Electrical Industries’ net profit down 57% to SAR 74.5 mln in FY15
20/01/2016
Argaam Exclusive
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Electrical Industries Co. (EIC) reported a net profit of SAR 74.5 million for the 2015 fiscal year, marking a 56.7 percent year-on-year (YOY) drop, which the company mainly attributed to lower sales and decreasing profit margins.
Financials (M)
| Item | 2014 | 2015 | Change |
|---|---|---|---|
| Revenues | 1,046.86 | 829.24 | (20.8 %) |
| Gross Income | 251.64 | 143.84 | (42.8 %) |
| Operating Income | 172.33 | 72.94 | (57.7 %) |
| Net Income | 171.86 | 70.36 | (59.1 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 15.28 | 6.25 | (59.1 %) |
The company’s Q4-2015 net profit amounted to SAR 16.2 million; a 72.5 percent plunge compared to SAR 58.9 million in the same quarter in 2014, due to lower selling prices and an increase of SAR 5 million in cost of sales. Profit for the period was 71.6 percent higher when compared to the previous quarter.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenues | 230.30 | 240.95 | 4.6 % |
| Gross Income | 67.16 | 33.81 | (49.7 %) |
| Operating Income | 50.16 | 12.70 | (74.7 %) |
| Net Income | 58.99 | 12.14 | (79.4 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 5.24 | 1.08 | (79.4 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 200.41 | (42.2 %) | 39.30 | (50.6 %) | 22.74 | (59.1 %) |
| Q2 2015 | 196.60 | (35.6 %) | 38.45 | (47.0 %) | 23.49 | (53.8 %) |
| Q3 2015 | 191.27 | 16.3 % | 32.86 | 1.5 % | 14.23 | (9.0 %) |
| Q4 2015 | 240.95 | 4.6 % | 33.81 | (49.7 %) | 12.70 | (74.7 %) |
| 2015 | 829.24 | (20.8 %) | 143.84 | (42.8 %) | 72.94 | (57.7 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2015 | 28.79 | (48.1 %) | 2.56 | 6.58 | 22.22 | 0.02 |
| Q2 2015 | 19.96 | (55.3 %) | 1.77 | 2.96 | 17.00 | 0.02 |
| Q3 2015 | 9.47 | (25.5 %) | 0.84 | (0.27) | 9.74 | 0.01 |
| Q4 2015 | 12.14 | (79.4 %) | 1.08 | 1.50 | 10.64 | 0.01 |
| 2015 | 70.36 | (59.1 %) | 6.25 | 10.77 | 59.60 | 0.05 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2015 | 23.47 % | 18.36 % | 14.73 % |
| Q2 2015 | 22.39 % | 17.56 % | 13.55 % |
| Q3 2015 | 21.72 % | 16.86 % | 11.61 % |
| Q4 2015 | 17.41 % | 12.27 % | 7.19 % |
| 2015 | 17.35 % | 12.25 % | 7.19 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | 1,125.00 | 12.90 | 11.79 | 0.58 |
| Q2 2015 | 1,125.00 | 10.71 | 9.54 | 0.54 |
| Q3 2015 | 1,125.00 | 10.42 | 8.45 | 0.55 |
| Q4 2015 | 1,125.00 | 6.25 | 5.30 | 0.54 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2015 | 17.70 | 19.36 | 3.92 |
| Q2 2015 | 20.77 | 23.32 | 4.12 |
| Q3 2015 | 15.94 | 19.65 | 3.03 |
| Q4 2015 | 21.69 | 25.60 | 2.52 |
Business Segments (Million)
Q4 2015
| Period | Manufacturing sector | services segment |
|---|---|---|
| Q1 2015 | 179.38 | 21.03 |
| Q2 2015 | 182.40 | 14.20 |
| Q3 2015 | 181.75 | 9.53 |
| Q4 2015 | 221.18 | 19.77 |
| 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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