Astra's 2014 net profit declines 57% to SAR 109.8 mln

21/01/2015 Argaam Exclusive

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Astra Industrial Group, which operates pharmaceutical plants and steel, reported 2014 net profit of SAR 109.8 million, a 57 percent decrease, compared to the last year.

A net profit of SAR 25.7 million was reported for Q4-2014 compared to SAR 17.9 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	1,771.43	1,918.81	8.3 %
Gross Income	683.81	604.63	(11.6 %)
Operating Income	177.04	59.90	(66.2 %)
Net Income	253.14	109.33	(56.8 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	3.16	1.37	(56.8 %)

The company attributed the decline of 2014’s profit compared to the same periods last year to:

Power and Steel sector:
a. Lower gross margins in steel structure business related to increase of project costs, additional provisions and lower sales
b. Lower gross margins for project in Iraq due to higher production costs resulting from commercial startup with lower production and sales volumes due to the ongoing political instability
B) Pharmaceutical Sector:
a. Decrease in other income
b. Higher marketing and R&D expenses

The decline of Q4-2014’s net profit compared to the same periods last year was attributed to:

A) Pharmaceutical sector:
a. Lower other income

B) Power and Steel sector:
a. Lower gross margins in steel structure business related to increase of project costs, additional provisions and lower sales
b. Lower gross margins for project in Iraq due to higher production costs resulting from commercial startup with lower production and sales volumes due to the ongoing political instability

The increase of Q4’s net profit compared to the previous quarter (Q3-2014) was attributed to:

Pharmaceutical sector mainly:
a. Due to higher operating income driven by increase of sales at higher gross margins

The company added that gross margin for the current quarter are flat as compared to the previous quarter mainly due to reclassification of some of the operating costs from G&A to the cost of goods sold related to Power and Steel sector. Otherwise, current quarter would have shown higher gross margins as compared to the previous quarter. The reclassification impact will be reflected in the reviewed comparative financial statements for the first 3 quarters of 2015.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	509.48	491.79	(3.5 %)
Gross Income	169.90	158.77	(6.5 %)
Operating Income	36.38	20.56	(43.5 %)
Net Income	72.41	25.72	(64.5 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	0.91	0.32	(64.5 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	439.81	491.79	11.8 %
Gross Income	125.94	158.77	26.1 %
Operating Income	5.15	20.56	299.3 %
Net Income	17.91	25.72	43.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.22	0.32	43.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	558.43	19.3 %	238.01	21.9 %	98.68	52.4 %	1.23
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	703.53	26.0 %	315.92	32.7 %	156.06	58.1 %	1.95
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	850.22	20.9 %	378.14	19.7 %	196.88	26.2 %	2.46
Q1 2008	234.18	-	108.93	-	59.51	-	0.74
Q2 2008	239.57	-	106.57	-	46.73	-	0.58
Q3 2008	267.42	-	109.59	-	53.84	-	0.67
Q4 2008	249.84	-	94.22	-	25.72	-	0.32
2008	991.01	16.6 %	419.31	10.9 %	185.80	(5.6 %)	2.32
Q1 2009	231.27	(1.2 %)	108.74	(0.2 %)	49.23	(17.3 %)	0.62
Q2 2009	256.59	7.1 %	108.08	1.4 %	50.74	8.6 %	0.63
Q3 2009	228.37	(14.6 %)	105.09	(4.1 %)	54.23	0.7 %	0.68
Q4 2009	255.30	2.2 %	120.14	27.5 %	49.84	93.8 %	0.62
2009	971.53	(2.0 %)	442.05	5.4 %	204.04	9.8 %	2.55
Q1 2010	276.32	19.5 %	126.93	16.7 %	57.88	17.6 %	0.72
Q2 2010	276.03	7.6 %	126.08	16.7 %	61.46	21.1 %	0.77
Q3 2010	260.98	14.3 %	121.38	15.5 %	80.65	48.7 %	1.01
Q4 2010	307.13	20.3 %	110.67	(7.9 %)	59.00	18.4 %	0.74
2010	1,120.46	15.3 %	485.06	9.7 %	258.99	26.9 %	3.24
Q1 2011	356.77	29.1 %	141.28	11.3 %	62.04	7.2 %	0.78
Q2 2011	373.14	35.2 %	146.07	15.9 %	67.28	9.5 %	0.84
Q3 2011	334.40	28.1 %	139.61	15.0 %	58.49	(27.5 %)	0.73
Q4 2011	340.93	11.0 %	138.10	24.8 %	63.77	8.1 %	0.80
2011	1,381.99	23.3 %	549.78	13.3 %	248.13	(4.2 %)	3.10
Q1 2012	391.50	9.7 %	155.53	10.1 %	64.08	3.3 %	0.80
Q2 2012	376.88	1.0 %	155.50	6.5 %	68.50	1.8 %	0.86
Q3 2012	317.94	(4.9 %)	152.83	9.5 %	46.66	(20.2 %)	0.58
Q4 2012	410.00	20.3 %	154.06	11.6 %	63.43	(0.5 %)	0.79
2012	1,496.32	8.3 %	617.92	12.4 %	242.66	(2.2 %)	3.03
Q1 2013	454.19	16.0 %	174.40	12.1 %	68.32	6.6 %	0.85
Q2 2013	447.54	18.7 %	178.71	14.9 %	61.72	(9.9 %)	0.77
Q3 2013	360.22	13.3 %	157.84	3.3 %	50.69	8.7 %	0.63
Q4 2013	509.48	24.3 %	169.90	10.3 %	72.41	14.1 %	0.91
2013	1,771.43	18.4 %	683.81	10.7 %	253.14	4.3 %	3.16
Q1 2014	498.90	9.8 %	184.96	6.1 %	63.06	(7.7 %)	0.79
Q2 2014	453.23	1.3 %	136.47	(23.6 %)	3.07	(95.0 %)	0.04
Q3 2014	439.81	22.1 %	125.94	(20.2 %)	17.91	(64.7 %)	0.22
Q4 2014	491.79	(3.5 %)	158.77	(6.5 %)	25.72	(64.5 %)	0.32
2014	1,918.81	8.3 %	604.63	(11.6 %)	109.33	(56.8 %)	1.37

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	558.43	19.3 %	238.01	21.9 %	98.68	52.4 %	1.23
2006	703.53	26.0 %	315.92	32.7 %	156.06	58.1 %	1.95
2007	850.22	20.9 %	378.14	19.7 %	196.88	26.2 %	2.46
2008	991.01	16.6 %	419.31	10.9 %	185.80	(5.6 %)	2.32
2009	971.53	(2.0 %)	442.05	5.4 %	204.04	9.8 %	2.55
2010	1,120.46	15.3 %	485.06	9.7 %	258.99	26.9 %	3.24
2011	1,381.99	23.3 %	549.78	13.3 %	248.13	(4.2 %)	3.10
2012	1,496.32	8.3 %	617.92	12.4 %	242.66	(2.2 %)	3.03
2013	1,771.43	18.4 %	683.81	10.7 %	253.14	4.3 %	3.16
2014	1,918.81	8.3 %	604.63	(11.6 %)	109.33	(56.8 %)	1.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	42.62 %	22.88 %	17.67 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	44.90 %	25.78 %	22.18 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	44.48 %	25.41 %	23.16 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	42.31 %	20.25 %	18.75 %
2008	42.31 %	20.25 %	18.75 %
Q1 2009	42.42 %	19.13 %	17.57 %
Q2 2009	41.85 %	18.11 %	17.40 %
Q3 2009	43.07 %	18.44 %	17.85 %
Q4 2009	45.50 %	19.94 %	19.92 %
2009	45.50 %	19.94 %	19.92 %
Q1 2010	45.27 %	19.14 %	19.81 %
Q2 2010	46.16 %	19.11 %	20.40 %
Q3 2010	46.28 %	17.92 %	20.40 %
Q4 2010	43.29 %	18.41 %	20.54 %
2010	43.29 %	18.41 %	20.54 %
Q1 2011	41.59 %	17.71 %	19.73 %
Q2 2011	40.01 %	16.85 %	18.97 %
Q3 2011	39.20 %	16.26 %	18.00 %
Q4 2011	40.21 %	15.71 %	17.90 %
2011	39.78 %	15.57 %	17.95 %
Q1 2012	40.23 %	15.71 %	17.61 %
Q2 2012	40.78 %	15.91 %	17.65 %
Q3 2012	42.18 %	15.95 %	17.03 %
Q4 2012	41.30 %	15.09 %	16.22 %
2012	41.30 %	15.09 %	16.22 %
Q1 2013	40.85 %	14.76 %	15.84 %
Q2 2013	40.50 %	13.92 %	14.74 %
Q3 2013	39.77 %	13.56 %	14.60 %
Q4 2013	38.44 %	13.31 %	14.29 %
2013	38.60 %	13.31 %	14.29 %
Q1 2014	38.07 %	13.64 %	13.65 %
Q2 2014	35.63 %	11.75 %	10.39 %
Q3 2014	32.46 %	10.54 %	8.23 %
Q4 2014	32.18 %	9.87 %	5.83 %
2014	31.51 %	9.22 %	5.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	42.62 %	22.88 %	17.67 %
2006	44.90 %	25.78 %	22.18 %
2007	44.48 %	25.41 %	23.16 %
2008	42.31 %	20.25 %	18.75 %
2009	45.50 %	19.94 %	19.92 %
2010	43.29 %	18.41 %	20.54 %
2011	39.78 %	15.57 %	17.95 %
2012	41.30 %	15.09 %	16.22 %
2013	38.60 %	13.31 %	14.29 %
2014	31.51 %	9.22 %	5.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	46.52 %	27.00 %	25.41 %
Q2 2008	44.48 %	22.31 %	19.51 %
Q3 2008	40.98 %	20.80 %	20.13 %
Q4 2008	37.71 %	11.36 %	10.29 %
Q1 2009	47.02 %	22.32 %	20.45 %
Q2 2009	42.12 %	18.09 %	18.74 %
Q3 2009	46.02 %	22.63 %	22.49 %
Q4 2009	47.06 %	17.22 %	18.33 %
Q1 2010	45.94 %	19.02 %	19.98 %
Q2 2010	45.68 %	18.02 %	21.00 %
Q3 2010	46.51 %	17.33 %	22.21 %
Q4 2010	36.03 %	19.12 %	19.21 %
Q1 2011	39.60 %	16.51 %	17.39 %
Q2 2011	39.15 %	14.98 %	18.03 %
Q3 2011	41.75 %	14.79 %	17.49 %
Q4 2011	40.51 %	16.59 %	18.71 %
Q1 2012	39.73 %	16.44 %	16.37 %
Q2 2012	41.26 %	15.72 %	18.17 %
Q3 2012	48.07 %	14.93 %	14.67 %
Q4 2012	37.57 %	13.33 %	15.47 %
Q1 2013	38.40 %	15.12 %	15.04 %
Q2 2013	39.93 %	12.52 %	13.79 %
Q3 2013	43.82 %	13.16 %	14.07 %
Q4 2013	33.35 %	12.49 %	14.21 %
Q1 2014	37.07 %	16.17 %	12.64 %
Q2 2014	30.11 %	4.94 %	0.68 %
Q3 2014	28.64 %	7.68 %	4.07 %
Q4 2014	32.28 %	9.99 %	5.23 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	80.00	-	-	11.03
Q2 2008	80.00	-	-	11.56
Q3 2008	80.00	-	-	17.67
Q4 2008	80.00	2.32	2.32	17.98
Q1 2009	80.00	2.19	2.17	18.51
Q2 2009	80.00	2.24	2.19	18.54
Q3 2009	80.00	2.25	2.16	19.10
Q4 2009	80.00	2.55	2.42	19.52
Q1 2010	80.00	2.66	2.52	19.08
Q2 2010	80.00	2.79	2.64	19.84
Q3 2010	80.00	3.12	2.72	20.62
Q4 2010	80.00	3.24	2.88	21.05
Q1 2011	80.00	3.29	2.96	21.73
Q2 2011	80.00	3.36	3.08	21.19
Q3 2011	80.00	3.09	3.09	21.89
Q4 2011	80.00	3.14	3.14	22.39
Q1 2012	80.00	3.17	3.17	23.18
Q2 2012	80.00	3.19	3.19	22.27
Q3 2012	80.00	3.04	3.04	22.63
Q4 2012	80.00	3.03	3.03	23.03
Q1 2013	80.00	3.09	3.09	23.94
Q2 2013	80.00	3.00	3.00	22.92
Q3 2013	80.00	3.05	3.05	23.18
Q4 2013	80.00	3.16	3.16	23.68
Q1 2014	80.00	3.10	3.10	24.43
Q2 2014	80.00	2.37	2.37	22.82
Q3 2014	80.00	1.96	1.96	22.99
Q4 2014	80.00	1.37	1.37	23.08

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	80.00	1.23	1.23	6.25
2006	80.00	1.95	1.95	8.11
2007	80.00	2.46	2.46	10.34
2008	80.00	2.32	2.32	17.98
2009	80.00	2.55	2.42	19.52
2010	80.00	3.24	2.88	21.05
2011	80.00	3.10	3.10	22.39
2012	80.00	3.03	3.03	23.03
2013	80.00	3.16	3.16	23.68
2014	80.00	1.37	1.37	23.08

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	1.71
Q4 2008	9.75	9.75	1.26
Q1 2009	8.88	8.98	1.05
Q2 2009	13.08	13.42	1.58
Q3 2009	14.41	15.04	1.70
Q4 2009	12.82	13.51	1.67
Q1 2010	14.10	14.89	1.97
Q2 2010	12.24	12.93	1.72
Q3 2010	11.80	13.53	1.79
Q4 2010	11.15	12.55	1.72
Q1 2011	9.49	10.53	1.44
Q2 2011	9.53	10.41	1.51
Q3 2011	10.47	10.47	1.48
Q4 2011	10.36	10.36	1.46
Q1 2012	12.71	12.71	1.74
Q2 2012	11.74	11.74	1.68
Q3 2012	12.04	12.04	1.62
Q4 2012	11.90	11.90	1.57
Q1 2013	12.18	12.18	1.57
Q2 2013	13.79	13.79	1.81
Q3 2013	13.83	13.83	1.82
Q4 2013	15.51	15.51	2.07
Q1 2014	18.15	18.15	2.30
Q2 2014	21.57	21.57	2.24
Q3 2014	24.30	24.30	2.07
Q4 2014	21.27	21.27	1.26

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	9.75	9.75	1.26
2009	12.82	13.51	1.67
2010	11.15	12.55	1.72
2011	10.51	10.51	1.46
2012	11.90	11.90	1.57
2013	15.51	15.51	2.07
2014	21.36	21.36	1.26

Business Segments (Million)

Compared With The

Period	Pharmaceuticals	Specialty chemicals	Energy and steel industries
Q1 2009	105.16	67.45	58.67
Q2 2009	110.55	91.59	54.44
Q3 2009	97.03	87.96	43.39
Q4 2009	110.04	96.49	48.77
Q1 2010	121.91	96.96	57.45
Q2 2010	119.52	108.62	47.89
Q3 2010	104.06	110.86	46.06
Q4 2010	105.44	130.51	71.18
Q1 2011	135.38	138.56	82.82
Q2 2011	146.24	135.09	91.81
Q3 2011	139.68	119.96	74.06
Q4 2011	123.64	126.61	68.12
Q1 2012	172.74	135.63	83.14
Q2 2012	151.94	138.05	86.89
Q3 2012	160.61	122.47	34.86
Q4 2012	170.66	150.68	88.66
Q1 2013	214.39	165.59	74.22
Q2 2013	205.41	157.70	84.42
Q3 2013	189.95	114.84	55.43
Q4 2013	258.27	115.01	136.20
Q1 2014	243.34	161.19	94.37
Q2 2014	207.26	144.23	101.73
Q3 2014	207.18	127.15	105.48
Q4 2014	268.21	154.23	104.43

Period	Pharmaceuticals	Specialty chemicals	Energy and steel industries
2009	422.78	343.48	205.26
2010	450.93	446.96	222.58
2011	544.94	520.23	316.82
2012	655.95	546.83	293.55
2013	868.02	553.14	350.26
2014	925.99	586.81	406.00

Financial Ratios

	Current
Market Cap (M Riyal)	13,008.00
Enterprise Value (EV) (M)	12,268.13
Shares Outstanding ((M))	80.00
EPS ( Riyal) (TTM)	6.28
Book Value (BV) ( Riyal)	28.53
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.90
P/E (TTM)	25.90
Price/book	5.70
Return on Average Assets (%) (TTM)	12.4
Return on Average Equity (%) (TTM)	23.6

Astra Industrial Group (ASTRA INDUSTRIAL)

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Astra's 2014 net profit declines 57% to SAR 109.8 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q4

Financial Ratios

Share Price

Astra Industrial Group (ASTRA INDUSTRIAL)

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Astra's 2014 net profit declines 57% to SAR 109.8 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2014

Revenue by Business Segment (Latest) 2014 Q4

Financial Ratios

Share Price

Astra Industrial Group (ASTRA INDUSTRIAL)

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Business Segments (Million)