Saudi Telecom’s net profit dips 8% in FY16

Saudi Telecom’s net profit dips 8% in FY16

19/01/2017 Argaam Exclusive

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Saudi Telecom Co. (STC) reported a net profit of SAR 8.5 billion for the fiscal year 2016, a decrease of 7.8 percent year-on-year (YoY), on higher cost of services, operating expenses and a decline in other income.



Financials (M)

Item 2015 2016 Change‬
Revenues 50,650.61 53,678.34 6.0 %
Gross Income 30,344.82 28,687.78 (5.5 %)
Operating Income 11,859.28 9,951.09 (16.1 %)
Net Income 9,258.43 8,898.86 (3.9 %)
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.85 1.78 (3.9 %)

Net profit for the fourth quarter grew by 10.3 percent YoY to SAR 2.2 billion, driven by lower service costs and operating expenses. In addition, the telecom operator recorded SAR 76 million gains from investments accounted for under equity method, 

 

When compared to Q3-2016, net profit inched up 0.1 percent from SAR 2.14 billion. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 13,246.19 13,010.95 (1.8 %)
Gross Income 8,010.86 7,023.48 (12.3 %)
Operating Income 2,554.39 1,828.54 (28.4 %)
Net Income 1,950.49 2,083.16 6.8 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.39 0.42 6.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 8,320.06 (2.3 %) 6,049.33 (5.2 %) 2,795.36 (16.3 %)
Q2 2007 8,444.00 (2.1 %) 6,405.60 (3.2 %) 3,101.68 (7.4 %)
Q3 2007 8,058.58 (4.1 %) 5,828.60 (4.4 %) 3,203.65 6.4 %
Q4 2007 9,635.17 16.9 % 6,922.61 17.0 % 2,969.64 21.3 %
Q1 2008 9,574.71 15.1 % 7,212.79 19.2 % 3,247.65 16.2 %
Q2 2008 12,030.46 42.5 % 9,094.79 42.0 % 3,683.54 18.8 %
Q3 2008 13,537.76 68.0 % 10,392.71 78.3 % 3,955.84 23.5 %
Q4 2008 12,326.44 27.9 % 9,096.55 31.4 % 4,448.11 49.8 %
Q1 2009 12,142.78 26.8 % 7,912.55 9.7 % 3,836.49 18.1 %
Q2 2009 12,674.12 5.4 % 7,723.03 (15.1 %) 3,228.40 (12.4 %)
Q3 2009 12,934.24 (4.5 %) 7,754.81 (25.4 %) 3,111.64 (21.3 %)
Q4 2009 13,028.94 5.7 % 7,610.31 (16.3 %) 2,637.05 (40.7 %)
Q1 2010 12,519.63 3.1 % 7,159.87 (9.5 %) 2,353.28 (38.7 %)
Q2 2010 12,591.24 (0.7 %) 7,334.89 (5.0 %) 2,344.84 (27.4 %)
Q3 2010 13,232.39 2.3 % 7,884.82 1.7 % 3,254.86 4.6 %
Q4 2010 13,443.57 3.2 % 7,943.03 4.4 % 3,025.33 14.7 %
Q1 2011 13,076.30 4.4 % 7,488.43 4.6 % 2,668.75 13.4 %
Q2 2011 13,879.67 10.2 % 7,951.89 8.4 % 2,782.89 18.7 %
Q3 2011 14,015.11 5.9 % 8,073.04 2.4 % 3,000.18 (7.8 %)
Q4 2011 14,691.00 9.3 % 7,814.90 (1.6 %) 2,719.20 (10.1 %)
Q1 2012 11,067.36 (15.4 %) 6,329.04 (15.5 %) 2,675.36 0.2 %
Q2 2012 11,013.03 (20.7 %) 6,352.24 (20.1 %) 2,617.31 (6.0 %)
Q3 2012 11,429.91 (18.4 %) 6,459.29 (20.0 %) 2,470.09 (17.7 %)
Q4 2012 11,234.77 (23.5 %) 6,121.14 (21.7 %) 2,173.79 (20.1 %)
Q1 2013 11,473.88 3.7 % 6,494.46 2.6 % 2,717.94 1.6 %
Q2 2013 11,433.47 3.8 % 6,733.78 6.0 % 3,195.05 22.1 %
Q3 2013 11,426.85 0.0 % 7,193.36 11.4 % 3,377.39 36.7 %
Q4 2013 11,270.43 0.3 % 6,991.64 14.2 % 2,801.88 28.9 %
Q1 2014 10,782.89 (6.0 %) 6,211.34 (4.4 %) 2,665.78 (1.9 %)
Q2 2014 11,722.00 2.5 % 7,023.53 4.3 % 2,961.46 (7.3 %)
Q3 2014 11,754.61 2.9 % 7,620.88 5.9 % 3,540.12 4.8 %
Q4 2014 11,848.40 5.1 % 7,300.50 4.4 % 2,782.99 (0.7 %)
Q1 2015 12,473.48 15.7 % 7,543.92 21.5 % 3,379.74 26.8 %
Q2 2015 12,222.15 4.3 % 7,164.16 2.0 % 2,963.44 0.1 %
Q3 2015 12,894.71 9.7 % 7,624.10 0.0 % 3,038.06 (14.2 %)
Q4 2015 13,246.19 11.8 % 8,010.86 9.7 % 2,554.39 (8.2 %)
Q1 2016 13,228.62 6.1 % 7,076.10 (6.2 %) 2,856.43 (15.5 %)
Q2 2016 13,412.97 9.7 % 7,470.82 4.3 % 2,863.30 (3.4 %)
Q3 2016 14,025.79 8.8 % 7,117.39 (6.6 %) 2,402.82 (20.9 %)
Q4 2016 13,010.95 (1.8 %) 7,023.48 (12.3 %) 1,828.54 (28.4 %)
2016 53,678.34 6.0 % 28,687.78 (5.5 %) 9,951.09 (16.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 2,719.17 (20.4 %) 0.54 (4.57) 2,723.75 0.54
Q2 2007 3,102.76 (8.6 %) 0.62 (28.55) 3,131.31 0.63
Q3 2007 3,140.03 (1.9 %) 0.63 (3.48) 3,143.51 0.63
Q4 2007 3,059.78 9.8 % 0.61 17.36 3,042.42 0.61
Q1 2008 3,029.27 11.4 % 0.61 3.90 3,025.37 0.61
Q2 2008 3,839.88 23.8 % 0.77 (2.33) 3,842.21 0.77
Q3 2008 3,012.33 (4.1 %) 0.60 (410.57) 3,422.90 0.68
Q4 2008 1,156.37 (62.2 %) 0.23 (10.55) 1,166.92 0.23
Q1 2009 2,487.75 (17.9 %) 0.50 (138.72) 2,626.47 0.53
Q2 2009 2,990.22 (22.1 %) 0.60 21.49 2,968.73 0.59
Q3 2009 2,402.62 (20.2 %) 0.48 (12.27) 2,414.88 0.48
Q4 2009 2,982.78 157.9 % 0.60 703.68 2,279.09 0.46
Q1 2010 1,772.03 (28.8 %) 0.35 (10.07) 1,782.10 0.36
Q2 2010 2,061.99 (31.0 %) 0.41 (21.59) 2,083.58 0.42
Q3 2010 3,316.80 38.0 % 0.66 936.80 2,380.00 0.48
Q4 2010 2,285.51 (23.4 %) 0.46 763.95 1,521.56 0.30
Q1 2011 1,573.12 (11.2 %) 0.31 172.87 1,400.25 0.28
Q2 2011 2,256.37 9.4 % 0.45 (2.55) 2,258.91 0.45
Q3 2011 1,562.48 (52.9 %) 0.31 53.66 1,508.81 0.30
Q4 2011 2,336.69 2.2 % 0.47 427.98 1,908.70 0.38
Q1 2012 2,521.16 60.3 % 0.50 (3.81) 2,524.97 0.50
Q2 2012 2,407.57 6.7 % 0.48 (4.56) 2,412.13 0.48
Q3 2012 1,953.80 25.0 % 0.39 (33.58) 1,987.37 0.40
Q4 2012 393.44 (83.2 %) 0.08 (190.25) 583.68 0.12
Q1 2013 1,549.96 (38.5 %) 0.31 (226.53) 1,776.50 0.36
Q2 2013 1,428.95 (40.6 %) 0.29 (1146.75) 2,575.70 0.52
Q3 2013 3,385.59 73.3 % 0.68 39.29 3,346.30 0.67
Q4 2013 3,532.57 797.9 % 0.71 487.51 3,045.06 0.61
Q1 2014 2,390.94 54.3 % 0.48 0.64 2,390.29 0.48
Q2 2014 2,803.35 96.2 % 0.56 (50.57) 2,853.92 0.57
Q3 2014 3,371.75 (0.4 %) 0.67 2.86 3,368.89 0.67
Q4 2014 2,442.39 (30.9 %) 0.49 157.79 2,284.60 0.46
Q1 2015 2,503.58 4.7 % 0.50 (45.68) 2,549.25 0.51
Q2 2015 2,558.33 (8.7 %) 0.51 (55.28) 2,613.61 0.52
Q3 2015 2,322.15 (31.1 %) 0.46 (88.53) 2,410.68 0.48
Q4 2015 1,950.49 (20.1 %) 0.39 98.04 1,852.45 0.37
Q1 2016 2,396.58 (4.3 %) 0.48 (79.24) 2,475.82 0.50
Q2 2016 2,202.19 (13.9 %) 0.44 6.48 2,195.70 0.44
Q3 2016 2,216.94 (4.5 %) 0.44 (40.79) 2,257.72 0.45
Q4 2016 2,083.16 6.8 % 0.42 103.34 1,979.82 0.40
2016 8,898.86 (3.9 %) 1.78 (10.21) 8,909.07 1.78

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 73.47 % 46.01 % 35.94 %
Q2 2007 73.24 % 45.58 % 35.35 %
Q3 2007 73.19 % 46.72 % 35.63 %
Q4 2007 73.15 % 46.92 % 34.94 %
Q1 2008 73.84 % 47.70 % 34.56 %
Q2 2008 73.94 % 46.06 % 33.22 %
Q3 2008 75.09 % 44.13 % 29.78 %
Q4 2008 75.41 % 45.80 % 24.14 %
Q1 2009 72.94 % 45.51 % 22.10 %
Q2 2009 69.31 % 44.94 % 20.10 %
Q3 2009 64.87 % 44.00 % 18.33 %
Q4 2009 61.05 % 40.59 % 20.26 %
Q1 2010 59.13 % 38.04 % 18.46 %
Q2 2010 58.46 % 36.87 % 16.76 %
Q3 2010 58.38 % 37.29 % 16.59 %
Q4 2010 58.55 % 37.89 % 15.00 %
Q1 2011 58.56 % 38.16 % 14.11 %
Q2 2011 58.30 % 38.33 % 14.10 %
Q3 2011 57.81 % 37.38 % 12.29 %
Q4 2011 56.28 % 35.98 % 12.71 %
Q1 2012 56.23 % 36.23 % 15.29 %
Q2 2012 56.25 % 36.51 % 16.45 %
Q3 2012 55.92 % 36.12 % 18.33 %
Q4 2012 56.46 % 36.37 % 16.78 %
Q1 2013 56.32 % 36.28 % 14.97 %
Q2 2013 56.63 % 37.08 % 15.19 %
Q3 2013 58.25 % 39.08 % 18.18 %
Q4 2013 60.11 % 40.50 % 23.56 %
Q1 2014 60.41 % 41.03 % 25.29 %
Q2 2014 60.66 % 40.71 % 25.74 %
Q3 2014 61.16 % 41.37 % 25.61 %
Q4 2014 61.07 % 41.16 % 23.64 %
Q1 2015 61.69 % 41.53 % 23.13 %
Q2 2015 61.35 % 41.33 % 22.39 %
Q3 2015 59.94 % 39.46 % 19.94 %
Q4 2015 59.69 % 38.10 % 18.54 %
Q1 2016 57.91 % 36.88 % 18.13 %
Q2 2016 57.18 % 36.19 % 16.93 %
Q3 2016 55.04 % 34.38 % 16.29 %
Q4 2016 53.44 % 33.59 % 16.60 %
2016 53.44 % 33.59 % 16.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 5,000.00 2.42 2.41 6.78
Q2 2007 5,000.00 2.36 2.36 6.90
Q3 2007 5,000.00 2.35 2.36 7.02
Q4 2007 5,000.00 2.40 2.41 7.18
Q1 2008 5,000.00 2.47 2.47 7.31
Q2 2008 5,000.00 2.61 2.61 7.65
Q3 2008 5,000.00 2.59 2.67 7.78
Q4 2008 5,000.00 2.21 2.29 7.53
Q1 2009 5,000.00 2.10 2.21 7.48
Q2 2009 5,000.00 1.93 2.04 7.90
Q3 2009 5,000.00 1.81 1.84 8.13
Q4 2009 5,000.00 2.17 2.06 8.41
Q1 2010 5,000.00 2.03 1.89 8.50
Q2 2010 5,000.00 1.84 1.71 8.45
Q3 2010 5,000.00 2.03 1.70 8.94
Q4 2010 5,000.00 1.89 1.55 9.00
Q1 2011 5,000.00 1.85 1.48 9.05
Q2 2011 5,000.00 1.89 1.51 9.26
Q3 2011 5,000.00 1.54 1.34 9.15
Q4 2011 5,000.00 1.55 1.42 9.38
Q1 2012 5,000.00 1.74 1.64 9.81
Q2 2012 5,000.00 1.77 1.67 10.03
Q3 2012 5,000.00 1.84 1.77 10.34
Q4 2012 5,000.00 1.46 1.50 10.27
Q1 2013 5,000.00 1.26 1.35 10.34
Q2 2013 5,000.00 1.07 1.38 10.39
Q3 2013 5,000.00 1.35 1.66 10.81
Q4 2013 5,000.00 1.98 2.15 11.25
Q1 2014 5,000.00 2.15 2.27 11.40
Q2 2014 5,000.00 2.42 2.33 11.74
Q3 2014 5,000.00 2.42 2.33 12.04
Q4 2014 5,000.00 2.20 2.18 12.08
Q1 2015 5,000.00 2.22 2.21 12.06
Q2 2015 5,000.00 2.18 2.16 12.13
Q3 2015 5,000.00 1.97 1.97 12.07
Q4 2015 5,000.00 1.87 1.89 12.11
Q1 2016 5,000.00 1.85 1.87 11.94
Q2 2016 5,000.00 1.77 1.79 11.88
Q3 2016 5,000.00 1.75 1.76 11.90
Q4 2016 5,000.00 1.78 1.78 11.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 10.49 10.52 3.75
Q2 2007 9.86 9.86 3.38
Q3 2007 11.02 10.99 3.69
Q4 2007 13.93 13.91 4.67
Q1 2008 10.01 10.01 3.38
Q2 2008 9.26 9.27 3.16
Q3 2008 9.93 9.64 3.30
Q4 2008 8.90 8.57 2.61
Q1 2009 7.60 7.22 2.13
Q2 2009 10.68 10.11 2.61
Q3 2009 11.12 10.95 2.47
Q4 2009 8.12 8.57 2.10
Q1 2010 9.36 10.06 2.24
Q2 2010 8.18 8.81 1.78
Q3 2010 7.64 9.08 1.73
Q4 2010 9.03 10.97 1.89
Q1 2011 8.34 10.43 1.70
Q2 2011 7.72 9.63 1.57
Q3 2011 8.86 10.17 1.49
Q4 2011 8.75 9.55 1.44
Q1 2012 9.40 9.95 1.66
Q2 2012 8.95 9.46 1.57
Q3 2012 8.61 8.99 1.54
Q4 2012 11.90 11.53 1.69
Q1 2013 12.44 11.60 1.52
Q2 2013 14.98 11.53 1.54
Q3 2013 12.78 10.43 1.60
Q4 2013 10.81 9.96 1.90
Q1 2014 12.29 11.62 2.32
Q2 2014 11.02 11.47 2.27
Q3 2014 12.29 12.76 2.47
Q4 2014 11.94 12.06 2.18
Q1 2015 11.29 11.35 2.08
Q2 2015 12.41 12.48 2.23
Q3 2015 12.47 12.43 2.03
Q4 2015 14.66 14.52 2.26
Q1 2016 13.92 13.74 2.15
Q2 2016 14.52 14.41 2.17
Q3 2016 12.69 12.67 1.87
Q4 2016 16.31 16.29 2.42

Business Segments (Million)

Compared With The
Period STC (Saudi arabia) STC channels Company Other operating segments Consolidation adjustments & eliminations GSM Landline DATA Un-allocated
Q1 2009 - - - - 8,203.41 2,276.02 1,641.09 22.26
Q2 2009 - - - - 8,078.78 2,660.90 1,889.14 45.31
Q3 2009 - - - - 8,763.77 2,321.57 1,813.36 35.55
Q4 2009 - - - - 9,042.06 2,027.64 1,903.96 55.28
Q1 2010 - - - - 8,370.42 2,321.45 1,754.34 73.42
Q2 2010 - - - - 8,274.92 2,514.25 1,744.81 57.26
Q3 2010 - - - - 8,698.56 2,678.44 1,744.34 111.06
Q4 2010 - - - - 8,815.84 2,641.88 1,897.42 88.43
Q1 2011 - - - - 8,612.49 2,145.44 2,210.45 107.93
Q2 2011 - - - - 9,300.53 2,165.08 2,279.18 134.88
Q3 2011 - - - - 9,535.33 1,968.75 2,358.25 152.78
Q4 2011 - - - - 10,460.75 2,030.05 2,539.65 (339.46)
Q1 2012 - - - - 7,231.45 3,163.66 775.96 (103.71)
Q2 2012 - - - - 5,953.44 2,773.26 2,747.33 (461.00)
Q3 2012 - - - - 6,321.44 3,061.54 2,038.38 8.55
Q4 2012 - - - - 6,534.06 3,295.52 1,450.81 (45.62)
Q1 2013 - - - - 5,912.96 3,401.35 2,121.21 38.36
Q2 2013 - - - - 6,276.02 3,413.90 1,645.45 98.11
Q3 2013 - - - - 5,947.77 3,195.58 2,156.72 126.77
Q4 2013 - - - - 6,048.69 3,174.74 2,296.23 (249.24)
Q1 2014 - - - - 6,038.19 3,013.96 1,728.00 2.75
Q2 2014 - - - - 6,352.36 3,157.29 2,215.10 (2.75)
Q3 2014 - - - - 6,159.92 2,950.32 2,639.42 4.95
Q4 2014 - - - - 6,070.61 3,035.10 2,471.11 (10.68)
Q1 2015 - - - - 8,440.66 3,066.91 967.15 (1.23)
Q2 2015 - - - - 7,996.74 3,171.23 1,057.86 (3.68)
Q3 2015 - - - - 8,401.59 2,981.61 1,511.66 (0.15)
Q4 2015 - - - - 8,640.52 3,050.16 1,273.82 95.77
Q1 2016 11,140.70 864.25 1,976.63 (752.96) - - - -
Q2 2016 11,759.92 814.10 2,092.28 (1253.32) - - - -
Q3 2016 11,578.66 694.60 2,148.24 (395.70) - - - -
Q4 2016 11,718.75 655.71 1,988.92 (2357.10) - - - -

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 2,085.24 2,083.16 (0.1 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
AlJazira Capital 2,080.30 2,083.16 0.1 %
Value Capital 2,090.20 2,083.16 (0.3) %
OSOOL AND BAKHEET 2,062.00 2,083.16 1.0 %
Al Rajhi Capital 2,134.00 2,083.16 (2.4) %
SNB Capital 2,149.00 2,083.16 (3.1) %
Riyad Capital 2,184.00 2,083.16 (4.6) %
Albilad Capital 1,919.00 2,083.16 8.6 %
Alistithmar Capital 2,301.70 2,083.16 (9.5) %
Sico 1,847.00 2,083.16 12.8 %


Financial Ratios
Current
Market Cap (M Riyal) 198,500.00
Enterprise Value (EV) (M) 192,045.01
Shares Outstanding ((M)) 5,000.00
EPS ( Riyal) (TTM) 2.70
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.39
P/E (TTM) 14.70
Price/book 2.50
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 17.1
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Share Price

Saudi Telecom Co.
39.70
(0.15) (0.38 %)

Saudi Telecom Co. (STC)

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