Zain KSA net profit rises 98% to SAR 81 mln in Q1 2022

Zain KSA net profit rises 98% to SAR 81 mln in Q1 2022

18/04/2022 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted a net profit after Zakat and tax of SAR 81 million in Q1 2022, up 98% from SAR 41 million a year earlier, driven by 12.44% growth in revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 1,937.51 2,178.58 12.4 %
Gross Income 1,215.51 1,235.91 1.7 %
Operating Income 158.08 201.13 27.2 %
Net Income 40.87 80.52 97.0 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.05 0.09 97.0 %

Meanwhile, cost of revenue rose by 30.6% year-on-year (YoY). Operating expenses (OPEX) increased by SAR 33 million, while amortization and depreciation decreased by SAR 56 million following the announced offers to acquire stakes in the Zain KSA towers infrastructure.

 

When compared to the previous quarter, Q1 2022 net profit rose 12.8% from SAR 71.4 million.

 

Total shareholders’ equity, excluding minority interest, increased 5% to SAR 9.238 billion in Q1 2022, compared to SAR 8.798 billion a year ago.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2021 1,937.51 (5.0 %) 1,215.51 (17.5 %) 158.08 (55.7 %)
Q2 2021 1,895.86 0.4 % 1,258.86 (7.1 %) 159.35 (46.3 %)
Q3 2021 1,984.17 2.9 % 1,244.06 (1.7 %) 188.33 36.2 %
Q4 2021 2,083.10 1.1 % 1,166.17 (13.7 %) 192.98 (8.2 %)
Q1 2022 2,178.58 12.4 % 1,235.91 1.7 % 201.13 27.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2021 40.87 (61.2 %) 0.05 - 40.87 0.05
Q2 2021 41.65 (28.9 %) 0.05 - 41.65 0.05
Q3 2021 60.39 0.4 % 0.07 - 60.39 0.07
Q4 2021 71.40 98.6 % 0.08 - 71.40 0.08
Q1 2022 80.52 97.0 % 0.09 - 80.52 0.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2021 66.37 % 41.43 % 0.76 %
Q2 2021 65.09 % 39.66 % 0.54 %
Q3 2021 64.34 % 39.87 % 2.27 %
Q4 2021 61.83 % 39.60 % 2.71 %
Q1 2022 60.25 % 38.27 % 3.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2021 898.73 0.22 0.07 9.79
Q2 2021 898.73 0.20 0.05 9.83
Q3 2021 898.73 0.20 0.20 9.93
Q4 2021 898.73 0.24 0.24 10.06
Q1 2022 898.73 0.28 0.28 10.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2021 68.93 More than 100 1.53
Q2 2021 73.15 More than 100 1.48
Q3 2021 70.35 70.35 1.41
Q4 2021 50.49 50.49 1.20
Q1 2022 47.14 47.14 1.30

Business Segments (Million)

Compared With The
Period Mobile Telecommunications Company Zain Sales Zain Payments Zain Drones 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)
Q1 2021 1,898.99 483.70 1.99 - (447.17)
Q2 2021 1,861.58 409.30 2.15 - (377.17)
Q3 2021 1,946.62 510.56 4.34 - (477.34)
Q4 2021 2,050.20 452.99 7.13 1.25 (428.47)
Q1 2022 2,134.13 394.10 10.43 - (360.07)

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 65.13 80.52 23.64 %

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
Riyad Capital 87.00 80.52 (7.4) %
AlJazira Capital 65.50 80.52 22.9 %
Al Rajhi Capital 65.00 80.52 23.9 %
SNB Capital 43.00 80.52 87.3 %


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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