Zain Saudi’s H1 net loss declines to SAR 458 mln

Zain Saudi’s H1 net loss declines to SAR 458 mln

15/07/2015 Argaam Exclusive

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Mobile Telecommunications Company Saudi Arabia (Zain Saudi), the kingdom’s third largest mobile operator, narrowed its net loss by 29 percent year-on-year to SAR 458 million in H1-2015.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 3,112.90 3,305.62 6.2 %
Gross Income 1,595.71 1,823.83 14.3 %
Operating Income (263.02) (58.11) 77.9 %
Net Income (647.30) (457.89) 29.3 %
Average Shares 573.22 573.22 0.0 %
EPS (Riyals) (1.13) (0.80) 29.3 %

 

The telco said the improvement was largely due to stronger operational performance, an increase in gross profit and rising demand for its products and services.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 1,567.13 1,648.83 5.2 %
Gross Income 797.05 949.40 19.1 %
Operating Income (135.83) 0.94 100.7 %
Net Income (328.94) (201.16) 38.8 %
Average Shares 573.22 573.22 0.0 %
EPS (Riyals) (0.57) (0.35) 38.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - (118.88) -
Q2 2008 - - - - (198.25) -
Q3 2008 80.80 - (14.72) - (599.24) -
Q4 2008 424.40 - 31.18 - (783.35) -
Q1 2009 581.67 - 145.98 - (655.80) (451.6 %)
Q2 2009 701.52 - 132.59 - (706.46) (256.3 %)
Q3 2009 825.49 921.7 % 242.93 1750.0 % (668.17) (11.5 %)
Q4 2009 895.38 111.0 % 355.53 1040.2 % (436.49) 44.3 %
Q1 2010 1,094.23 88.1 % 384.34 163.3 % (435.29) 33.6 %
Q2 2010 1,450.41 106.8 % 608.03 358.6 % (314.45) 55.5 %
Q3 2010 1,661.95 101.3 % 712.13 193.1 % (235.17) 64.8 %
Q4 2010 1,727.78 93.0 % 825.94 132.3 % (178.67) 59.1 %
Q1 2011 1,484.22 35.6 % 716.02 86.3 % (233.11) 46.4 %
Q2 2011 1,704.65 17.5 % 923.22 51.8 % (143.80) 54.3 %
Q3 2011 1,794.81 8.0 % 870.12 22.2 % (221.60) 5.8 %
Q4 2011 1,715.39 (0.7 %) 690.82 (16.4 %) (212.97) (19.2 %)
Q1 2012 1,521.59 2.5 % 702.20 (1.9 %) (191.20) 18.0 %
Q2 2012 1,629.02 (4.4 %) 707.12 (23.4 %) (174.00) (21.0 %)
Q3 2012 1,529.90 (14.8 %) 711.62 (18.2 %) (304.79) (37.5 %)
Q4 2012 1,490.16 (13.1 %) 738.98 7.0 % (261.61) (22.8 %)
Q1 2013 1,719.40 13.0 % 776.23 10.5 % (232.94) (21.8 %)
Q2 2013 1,706.35 4.7 % 830.76 17.5 % (206.12) (18.5 %)
Q3 2013 1,573.32 2.8 % 760.98 6.9 % (239.00) 21.6 %
Q4 2013 1,523.52 2.2 % 766.88 3.8 % (271.26) (3.7 %)
Q1 2014 1,545.77 (10.1 %) 798.66 2.9 % (127.18) 45.4 %
Q2 2014 1,567.13 (8.2 %) 797.05 (4.1 %) (135.83) 34.1 %
Q3 2014 1,553.00 (1.3 %) 810.67 6.5 % (218.60) 8.5 %
Q4 2014 1,556.46 2.2 % 816.27 6.4 % (187.47) 30.9 %
Q1 2015 1,656.79 7.2 % 874.43 9.5 % (59.05) 53.6 %
Q2 2015 1,648.83 5.2 % 949.40 19.1 % 0.94 100.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 (543.59) - (2.47) (418.26) (125.33) (0.57)
Q2 2008 (153.65) - (0.70) - (153.65) (0.70)
Q3 2008 (649.04) - (2.95) - (649.04) (2.95)
Q4 2008 (931.90) - (4.23) - (931.90) (4.23)
Q1 2009 (765.37) (40.8 %) (3.47) - (765.37) (3.47)
Q2 2009 (856.66) (457.5 %) (3.89) - (856.66) (3.89)
Q3 2009 (819.73) (26.3 %) (3.72) - (819.73) (3.72)
Q4 2009 (657.59) 29.4 % (2.99) - (657.59) (2.99)
Q1 2010 (662.45) 13.4 % (3.01) - (662.45) (3.01)
Q2 2010 (631.59) 26.3 % (2.87) - (631.59) (2.87)
Q3 2010 (543.79) 33.7 % (2.47) - (543.79) (2.47)
Q4 2010 (520.61) 20.8 % (2.36) - (520.61) (2.36)
Q1 2011 (531.75) 19.7 % (2.41) - (531.75) (2.41)
Q2 2011 (448.18) 29.0 % (2.03) - (448.18) (2.03)
Q3 2011 (483.81) 11.0 % (2.20) - (483.81) (2.20)
Q4 2011 (461.46) 11.4 % (2.09) - (461.46) (2.09)
Q1 2012 (419.99) 21.0 % (1.91) - (419.99) (1.91)
Q2 2012 (393.64) 12.2 % (1.79) - (393.64) (1.79)
Q3 2012 (493.00) (1.9 %) (0.86) - (493.00) (0.86)
Q4 2012 (442.78) 4.0 % (0.77) - (442.78) (0.77)
Q1 2013 (397.95) 5.2 % (0.69) - (397.95) (0.69)
Q2 2013 (370.41) 5.9 % (0.65) - (370.41) (0.65)
Q3 2013 (420.81) 14.6 % (0.73) - (420.81) (0.73)
Q4 2013 (462.30) (4.4 %) (0.81) - (462.30) (0.81)
Q1 2014 (318.36) 20.0 % (0.56) - (318.36) (0.56)
Q2 2014 (328.94) 11.2 % (0.57) - (328.94) (0.57)
Q3 2014 (315.81) 25.0 % (0.55) 85.00 (400.81) (0.70)
Q4 2014 (306.46) 33.7 % (0.53) 50.47 (356.92) (0.62)
Q1 2015 (256.72) 19.4 % (0.45) - (256.72) (0.45)
Q2 2015 (201.16) 38.8 % (0.35) - (201.16) (0.35)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 16.50 % (92.47 %) (179.10 %)
Q3 2009 21.82 % (58.30 %) (133.18 %)
Q4 2009 29.19 % (35.71 %) (103.17 %)
Q1 2010 31.72 % (23.12 %) (85.21 %)
Q2 2010 37.30 % (8.97 %) (64.97 %)
Q3 2010 40.38 % 1.01 % (48.91 %)
Q4 2010 42.64 % 5.57 % (39.74 %)
Q1 2011 45.26 % 8.77 % (35.22 %)
Q2 2011 48.30 % 11.75 % (31.08 %)
Q3 2011 49.70 % 12.64 % (29.57 %)
Q4 2011 47.77 % 13.42 % (28.74 %)
Q1 2012 47.30 % 14.66 % (26.92 %)
Q2 2012 44.59 % 14.89 % (26.41 %)
Q3 2012 43.96 % 14.62 % (27.64 %)
Q4 2012 46.35 % 14.24 % (28.35 %)
Q1 2013 46.07 % 13.24 % (27.12 %)
Q2 2013 47.44 % 12.73 % (26.44 %)
Q3 2013 47.88 % 13.68 % (25.15 %)
Q4 2013 48.06 % 13.65 % (25.32 %)
Q1 2014 49.73 % 15.48 % (24.76 %)
Q2 2014 50.30 % 15.95 % (24.65 %)
Q3 2014 51.27 % 15.29 % (24.40 %)
Q4 2014 51.79 % 15.50 % (22.58 %)
Q1 2015 52.08 % 15.99 % (21.21 %)
Q2 2015 53.79 % 18.43 % (18.95 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 220.28 - - 61.09
Q2 2008 220.28 - - 60.39
Q3 2008 220.28 - - 57.44
Q4 2008 220.28 (10.34) (8.44) 53.21
Q1 2009 220.28 (11.35) (11.35) 49.74
Q2 2009 220.28 (14.54) (14.54) 45.85
Q3 2009 220.28 (15.32) (15.32) 42.13
Q4 2009 220.28 (14.07) (14.07) 39.14
Q1 2010 220.28 (13.60) (13.60) 36.14
Q2 2010 220.28 (12.58) (12.58) 33.27
Q3 2010 220.28 (11.33) (11.33) 29.90
Q4 2010 220.28 (10.71) (10.71) 27.83
Q1 2011 220.28 (10.11) (10.11) 25.58
Q2 2011 220.28 (9.28) (9.28) 23.62
Q3 2011 220.28 (9.01) (9.01) 21.58
Q4 2011 220.28 (8.74) (8.74) 19.49
Q1 2012 220.28 (8.23) (8.23) 17.79
Q2 2012 220.28 (7.98) (7.98) 16.00
Q3 2012 573.22 (3.08) (3.08) 15.53
Q4 2012 573.22 (3.05) (3.05) 14.74
Q1 2013 573.22 (3.01) (3.01) 14.05
Q2 2013 573.22 (2.97) (2.97) 13.40
Q3 2013 573.22 (2.85) (2.85) 12.67
Q4 2013 573.22 (2.88) (2.88) 11.79
Q1 2014 573.22 (2.74) (2.74) 11.22
Q2 2014 573.22 (2.67) (2.67) 10.60
Q3 2014 573.22 (2.49) (2.63) 10.10
Q4 2014 573.22 (2.21) (2.45) 9.53
Q1 2015 573.22 (2.11) (2.34) 9.04
Q2 2015 573.22 (1.88) (2.12) 8.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - 4.80
Q2 2008 - - 6.26
Q3 2008 - - 5.04
Q4 2008 NEG NEG 3.09
Q1 2009 NEG NEG 3.20
Q2 2009 NEG NEG 3.95
Q3 2009 NEG NEG 3.99
Q4 2009 NEG NEG 4.00
Q1 2010 NEG NEG 4.16
Q2 2010 NEG NEG 3.92
Q3 2010 NEG NEG 4.08
Q4 2010 NEG NEG 4.30
Q1 2011 NEG NEG 4.16
Q2 2011 NEG NEG 4.51
Q3 2011 NEG NEG 4.47
Q4 2011 NEG NEG 4.39
Q1 2012 NEG NEG 9.41
Q2 2012 NEG NEG 7.52
Q3 2012 NEG NEG 1.95
Q4 2012 NEG NEG 1.58
Q1 2013 NEG NEG 1.71
Q2 2013 NEG NEG 2.18
Q3 2013 NEG NEG 2.22
Q4 2013 NEG NEG 2.33
Q1 2014 NEG NEG 2.73
Q2 2014 NEG NEG 2.76
Q3 2014 NEG NEG 3.12
Q4 2014 NEG NEG 2.00
Q1 2015 NEG NEG 1.90
Q2 2015 NEG NEG 2.09

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average (252.80) (201.16) 20.43 %

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
Al Rajhi Capital (246.00) (201.16) 18.2 %
Alistithmar Capital (250.20) (201.16) 19.6 %
Albilad Capital (254.00) (201.16) 20.8 %
SNB Capital (261.00) (201.16) 22.9 %


Financial Ratios
Current
Market Cap (M Riyal) 9,167.05
Enterprise Value (EV) (M) 16,494.18
Shares Outstanding ((M)) 898.73
EPS ( Riyal) (TTM) 0.30
Book Value (BV) ( Riyal) 11.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 34.21
Price/book 0.88
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 2.6
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Share Price

Mobile Telecommunication Company Saudi Arabia
10.20
(0.02) (0.20 %)

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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