Zain KSA net profit drops 46% to SAR 260 mln in 2020

Zain KSA net profit drops 46% to SAR 260 mln in 2020

21/02/2021 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a net profit after Zakat and tax of SAR 260 million in 2020, a fall of 46% from a net profit of SAR 485.2 million a year earlier.

 

The profit drop was attributed a decline in revenue by 5.6% year-on-year (YoY) due to the cumulative impact of the pandemic, which led to a minimal number of visitors for Umrah, limiting Hajj to local pilgrims, in addition to the reduction of mobile termination rate in the second half of 2020.



Financials (M)

Item 2019 2020 Change‬
Revenues 8,386.23 7,916.55 (5.6 %)
Gross Income 5,968.51 5,444.64 (8.8 %)
Operating Income 1,758.30 1,001.96 (43.0 %)
Net Income 485.18 259.95 (46.4 %)
Average Shares 573.22 898.73 56.8 %
EPS (Riyals) 0.85 0.29 (65.8 %)

Moreover, the cost of revenue increased by 2.2% YoY. The company managed to partially absorb negative impact on the net profit by decreasing operating expenses by SAR 136 million. Depreciation and amortization increased by SAR 128 million.

 

The fourth-quarter net profit plunged 66% YoY to SAR 36 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 2,227.90 2,060.88 (7.5 %)
Gross Income 1,469.37 1,350.59 (8.1 %)
Operating Income 430.27 210.32 (51.1 %)
Net Income 104.96 35.95 (65.8 %)
Average Shares 573.22 898.73 56.8 %
EPS (Riyals) 0.18 0.04 (78.2 %)
  1.  


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %)
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 %)
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 %
Q4 2014 1,556.46 2.2 % 816.27 6.4 % (187.47) 30.9 %
Q1 2015 1,656.79 7.2 % 874.43 9.5 % (59.05) 53.6 %
Q2 2015 1,648.83 5.2 % 949.40 19.1 % 0.94 100.7 %
Q3 2015 1,763.73 13.6 % 1,062.18 31.0 % (0.89) 99.6 %
Q4 2015 1,672.03 7.4 % 1,065.09 30.5 % (82.42) 56.0 %
Q1 2016 1,764.88 6.5 % 1,085.55 24.1 % (32.03) 45.8 %
Q2 2016 1,727.40 4.8 % 1,112.80 17.2 % (108.29) (11620.3 %)
Q3 2016 1,633.76 (7.4 %) 1,060.63 (0.1 %) (1.97) (120.0 %)
Q4 2016 1,800.61 7.7 % 1,141.69 7.2 % 87.85 206.6 %
Q1 2017 1,919.05 8.7 % 1,290.99 18.9 % 272.70 951.5 %
Q2 2017 1,864.57 7.9 % 1,258.55 13.1 % 235.01 317.0 %
Q3 2017 1,806.56 10.6 % 1,230.87 16.1 % 228.95 11739.3 %
Q4 2017 1,715.65 (4.7 %) 1,132.61 (0.8 %) 166.58 89.6 %
Q1 2018 1,685.97 (12.1 %) 1,117.37 (13.4 %) 180.33 (33.9 %)
Q2 2018 1,846.43 (1.0 %) 1,161.96 (7.7 %) 211.14 (10.2 %)
Q3 2018 1,951.88 8.0 % 1,320.57 7.3 % 307.34 34.2 %
Q4 2018 2,046.24 19.3 % 1,824.66 61.1 % 674.60 305.0 %
Q1 2019 2,093.49 24.2 % 1,480.38 32.5 % 431.78 139.4 %
Q2 2019 2,056.76 11.4 % 1,523.73 31.1 % 446.05 111.3 %
Q3 2019 2,008.08 2.9 % 1,495.03 13.2 % 450.21 46.5 %
Q4 2019 2,227.90 8.9 % 1,469.37 (19.5 %) 430.27 (36.2 %)
Q1 2020 2,038.87 (2.6 %) 1,473.43 (0.5 %) 356.71 (17.4 %)
Q2 2020 1,889.22 (8.1 %) 1,354.69 (11.1 %) 296.67 (33.5 %)
Q3 2020 1,927.59 (4.0 %) 1,265.93 (15.3 %) 138.27 (69.3 %)
Q4 2020 2,060.88 (7.5 %) 1,350.59 (8.1 %) 210.32 (51.1 %)
2020 7,916.55 (5.6 %) 5,444.64 (8.8 %) 1,001.96 (43.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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)
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)
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)
Q4 2014 (306.46) 33.7 % (0.53) 50.47 (356.92) (0.62)
Q1 2015 (256.72) 19.4 % (0.45) - (256.72) (0.45)
Q2 2015 (201.16) 38.8 % (0.35) - (201.16) (0.35)
Q3 2015 (222.95) 29.4 % (0.39) - (222.95) (0.39)
Q4 2015 (291.11) 5.0 % (0.51) - (291.11) (0.51)
Q1 2016 (250.00) 2.6 % (0.44) - (250.00) (0.44)
Q2 2016 (328.30) (63.2 %) (0.57) - (328.30) (0.57)
Q3 2016 (266.11) (19.4 %) (0.46) - (266.11) (0.46)
Q4 2016 (134.13) 53.9 % (0.23) - (134.13) (0.23)
Q1 2017 45.47 118.2 % 0.08 - 45.47 0.08
Q2 2017 7.69 102.3 % 0.01 - 7.69 0.01
Q3 2017 3.41 101.3 % 0.01 - 3.41 0.01
Q4 2017 (45.02) 66.4 % (0.08) - (45.02) (0.08)
Q1 2018 (77.33) (270.1 %) (0.13) - (77.33) (0.13)
Q2 2018 (37.57) (588.4 %) (0.07) - (37.57) (0.07)
Q3 2018 48.01 1309.8 % 0.08 - 48.01 0.08
Q4 2018 399.26 986.8 % 0.70 - 399.26 0.70
Q1 2019 129.31 267.2 % 0.23 - 129.31 0.23
Q2 2019 130.20 446.5 % 0.23 - 130.20 0.23
Q3 2019 120.71 151.5 % 0.21 - 120.71 0.21
Q4 2019 104.96 (73.7 %) 0.18 - 104.96 0.18
Q1 2020 105.22 (18.6 %) 0.18 - 105.22 0.18
Q2 2020 58.61 (55.0 %) 0.10 - 58.61 0.10
Q3 2020 60.17 (50.2 %) 0.10 136.26 (76.09) (0.13)
Q4 2020 35.95 (65.8 %) 0.04 - 35.95 0.04
2020 259.95 (46.4 %) 0.29 136.26 123.69 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)
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 %)
Q1 2014 49.73 % 15.48 % (24.76 %)
Q2 2014 50.30 % 15.95 % (24.65 %)
Q3 2014 51.27 % 15.29 % (24.40 %)
Q4 2014 51.79 % 15.50 % (22.58 %)
Q1 2015 52.08 % 15.99 % (21.21 %)
Q2 2015 53.79 % 18.43 % (18.95 %)
Q3 2015 55.88 % 21.85 % (15.66 %)
Q4 2015 58.61 % 24.16 % (14.42 %)
Q1 2016 60.77 % 25.19 % (14.09 %)
Q2 2016 62.44 % 24.01 % (15.77 %)
Q3 2016 63.61 % 25.15 % (16.70 %)
Q4 2016 63.53 % 25.92 % (14.13 %)
Q1 2017 65.05 % 28.46 % (9.65 %)
Q2 2017 65.83 % 31.52 % (4.81 %)
Q3 2017 66.60 % 32.71 % (1.05 %)
Q4 2017 67.25 % 34.45 % 0.16 %
Q1 2018 67.01 % 34.79 % (1.57 %)
Q2 2018 65.81 % 35.09 % (2.22 %)
Q3 2018 65.73 % 36.27 % (1.55 %)
Q4 2018 72.03 % 42.01 % 4.41 %
Q1 2019 72.91 % 44.85 % 6.79 %
Q2 2019 75.47 % 48.22 % 8.67 %
Q3 2019 77.08 % 51.02 % 9.50 %
Q4 2019 71.17 % 48.53 % 5.79 %
Q1 2020 71.55 % 48.06 % 5.53 %
Q2 2020 70.95 % 47.63 % 4.77 %
Q3 2020 68.82 % 44.93 % 2.38 %
Q4 2020 68.78 % 43.47 % 1.56 %
2020 68.78 % 43.47 % 1.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2014 573.22 (2.21) (2.45) 9.53
Q1 2015 573.22 (2.11) (2.34) 9.04
Q2 2015 573.22 (1.88) (2.12) 8.71
Q3 2015 573.22 (1.72) (1.81) 8.31
Q4 2015 573.22 (1.70) (1.70) 7.94
Q1 2016 573.22 (1.68) (1.68) 7.45
Q2 2016 573.22 (1.91) (1.91) 6.88
Q3 2016 573.22 (1.98) (1.98) 6.42
Q4 2016 573.22 (1.71) (1.71) 6.21
Q1 2017 573.22 (1.19) (1.19) 6.28
Q2 2017 573.22 (0.61) (0.61) 6.29
Q3 2017 573.22 (0.14) (0.14) 6.30
Q4 2017 573.22 0.02 0.02 6.22
Q1 2018 573.22 (0.19) (0.19) 6.31
Q2 2018 573.22 (0.27) (0.27) 6.22
Q3 2018 573.22 (0.20) (0.20) 6.33
Q4 2018 573.22 0.58 0.58 7.00
Q1 2019 573.22 0.94 0.94 6.60
Q2 2019 573.22 1.23 1.23 6.75
Q3 2019 573.22 1.36 1.36 6.92
Q4 2019 573.22 0.85 0.85 7.16
Q1 2020 573.22 0.80 0.80 7.22
Q2 2020 573.22 0.68 0.68 7.31
Q3 2020 573.22 0.57 0.34 7.40
Q4 2020 898.73 0.29 0.14 9.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2014 NEG NEG 2.00
Q1 2015 NEG NEG 1.90
Q2 2015 NEG NEG 2.09
Q3 2015 NEG NEG 1.75
Q4 2015 NEG NEG 1.68
Q1 2016 NEG NEG 1.87
Q2 2016 NEG NEG 1.82
Q3 2016 NEG NEG 1.67
Q4 2016 NEG NEG 2.13
Q1 2017 NEG NEG 2.25
Q2 2017 NEG NEG 2.34
Q3 2017 NEG NEG 2.22
Q4 2017 More than 100 More than 100 1.88
Q1 2018 NEG NEG 1.81
Q2 2018 NEG NEG 1.71
Q3 2018 NEG NEG 1.57
Q4 2018 22.77 22.77 1.89
Q1 2019 18.68 18.68 2.66
Q2 2019 16.19 16.19 2.96
Q3 2019 14.07 14.07 2.76
Q4 2019 22.14 22.14 2.62
Q1 2020 18.84 18.84 2.10
Q2 2020 26.64 26.64 2.48
Q3 2020 37.72 64.40 2.92
Q4 2020 47.02 98.82 1.40

Business Segments (Million)

Compared With The
Period Mobile Telecommunications Company Zain Sales Zain Payments Eliminations
Q1 2018 1,685.97 - - -
Q2 2018 1,846.43 - - -
Q3 2018 1,951.89 - - -
Q4 2018 2,046.24 - - -
Q1 2019 2,016.32 679.91 - (602.74)
Q2 2019 1,978.29 670.22 - (591.75)
Q3 2019 1,923.51 682.16 - (597.59)
Q4 2019 2,166.58 842.50 0.02 (781.19)
Q1 2020 1,949.70 599.58 0.02 (510.44)
Q2 2020 1,848.49 520.83 0.08 (480.18)
Q3 2020 1,857.34 627.02 0.12 (556.90)
Q4 2020 1,985.05 612.51 0.51 (537.19)

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average 128.35 35.95 (72.0 %)

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
AlJazira Capital 59.40 35.95 (39.5) %
Riyad Capital 79.00 35.95 (54.5) %
Al Rajhi Capital 101.00 35.95 (64.4) %
SNB Capital 274.00 35.95 (86.9) %


Financial Ratios
Current
Market Cap (M Riyal) 9,364.77
Enterprise Value (EV) (M) 16,691.90
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) 34.95
Price/book 0.90
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 2.6
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Share Price

Mobile Telecommunication Company Saudi Arabia
10.40
(0.04) (0.38 %)

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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