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Electrical Industries’ net profit plunges 48% in nine-months 2015
19/10/2015
Argaam Exclusive
AI Summary
Electrical Industries Co. (EIC) reported a net profit of SAR 58.22 million for the first nine months of 2015, a 48 percent drop year-on-year (YOY) due to lower sales and higher expenses.
Financials (M)
| Item | 9m 2014 | 9m 2015 | Change |
|---|---|---|---|
| Revenues | 816.55 | 588.29 | (28.0 %) |
| Gross Income | 184.48 | 110.60 | (40.0 %) |
| Operating Income | 122.17 | 60.46 | (50.5 %) |
| Net Income | 112.87 | 58.22 | (48.4 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| Earnings Per Share before unusual items | 0.11 | 0.04 | (58.9 %) |
| EPS (Halala) | 10.03 | 5.17 | (48.4 %) |
The company reported a net income of SAR 9.47 million in Q3 this year, a 25.5 percent drop compared to the same quarter last year.
Current Quarter Comparison (M)
| Item | Q3 2014 | Q3 2015 | Change |
|---|---|---|---|
| Revenues | 164.51 | 191.27 | 16.3 % |
| Gross Income | 32.38 | 32.86 | 1.5 % |
| Operating Income | 15.64 | 14.23 | (9.0 %) |
| Net Income | 12.71 | 9.47 | (25.5 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| Earnings Per Share before unusual items | 0.02 | 0.01 | (55.7 %) |
| EPS (Halala) | 1.13 | 0.84 | (25.5 %) |
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Share Price
Electrical Industries Co. (EIC)
| Current | |
| Market Cap (M Riyal) | 6,817.50 |
| Enterprise Value (EV) (M) | 6,695.01 |
| Shares Outstanding ((M)) | 1,125.00 |
| EPS (Halala) (TTM) | 35.71 |
| Book Value (BV) ( Riyal) | 0.84 |
| Par Value ( Halala) | 50.00 |
| Adjusted P/E (Last12) | 16.11 |
| P/E (TTM) | 16.97 |
| Price/book | 7.21 |
| Return on Average Assets (%) (TTM) | 20.9 |
| Return on Average Equity (%) (TTM) | 47.5 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 346.75 | 13.7 % | 79.63 | 6.0 % | 55.64 | 1.7 % |
| Q2 2014 | 305.29 | (9.9 %) | 72.48 | 36.0 % | 50.89 | 58.1 % |
| Q3 2014 | 164.51 | (39.0 %) | 32.38 | (26.5 %) | 15.64 | (40.5 %) |
| Q4 2014 | 230.30 | (38.0 %) | 67.16 | (28.4 %) | 50.16 | (26.2 %) |
| 2014 | 1,046.86 | (18.5 %) | 251.64 | (5.5 %) | 172.33 | (4.9 %) |
| Q1 2015 | 200.41 | (42.2 %) | 39.30 | (50.6 %) | 22.74 | (59.1 %) |
| Q2 2015 | 196.60 | (35.6 %) | 38.45 | (47.0 %) | 23.49 | (53.8 %) |
| Q3 2015 | 191.27 | 16.3 % | 32.86 | 1.5 % | 14.23 | (9.0 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2014 | 55.49 | 10.2 % | 4.93 | 0.71 | 54.78 | 0.05 |
| Q2 2014 | 44.67 | 64.7 % | 3.97 | 2.28 | 42.39 | 0.04 |
| Q3 2014 | 12.71 | (43.1 %) | 1.13 | (9.26) | 21.97 | 0.02 |
| Q4 2014 | 58.99 | (10.8 %) | 5.24 | 12.90 | 46.09 | 0.04 |
| 2014 | 171.86 | 3.6 % | 15.28 | 6.63 | 165.23 | 0.15 |
| Q1 2015 | 28.79 | (48.1 %) | 2.56 | 6.58 | 22.22 | 0.02 |
| Q2 2015 | 19.96 | (55.3 %) | 1.77 | 2.96 | 17.00 | 0.02 |
| Q3 2015 | 9.47 | (25.5 %) | 0.84 | (0.27) | 9.74 | 0.01 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2015 | 23.47 % | 18.36 % | 14.73 % |
| Q2 2015 | 22.39 % | 17.56 % | 13.55 % |
| Q3 2015 | 21.72 % | 16.86 % | 11.61 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Earnings Per Share before unusual items (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | 1,125.00 | 12.90 | 11.79 | 0.58 |
| Q2 2015 | 1,125.00 | 10.71 | 9.54 | 0.54 |
| Q3 2015 | 1,125.00 | 10.42 | 8.45 | 0.55 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2015 | 17.70 | 19.36 | 3.92 |
| Q2 2015 | 20.77 | 23.32 | 4.12 |
| Q3 2015 | 15.94 | 19.65 | 3.03 |
Business Segments (Million)
Q3 2015
| Period | Manufacturing sector | services segment |
|---|---|---|
| Q1 2015 | 179.38 | 21.03 |
| Q2 2015 | 182.40 | 14.20 |
| Q3 2015 | 181.75 | 9.53 |
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