QACO’s net profit plunges 96% in 9M 2017

QACO’s net profit plunges 96% in 9M 2017

08/11/2017 Argaam Exclusive

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Qassim Investment Holding Co. (QACO) reported a net profit of SAR 2.4 million in the first nine months of 2017, a 96 percent year-on-year (YoY) plunge due to a decline in capital gains.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 17.79 13.85 (22.2 %)
Gross Income 6.82 7.51 10.1 %
Operating Income 0.64 2.57 299.4 %
Net Income 99.74 2.39 (97.6 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 3.32 0.08 (97.6 %)

Net profit for the third quarter rose 5.6 percent YoY to SAR 1.5 million on higher capital gains, and lower general and administrative expenses.

 

Q3 net profit more than doubled compared to the previous quarter due to a decrease in general, administrative, selling and distribution expenses, as well as higher capital gains.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 4.14 4.65 12.2 %
Gross Income 2.94 2.56 (12.8 %)
Operating Income 1.27 1.17 (7.7 %)
Net Income 1.40 1.48 5.6 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.05 0.05 5.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 27.42 53.2 % 0.90 (30.2 %) (0.63) (400.0 %)
Q2 2008 11.24 43.0 % 0.64 420.0 % (0.67) 64.3 %
Q3 2008 30.27 146.7 % 3.82 35.5 % 1.53 5.7 %
Q4 2008 19.48 73.9 % 0.37 232.1 % (1.56) 26.8 %
Q1 2009 26.56 (3.1 %) 0.55 (38.9 %) (1.08) (71.4 %)
Q2 2009 14.47 28.7 % (1.74) (371.9 %) (3.41) (409.0 %)
Q3 2009 22.95 (24.2 %) 0.15 (96.1 %) (1.84) (220.3 %)
Q4 2009 20.30 4.2 % (0.58) (256.8 %) (2.43) (55.5 %)
Q1 2010 14.24 (46.4 %) (2.40) (536.4 %) (3.97) (267.6 %)
Q2 2010 16.09 11.2 % (8.13) (367.2 %) (9.82) (188.0 %)
Q3 2010 21.18 (7.7 %) (0.20) (233.3 %) (2.35) (27.7 %)
Q4 2010 29.38 44.7 % (2.04) (251.7 %) (6.41) (164.3 %)
Q1 2011 13.02 (8.6 %) (1.72) 28.3 % (3.99) (0.5 %)
Q2 2011 17.64 9.6 % 1.21 114.9 % (0.91) 90.7 %
Q3 2011 21.14 (0.2 %) (3.44) (1,620.0 %) (6.05) (157.4 %)
Q4 2011 11.46 (61.0 %) (3.69) (80.9 %) (7.24) (12.9 %)
Q1 2012 12.02 (7.7 %) 0.72 141.9 % (7.86) (96.9 %)
Q2 2012 21.61 22.5 % (1.15) (195.0 %) (3.72) (308.4 %)
Q3 2012 22.10 4.5 % (0.94) 72.7 % (4.51) 25.5 %
Q4 2012 16.00 39.6 % (5.45) (47.7 %) (11.82) (63.3 %)
Q1 2013 19.62 63.2 % (0.90) (225.0 %) (3.89) 50.5 %
Q2 2013 20.27 (6.2 %) 3.24 381.7 % 0.22 105.8 %
Q3 2013 18.97 (14.2 %) (0.71) 24.5 % (3.49) 22.6 %
Q4 2013 11.13 (30.4 %) (3.02) 44.6 % (6.86) 41.9 %
Q1 2014 8.94 (54.4 %) (3.26) (262.6 %) (7.22) (85.8 %)
Q2 2014 20.06 (1.1 %) 3.00 (7.4 %) 0.28 28.4 %
Q3 2014 14.94 (21.2 %) 0.11 115.9 % (2.16) 38.2 %
Q4 2014 9.29 (16.5 %) (1.19) 60.5 % (3.00) 56.3 %
Q1 2015 8.14 (8.9 %) (0.78) 76.1 % (2.80) 61.2 %
Q2 2015 14.13 (29.6 %) 2.23 (25.8 %) (0.14) (149.6 %)
Q3 2015 12.83 (14.1 %) (1.76) (1660.2 %) (4.18) (93.7 %)
Q4 2015 11.44 23.2 % (0.97) 18.8 % (4.45) (48.2 %)
Q1 2016 8.08 (0.7 %) 0.57 173.2 % (1.95) 30.2 %
Q2 2016 5.57 (60.6 %) 3.32 49.0 % 1.33 1069.3 %
Q3 2016 4.14 (67.7 %) 2.94 266.6 % 1.27 130.4 %
Q4 2016 4.34 (62.0 %) 2.85 394.2 % (0.24) 94.6 %
Q1 2017 4.83 (40.2 %) 2.46 332.1 % 0.82 142.1 %
Q2 2017 4.37 (21.6 %) 2.48 (25.2 %) 0.58 (56.5 %)
Q3 2017 4.65 12.2 % 2.56 (12.8 %) 1.17 (7.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 0.55 127.7 % 0.02 - 0.55 0.02
Q2 2008 (0.36) 85.9 % (0.01) - (0.36) (0.01)
Q3 2008 1.33 34.5 % 0.04 - 1.33 0.04
Q4 2008 (1.22) 18.0 % (0.04) - (1.22) (0.04)
Q1 2009 0.10 (81.1 %) 0.00 - 0.10 0.00
Q2 2009 (3.05) (737.9 %) (0.10) - (3.05) (0.10)
Q3 2009 (1.79) (234.6 %) (0.06) - (1.79) (0.06)
Q4 2009 (2.22) (81.4 %) (0.07) - (2.22) (0.07)
Q1 2010 1.33 1178.8 % 0.04 - 1.33 0.04
Q2 2010 (10.29) (237.5 %) (0.34) - (10.29) (0.34)
Q3 2010 (2.54) (41.9 %) (0.08) - (2.54) (0.08)
Q4 2010 (6.16) (177.4 %) (0.21) - (6.16) (0.21)
Q1 2011 (1.87) (240.8 %) (0.06) - (1.87) (0.06)
Q2 2011 (1.70) 83.4 % (0.06) - (1.70) (0.06)
Q3 2011 (5.89) (132.5 %) (0.20) - (5.89) (0.20)
Q4 2011 (6.59) (7.1 %) (0.22) - (6.59) (0.22)
Q1 2012 7.25 487.0 % 0.24 (4.32) 11.57 0.39
Q2 2012 (0.14) 91.6 % 0.00 0.02 (0.16) (0.01)
Q3 2012 (2.32) 60.7 % (0.08) 2.27 (4.59) (0.15)
Q4 2012 (12.31) (86.7 %) (0.41) 21.67 (33.98) (1.13)
Q1 2013 (3.17) (143.8 %) (0.11) - (3.17) (0.11)
Q2 2013 0.05 132.9 % 0.00 - 0.05 0.00
Q3 2013 (2.90) (25.4 %) (0.10) - (2.90) (0.10)
Q4 2013 (6.25) 49.2 % (0.21) (0.11) (6.14) (0.20)
Q1 2014 (7.34) (131.4 %) (0.24) - (7.34) (0.24)
Q2 2014 2.14 4446.8 % 0.07 - 2.14 0.07
Q3 2014 (1.68) 42.3 % (0.06) - (1.68) (0.06)
Q4 2014 (5.04) 19.4 % (0.17) - (5.04) (0.17)
Q1 2015 (2.98) 59.5 % (0.10) - (2.98) (0.10)
Q2 2015 0.47 (78.2 %) 0.02 - 0.47 0.02
Q3 2015 (4.18) (149.6 %) (0.14) - (4.18) (0.14)
Q4 2015 7.71 253.0 % 0.26 13.80 (6.09) (0.20)
Q1 2016 95.31 3301.5 % 3.18 98.55 (3.24) (0.11)
Q2 2016 3.03 551.6 % 0.10 1.83 1.20 0.04
Q3 2016 1.40 133.4 % 0.05 - 1.40 0.05
Q4 2016 59.07 666.2 % 1.97 0.06 59.01 1.97
Q1 2017 0.21 (99.8 %) 0.01 - 0.21 0.01
Q2 2017 0.71 (76.7 %) 0.02 - 0.71 0.02
Q3 2017 1.48 5.6 % 0.05 - 1.48 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 5.51 % 19.33 % (4.31 %)
Q2 2008 6.57 % 19.45 % (0.51 %)
Q3 2008 6.34 % 15.72 % 0.03 %
Q4 2008 6.48 % 14.89 % 0.33 %
Q1 2009 6.15 % 14.35 % (0.18 %)
Q2 2009 3.30 % 11.79 % (3.13 %)
Q3 2009 (0.80 %) 9.08 % (7.14 %)
Q4 2009 (1.92 %) 7.57 % (8.25 %)
Q1 2010 (6.35 %) 4.78 % (7.96 %)
Q2 2010 (14.90 %) (4.35 %) (17.63 %)
Q3 2010 (15.75 %) (5.30 %) (19.10 %)
Q4 2010 (15.79 %) (9.22 %) (21.83 %)
Q1 2011 (15.18 %) (9.46 %) (26.18 %)
Q2 2011 (3.39 %) 2.00 % (15.11 %)
Q3 2011 (7.38 %) (2.30 %) (19.25 %)
Q4 2011 (12.08 %) (2.58 %) (25.39 %)
Q1 2012 (8.35 %) (6.03 %) (4.22 %)
Q2 2012 (11.41 %) (9.77 %) (1.64 %)
Q3 2012 (7.53 %) (5.62 %) 0.33 %
Q4 2012 (9.51 %) (10.79 %) (37.87 %)
Q1 2013 (10.64 %) (7.38 %) (52.82 %)
Q2 2013 (5.19 %) (11.88 %) (53.46 %)
Q3 2013 (5.10 %) 3.87 % (53.45 %)
Q4 2013 (1.99 %) 11.04 % (17.39 %)
Q1 2014 (6.33 %) 16.52 % (27.55 %)
Q2 2014 (6.76 %) 25.77 % (24.11 %)
Q3 2014 (5.76 %) 10.24 % (23.65 %)
Q4 2014 (2.52 %) 17.02 % (22.40 %)
Q1 2015 2.18 % 24.87 % (14.41 %)
Q2 2015 0.79 % 26.29 % (19.84 %)
Q3 2015 (3.40 %) 22.35 % (26.44 %)
Q4 2015 (2.76 %) 16.99 % (27.48 %)
Q1 2016 0.14 % 13.75 % (28.08 %)
Q2 2016 3.05 % 10.46 % (32.48 %)
Q3 2016 20.03 % 18.22 % (23.05 %)
Q4 2016 43.69 % 26.23 % 263.65 %
Q1 2017 61.23 % 35.02 % 327.27 %
Q2 2017 60.66 % 30.70 % 346.70 %
Q3 2017 56.90 % 27.81 % 337.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 30.00 (0.08) (0.08) 13.49
Q2 2008 30.00 (0.01) (0.01) 13.51
Q3 2008 30.00 0.00 0.00 13.56
Q4 2008 30.00 0.01 0.01 13.52
Q1 2009 30.00 (0.01) (0.01) 13.33
Q2 2009 30.00 (0.09) (0.09) 13.42
Q3 2009 30.00 (0.20) (0.20) 13.36
Q4 2009 30.00 (0.23) (0.23) 13.28
Q1 2010 30.00 (0.19) (0.19) 13.33
Q2 2010 30.00 (0.43) (0.43) 12.99
Q3 2010 30.00 (0.46) (0.46) 12.90
Q4 2010 30.00 (0.59) (0.59) 12.70
Q1 2011 30.00 (0.70) (0.70) 12.63
Q2 2011 30.00 (0.41) (0.41) 12.58
Q3 2011 30.00 (0.52) (0.52) 12.38
Q4 2011 30.00 (0.54) (0.54) 12.16
Q1 2012 30.00 (0.23) (0.09) 12.65
Q2 2012 30.00 (0.18) (0.04) 12.47
Q3 2012 30.00 (0.06) 0.01 12.35
Q4 2012 30.00 (0.25) (0.91) 11.92
Q1 2013 30.00 (0.60) (1.40) 11.80
Q2 2013 30.00 (0.59) (1.39) 11.80
Q3 2013 30.00 (0.61) (1.33) 11.71
Q4 2013 30.00 (0.41) (0.41) 11.50
Q1 2014 30.00 (0.55) (0.54) 11.26
Q2 2014 30.00 (0.48) (0.48) 11.33
Q3 2014 30.00 (0.44) (0.43) 11.27
Q4 2014 30.00 (0.40) (0.40) 11.00
Q1 2015 30.00 (0.25) (0.25) 10.90
Q2 2015 30.00 (0.31) (0.31) 10.92
Q3 2015 30.00 (0.39) (0.39) 10.78
Q4 2015 30.00 0.03 (0.43) 11.03
Q1 2016 30.00 3.31 (0.44) 11.86
Q2 2016 30.00 3.40 (0.41) 11.90
Q3 2016 30.00 3.58 (0.22) 11.91
Q4 2016 30.00 5.29 1.95 10.72
Q1 2017 30.00 2.12 2.06 10.72
Q2 2017 30.00 2.05 2.04 10.74
Q3 2017 30.00 2.05 2.05 10.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 NEG NEG 1.98
Q2 2008 NEG NEG 1.73
Q3 2008 More than 100 More than 100 1.18
Q4 2008 More than 100 More than 100 0.94
Q1 2009 NEG NEG 1.13
Q2 2009 NEG NEG 1.25
Q3 2009 NEG NEG 1.30
Q4 2009 NEG NEG 1.29
Q1 2010 NEG NEG 1.24
Q2 2010 NEG NEG 1.08
Q3 2010 NEG NEG 1.13
Q4 2010 NEG NEG 1.19
Q1 2011 NEG NEG 1.35
Q2 2011 NEG NEG 1.38
Q3 2011 NEG NEG 1.31
Q4 2011 NEG NEG 3.06
Q1 2012 NEG NEG 3.85
Q2 2012 NEG NEG 2.31
Q3 2012 NEG More than 100 2.15
Q4 2012 NEG NEG 1.97
Q1 2013 NEG NEG 2.01
Q2 2013 NEG NEG 1.85
Q3 2013 NEG NEG 2.01
Q4 2013 NEG NEG 2.62
Q1 2014 NEG NEG 2.52
Q2 2014 NEG NEG 2.28
Q3 2014 NEG NEG 2.55
Q4 2014 NEG NEG 1.76
Q1 2015 NEG NEG 2.11
Q2 2015 NEG NEG 2.25
Q3 2015 NEG NEG 1.81
Q4 2015 More than 100 NEG 2.03
Q1 2016 5.05 NEG 1.41
Q2 2016 4.88 NEG 1.39
Q3 2016 3.72 NEG 1.12
Q4 2016 2.95 8.02 1.46
Q1 2017 6.53 6.73 1.29
Q2 2017 6.43 6.43 1.22
Q3 2017 6.55 6.55 1.27

Business Segments (Million)

Compared With The
Period Agri Sector- Shri Project Agri Sector- Jouf Project Poultry Project Dates Factory Dairy sector Agricultural Activity
Q1 2013 11.09 2.87 2.50 3.17 - -
Q2 2013 10.14 4.29 2.50 3.34 - -
Q3 2013 10.67 4.13 2.50 1.67 - -
Q4 2013 5.75 1.28 2.50 1.60 - -
Q1 2014 3.60 0.70 2.50 2.14 - -
Q2 2014 8.49 4.72 2.50 4.35 - -
Q3 2014 7.03 4.23 2.50 1.18 - -
Q4 2014 2.69 2.34 2.50 1.75 - -
Q1 2015 2.33 0.74 2.50 2.57 - -
Q2 2015 5.54 3.33 2.50 2.76 - -
Q3 2015 7.24 2.10 2.50 0.99 - -
Q4 2015 1.47 5.23 3.89 0.72 - -
Q1 2016 3.45 0.48 2.50 1.72 - -
Q2 2016 1.24 - 2.50 2.04 - -
Q3 2016 1.60 - 1.60 0.65 - -
Q4 2016 1.39 - 1.21 0.84 - -
Q1 2017 1.30 - 1.72 1.81 - -
Q2 2017 1.29 - 1.72 1.35 - -
Q3 2017 1.53 - 1.72 1.40 - -


Financial Ratios
Current
Market Cap (M Riyal) 566.40
Enterprise Value (EV) (M) 517.15
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) (0.34)
Book Value (BV) ( Riyal) 9.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.94
Return on Average Assets (%) (TTM) (2.39 )
Return on Average Equity (%) (TTM) (3.48 )
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Share Price

Al Gassim Investment Holding Co.
18.88
0.26 1.40 %

Al Gassim Investment Holding Co. (GACO)

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