SIECO swings to losses in Q1 2019

SIECO swings to losses in Q1 2019

09/05/2019 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) incurred net loss after zakat and tax of SAR 8.5 million in Q1 2019, versus net profit of SAR 12.6 million in year-earlier period, the firm said in a statement on Tadawul.

The company attributed the loss to a SAR 6.86 million in impairment in sulfur inventory and lower gross profit to sales.

 

On a sequential basis, net losses widened 39.3 percent on lower sulfur prices, and soft demand.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 8.14 18.22 123.8 %
Gross Income 0.79 0.28 (64.2 %)
Operating Income (1.41) (1.66) (17.5 %)
Net Income 12.61 (8.53) (167.6 %)
Average Shares 134.37 163.05 21.3 %
EPS (Riyals) 0.09 (0.05) (155.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 44.77 88.5 % 3.22 1242.1 % 1.55 241.8 %
Q2 2010 44.28 65.2 % (0.52) (129.2 %) (2.32) (829.5 %)
Q3 2010 21.24 (11.0 %) 0.65 (27.0 %) (0.50) (44.4 %)
Q4 2010 76.40 183.4 % 5.47 7798.6 % 4.13 378.2 %
Q1 2011 88.59 97.9 % 7.19 123.1 % 5.83 277.3 %
Q2 2011 110.67 149.9 % 3.56 787.8 % 2.48 206.7 %
Q3 2011 99.95 370.6 % 1.52 134.7 % 0.62 222.8 %
Q4 2011 101.13 32.4 % 1.26 (76.9 %) (0.18) (104.4 %)
Q1 2012 71.59 (19.2 %) 1.50 (79.1 %) 0.49 (91.6 %)
Q2 2012 71.98 (35.0 %) 1.77 (50.2 %) 0.61 (75.4 %)
Q3 2012 88.62 (11.3 %) 1.32 (13.7 %) 0.34 (44.8 %)
Q4 2012 105.17 4.0 % 2.33 84.6 % 1.18 742.5 %
Q1 2013 85.71 19.7 % 3.99 165.4 % 2.90 494.0 %
Q2 2013 91.66 27.3 % 3.71 109.2 % 2.42 297.9 %
Q3 2013 55.06 (37.9 %) 2.52 91.5 % 1.51 343.3 %
Q4 2013 90.72 (13.7 %) 2.55 9.4 % 0.80 (32.2 %)
Q1 2014 190.78 122.6 % 3.47 (12.9 %) 2.25 (22.3 %)
Q2 2014 127.19 38.8 % 1.66 (55.1 %) 0.53 (78.0 %)
Q3 2014 118.30 114.9 % 1.44 (42.7 %) 0.44 (71.0 %)
Q4 2014 135.40 49.2 % 0.87 (65.8 %) (0.17) (121.0 %)
Q1 2015 132.16 (30.7 %) 1.18 (66.1 %) 0.02 (98.9 %)
Q2 2015 137.94 8.5 % 2.18 30.9 % 1.13 111.5 %
Q3 2015 202.10 70.8 % 3.71 156.8 % 2.35 435.5 %
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (1.00) (494.9 %)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.27) (1222.2 %)
Q2 2016 0.22 (99.8 %) 0.12 (94.6 %) (1.76) (256.3 %)
Q3 2016 0.33 (99.8 %) 0.19 (95.0 %) (1.24) (152.6 %)
Q4 2016 (1.23) (101.1 %) (0.83) (398.9 %) (3.51) (250.9 %)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.56) (472.4 %)
Q2 2017 0.33 51.4 % 0.09 (25.4 %) (2.97) (68.5 %)
Q3 2017 11.63 3381.4 % 0.29 55.1 % (1.69) (36.3 %)
Q4 2017 7.04 673.2 % (3.05) (267.3 %) (5.60) (59.4 %)
Q1 2018 8.14 3440.0 % 0.79 423.2 % (1.41) 9.5 %
Q2 2018 32.09 9711.9 % 1.98 2147.7 % 0.35 111.8 %
Q3 2018 51.54 343.2 % 0.97 234.1 % (0.61) 63.9 %
Q4 2018 26.51 276.6 % (2.72) 11.0 % (5.83) (4.1 %)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (1.66) (17.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 1.03 172.3 % 0.01 - 1.03 0.01
Q2 2010 (2.87) (625.8 %) (0.02) - (2.87) (0.02)
Q3 2010 1.23 182.1 % 0.01 - 1.23 0.01
Q4 2010 (98.82) 2.7 % (0.74) (100.96) 2.14 0.02
Q1 2011 5.46 429.5 % 0.04 - 5.46 0.04
Q2 2011 2.02 170.5 % 0.02 - 2.02 0.02
Q3 2011 1.62 32.4 % 0.01 - 1.62 0.01
Q4 2011 (102.96) (4.2 %) (0.77) (100.96) (2.00) (0.01)
Q1 2012 0.44 (91.9 %) 0.00 - 0.44 0.00
Q2 2012 0.51 (74.9 %) 0.00 - 0.51 0.00
Q3 2012 1.26 (22.6 %) 0.01 - 1.26 0.01
Q4 2012 (100.37) 2.5 % (0.75) (100.96) 0.59 0.00
Q1 2013 2.66 497.8 % 0.02 - 2.66 0.02
Q2 2013 2.19 332.4 % 0.02 - 2.19 0.02
Q3 2013 1.29 2.9 % 0.01 - 1.29 0.01
Q4 2013 (100.47) (0.1 %) (0.75) (100.96) 0.50 0.00
Q1 2014 1.71 (35.5 %) 0.01 - 1.71 0.01
Q2 2014 0.52 (76.5 %) 0.00 - 0.52 0.00
Q3 2014 0.27 (78.8 %) 0.00 - 0.27 0.00
Q4 2014 (101.29) (0.8 %) (0.75) (100.96) (0.33) 0.00
Q1 2015 0.16 (90.4 %) 0.00 - 0.16 0.00
Q2 2015 0.79 52.8 % 0.01 - 0.79 0.01
Q3 2015 1.89 589.2 % 0.01 - 1.89 0.01
Q4 2015 (102.30) (1.0 %) (0.76) (100.96) (1.34) (0.01)
Q1 2016 (0.47) (387.4 %) 0.00 - (0.47) 0.00
Q2 2016 (0.46) (158.0 %) 0.00 - (0.46) 0.00
Q3 2016 (9.27) (591.2 %) (0.07) (7.12) (2.15) (0.02)
Q4 2016 (3.39) 96.7 % (0.03) - (3.39) (0.03)
Q1 2017 (1.80) (282.5 %) (0.01) - (1.80) (0.01)
Q2 2017 (13.23) (2,788.3 %) (0.10) (10.72) (2.52) (0.02)
Q3 2017 (10.63) (14.6 %) (0.08) (8.51) (2.12) (0.02)
Q4 2017 (85.33) (2,418.2 %) (0.64) (81.73) (3.59) (0.03)
Q1 2018 12.61 801.5 % 0.09 14.05 (1.44) (0.01)
Q2 2018 0.32 102.4 % 0.00 - 0.32 0.00
Q3 2018 (0.38) 96.5 % 0.00 - (0.38) 0.00
Q4 2018 (6.13) 92.8 % (0.04) (0.23) (5.90) (0.04)
Q1 2019 (8.53) (167.6 %) (0.05) (6.86) (1.67) (0.01)

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 %) (0.87 %)
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 % 2.05 %
Q1 2014 2.86 % 1.63 % 1.33 %
Q2 2014 2.20 % 1.10 % 0.87 %
Q3 2014 1.73 % 0.77 % 0.57 %
Q4 2014 1.30 % 0.54 % 0.38 %
Q1 2015 1.01 % 0.17 % 0.12 %
Q2 2015 1.08 % 0.28 % 0.17 %
Q3 2015 1.31 % 0.56 % 0.41 %
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 % (1065.92 %) (1038.76 %)
Q1 2017 83.71 % 1,753.10 % 1,740.85 %
Q2 2017 120.18 % 2,665.88 % 2,925.16 %
Q3 2017 (2.76 %) (86.06 %) (89.65 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 134.37 (0.76) (0.01) 0.78
Q2 2010 134.37 (0.78) (0.03) 0.76
Q3 2010 134.37 (0.76) (0.01) 0.77
Q4 2010 134.37 (0.74) 0.01 0.80
Q1 2011 134.37 (0.71) 0.04 0.85
Q2 2011 134.37 (0.67) 0.08 0.86
Q3 2011 134.37 (0.67) 0.08 0.87
Q4 2011 134.37 (0.70) 0.05 0.86
Q1 2012 134.37 (0.74) 0.02 0.89
Q2 2012 134.37 (0.75) 0.00 0.83
Q3 2012 134.37 (0.75) 0.00 0.84
Q4 2012 134.37 (0.73) 0.02 0.85
Q1 2013 134.37 (0.71) 0.04 0.86
Q2 2013 134.37 (0.70) 0.05 0.90
Q3 2013 134.37 (0.70) 0.05 0.92
Q4 2013 134.37 (0.70) 0.05 0.90
Q1 2014 134.37 (0.71) 0.04 0.92
Q2 2014 134.37 (0.72) 0.03 0.96
Q3 2014 134.37 (0.73) 0.02 0.99
Q4 2014 134.37 (0.74) 0.02 0.96
Q1 2015 134.37 (0.75) 0.00 0.95
Q2 2015 134.37 (0.74) 0.01 0.95
Q3 2015 134.37 (0.73) 0.02 0.94
Q4 2015 134.37 (0.74) 0.01 0.92
Q1 2016 134.37 (0.74) 0.01 0.90
Q2 2016 134.37 (0.75) 0.00 0.88
Q3 2016 134.37 (0.84) (0.03) 0.84
Q4 2016 134.37 (0.10) (0.05) 0.78
Q1 2017 134.37 (0.11) (0.06) 0.82
Q2 2017 134.37 (0.21) (0.07) 0.79
Q3 2017 134.37 (0.22) (0.07) 0.73
Q4 2017 134.37 (0.83) (0.07) 0.08
Q1 2018 134.37 (0.72) (0.07) 0.18
Q2 2018 134.37 (0.62) (0.05) 0.18
Q3 2018 134.37 (0.54) (0.04) 0.18
Q4 2018 163.05 0.04 (0.05) 0.41
Q1 2019 163.05 (0.09) (0.05) 0.36

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 15.47
Q3 2018 NEG NEG 14.24
Q4 2018 More than 100 NEG 10.14
Q1 2019 NEG NEG 10.11

Business Segments (Million)

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


Financial Ratios
Current
Market Cap (M Riyal) 493.78
Enterprise Value (EV) (M) 392.60
Shares Outstanding ((M)) 194.40
EPS ( Riyal) (TTM) (0.09)
Book Value (BV) ( Riyal) 0.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.74
Return on Average Assets (%) (TTM) (11.50 )
Return on Average Equity (%) (TTM) (12.12 )
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Share Price

Saudi Industrial Export Co.
2.54
0.02 0.79 %

Saudi Industrial Export Co. (SIECO)

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