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Thob Al Aseel posts SAR 57 mln profit in 2018
24/02/2019
Argaam Exclusive
Thob Al Aseel Co. reported a net profit of SAR 56.61 million for fiscal year 2018.
There are no previously recorded figures for a year-on-year comparison, as the company converted into a joint stock firm on Sept. 5, 2016.
Financials (M)
| Item | 2017 | 2018 | Change |
|---|---|---|---|
| Revenues | 569.53 | 377.37 | (33.7 %) |
| Gross Income | 218.72 | 143.35 | (34.5 %) |
| Operating Income | 126.34 | 72.97 | (42.2 %) |
| Net Income | 114.76 | 56.61 | (50.7 %) |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.29 | 0.14 | (50.7 %) |
Net profit after zakat and tax for fourth quarter was SAR 2.3 million, rising 22.9 percent YoY, due to the cost-efficiency strategy.
The company also cited a 28.75 percent decline in selling, distribution, general and administrative expenses during the same period.
On quarter-on-quarter basis, profit for the period increased 32.95 percent on a 24.37 percent leap in sales due to seasonal factors.
Current Quarter Comparison (M)
| Item | Q4 2017 | Q4 2018 | Change |
|---|---|---|---|
| Revenues | 104.47 | 76.10 | (27.2 %) |
| Gross Income | 37.04 | 27.37 | (26.1 %) |
| Operating Income | 12.42 | 10.24 | (17.6 %) |
| Net Income | 1.88 | 2.30 | 22.5 % |
| Average Shares | 400.00 | 400.00 | - |
| EPS (Riyals) | 0.00 | 0.01 | 22.5 % |
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| Current | |
| Market Cap (M Riyal) | 1,672.00 |
| Enterprise Value (EV) (M) | 1,580.67 |
| Shares Outstanding ((M)) | 400.00 |
| EPS ( Riyal) (TTM) | 0.21 |
| Book Value (BV) ( Riyal) | 1.45 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 19.96 |
| P/E (TTM) | 19.96 |
| Price/book | 2.87 |
| Return on Average Assets (%) (TTM) | 12.2 |
| Return on Average Equity (%) (TTM) | 14.5 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2018 | 82.47 | (56.3 %) | 32.33 | (54.0 %) | 16.56 | (59.0 %) |
| Q2 2018 | 157.61 | (25.0 %) | 61.10 | (29.7 %) | 41.77 | (34.4 %) |
| Q3 2018 | 61.19 | (7.8 %) | 22.54 | (7.9 %) | 4.40 | (55.5 %) |
| Q4 2018 | 76.10 | (27.2 %) | 27.37 | (26.1 %) | 10.24 | (17.6 %) |
| 2018 | 377.37 | (33.7 %) | 143.35 | (34.5 %) | 72.97 | (42.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2018 | 14.16 | (65.6 %) | 0.04 | - | 14.16 | 0.04 |
| Q2 2018 | 38.43 | (39.4 %) | 0.10 | - | 38.43 | 0.10 |
| Q3 2018 | 1.73 | (79.1 %) | 0.00 | - | 1.73 | 0.00 |
| Q4 2018 | 2.30 | 22.5 % | 0.01 | (3.40) | 5.69 | 0.01 |
| 2018 | 56.61 | (50.7 %) | 0.14 | (3.40) | 60.01 | 0.15 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2018 | 39.00 % | 22.79 % | 19.83 % |
| Q2 2018 | 37.71 % | 20.25 % | 16.29 % |
| Q3 2018 | 37.71 % | 19.16 % | 14.88 % |
| Q4 2018 | 37.99 % | 20.11 % | 15.90 % |
| 2018 | 37.99 % | 20.11 % | 15.90 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2018 | 400.00 | 0.22 | 0.23 | 1.39 |
| Q2 2018 | 400.00 | 0.16 | 0.17 | 1.34 |
| Q3 2018 | 400.00 | 0.14 | 0.15 | 1.34 |
| Q4 2018 | 400.00 | 0.14 | 0.15 | 1.27 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2018 | 10.35 | 9.88 | 1.63 |
| Q2 2018 | 14.64 | 13.72 | 1.72 |
| Q3 2018 | 13.62 | 12.67 | 1.43 |
| Q4 2018 | 10.94 | 10.32 | 1.22 |
Business Segments (Million)
Q4 2018
| Period | Clothing sector | Textiles sector | Eliminations |
|---|---|---|---|
| Q1 2018 | 60.01 | 22.46 | - |
| Q2 2018 | 124.16 | 33.44 | - |
| Q3 2018 | 50.54 | 10.65 | - |
| Q4 2018 | 55.01 | 21.09 | - |
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