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SACO’s net profit edges up 0.1% in FY16
16/01/2017
Argaam Exclusive
Saudi Company for Hardware (SACO) reported a net profit of SAR 126.2 million for the fiscal year 2016, a 0.1 percent rise year-on-year (YoY) on higher sales and an increase in the number of showrooms.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 1,276.91 | 1,324.09 | 3.7 % |
| Gross Income | 259.52 | 260.60 | 0.4 % |
| Operating Income | 131.95 | 141.89 | 7.5 % |
| Net Income | 126.11 | 128.97 | 2.3 % |
| Average Shares | 36.00 | 36.00 | - |
| Earnings Per Share before unusual items | 3.38 | 3.58 | 6.0 % |
| EPS (Riyals) | 3.50 | 3.58 | 2.3 % |
The company’s fourth-quarter net profit jumped 9.2 percent YoY to SAR 41.4 million, on the back of higher sales along with lower selling and marketing expenses.
When compared to the previous quarter, net profit surged 103.2 percent.
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 352.74 | 384.42 | 9.0 % |
| Gross Income | 68.22 | 75.76 | 11.1 % |
| Operating Income | 36.35 | 46.70 | 28.5 % |
| Net Income | 37.91 | 42.14 | 11.2 % |
| Average Shares | 36.00 | 36.00 | - |
| Earnings Per Share before unusual items | 0.93 | 1.17 | 26.1 % |
| EPS (Riyals) | 1.05 | 1.17 | 11.2 % |
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Share Price
Saudi Company for Hardware (SACO)
| Current | |
| Market Cap (M Riyal) | 1,085.40 |
| Enterprise Value (EV) (M) | 1,225.41 |
| Shares Outstanding ((M)) | 36.00 |
| EPS ( Riyal) (TTM) | (0.39) |
| Book Value (BV) ( Riyal) | 9.06 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| P/E (TTM) | NEG |
| Price/book | 3.33 |
| Return on Average Assets (%) (TTM) | (1.18 ) |
| Return on Average Equity (%) (TTM) | (4.20 ) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 309.45 | 35.3 % | 66.55 | 20.0 % | 36.28 | 27.3 % |
| Q2 2015 | 349.36 | 18.9 % | 73.02 | (2.4 %) | 38.39 | (1.1 %) |
| Q3 2015 | 265.36 | 6.7 % | 51.73 | (7.6 %) | 20.93 | 10.9 % |
| Q4 2015 | 352.74 | 12.4 % | 68.22 | 4.6 % | 36.35 | 7.1 % |
| 2015 | 1,276.91 | 17.7 % | 259.52 | 3.2 % | 131.95 | 9.8 % |
| Q1 2016 | 303.21 | (2.0 %) | 60.75 | (8.7 %) | 31.85 | (12.2 %) |
| Q2 2016 | 351.49 | 0.6 % | 71.59 | (2.0 %) | 39.81 | 3.7 % |
| Q3 2016 | 284.97 | 7.4 % | 52.50 | 1.5 % | 23.54 | 12.4 % |
| Q4 2016 | 384.42 | 9.0 % | 75.76 | 11.1 % | 46.70 | 28.5 % |
| 2016 | 1,324.09 | 3.7 % | 260.60 | 0.4 % | 141.89 | 7.5 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2015 | 33.83 | 32.0 % | 0.94 | - | 33.83 | 0.94 |
| Q2 2015 | 35.87 | (4.8 %) | 1.00 | - | 35.87 | 1.00 |
| Q3 2015 | 18.50 | 11.4 % | 0.51 | - | 18.50 | 0.51 |
| Q4 2015 | 37.91 | 26.0 % | 1.05 | 4.49 | 33.42 | 0.93 |
| 2015 | 126.11 | 14.6 % | 3.50 | 4.49 | 121.62 | 3.38 |
| Q1 2016 | 28.72 | (15.1 %) | 0.80 | - | 28.72 | 0.80 |
| Q2 2016 | 37.05 | 3.3 % | 1.03 | - | 37.05 | 1.03 |
| Q3 2016 | 21.06 | 13.9 % | 0.59 | - | 21.06 | 0.59 |
| Q4 2016 | 42.14 | 11.2 % | 1.17 | - | 42.14 | 1.17 |
| 2016 | 128.97 | 2.3 % | 3.58 | - | 128.97 | 3.58 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 19.97 % | 12.41 % | 9.17 % |
| Q2 2016 | 19.82 % | 12.49 % | 9.25 % |
| Q3 2016 | 19.58 % | 12.51 % | 9.30 % |
| Q4 2016 | 19.68 % | 13.01 % | 9.74 % |
| 2016 | 19.68 % | 13.01 % | 9.74 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 36.00 | 3.36 | 3.24 | 13.29 |
| Q2 2016 | 36.00 | 3.39 | 3.27 | 13.32 |
| Q3 2016 | 36.00 | 3.47 | 3.34 | 13.90 |
| Q4 2016 | 36.00 | 3.58 | 3.58 | 14.07 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 17.03 | 17.69 | 4.31 |
| Q2 2016 | 17.42 | 18.08 | 4.44 |
| Q3 2016 | 11.62 | 12.06 | 2.90 |
| Q4 2016 | 15.89 | 15.89 | 4.04 |
Business Segments (Million)
Q4 2016
| Period | Sales and Services | Logistics services | Retail sector | Wholesale sector |
|---|---|---|---|---|
| Q1 2016 | 303.21 | - | - | - |
| Q2 2016 | 351.49 | - | - | - |
| Q3 2016 | 284.97 | - | - | - |
| Q4 2016 | 382.52 | - | - | - |
Analysts Estimates (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| Average | 33.70 | 42.14 | 25.03 % |
Estimates vs Actual (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 36.00 | 42.14 | 17.0 % |
| OSOOL AND BAKHEET | 31.40 | 42.14 | 34.2 % |
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