Saudi Ground Services net profit rises 10% in FY16
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Saudi Ground Services Co. (SGS) reported a net profit of SAR 685.8 million for fiscal year 2016, 10 percent higher year-on-year (YoY) due to higher revenue as the number of flights increased, leading to a rise in operational costs. The company also noted an increase in zakat expenses and the introduction of a new tax for its foreign shareholder.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 2,540.51 | 2,726.67 | 7.3 % |
| Gross Income | 837.18 | 924.24 | 10.4 % |
| Operating Income | 595.63 | 675.42 | 13.4 % |
| Net Income | 621.07 | 685.77 | 10.4 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 3.30 | 3.65 | 10.4 % |
Net profit for fourth quarter fell 40 percent YoY to SAR 100.7 million on lower revenue as Q4 2015 had corresponded with Hajj season. Additionally, some of the main airlines that operated in 2015 did not operate during the 2016 Hajj season. The firm also posted higher operational expenses due to annual increments and an increase in the Saudization ratio.
Q4 profit dropped 48 percent compared to the previous quarter mainly because the Hajj and Umrah season fell in the previous quarter.
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 646.04 | 607.19 | (6.0 %) |
| Gross Income | 236.03 | 163.66 | (30.7 %) |
| Operating Income | 164.20 | 96.20 | (41.4 %) |
| Net Income | 168.88 | 104.10 | (38.4 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.90 | 0.55 | (38.4 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 685.76 | 10.2 % | 257.00 | 64.6 % | 195.75 | 111.0 % |
| Q2 2016 | 692.45 | 13.4 % | 252.28 | 12.5 % | 192.66 | 11.5 % |
| Q3 2016 | 741.27 | 12.1 % | 251.31 | 13.8 % | 190.80 | 15.1 % |
| Q4 2016 | 607.19 | (6.0 %) | 163.66 | (30.7 %) | 96.20 | (41.4 %) |
| 2016 | 2,726.67 | 7.3 % | 924.24 | 10.4 % | 675.42 | 13.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 192.14 | 73.4 % | 1.02 | - | 192.14 | 1.02 |
| Q2 2016 | 195.82 | 12.4 % | 1.04 | - | 195.82 | 1.04 |
| Q3 2016 | 193.71 | 15.9 % | 1.03 | - | 193.71 | 1.03 |
| Q4 2016 | 104.10 | (38.4 %) | 0.55 | - | 104.10 | 0.55 |
| 2016 | 685.77 | 10.4 % | 3.65 | - | 685.77 | 3.65 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 36.03 % | 32.29 % | 27.71 % |
| Q2 2016 | 35.98 % | 31.76 % | 27.67 % |
| Q3 2016 | 36.04 % | 31.48 % | 26.69 % |
| Q4 2016 | 33.90 % | 29.16 % | 25.15 % |
| 2016 | 33.90 % | 29.16 % | 25.15 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 188.00 | 3.74 | 3.84 | 14.51 |
| Q2 2016 | 188.00 | 3.85 | 3.95 | 14.90 |
| Q3 2016 | 188.00 | 3.99 | 3.93 | 15.28 |
| Q4 2016 | 188.00 | 3.65 | 3.65 | 15.83 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 10.90 | 10.61 | 2.81 |
| Q2 2016 | 12.55 | 12.23 | 3.24 |
| Q3 2016 | 10.15 | 10.32 | 2.65 |
| Q4 2016 | 18.14 | 18.14 | 4.18 |
Analysts Estimates (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| Average | 187.35 | 104.10 | (44.4 %) |
Estimates vs Actual (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| Sico | 176.00 | 104.10 | (40.9) % |
| OSOOL AND BAKHEET | 198.70 | 104.10 | (47.6) % |
| Current | |
| Market Cap (M Riyal) | 9,202.60 |
| Enterprise Value (EV) (M) | 8,550.43 |
| Shares Outstanding ((M)) | 188.00 |
| EPS ( Riyal) (TTM) | 1.56 |
| Book Value (BV) ( Riyal) | 12.65 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 32.47 |
| P/E (TTM) | 31.42 |
| Price/book | 3.87 |
| Return on Average Assets (%) (TTM) | 6.9 |
| Return on Average Equity (%) (TTM) | 12.7 |
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