Saudi Ground Services’ net profit rises 15% in FY2019

Saudi Ground Services’ net profit rises 15% in FY2019

01/03/2020 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a 14.9% year-on-year (YoY) increase in net profit after Zakat and tax for fiscal year (FY) 2019, to SAR 423.3 million from SAR 368.4 million a year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 2,554.04 2,539.76 (0.6 %)
Gross Income 684.44 686.50 0.3 %
Operating Income 371.10 415.86 12.1 %
Net Income 368.43 423.35 14.9 %
Average Shares 188.00 188.00 -
EPS (Riyals) 1.96 2.25 14.9 %

The increase in profits is attributed to the decrease in operating expense by SAR 16.3 million and a decline in administrative expense and impairment loss by SAR 4.8 million and SAR 37.9 million, respectively.

 

Revenues inched down 0.5% to SAR 2.53 billion in FY2019 when compared to SAR 2.55 billion in FY2018, the company said in a bourse statement.

 

In Q4 2019, net profit jumped 33% YoY to SAR 75.2 million. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 571.66 599.33 4.8 %
Gross Income 147.70 127.62 (13.6 %)
Operating Income 66.72 71.23 6.8 %
Net Income 56.37 75.17 33.3 %
Average Shares 188.00 188.00 -
EPS (Riyals) 0.30 0.40 33.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 500.10 - 198.45 - 156.82 -
Q3 2014 625.52 - 246.84 - 180.72 -
Q4 2014 597.88 - 172.57 - 121.65 -
Q1 2015 622.53 - 156.14 - 92.78 -
Q2 2015 610.80 22.1 % 224.24 13.0 % 172.85 10.2 %
Q3 2015 661.14 5.7 % 220.77 (10.6 %) 165.80 (8.3 %)
Q4 2015 646.04 8.1 % 236.03 36.8 % 164.20 35.0 %
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 %)
Q1 2017 643.79 (6.1 %) 222.66 (13.4 %) 149.17 (23.8 %)
Q2 2017 659.26 (4.8 %) 246.56 (2.3 %) 120.25 (37.6 %)
Q3 2017 697.26 (5.9 %) 227.75 (9.4 %) 159.06 (16.6 %)
Q4 2017 585.23 (3.6 %) 177.46 8.4 % 63.54 (34.0 %)
Q1 2018 621.81 (3.4 %) 180.82 (18.8 %) 106.93 (28.3 %)
Q2 2018 659.90 0.1 % 189.43 (23.2 %) 111.95 (6.9 %)
Q3 2018 700.67 0.5 % 166.49 (26.9 %) 85.50 (46.2 %)
Q4 2018 571.66 (2.3 %) 147.70 (16.8 %) 66.72 5.0 %
Q1 2019 609.07 (2.0 %) 173.15 (4.2 %) 105.77 (1.1 %)
Q2 2019 648.02 (1.8 %) 194.30 2.6 % 125.11 11.8 %
Q3 2019 683.34 (2.5 %) 191.44 15.0 % 113.75 33.0 %
Q4 2019 599.33 4.8 % 127.62 (13.6 %) 71.23 6.8 %
2019 2,539.76 (0.6 %) 686.50 0.3 % 415.86 12.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 151.55 - 0.81 - 151.55 0.81
Q3 2014 176.83 - 0.94 - 176.83 0.94
Q4 2014 168.10 - 0.89 22.23 145.87 0.78
Q1 2015 110.82 - 0.59 (98.00) 208.82 1.11
Q2 2015 174.28 15.0 % 0.93 - 174.28 0.93
Q3 2015 167.08 (5.5 %) 0.89 (31.50) 198.58 1.06
Q4 2015 168.88 0.5 % 0.90 12.46 156.42 0.83
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
Q1 2017 155.12 (19.3 %) 0.83 - 155.12 0.83
Q2 2017 122.28 (37.6 %) 0.65 - 122.28 0.65
Q3 2017 160.05 (17.4 %) 0.85 - 160.05 0.85
Q4 2017 64.05 (38.5 %) 0.34 - 64.05 0.34
Q1 2018 106.66 (31.2 %) 0.57 - 106.66 0.57
Q2 2018 112.72 (7.8 %) 0.60 - 112.72 0.60
Q3 2018 92.68 (42.1 %) 0.49 - 92.68 0.49
Q4 2018 56.37 (12.0 %) 0.30 - 56.37 0.30
Q1 2019 104.12 (2.4 %) 0.55 - 104.12 0.55
Q2 2019 123.86 9.9 % 0.66 - 123.86 0.66
Q3 2019 120.21 29.7 % 0.64 - 120.21 0.64
Q4 2019 75.17 33.3 % 0.40 - 75.17 0.40
2019 423.35 14.9 % 2.25 - 423.35 2.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 32.99 % 29.56 % 29.12 %
Q2 2015 32.56 % 30.41 % 28.73 %
Q3 2015 31.04 % 29.51 % 29.19 %
Q4 2015 32.95 % 29.33 % 29.05 %
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 %
Q1 2017 33.15 % 27.84 % 24.16 %
Q2 2017 33.35 % 25.45 % 21.69 %
Q3 2017 33.01 % 24.68 % 20.77 %
Q4 2017 33.82 % 23.73 % 19.40 %
Q1 2018 32.48 % 22.47 % 17.67 %
Q2 2018 30.24 % 22.34 % 17.30 %
Q3 2018 27.82 % 19.65 % 14.65 %
Q4 2018 26.80 % 20.04 % 14.43 %
Q1 2019 26.63 % 20.94 % 14.40 %
Q2 2019 26.95 % 22.05 % 14.91 %
Q3 2019 28.13 % 24.05 % 16.10 %
Q4 2019 27.03 % 24.48 % 16.67 %
2019 27.03 % 24.48 % 16.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 188.00 - - 12.63
Q3 2014 188.00 - - 12.96
Q4 2014 188.00 - - 13.22
Q1 2015 188.00 3.23 3.63 13.20
Q2 2015 188.00 3.35 3.75 14.13
Q3 2015 188.00 3.30 3.87 15.02
Q4 2015 188.00 3.30 3.93 14.38
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
Q1 2017 188.00 3.45 3.45 15.36
Q2 2017 188.00 3.06 3.06 15.36
Q3 2017 188.00 2.88 2.88 15.56
Q4 2017 188.00 2.67 2.67 15.28
Q1 2018 188.00 2.41 2.41 15.84
Q2 2018 188.00 2.36 2.36 15.79
Q3 2018 188.00 2.00 2.00 14.99
Q4 2018 188.00 1.96 1.96 15.30
Q1 2019 188.00 1.95 1.95 15.78
Q2 2019 188.00 2.01 2.01 15.64
Q3 2019 188.00 2.15 2.15 15.28
Q4 2019 188.00 2.25 2.25 15.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 21.78 19.44 5.17
Q3 2015 18.59 15.85 4.08
Q4 2015 13.70 11.53 3.15
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
Q1 2017 14.87 14.87 3.34
Q2 2017 14.71 14.71 2.93
Q3 2017 15.01 15.01 2.78
Q4 2017 14.74 14.74 2.57
Q1 2018 15.28 15.28 2.32
Q2 2018 15.30 15.30 2.29
Q3 2018 17.59 17.59 2.35
Q4 2018 15.77 15.77 2.02
Q1 2019 14.95 14.95 1.84
Q2 2019 14.36 14.36 1.84
Q3 2019 15.29 15.29 2.15
Q4 2019 15.59 15.59 2.24

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 83.37 75.17 (9.8 %)

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
OSOOL AND BAKHEET 80.30 75.17 (6.4) %
AlJazira Capital 66.80 75.17 12.5 %
SNB Capital 103.00 75.17 (27.0) %


Financial Ratios
Current
Market Cap (M Riyal) 9,165.00
Enterprise Value (EV) (M) 8,512.83
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) 32.34
P/E (TTM) 31.29
Price/book 3.85
Return on Average Assets (%) (TTM) 6.9
Return on Average Equity (%) (TTM) 12.7
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Share Price

Saudi Ground Services Co.
48.80
0.50 1.04 %

Saudi Ground Services Co. (SGS)

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