Baazeem net profit rises 5% in H1 2019

Baazeem net profit rises 5% in H1 2019

25/08/2019 Argaam Exclusive

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Baazeem Trading Co.’s net profit after zakat and tax rose by 4.8 percent year-on-year (YoY) to SAR 12.4 million for H1 2019 due to higher sales, and rationalization of marketing and selling expenses.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 152.72 131.40 (14.0 %)
Gross Income 65.32 42.58 (34.8 %)
Operating Income 14.57 15.61 7.2 %
Net Income 11.81 12.38 4.8 %
Average Shares 101.25 101.25 -
EPS (Riyals) 0.12 0.12 4.8 %

Net profit after zakat and tax in Q2 2019 was almost flat at SAR 5.35 million compared to net profit of SAR 5.34 million a year earlier. The marginal increase of 0.4 percent YoY came on rationalization of marketing and selling expenses.

 

Q2 2019 net profit dropped 23.6 percent compared to the previous quarter as Baazeem reclassified the board of directors’ remunerations under general and administrative expenses in the current quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 81.36 66.71 (18.0 %)
Gross Income 36.62 21.18 (42.2 %)
Operating Income 7.07 6.90 (2.5 %)
Net Income 5.34 5.36 0.4 %
Average Shares 101.25 101.25 -
EPS (Riyals) 0.05 0.05 0.4 %


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 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 77.25 - 33.87 - 12.20 -
Q4 2015 104.19 - 45.12 - 9.27 -
Q1 2016 77.45 - 33.22 - 6.62 -
Q2 2016 96.96 - 41.83 - 13.51 -
Q3 2016 75.39 (2.4 %) 31.35 (7.4 %) 6.39 (47.6 %)
Q4 2016 93.68 (10.1 %) 42.49 (5.8 %) 8.53 (7.9 %)
Q1 2017 76.35 (1.4 %) 26.08 (21.5 %) 6.97 5.4 %
Q2 2017 95.25 (1.8 %) 48.57 16.1 % 13.08 (3.2 %)
Q3 2017 66.28 (12.1 %) 25.54 (18.5 %) 4.78 (25.2 %)
Q4 2017 92.66 (1.1 %) 37.10 (12.7 %) 5.53 (35.2 %)
Q1 2018 71.36 (6.5 %) 28.69 10.0 % 7.50 7.6 %
Q2 2018 81.36 (14.6 %) 36.62 (24.6 %) 7.07 (45.9 %)
Q3 2018 65.86 (0.6 %) 26.65 4.3 % 5.52 15.5 %
Q4 2018 83.83 (9.5 %) 32.44 (12.6 %) 7.47 35.1 %
Q1 2019 64.69 (9.4 %) 21.41 (25.4 %) 8.72 16.2 %
Q2 2019 66.71 (18.0 %) 21.18 (42.2 %) 6.90 (2.5 %)


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 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 10.86 - 0.11 - 10.86 0.11
Q4 2015 9.07 - 0.09 - 9.07 0.09
Q1 2016 5.89 - 0.06 - 5.89 0.06
Q2 2016 10.70 - 0.11 - 10.70 0.11
Q3 2016 7.23 (33.5 %) 0.07 - 7.23 0.07
Q4 2016 9.38 3.4 % 0.09 - 9.38 0.09
Q1 2017 6.36 7.9 % 0.06 - 6.36 0.06
Q2 2017 11.45 7.0 % 0.11 - 11.45 0.11
Q3 2017 3.95 (45.4 %) 0.04 - 3.95 0.04
Q4 2017 2.80 (70.2 %) 0.03 - 2.80 0.03
Q1 2018 6.47 1.7 % 0.06 - 6.47 0.06
Q2 2018 5.34 (53.4 %) 0.05 - 5.34 0.05
Q3 2018 3.66 (7.3 %) 0.04 - 3.66 0.04
Q4 2018 4.99 78.4 % 0.05 - 4.99 0.05
Q1 2019 7.02 8.5 % 0.07 - 7.02 0.07
Q2 2019 5.36 0.4 % 0.05 - 5.36 0.05

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 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 43.29 % 11.98 % 10.26 %
Q3 2016 42.80 % 10.50 % 9.29 %
Q4 2016 43.35 % 10.63 % 9.67 %
Q1 2017 41.40 % 10.81 % 9.83 %
Q2 2017 43.59 % 10.79 % 10.10 %
Q3 2017 43.04 % 10.56 % 9.39 %
Q4 2017 41.54 % 9.84 % 7.43 %
Q1 2018 42.98 % 10.24 % 7.58 %
Q2 2018 41.06 % 8.70 % 5.95 %
Q3 2018 41.47 % 9.23 % 5.87 %
Q4 2018 41.14 % 9.79 % 6.76 %
Q1 2019 39.60 % 10.34 % 7.10 %
Q2 2019 36.17 % 10.89 % 7.48 %


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 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 101.25 - - 1.64
Q4 2015 101.25 - - 1.72
Q1 2016 101.25 - - 1.77
Q2 2016 101.25 0.36 0.36 1.67
Q3 2016 101.25 0.32 0.32 1.74
Q4 2016 101.25 0.33 0.33 1.83
Q1 2017 101.25 0.33 0.33 1.89
Q2 2017 101.25 0.34 0.34 1.80
Q3 2017 101.25 0.31 0.31 1.83
Q4 2017 101.25 0.24 0.24 1.88
Q1 2018 101.25 0.24 0.24 1.95
Q2 2018 101.25 0.18 0.18 1.83
Q3 2018 101.25 0.18 0.18 1.87
Q4 2018 101.25 0.20 0.20 1.92
Q1 2019 101.25 0.21 0.21 1.99
Q2 2019 101.25 0.21 0.21 1.89

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 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 10.46 10.46 1.84
Q2 2017 7.68 7.68 1.45
Q3 2017 8.06 8.06 1.35
Q4 2017 11.42 11.42 1.47
Q1 2018 9.81 9.81 1.23
Q2 2018 14.57 14.57 1.46
Q3 2018 13.58 13.58 1.31
Q4 2018 14.41 14.41 1.52
Q1 2019 14.08 14.08 1.47
Q2 2019 14.26 14.26 1.57


Financial Ratios
Current
Market Cap (M Riyal) 704.70
Enterprise Value (EV) (M) 691.04
Shares Outstanding ((M)) 101.25
EPS ( Riyal) (TTM) 0.22
Book Value (BV) ( Riyal) 1.92
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 31.71
P/E (TTM) 31.71
Price/book 3.63
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 11.6
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