Airlines Catering’s 2014 net profit up 15% to SAR 653.9 mln

Saudi Airlines Catering Company, which provides in-flight catering, reported 2014 net profit of SAR 653.9 million, a 15 percent increase compared to last year.

A net profit of SAR 172.8 million was reported for Q4-2014 compared to SAR 155.0 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	1,867.50	2,135.94	14.4 %
Gross Income	691.92	774.58	11.9 %
Operating Income	545.81	633.33	16.0 %
Net Income	569.35	653.93	14.9 %
Average Shares	82.00	82.00	-
EPS (Riyals)	6.94	7.97	14.9 %

The company attributed the increase of 2014’s net profit compared to last year to strong airline division sales. Net profit increased by 15% in total of which 12% related to revenue growth and 3% because of a decrease in general & administrative expenses.

The increase of Q4-2014’s net profit compared to the same period last year was attributed to revenue’s by 10% with major contribution from strong in-flight catering sales 6 %, Al-Fursan lounges sales 41%, Sky-Sales 16% and non-airline sales 32%. Al-Fursan lounges sales benefitted from new openings in Riyadh and Dammam, main drivers for the substantial increase in non-airline sales were contract wins in remote site management. Gross profit increased by 3% in line with the total segmental revenue increase. Net profit increased by 36% mainly because of the strong topline growth and various releases of cost provisions.

The increase of Q4’s net profit compared to the previous quarter (Q3-2014) was attributed to savings in general and administrative expenses and the increase of other revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	480.37	535.38	11.4 %
Gross Income	177.54	183.34	3.3 %
Operating Income	122.86	164.68	34.0 %
Net Income	127.19	172.83	35.9 %
Average Shares	82.00	82.00	-
EPS (Riyals)	1.55	2.11	35.9 %

Item	Q3 2014	Q4 2014	Change‬
Revenues	552.54	535.38	(3.1 %)
Gross Income	188.03	183.34	(2.5 %)
Operating Income	152.15	164.68	8.2 %
Net Income	154.98	172.83	11.5 %
Average Shares	82.00	82.00	-
EPS (Riyals)	1.89	2.11	11.5 %

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Share Price

CATRION Catering Holding Co. (CATRION)

	Current
Market Cap (M Riyal)	9,807.20
Enterprise Value (EV) (M)	9,459.90
Shares Outstanding ((M))	82.00
EPS ( Riyal) (TTM)	3.94
Book Value (BV) ( Riyal)	16.53
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	30.79
P/E (TTM)	30.32
Price/book	7.24
Return on Average Assets (%) (TTM)	14.2
Return on Average Equity (%) (TTM)	25.2

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	1,022.66	-	443.86	-	268.84	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	1,031.85	0.9 %	457.64	3.1 %	324.98	20.9 %
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	1,193.16	15.6 %	545.41	19.2 %	413.99	27.4 %
Q1 2011	291.44	-	119.72	-	87.39	-
Q2 2011	367.89	-	142.32	-	102.45	-
Q3 2011	390.62	-	149.44	-	120.72	-
Q4 2011	415.32	-	146.99	-	108.09	-
2011	1,465.27	22.8 %	558.46	2.4 %	418.64	1.1 %
Q1 2012	383.78	31.7 %	141.44	18.1 %	104.69	19.8 %
Q2 2012	414.28	12.6 %	176.80	24.2 %	142.42	39.0 %
Q3 2012	442.45	13.3 %	156.70	4.9 %	132.87	10.1 %
Q4 2012	446.89	7.6 %	153.06	4.1 %	126.80	17.3 %
2012	1,687.39	15.2 %	628.00	12.5 %	506.78	21.1 %
Q1 2013	451.52	17.7 %	169.80	20.0 %	139.05	32.8 %
Q2 2013	475.08	14.7 %	188.40	6.6 %	157.36	10.5 %
Q3 2013	460.52	4.1 %	156.18	(0.3 %)	126.55	(4.8 %)
Q4 2013	480.37	7.5 %	177.54	16.0 %	122.86	(3.1 %)
2013	1,867.50	10.7 %	691.92	10.2 %	545.81	7.7 %
Q1 2014	496.69	10.0 %	195.56	15.2 %	155.75	12.0 %
Q2 2014	551.34	16.1 %	207.65	10.2 %	160.75	2.2 %
Q3 2014	552.54	20.0 %	188.03	20.4 %	152.15	20.2 %
Q4 2014	535.38	11.4 %	183.34	3.3 %	164.68	34.0 %
2014	2,135.94	14.4 %	774.58	11.9 %	633.33	16.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	1,022.66	-	443.86	-	268.84	-
2009	1,031.85	0.9 %	457.64	3.1 %	324.98	20.9 %
2010	1,193.16	15.6 %	545.41	19.2 %	413.99	27.4 %
2011	1,465.27	22.8 %	558.46	2.4 %	418.64	1.1 %
2012	1,687.39	15.2 %	628.00	12.5 %	506.78	21.1 %
2013	1,867.50	10.7 %	691.92	10.2 %	545.81	7.7 %
2014	2,135.94	14.4 %	774.58	11.9 %	633.33	16.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	270.02	-	3.29	-	270.02	3.29
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	322.90	19.6 %	3.94	-	322.90	3.94
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	417.09	29.2 %	5.09	-	417.09	5.09
Q1 2011	87.44	-	1.07	-	87.44	1.07
Q2 2011	102.75	-	1.25	-	102.75	1.25
Q3 2011	121.12	-	1.48	-	121.12	1.48
Q4 2011	109.25	-	1.33	-	109.25	1.33
2011	420.56	0.8 %	5.13	-	420.56	5.13
Q1 2012	105.92	21.1 %	1.29	-	105.92	1.29
Q2 2012	143.12	39.3 %	1.75	-	143.12	1.75
Q3 2012	134.18	10.8 %	1.64	-	134.18	1.64
Q4 2012	103.83	(5.0 %)	1.27	(22.80)	126.63	1.54
2012	487.05	15.8 %	5.94	(22.80)	509.85	6.22
Q1 2013	140.75	32.9 %	1.72	-	140.75	1.72
Q2 2013	167.99	17.4 %	2.05	-	167.99	2.05
Q3 2013	133.43	(0.6 %)	1.63	-	133.43	1.63
Q4 2013	127.19	22.5 %	1.55	-	127.19	1.55
2013	569.35	16.9 %	6.94	-	569.35	6.94
Q1 2014	161.78	14.9 %	1.97	-	161.78	1.97
Q2 2014	164.35	(2.2 %)	2.00	-	164.35	2.00
Q3 2014	154.98	16.1 %	1.89	-	154.98	1.89
Q4 2014	172.83	35.9 %	2.11	-	172.83	2.11
2014	653.93	14.9 %	7.97	-	653.93	7.97

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	270.02	-	3.29	-	270.02	3.29
2009	322.90	19.6 %	3.94	-	322.90	3.94
2010	417.09	29.2 %	5.09	-	417.09	5.09
2011	420.56	0.8 %	5.13	-	420.56	5.13
2012	487.05	15.8 %	5.94	(22.80)	509.85	6.22
2013	569.35	16.9 %	6.94	-	569.35	6.94
2014	653.93	14.9 %	7.97	-	653.93	7.97

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	43.40 %	28.45 %	26.40 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	44.35 %	33.32 %	31.29 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	45.71 %	36.09 %	34.96 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	38.11 %	29.12 %	28.70 %
2011	38.11 %	29.67 %	28.70 %
Q1 2012	37.25 %	28.79 %	28.19 %
Q2 2012	38.32 %	30.72 %	29.89 %
Q3 2012	37.56 %	30.51 %	29.74 %
Q4 2012	37.22 %	30.97 %	30.22 %
2012	37.22 %	30.97 %	30.22 %
Q1 2013	37.40 %	31.70 %	31.03 %
Q2 2013	36.78 %	31.44 %	31.36 %
Q3 2013	36.39 %	30.76 %	31.01 %
Q4 2013	37.05 %	30.06 %	30.49 %
2013	37.05 %	30.06 %	30.49 %
Q1 2014	37.52 %	30.23 %	30.87 %
Q2 2014	37.05 %	29.28 %	29.50 %
Q3 2014	36.94 %	29.26 %	29.23 %
Q4 2014	36.26 %	30.52 %	30.62 %
2014	36.26 %	30.52 %	30.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	43.40 %	28.45 %	26.40 %
2009	44.35 %	33.32 %	31.29 %
2010	45.71 %	36.09 %	34.96 %
2011	38.11 %	29.67 %	28.70 %
2012	37.22 %	30.97 %	30.22 %
2013	37.05 %	30.06 %	30.49 %
2014	36.26 %	30.52 %	30.62 %

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	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	41.08 %	-	30.00 %
Q2 2011	38.68 %	27.85 %	27.93 %
Q3 2011	38.26 %	31.93 %	31.01 %
Q4 2011	35.39 %	27.00 %	26.31 %
Q1 2012	36.85 %	28.44 %	27.60 %
Q2 2012	42.68 %	35.41 %	34.55 %
Q3 2012	35.42 %	31.00 %	30.33 %
Q4 2012	34.25 %	29.01 %	28.34 %
Q1 2013	37.61 %	31.64 %	31.17 %
Q2 2013	39.66 %	33.93 %	35.36 %
Q3 2013	33.91 %	28.33 %	28.97 %
Q4 2013	36.96 %	26.39 %	26.48 %
Q1 2014	39.37 %	32.18 %	32.57 %
Q2 2014	37.66 %	29.98 %	29.81 %
Q3 2014	34.03 %	28.40 %	28.05 %
Q4 2014	34.24 %	31.71 %	32.28 %

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	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	82.00	-	-	-
Q2 2011	82.00	-	-	11.27
Q3 2011	82.00	-	-	11.72
Q4 2011	82.00	5.13	5.13	11.96
Q1 2012	82.00	5.35	5.35	11.71
Q2 2012	82.00	5.85	5.85	13.29
Q3 2012	82.00	6.01	6.01	12.81
Q4 2012	82.00	5.94	6.22	12.95
Q1 2013	82.00	6.36	6.64	14.51
Q2 2013	82.00	6.67	6.95	13.71
Q3 2013	82.00	6.66	6.94	13.95
Q4 2013	82.00	6.94	6.94	14.13
Q1 2014	82.00	7.20	7.20	14.27
Q2 2014	82.00	7.16	7.16	14.65
Q3 2014	82.00	7.42	7.42	14.67
Q4 2014	82.00	7.97	7.97	14.95

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	82.00	3.29	3.29	4.29
2009	82.00	3.94	3.94	5.38
2010	82.00	5.09	5.09	10.04
2011	82.00	5.13	5.13	11.96
2012	82.00	5.94	6.22	12.95
2013	82.00	6.94	6.94	14.13
2014	82.00	7.97	7.97	14.95

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	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	12.15	12.15	5.70
Q4 2012	13.13	12.54	6.02
Q1 2013	14.22	13.62	6.24
Q2 2013	17.51	16.81	8.51
Q3 2013	19.45	18.67	9.28
Q4 2013	20.38	20.38	10.01
Q1 2014	21.88	21.88	11.03
Q2 2014	24.03	24.03	11.74
Q3 2014	25.61	25.61	12.95
Q4 2014	23.31	23.31	12.44

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	13.13	12.54	6.02
2013	20.38	20.38	10.01
2014	23.31	23.31	12.44

Business Segments (Million)

Compared With The

Period	Catering services	sky sales
Q3 2011	350.94	39.69
Q4 2011	376.62	38.70
Q1 2012	341.57	42.21
Q2 2012	370.97	43.32
Q3 2012	397.83	44.62
Q4 2012	400.15	46.74
Q1 2013	404.18	47.34
Q2 2013	427.16	47.92
Q3 2013	414.59	45.93
Q4 2013	432.60	47.77
Q1 2014	447.67	49.02
Q2 2014	498.34	53.00
Q3 2014	500.86	51.68
Q4 2014	479.68	55.70

Period	Catering services	sky sales
2010	1,082.45	110.71
2011	1,318.22	147.05
2012	1,510.51	176.87
2013	1,678.53	188.97
2014	1,926.55	209.39

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	168.60	172.83	2.51 %

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
Alistithmar Capital	168.60	172.83	2.5 %

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Airlines Catering’s 2014 net profit up 15% to SAR 653.9 mln

Financials (M)

Current Quarter Comparison (M)

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CATRION Catering Holding Co. (CATRION)

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Financial results (Million)

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Profit Performance (Million)

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Airlines Catering’s 2014 net profit up 15% to SAR 653.9 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

CATRION Catering Holding Co. (CATRION)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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