SIECO turns to SAR 12.6 mln loss in 2019

SIECO turns to SAR 12.6 mln loss in 2019

31/03/2020 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) reported net loss after Zakat and tax of SAR 12.6 million for FY2019, versus net profit of SAR 6.4 million a year earlier, driven by fierce competition and soft demand in the global markets, lower sales volumes and higher general expenses.

 

SIECO narrowed Q4 2019 net losses by 55.7% year-on-year (YoY) to SAR 2.7 million.



Financials (M)

Item 2018 2019 Change‬
Revenues 118.27 68.24 (42.3 %)
Gross Income 1.02 (14.15) (1484.2 %)
Operating Income (7.51) (24.03) (220.2 %)
Net Income 6.43 (26.01) (504.7 %)
Average Shares 16.31 16.31 -
EPS (Riyals) 0.39 (1.60) (504.7 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 26.51 22.33 (15.8 %)
Gross Income (2.72) (11.27) (315.2 %)
Operating Income (5.83) (15.23) (161.1 %)
Net Income (6.13) (16.13) (163.3 %)
Average Shares 16.31 16.31 -
EPS (Riyals) (0.38) (0.99) (163.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 44.77 88.5 % 3.22 1242.1 % 1.03 172.2 % 0.08
Q2 2010 44.28 65.2 % (0.52) (129.2 %) (2.87) (626.6 %) (0.21)
Q3 2010 21.24 (11.0 %) 0.65 (27.0 %) 1.23 182.1 % 0.09
Q4 2010 76.40 183.4 % 5.47 7798.6 % (98.82) 2.7 % (7.35)
Q1 2011 88.59 97.9 % 7.19 123.1 % 5.46 429.6 % 0.41
Q2 2011 110.67 149.9 % 3.56 787.8 % 2.02 170.5 % 0.15
Q3 2011 99.95 370.6 % 1.52 134.7 % 1.62 32.4 % 0.12
Q4 2011 101.13 32.4 % 1.26 (76.9 %) (102.96) (4.2 %) (7.66)
Q1 2012 71.59 (19.2 %) 1.50 (79.1 %) 0.44 (91.9 %) 0.03
Q2 2012 71.98 (35.0 %) 1.77 (50.2 %) 0.51 (74.9 %) 0.04
Q3 2012 88.62 (11.3 %) 1.32 (13.7 %) 1.26 (22.6 %) 0.09
Q4 2012 105.17 4.0 % 2.33 84.6 % (100.37) 2.5 % (7.47)
Q1 2013 85.71 19.7 % 3.99 165.4 % 2.66 498.0 % 0.20
Q2 2013 91.66 27.3 % 3.71 109.2 % 2.19 331.9 % 0.16
Q3 2013 55.06 (37.9 %) 2.52 91.5 % 1.29 2.9 % 0.10
Q4 2013 90.72 (13.7 %) 2.55 9.4 % (100.65) (0.3 %) (7.49)
Q1 2014 190.78 122.6 % 3.47 (12.9 %) 1.71 (35.6 %) 0.13
Q2 2014 127.19 38.8 % 1.66 (55.1 %) 0.52 (76.4 %) 0.04
Q3 2014 118.30 114.9 % 1.44 (42.7 %) 0.27 (78.8 %) 0.02
Q4 2014 135.40 49.2 % 0.87 (65.8 %) (100.91) (0.3 %) (7.51)
Q1 2015 132.16 (30.7 %) 1.18 (66.1 %) 0.16 (90.5 %) 0.01
Q2 2015 137.94 8.5 % 2.18 30.9 % 0.79 52.8 % 0.06
Q3 2015 202.10 70.8 % 3.71 156.8 % 1.89 589.1 % 0.14
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (102.30) (1.4 %) (7.61)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.47) (388.3 %) (0.03)
Q2 2016 0.22 (99.8 %) 0.12 (94.6 %) (0.46) (158.0 %) (0.03)
Q3 2016 0.33 (99.8 %) 0.19 (95.0 %) (9.28) (591.3 %) (0.69)
Q4 2016 (1.23) (101.1 %) (0.83) (398.9 %) (3.39) 96.7 % (0.25)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.80) (282.3 %) (0.13)
Q2 2017 0.33 51.4 % 0.09 (25.4 %) (13.23) (2,789.5 %) (0.98)
Q3 2017 11.63 3381.4 % 0.29 55.1 % (10.63) (14.6 %) (0.79)
Q4 2017 7.04 673.2 % (3.05) (267.3 %) (85.33) (2,418.6 %) (6.35)
Q1 2018 8.14 3440.0 % 0.79 423.2 % 12.61 801.6 % 0.94
Q2 2018 32.09 9711.9 % 1.98 2147.7 % 0.32 102.4 % 0.02
Q3 2018 51.54 343.2 % 0.97 234.1 % (0.38) 96.5 % (0.03)
Q4 2018 26.51 276.6 % (2.72) 11.0 % (6.13) 92.8 % (0.38)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (8.53) (167.6 %) (0.52)
Q2 2019 5.93 (81.5 %) 0.25 (87.3 %) (3.28) (1122.1 %) (0.20)
Q3 2019 21.77 (57.8 %) (3.41) (451.6 %) 1.98 627.1 % 0.12
Q4 2019 22.33 (15.8 %) (11.27) (315.2 %) (16.13) (163.3 %) (0.99)
2019 68.24 (42.3 %) (14.15) (1484.2 %) (26.01) (504.7 %) (1.60)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 4.75 % 0.07 % (1.18 %)
Q2 2010 2.52 % (1.83 %) (2.80 %)
Q3 2010 2.39 % (1.97 %) (0.88 %)
Q4 2010 4.72 % 1.55 % 0.82 %
Q1 2011 5.55 % 3.12 % 2.58 %
Q2 2011 5.68 % 4.03 % 3.65 %
Q3 2011 4.72 % 3.48 % 2.99 %
Q4 2011 3.38 % 2.19 % 1.78 %
Q1 2012 2.05 % 0.89 % 0.55 %
Q2 2012 1.76 % 0.45 % 0.17 %
Q3 2012 1.76 % 0.38 % 0.06 %
Q4 2012 2.05 % 0.78 % 0.83 %
Q1 2013 2.68 % 1.43 % 1.43 %
Q2 2013 3.05 % 1.85 % 1.80 %
Q3 2013 3.71 % 2.38 % 1.99 %
Q4 2013 3.95 % 2.37 % 2.00 %
Q1 2014 2.86 % 1.63 % 1.29 %
Q2 2014 2.20 % 1.10 % 0.83 %
Q3 2014 1.73 % 0.77 % 0.53 %
Q4 2014 1.30 % 0.54 % 0.45 %
Q1 2015 1.01 % 0.17 % 0.20 %
Q2 2015 1.08 % 0.28 % 0.24 %
Q3 2015 1.31 % 0.56 % 0.48 %
Q4 2015 1.25 % 0.43 % 0.26 %
Q1 2016 1.53 % - 0.19 %
Q2 2016 1.54 % (0.21 %) (0.12 %)
Q3 2016 1.20 % (3.53 %) (3.72 %)
Q4 2016 50.88 % (1066.13 %) (1038.68 %)
Q1 2017 83.71 % 1,753.35 % 1,740.63 %
Q2 2017 120.18 % 2,666.17 % 2,924.93 %
Q3 2017 (2.76 %) (86.06 %) (89.64 %)
Q4 2017 (13.12 %) (59.88 %) (52.17 %)
Q1 2018 (6.94 %) (41.88 %) (35.65 %)
Q2 2018 0.01 % (13.77 %) (11.61 %)
Q3 2018 0.69 % (7.18 %) (5.15 %)
Q4 2018 0.86 % (6.10 %) (6.25 %)
Q1 2019 0.40 % (5.82 %) (5.94 %)
Q2 2019 (1.19 %) (10.83 %) (10.98 %)
Q3 2019 (7.72 %) (21.12 %) (21.71 %)
Q4 2019 (20.73 %) (36.27 %) (38.04 %)
2019 (20.73 %) (34.66 %) (38.11 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 13.44 (7.62) (0.11) 7.82
Q2 2010 13.44 (7.81) (0.29) 7.58
Q3 2010 13.44 (7.60) (0.09) 7.71
Q4 2010 13.44 (7.40) 0.11 7.97
Q1 2011 13.44 (7.07) 0.44 8.47
Q2 2011 13.44 (6.71) 0.81 8.58
Q3 2011 13.44 (6.68) 0.84 8.65
Q4 2011 13.44 (6.98) 0.53 8.64
Q1 2012 13.44 (7.36) 0.16 8.88
Q2 2012 13.44 (7.47) 0.04 8.31
Q3 2012 13.44 (7.50) 0.02 8.39
Q4 2012 13.44 (7.31) 0.21 8.53
Q1 2013 13.44 (7.14) 0.37 8.62
Q2 2013 13.44 (7.02) 0.50 8.96
Q3 2013 13.44 (7.01) 0.50 9.23
Q4 2013 13.44 (7.03) 0.48 9.00
Q1 2014 13.44 (7.10) 0.41 9.24
Q2 2014 13.44 (7.23) 0.29 9.64
Q3 2014 13.44 (7.30) 0.21 9.89
Q4 2014 13.44 (7.32) 0.19 9.58
Q1 2015 13.44 (7.44) 0.08 9.53
Q2 2015 13.44 (7.42) 0.10 9.53
Q3 2015 13.44 (7.30) 0.22 9.44
Q4 2015 13.44 (7.40) 0.11 9.20
Q1 2016 13.44 (7.45) 0.06 9.04
Q2 2016 13.44 (7.54) (0.03) 8.77
Q3 2016 13.44 (8.37) (0.33) 8.35
Q4 2016 13.44 (1.01) (0.48) 7.82
Q1 2017 13.44 (1.11) (0.58) 8.18
Q2 2017 13.44 (2.06) (0.73) 7.93
Q3 2017 13.44 (2.16) (0.73) 7.29
Q4 2017 13.44 (8.26) (0.75) 0.82
Q1 2018 13.44 (7.19) (0.72) 1.76
Q2 2018 13.44 (6.18) (0.51) 1.78
Q3 2018 13.44 (5.42) (0.38) 1.75
Q4 2018 16.31 0.39 (0.45) 4.14
Q1 2019 16.31 (0.90) (0.47) 3.61
Q2 2019 16.31 (1.12) (0.69) 3.37
Q3 2019 16.31 (0.98) (0.96) 3.49
Q4 2019 16.31 (1.59) (1.59) 2.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 4.94
Q2 2010 NEG NEG 4.10
Q3 2010 NEG NEG 3.77
Q4 2010 NEG More than 100 3.60
Q1 2011 NEG 61.36 3.21
Q2 2011 NEG 40.32 3.79
Q3 2011 NEG 35.98 3.48
Q4 2011 NEG 84.61 5.18
Q1 2012 NEG More than 100 5.51
Q2 2012 NEG More than 100 6.51
Q3 2012 NEG More than 100 8.38
Q4 2012 NEG More than 100 10.16
Q1 2013 NEG More than 100 13.59
Q2 2013 NEG More than 100 6.03
Q3 2013 NEG More than 100 5.78
Q4 2013 NEG More than 100 5.93
Q1 2014 NEG More than 100 7.43
Q2 2014 NEG More than 100 7.49
Q3 2014 NEG More than 100 8.11
Q4 2014 NEG More than 100 4.65
Q1 2015 NEG More than 100 6.01
Q2 2015 NEG More than 100 6.30
Q3 2015 NEG More than 100 4.74
Q4 2015 NEG More than 100 5.01
Q1 2016 NEG More than 100 5.73
Q2 2016 NEG NEG 5.30
Q3 2016 NEG NEG 3.59
Q4 2016 NEG NEG 5.30
Q1 2017 NEG NEG 4.59
Q2 2017 NEG NEG 4.24
Q3 2017 NEG NEG 5.09
Q4 2017 NEG NEG 21.25
Q1 2018 NEG NEG 17.87
Q2 2018 NEG NEG 15.48
Q3 2018 NEG NEG 14.24
Q4 2018 More than 100 NEG 10.14
Q1 2019 NEG NEG 10.11
Q2 2019 NEG NEG 10.13
Q3 2019 NEG NEG 8.57
Q4 2019 NEG NEG 12.37

Business Segments (Million)

Compared With The
Period Export Activities Saudi for Industrial Exports - Jordan
Q3 2018 55.68 (4.15)
Q4 2018 26.51 -
Q3 2019 21.77 -
Q4 2019 22.33 -


Financial Ratios
Current
Market Cap (M Riyal) 470.84
Enterprise Value (EV) (M) 345.43
Shares Outstanding ((M)) 19.44
EPS ( Riyal) (TTM) (0.69)
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.25
Return on Average Assets (%) (TTM) (8.30 )
Return on Average Equity (%) (TTM) (8.81 )
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Share Price

Saudi Industrial Export Co.
24.22
(0.38) (1.54 %)

Saudi Industrial Export Co. (SIECO)

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