001 (vs ر.ع0.001 in 1Q 2023) First quarter 2024 results: EPS: ر.ع0.001 (in line with 1Q 2023). Revenue: ر.ع529.9k (up 8.2% from 1Q 2023). Net income: ر.ع29.5k (up 28% from 1Q 2023). Profit margin: 5.6% (up from 4.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Non Executive Independent Director Abdullah Alawi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: ر.ع1.87m (down 10.0% from FY 2022). Net income: ر.ع89.5k (up ر.ع86.7k from FY 2022). Profit margin: 4.8% (up from 0.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 15
Gulf International Chemicals SAOG, Annual General Meeting, Mar 30, 2024 Gulf International Chemicals SAOG, Annual General Meeting, Mar 30, 2024, at 15:00 Coordinated Universal Time. Agenda: To consider and approve the Board of Director's Report for the financial year ended 31 December 2023; to consider and approve the Corporate Governance Report for the financial year ended 31 December 2023; to consider and approve the Board of Directors performance report for the financial year ended 31 December 2023; to consider the Auditor's Report and to approve the Financial Statements (Balance Sheet and Profit and Loss Account) of the Company for the financial year ended 31 December 2023; to ratify the sitting fees paid to the board of directors and its subcommittees during the financial year ended 31 December 2023, and determine the sitting fees for the financial year 2024; to advise and approve the transactions conducted by the company with related parties during the fiscal year ended on 31 December 2023; to elect a new Board of Directors for the Company; to appoint the auditors for the financial year ending 31 December 2024; and to consider other issues. New Risk • Aug 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.2% average weekly change). Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (ر.ع1.68m market cap, or US$4.36m). Minor Risk Large one-off items impacting financial results. New Risk • Jul 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Omani stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (ر.ع1.66m market cap, or US$4.31m). Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Jan 18
Full year 2022 earnings released: EPS: ر.ع0 (vs ر.ع0.001 in FY 2021) Full year 2022 results: EPS: ر.ع0 (down from ر.ع0.001 in FY 2021). Revenue: ر.ع2.15m (up 28% from FY 2021). Net income: ر.ع1.8k (down 90% from FY 2021). Profit margin: 0.1% (down from 1.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ر.ع512.5k (up 26% from 2Q 2021). Net loss: ر.ع17.1k (loss widened 230% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ر.ع0.001 (down from ر.ع0.008 in FY 2020). Revenue: ر.ع1.68m (down 12% from FY 2020). Net income: ر.ع19.2k (down 88% from FY 2020). Profit margin: 1.1% (down from 8.3% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 16
First quarter 2021 earnings released: EPS ر.ع0.002 (vs ر.ع0.003 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ر.ع480.3k (down 32% from 1Q 2020). Net income: ر.ع43.6k (down 26% from 1Q 2020). Profit margin: 9.1% (up from 8.4% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 21% per year. Executive Departure • Apr 09
Non Executive Independent Director has left the company On the 31st of March, Salah Sultan's tenure in the role of Non Executive Independent Director ended. We don't have any record of a personal shareholding under Salah's name. A total of 2 executives have left over the last 12 months. Executive Departure • Apr 09
Non Executive Independent Director has left the company On the 31st of March, Mohammed Taher Aideed's tenure as Non Executive Independent Director ended after 3.0 years in the role. As of December 2020, Mohammed personally held 1.80m shares (ر.ع184k worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS ر.ع0.008 (vs ر.ع0.007 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ر.ع1.92m (down 13% from FY 2019). Net income: ر.ع159.8k (up 13% from FY 2019). Profit margin: 8.3% (up from 6.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 19
Full year 2020 earnings released: EPS ر.ع0.008 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.ع2.61m (up 18% from FY 2019). Net income: ر.ع170.8k (up 21% from FY 2019). Profit margin: 6.5% (up from 6.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 17
Third quarter earnings released Over the last 12 months the company has reported total profits of ر.ع183.0k, up 44% from the prior year. Total revenue was ر.ع2.41m over the last 12 months, up 23% from the prior year.