Zain Saudi’s Q1 2020 net profit declines 19% to SAR 105 mln

Zain Saudi’s Q1 2020 net profit declines 19% to SAR 105 mln

30/04/2020 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain Saudi) reported a net profit of SAR 105 million for the first quarter of 2020, a decline of 19% year-on-year (YoY), compared to SAR 129 million in the same period last year.

 

The company attributed the decline to decrease in revenue by 2.65% to SAR 55 million on the back of lower demand for low-margin products and services.

 

The telecom operator also cited higher operating expenses by SAR 5 million, expected credit loss by SAR 4 million, depreciation and amortization by SAR 9.5 million, and Zakat by SAR 5 million.

 

The company also released certain provisions in Q1 2020 with a net impact of SAR 133 million compared to SAR 107 million in Q1 2019.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 2,093.49 2,038.87 (2.6 %)
Gross Income 1,480.38 1,473.43 (0.5 %)
Operating Income 431.78 356.71 (17.4 %)
Net Income 129.31 105.22 (18.6 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.23 0.18 (18.6 %)

When compared to the previous quarter, net profit remained unchanged despite the lower revenues amounting to SAR 189 million on the back of decreased demand for low-margin products and services



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 %)


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

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 %


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

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

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)

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 142.44 105.22 (26.1 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
Riyad Capital 115.00 105.22 (8.5) %
AlJazira Capital 93.20 105.22 12.9 %
OSOOL AND BAKHEET 130.00 105.22 (19.1) %
Al Rajhi Capital 180.00 105.22 (41.5) %
SNB Capital 194.00 105.22 (45.8) %


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
10.42
(0.02) (0.19 %)

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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