Electric Industries’ net profit up 13% to SAR 112.9m for the first nine months of 2014
30/09/2014
Argaam Exclusive
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Electric Industries’ Company, that will be offered for IPO soon, reported a net profit of SAR 112.9m for the nine months ended September 30, 2014, a 13% increase compared to the same period last year.
Financials (M)
| Item | 9m 2013 | 9m 2014 | Change |
|---|---|---|---|
| Revenues | 913.85 | 816.55 | (10.6 %) |
| Gross Income | 172.45 | 184.48 | 7.0 % |
| Operating Income | 113.18 | 122.17 | 7.9 % |
| Net Income | 99.85 | 112.87 | 13.0 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 8.88 | 10.03 | 13.0 % |
The increase of the nine months’ net profit compared to the same period last year despite the decline of revenue was due to the increase of gross profit margin and other revenue’s growth by SAR 2.8m as well as the decrease of financial charges.
The decline of Q3-2014’s net profit compared to the same period last year is due to the decline of sales by 39% and the increase of Zakat expenses by SAR 1.7m.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2013 | Q3 2014 | Change |
|---|---|---|---|
| Revenues | 269.85 | 164.51 | (39.0 %) |
| Gross Income | 44.06 | 32.38 | (26.5 %) |
| Operating Income | 26.29 | 15.64 | (40.5 %) |
| Net Income | 22.35 | 12.71 | (43.1 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.99 | 1.13 | (43.1 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 346.75 | 13.7 % | 79.63 | 6.0 % | 55.64 | 1.7 % |
| Q2 2014 | 305.29 | (9.9 %) | 72.48 | 36.0 % | 50.89 | 58.1 % |
| Q3 2014 | 164.51 | (39.0 %) | 32.38 | (26.5 %) | 15.64 | (40.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2014 | 55.49 | 10.2 % | 4.93 | 0.71 | 54.78 | 0.05 |
| Q2 2014 | 44.67 | 64.7 % | 3.97 | 2.28 | 42.39 | 0.04 |
| Q3 2014 | 12.71 | (43.1 %) | 1.13 | (9.26) | 21.97 | 0.02 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 20.41 % | 15.37 % | 12.84 % |
| Q2 2014 | 22.42 % | 17.41 % | 14.35 % |
| Q3 2014 | 23.43 % | 17.69 % | 15.59 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 1,125.00 | 15.21 | 15.14 | 0.53 |
| Q2 2014 | 1,125.00 | 16.77 | 16.50 | 0.49 |
| Q3 2014 | 1,125.00 | 15.91 | 16.47 | 0.50 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2014 | - | - | - |
| Q2 2014 | - | - | - |
| Q3 2014 | - | - | - |
Business Segments (Million)
Q3 2014
| Period | Manufacturing sector | services segment |
|---|---|---|
| Q1 2014 | 330.07 | 16.68 |
| Q2 2014 | 290.20 | 15.09 |
| Q3 2014 | 149.70 | 14.82 |
| Current | |
| Market Cap (M Riyal) | 8,842.50 |
| Enterprise Value (EV) (M) | 9,059.86 |
| Shares Outstanding ((M)) | 1,125.00 |
| EPS (Halala) (TTM) | 31.70 |
| Book Value (BV) ( Riyal) | 0.75 |
| Par Value ( Halala) | 50.00 |
| Adjusted P/E (Last12) | 22.86 |
| P/E (TTM) | 24.79 |
| Price/book | 10.47 |
| Return on Average Assets (%) (TTM) | 17.7 |
| Return on Average Equity (%) (TTM) | 46.6 |
Share Price
Electrical Industries Co. (EIC)
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