SIECO turns to losses of SAR 2.6 mln in Q1 2021

SIECO turns to losses of SAR 2.6 mln in Q1 2021

29/06/2021 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) reported a net loss after Zakat and tax of SAR 2.6 million for the first quarter of 2021, from a net profit of SAR 220,000 in the same period last year.




Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 11.34 7.90 (30.3 %)
Gross Income 0.26 0.31 20.0 %
Operating Income (1.26) (2.31) (83.3 %)
Net Income 0.22 (2.64) (1288.4 %)
Average Shares 163.05 163.05 -
EPS (Riyals) 0.00 (0.02) (1288.4 %)

The company attributed the losses to a decrease in sales, despite higher gross profit year-on-year (YoY). The firm also noted provisions for Zakat and slow-moving inventory, as well as the absence of other revenues, and an increase in general and administrative expenses.

When compared to previous quarter, the company narrowed its losses in Q1 2021 by 488%, driven by the increase in the company’s sales.

 

The company’s accumulated losses as of March 31, 2021, stood at SAR 40.35 million, representing 62.27% of the capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2019 5.93 (81.5 %) 0.25 (87.3 %) (3.33) (1051.0 %)
Q3 2019 21.77 (57.8 %) (3.41) (451.6 %) (4.91) (707.1 %)
Q4 2019 22.33 (15.8 %) (11.27) (315.2 %) (15.23) (161.1 %)
Q1 2020 11.34 (37.8 %) 0.26 (9.9 %) (1.26) 24.2 %
Q2 2020 12.37 108.7 % 0.38 49.4 % (11.28) (238.9 %)
Q3 2020 11.31 (48.0 %) 1.68 149.2 % 4.59 193.5 %
Q4 2020 - - (0.37) 96.7 % (4.63) 69.6 %
Q1 2021 7.90 (30.3 %) 0.31 20.0 % (2.31) (83.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q2 2019 (3.28) (1122.1 %) (0.02) - (3.28) (0.02)
Q3 2019 1.98 627.4 % 0.01 6.86 (4.88) (0.03)
Q4 2019 (16.13) (163.3 %) (0.10) - (16.13) (0.10)
Q1 2020 0.22 102.6 % 0.00 - 0.22 0.00
Q2 2020 (11.55) (252.0 %) (0.07) - (11.55) (0.07)
Q3 2020 3.59 81.1 % 0.02 - 3.59 0.02
Q4 2020 (5.44) 66.3 % (0.03) - (5.44) (0.03)
Q1 2021 (2.64) (1288.4 %) (0.02) - (2.64) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q2 2019 (1.19 %) (10.83 %) (10.98 %)
Q3 2019 (7.72 %) (21.12 %) (21.71 %)
Q4 2019 (20.73 %) (36.27 %) (38.04 %)
Q1 2020 (23.10 %) (39.57 %) (39.23 %)
Q2 2020 (20.72 %) (47.44 %) (47.69 %)
Q3 2020 (15.64 %) (39.41 %) (41.63 %)
Q4 2020 - - -
Q1 2021 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2019 163.05 (0.11) (0.07) 0.34
Q3 2019 163.05 (0.10) (0.10) 0.35
Q4 2019 163.05 (0.16) (0.16) 0.25
Q1 2020 163.05 (0.11) (0.15) 0.33
Q2 2020 163.05 (0.16) (0.20) 0.26
Q3 2020 163.05 (0.15) (0.15) 0.21
Q4 2020 163.05 (0.08) (0.08) 0.17
Q1 2021 163.05 (0.10) (0.10) 0.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2019 NEG NEG 10.13
Q3 2019 NEG NEG 8.57
Q4 2019 NEG NEG 12.37
Q1 2020 NEG NEG 6.78
Q2 2020 NEG NEG 9.93
Q3 2020 NEG NEG 18.52
Q4 2020 NEG NEG 31.09
Q1 2021 NEG NEG 39.48

Business Segments (Million)

Compared With The
Period Export Activities Medical Supplies Saudi for Industrial Exports - Jordan
Q3 2018 55.68 - (4.15)
Q4 2018 26.51 - -
Q3 2019 21.77 - -
Q4 2019 22.33 - -
Q1 2020 11.34 - -
Q2 2020 14.28 - -
Q3 2020 8.02 1.38 -
Q1 2021 7.90 - -


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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