ZAIN’s net loss down 19% to SAR 963m for the first nine months of 2014

28/10/2014 Argaam Exclusive

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Mobile Telecommunications Company (Zain), a third mobile operator in Saudi Arabia , reported a net loss of SAR 963m for the nine months ended September 30,2014, a 19% decrease compared to the same period last year.

A net loss of SAR 316m was reported for Q3-2014.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	4,999.07	4,665.90	(6.7 %)
Gross Income	2,367.98	2,406.38	1.6 %
Operating Income	(678.06)	(481.61)	29.0 %
Net Income	(1189.16)	(963.11)	19.0 %
Average Shares	573.22	573.22	-
EPS (Riyals)	(2.07)	(1.68)	19.0 %

The Company attributed the decrease of the first nine months of 2014’s net loss compared to the same period last year to the improvement in the gross profit and margin as a result of the rising demand on internet segment services; the decrease of provisions due to wining legal cases and upon external legal opinion; and the adjustment of the useful life of some of the Company’s assets.

The Company attributed the decline of Q3-2014’s net loss compared to the same period last year to the improvement in the gross profit and margin as a result of the rising demand on internet segment services; the decrease of provisions due to wining legal cases and upon external legal opinion; and the adjustment of the useful life of some of the Company’s assets.

The decline of Q3-2014’s net loss compared to the previous period (Q2-2014) was attributed to the improvement in the gross profit and margin as a result of the rising demand on internet segment services; the decrease of provisions due to wining legal cases and upon external legal opinion.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	1,573.32	1,553.00	(1.3 %)
Gross Income	760.98	810.67	6.5 %
Operating Income	(239.00)	(218.60)	8.5 %
Net Income	(420.81)	(315.81)	25.0 %
Average Shares	573.22	573.22	-
EPS (Riyals)	(0.73)	(0.55)	25.0 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	1,567.13	1,553.00	(0.9 %)
Gross Income	797.05	810.67	1.7 %
Operating Income	(135.83)	(218.60)	(60.9 %)
Net Income	(328.94)	(315.81)	4.0 %
Average Shares	573.22	573.22	-
EPS (Riyals)	(0.57)	(0.55)	4.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	(118.88)	-
Q2 2008	-	-	-	-	(198.25)	-
Q3 2008	80.80	-	(14.72)	-	(599.24)	-
Q4 2008	424.40	-	31.18	-	(783.35)	-
2008	505.20	-	16.46	-	(1699.72)	-
Q1 2009	581.67	-	145.98	-	(655.80)	(451.6 %)
Q2 2009	701.52	-	132.59	-	(706.46)	(256.3 %)
Q3 2009	825.49	921.7 %	242.93	1750.0 %	(668.17)	(11.5 %)
Q4 2009	895.38	111.0 %	355.53	1040.2 %	(436.49)	44.3 %
2009	3,004.05	494.6 %	877.03	5228.5 %	(2466.92)	(45.1 %)
Q1 2010	1,094.23	88.1 %	384.34	163.3 %	(435.29)	33.6 %
Q2 2010	1,450.41	106.8 %	608.03	358.6 %	(314.45)	55.5 %
Q3 2010	1,661.95	101.3 %	712.13	193.1 %	(235.17)	64.8 %
Q4 2010	1,727.78	93.0 %	825.94	132.3 %	(178.67)	59.1 %
2010	5,934.37	97.5 %	2,530.45	188.5 %	(1163.58)	52.8 %
Q1 2011	1,484.22	35.6 %	716.02	86.3 %	(233.11)	46.4 %
Q2 2011	1,704.65	17.5 %	923.22	51.8 %	(143.80)	54.3 %
Q3 2011	1,794.81	8.0 %	870.12	22.2 %	(221.60)	5.8 %
Q4 2011	1,715.39	(0.7 %)	690.82	(16.4 %)	(212.97)	(19.2 %)
2011	6,699.06	12.9 %	3,200.17	26.5 %	(811.48)	30.3 %
Q1 2012	1,521.59	2.5 %	702.20	(1.9 %)	(191.20)	18.0 %
Q2 2012	1,629.02	(4.4 %)	707.12	(23.4 %)	(174.00)	(21.0 %)
Q3 2012	1,529.90	(14.8 %)	711.62	(18.2 %)	(304.79)	(37.5 %)
Q4 2012	1,490.16	(13.1 %)	738.98	7.0 %	(261.61)	(22.8 %)
2012	6,170.67	(7.9 %)	2,859.92	(10.6 %)	(931.60)	(14.8 %)
Q1 2013	1,719.40	13.0 %	776.23	10.5 %	(232.94)	(21.8 %)
Q2 2013	1,706.35	4.7 %	830.76	17.5 %	(206.12)	(18.5 %)
Q3 2013	1,573.32	2.8 %	760.98	6.9 %	(239.00)	21.6 %
Q4 2013	1,523.52	2.2 %	766.88	3.8 %	(271.26)	(3.7 %)
2013	6,522.59	5.7 %	3,134.86	9.6 %	(949.32)	(1.9 %)
Q1 2014	1,545.77	(10.1 %)	798.66	2.9 %	(127.18)	45.4 %
Q2 2014	1,567.13	(8.2 %)	797.05	(4.1 %)	(135.83)	34.1 %
Q3 2014	1,553.00	(1.3 %)	810.67	6.5 %	(218.60)	8.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	505.20	-	16.46	-	(1699.72)	-
2009	3,004.05	494.6 %	877.03	5228.5 %	(2466.92)	(45.1 %)
2010	5,934.37	97.5 %	2,530.45	188.5 %	(1163.58)	52.8 %
2011	6,699.06	12.9 %	3,200.17	26.5 %	(811.48)	30.3 %
2012	6,170.67	(7.9 %)	2,859.92	(10.6 %)	(931.60)	(14.8 %)
2013	6,522.59	5.7 %	3,134.86	9.6 %	(949.32)	(1.9 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	(543.59)	-	(2.47)	(418.26)	(125.33)	(0.57)
Q2 2008	(153.65)	-	(0.70)	-	(153.65)	(0.70)
Q3 2008	(649.04)	-	(2.95)	-	(649.04)	(2.95)
Q4 2008	(931.90)	-	(4.23)	-	(931.90)	(4.23)
2008	(2278.17)	-	(10.34)	(418.26)	(1859.91)	(8.44)
Q1 2009	(765.37)	(40.8 %)	(3.47)	-	(765.37)	(3.47)
Q2 2009	(856.66)	(457.5 %)	(3.89)	-	(856.66)	(3.89)
Q3 2009	(819.73)	(26.3 %)	(3.72)	-	(819.73)	(3.72)
Q4 2009	(657.59)	29.4 %	(2.99)	-	(657.59)	(2.99)
2009	(3099.35)	(36.0 %)	(14.07)	-	(3099.35)	(14.07)
Q1 2010	(662.45)	13.4 %	(3.01)	-	(662.45)	(3.01)
Q2 2010	(631.59)	26.3 %	(2.87)	-	(631.59)	(2.87)
Q3 2010	(543.79)	33.7 %	(2.47)	-	(543.79)	(2.47)
Q4 2010	(520.61)	20.8 %	(2.36)	-	(520.61)	(2.36)
2010	(2358.44)	23.9 %	(10.71)	-	(2358.44)	(10.71)
Q1 2011	(531.75)	19.7 %	(2.41)	-	(531.75)	(2.41)
Q2 2011	(448.18)	29.0 %	(2.03)	-	(448.18)	(2.03)
Q3 2011	(483.81)	11.0 %	(2.20)	-	(483.81)	(2.20)
Q4 2011	(461.46)	11.4 %	(2.09)	-	(461.46)	(2.09)
2011	(1925.20)	18.4 %	(8.74)	-	(1925.20)	(8.74)
Q1 2012	(419.99)	21.0 %	(1.91)	-	(419.99)	(1.91)
Q2 2012	(393.64)	12.2 %	(1.79)	-	(393.64)	(1.79)
Q3 2012	(493.00)	(1.9 %)	(0.86)	-	(493.00)	(0.86)
Q4 2012	(442.78)	4.0 %	(0.77)	-	(442.78)	(0.77)
2012	(1749.40)	9.1 %	(3.05)	-	(1749.40)	(3.05)
Q1 2013	(397.95)	5.2 %	(0.69)	-	(397.95)	(0.69)
Q2 2013	(370.41)	5.9 %	(0.65)	-	(370.41)	(0.65)
Q3 2013	(420.81)	14.6 %	(0.73)	-	(420.81)	(0.73)
Q4 2013	(462.30)	(4.4 %)	(0.81)	-	(462.30)	(0.81)
2013	(1651.47)	5.6 %	(2.88)	-	(1651.47)	(2.88)
Q1 2014	(318.36)	20.0 %	(0.56)	-	(318.36)	(0.56)
Q2 2014	(328.94)	11.2 %	(0.57)	-	(328.94)	(0.57)
Q3 2014	(315.81)	25.0 %	(0.55)	85.00	(400.81)	(0.70)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	(2278.17)	-	(10.34)	(418.26)	(1859.91)	(8.44)
2009	(3099.35)	(36.0 %)	(14.07)	-	(3099.35)	(14.07)
2010	(2358.44)	23.9 %	(10.71)	-	(2358.44)	(10.71)
2011	(1925.20)	18.4 %	(8.74)	-	(1925.20)	(8.74)
2012	(1749.40)	9.1 %	(3.05)	-	(1749.40)	(3.05)
2013	(1651.47)	5.6 %	(2.88)	-	(1651.47)	(2.88)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	3.26 %	(250.38 %)	(368.16 %)
Q1 2009	-	-	-
Q2 2009	16.50 %	(92.47 %)	(179.10 %)
Q3 2009	21.82 %	(58.30 %)	(133.18 %)
Q4 2009	29.19 %	(35.71 %)	(103.17 %)
2009	29.19 %	(35.71 %)	(103.17 %)
Q1 2010	31.72 %	(23.12 %)	(85.21 %)
Q2 2010	37.30 %	(8.97 %)	(64.97 %)
Q3 2010	40.38 %	1.01 %	(48.91 %)
Q4 2010	42.64 %	5.57 %	(39.74 %)
2010	42.64 %	5.57 %	(39.74 %)
Q1 2011	45.26 %	8.77 %	(35.22 %)
Q2 2011	48.30 %	11.75 %	(31.08 %)
Q3 2011	49.70 %	12.64 %	(29.57 %)
Q4 2011	47.77 %	13.42 %	(28.74 %)
2011	47.77 %	13.42 %	(28.74 %)
Q1 2012	47.30 %	14.66 %	(26.92 %)
Q2 2012	44.59 %	14.89 %	(26.41 %)
Q3 2012	43.96 %	14.62 %	(27.64 %)
Q4 2012	46.35 %	14.24 %	(28.35 %)
2012	46.35 %	14.24 %	(28.35 %)
Q1 2013	46.07 %	13.24 %	(27.12 %)
Q2 2013	47.44 %	12.73 %	(26.44 %)
Q3 2013	47.88 %	13.68 %	(25.15 %)
Q4 2013	48.06 %	13.65 %	(25.32 %)
2013	48.06 %	13.65 %	(25.32 %)
Q1 2014	49.73 %	15.48 %	(24.76 %)
Q2 2014	50.30 %	15.95 %	(24.65 %)
Q3 2014	51.27 %	15.29 %	(24.40 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	3.26 %	(250.38 %)	(368.16 %)
2009	29.19 %	(35.71 %)	(103.17 %)
2010	42.64 %	5.57 %	(39.74 %)
2011	47.77 %	13.42 %	(28.74 %)
2012	46.35 %	14.24 %	(28.35 %)
2013	48.06 %	13.65 %	(25.32 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	(18.22 %)	(589.78 %)	(803.31 %)
Q4 2008	7.35 %	(111.71 %)	(219.58 %)
Q1 2009	25.10 %	(56.72 %)	(131.58 %)
Q2 2009	18.90 %	(53.20 %)	(122.12 %)
Q3 2009	29.43 %	(36.28 %)	(99.30 %)
Q4 2009	39.71 %	(7.82 %)	(73.44 %)
Q1 2010	35.12 %	(6.43 %)	(60.54 %)
Q2 2010	41.92 %	3.94 %	(43.55 %)
Q3 2010	42.85 %	8.11 %	(32.72 %)
Q4 2010	47.80 %	12.10 %	(30.13 %)
Q1 2011	48.24 %	10.37 %	(35.83 %)
Q2 2011	54.16 %	16.16 %	(26.29 %)
Q3 2011	48.48 %	11.69 %	(26.96 %)
Q4 2011	40.27 %	15.15 %	(26.90 %)
Q1 2012	46.15 %	15.96 %	(27.60 %)
Q2 2012	43.41 %	17.16 %	(24.16 %)
Q3 2012	46.51 %	10.00 %	(32.22 %)
Q4 2012	49.59 %	13.65 %	(29.71 %)
Q1 2013	45.15 %	12.04 %	(23.14 %)
Q2 2013	48.69 %	15.08 %	(21.71 %)
Q3 2013	48.37 %	13.98 %	(26.75 %)
Q4 2013	50.34 %	13.53 %	(30.34 %)
Q1 2014	51.67 %	19.38 %	(20.60 %)
Q2 2014	50.86 %	16.90 %	(20.99 %)
Q3 2014	52.20 %	11.31 %	(25.81 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	220.28	-	-	61.09
Q2 2008	220.28	-	-	60.39
Q3 2008	220.28	-	-	57.44
Q4 2008	220.28	(10.34)	(8.44)	53.21
Q1 2009	220.28	(11.35)	(11.35)	49.74
Q2 2009	220.28	(14.54)	(14.54)	45.85
Q3 2009	220.28	(15.32)	(15.32)	42.13
Q4 2009	220.28	(14.07)	(14.07)	39.14
Q1 2010	220.28	(13.60)	(13.60)	36.14
Q2 2010	220.28	(12.58)	(12.58)	33.27
Q3 2010	220.28	(11.33)	(11.33)	29.90
Q4 2010	220.28	(10.71)	(10.71)	27.83
Q1 2011	220.28	(10.11)	(10.11)	25.58
Q2 2011	220.28	(9.28)	(9.28)	23.62
Q3 2011	220.28	(9.01)	(9.01)	21.58
Q4 2011	220.28	(8.74)	(8.74)	19.49
Q1 2012	220.28	(8.23)	(8.23)	17.79
Q2 2012	220.28	(7.98)	(7.98)	16.00
Q3 2012	573.22	(3.08)	(3.08)	15.53
Q4 2012	573.22	(3.05)	(3.05)	14.74
Q1 2013	573.22	(3.01)	(3.01)	14.05
Q2 2013	573.22	(2.97)	(2.97)	13.40
Q3 2013	573.22	(2.85)	(2.85)	12.67
Q4 2013	573.22	(2.88)	(2.88)	11.79
Q1 2014	573.22	(2.74)	(2.74)	11.22
Q2 2014	573.22	(2.67)	(2.67)	10.60
Q3 2014	573.22	(2.49)	(2.63)	10.10

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	220.28	(10.34)	(8.44)	53.21
2009	220.28	(14.07)	(14.07)	39.14
2010	220.28	(10.71)	(10.71)	27.83
2011	220.28	(8.74)	(8.74)	19.49
2012	573.22	(3.05)	(3.05)	14.74
2013	573.22	(2.88)	(2.88)	11.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	4.80
Q2 2008	-	-	6.26
Q3 2008	-	-	5.04
Q4 2008	NEG	NEG	3.09
Q1 2009	NEG	NEG	3.20
Q2 2009	NEG	NEG	3.95
Q3 2009	NEG	NEG	3.99
Q4 2009	NEG	NEG	4.00
Q1 2010	NEG	NEG	4.16
Q2 2010	NEG	NEG	3.92
Q3 2010	NEG	NEG	4.08
Q4 2010	NEG	NEG	4.30
Q1 2011	NEG	NEG	4.16
Q2 2011	NEG	NEG	4.51
Q3 2011	NEG	NEG	4.47
Q4 2011	NEG	NEG	4.39
Q1 2012	NEG	NEG	9.41
Q2 2012	NEG	NEG	7.52
Q3 2012	NEG	NEG	1.95
Q4 2012	NEG	NEG	1.58
Q1 2013	NEG	NEG	1.71
Q2 2013	NEG	NEG	2.18
Q3 2013	NEG	NEG	2.22
Q4 2013	NEG	NEG	2.33
Q1 2014	NEG	NEG	2.73
Q2 2014	NEG	NEG	2.76
Q3 2014	NEG	NEG	3.12

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	NEG	NEG	3.09
2009	NEG	NEG	4.00
2010	NEG	NEG	4.30
2011	NEG	NEG	4.39
2012	NEG	NEG	1.58
2013	NEG	NEG	2.33

Financial Ratios

	Current
Market Cap (M Riyal)	9,167.05
Enterprise Value (EV) (M)	16,494.18
Shares Outstanding ((M))	898.73
EPS ( Riyal) (TTM)	0.30
Book Value (BV) ( Riyal)	11.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	34.21
Price/book	0.88
Return on Average Assets (%) (TTM)	1.0
Return on Average Equity (%) (TTM)	2.6

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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ZAIN’s net loss down 19% to SAR 963m for the first nine months of 2014

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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ZAIN’s net loss down 19% to SAR 963m for the first nine months of 2014

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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