SACO’s net profit dips 4% in 9M 2016

SACO’s net profit dips 4% in 9M 2016

17/10/2016 Argaam Exclusive

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Saudi Company for Hardware’s (SACO) reported a net profit of SAR 84.79 million for the first nine months of 2016, a 3.9 percent year-on-year (YoY) decline, which was attributed to lower sales in Q1 when compared with the same quarter of last year. The firm also saw an increase in operating expenses and higher financing costs due to a rise in interbank rates. 



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 924.17 939.67 1.7 %
Gross Income 191.30 184.84 (3.4 %)
Operating Income 95.60 95.20 (0.4 %)
Net Income 88.20 86.84 (1.5 %)
Average Shares 36.00 36.00 -
Earnings Per Share before unusual items 2.45 2.41 (1.5 %)
EPS (Riyals) 2.45 2.41 (1.5 %)

Net profit for the third quarter rose 10.1 percent YoY to SAR 20.37 million as sales and other revenues increased, mainly due to the opening of new stores. The Q3 profit fell 44 percent compared to the previous quarter due to the seasonality of sales and public holidays in current quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 265.36 284.97 7.4 %
Gross Income 51.73 52.50 1.5 %
Operating Income 20.93 23.54 12.4 %
Net Income 18.50 21.06 13.9 %
Average Shares 36.00 36.00 -
Earnings Per Share before unusual items 0.51 0.59 13.9 %
EPS (Riyals) 0.51 0.59 13.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
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 235.95 - 51.43 - 23.47 -
Q2 2013 250.04 - 58.02 - 25.50 -
Q3 2013 247.86 - 50.19 - 25.27 -
Q4 2013 227.44 - 59.10 - 32.25 -
Q1 2014 228.78 (3.0 %) 55.47 7.8 % 28.50 21.4 %
Q2 2014 293.71 17.5 % 74.84 29.0 % 38.83 52.2 %
Q3 2014 248.61 0.3 % 55.97 11.5 % 18.87 (25.3 %)
Q4 2014 313.76 38.0 % 65.22 10.4 % 33.93 5.2 %
Q1 2015 309.45 35.3 % 66.55 20.0 % 36.28 27.3 %
Q2 2015 349.36 18.9 % 73.02 (2.4 %) 38.39 (1.1 %)
Q3 2015 265.36 6.7 % 51.73 (7.6 %) 20.93 10.9 %
Q4 2015 352.74 12.4 % 68.22 4.6 % 36.35 7.1 %
Q1 2016 303.21 (2.0 %) 60.75 (8.7 %) 31.85 (12.2 %)
Q2 2016 351.49 0.6 % 71.59 (2.0 %) 39.81 3.7 %
Q3 2016 284.97 7.4 % 52.50 1.5 % 23.54 12.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
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 21.91 - 0.61 - 21.91 0.61
Q2 2013 24.09 - 0.67 - 24.09 0.67
Q3 2013 23.30 - 0.65 - 23.30 0.65
Q4 2013 33.44 - 0.93 - 33.44 0.93
Q1 2014 25.64 17.0 % 0.71 - 25.64 0.71
Q2 2014 37.67 56.4 % 1.05 - 37.67 1.05
Q3 2014 16.61 (28.7 %) 0.46 - 16.61 0.46
Q4 2014 30.10 (10.0 %) 0.84 0.30 29.80 0.83
Q1 2015 33.83 32.0 % 0.94 - 33.83 0.94
Q2 2015 35.87 (4.8 %) 1.00 - 35.87 1.00
Q3 2015 18.50 11.4 % 0.51 - 18.50 0.51
Q4 2015 37.91 26.0 % 1.05 4.49 33.42 0.93
Q1 2016 28.72 (15.1 %) 0.80 - 28.72 0.80
Q2 2016 37.05 3.3 % 1.03 - 37.05 1.03
Q3 2016 21.06 13.9 % 0.59 - 21.06 0.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
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 22.76 % 13.03 % 10.69 %
Q1 2014 23.35 % 13.76 % 11.16 %
Q2 2014 24.01 % 14.60 % 12.03 %
Q3 2014 24.57 % 14.26 % 11.35 %
Q4 2014 23.18 % 13.32 % 10.11 %
Q1 2015 22.53 % 13.19 % 10.12 %
Q2 2015 21.35 % 12.71 % 9.51 %
Q3 2015 20.72 % 12.77 % 9.53 %
Q4 2015 20.32 % 12.69 % 9.52 %
Q1 2016 19.97 % 12.41 % 9.17 %
Q2 2016 19.82 % 12.49 % 9.25 %
Q3 2016 19.58 % 12.51 % 9.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
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 36.00 - - 5.90
Q2 2013 36.00 - - 5.88
Q3 2013 36.00 - - 6.52
Q4 2013 36.00 2.85 2.85 7.45
Q1 2014 36.00 2.96 2.96 8.17
Q2 2014 36.00 3.33 3.33 9.21
Q3 2014 36.00 3.15 3.15 9.67
Q4 2014 36.00 3.06 3.05 10.51
Q1 2015 36.00 3.28 3.28 11.45
Q2 2015 36.00 3.23 3.23 12.45
Q3 2015 36.00 3.29 3.28 12.96
Q4 2015 36.00 3.50 3.38 12.68
Q1 2016 36.00 3.36 3.24 13.29
Q2 2016 36.00 3.39 3.27 13.32
Q3 2016 36.00 3.47 3.34 13.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
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 27.52 27.59 7.15
Q3 2015 20.09 20.14 5.09
Q4 2015 18.94 19.64 5.23
Q1 2016 17.03 17.69 4.31
Q2 2016 17.42 18.08 4.44
Q3 2016 11.62 12.06 2.90

Business Segments (Million)

Compared With The
Period Sales and Services Logistics services Retail sector Wholesale sector
Q1 2014 - - 226.13 2.65
Q2 2014 - - 289.37 4.34
Q3 2014 - - 244.04 4.57
Q4 2014 - - 309.31 4.44
Q1 2015 - - 305.27 4.18
Q2 2015 - - 345.35 4.01
Q3 2015 - - 261.48 3.89
Q4 2015 - - 349.28 3.46
Q1 2016 303.21 - - -
Q2 2016 351.49 - - -
Q3 2016 284.97 - - -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (net income) Change‬ Q3 2016 (before unusual items) Change‬
Average 19.23 21.06 9.54 % 21.06 9.54 %

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (net income) Change Q3 2016 (before unusual items) Change‬
AlJazira Capital 19.23 21.06 9.5 % 21.06 9.5 %


Financial Ratios
Current
Market Cap (M Riyal) 1,108.80
Enterprise Value (EV) (M) 1,248.81
Shares Outstanding ((M)) 36.00
EPS ( Riyal) (TTM) (0.39)
Book Value (BV) ( Riyal) 9.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.40
Return on Average Assets (%) (TTM) (1.18 )
Return on Average Equity (%) (TTM) (4.20 )
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Share Price

Saudi Company for Hardware
30.80
0.65 2.16 %

Saudi Company for Hardware (SACO)

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