Al Samaani’s net profit down 92% in FY 2018

Al Samaani’s net profit down 92% in FY 2018

28/03/2019 Argaam Exclusive

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Al Samaani Factory For Metal Industries Co. reported a net profit of SAR 459,000 for the fiscal year 2018, a 91.9 percent year-on-year drop compared to the year before due to the impact of applying IFRS 9 which led to increasing provisions, the increase in zakat provision, higher costs due to higher government fees and lower sales.

 

The company also added that the comparative period was 13 months and 23 days compared to a period of 12 month this period.



Financials (M)

Item 2017 2018 Change‬
Revenues 46.19 39.53 (14.4 %)
Gross Income 17.28 10.78 (37.6 %)
Operating Income 6.31 1.28 (79.7 %)
Net Income 5.68 0.46 (91.9 %)
Average Shares 153.96 153.96 -
EPS (Riyals) 0.04 0.00 (91.9 %)


Current Half Annual Comparison (M)

Compared With The
Item H2 2017 H2 2018 Change‬
Revenues 11.76 7.65 (34.9 %)
Gross Income 4.36 0.41 (90.5 %)
Operating Income 0.87 (2.19) (351.0 %)
Net Income 0.89 (2.75) (409.7 %)
Average Shares 153.96 153.96 -
EPS (Riyals) 0.01 (0.02) (409.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2009 - - - - - -
H2 2009 - - - - - -
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 9.04 - 3.16 - 1.11 -
H2 2017 11.76 - 4.36 - 0.87 -
H1 2018 10.68 18.2 % 3.14 (0.6 %) 0.87 (21.3 %)
H2 2018 7.65 (34.9 %) 0.41 (90.5 %) (2.19) (351.0 %)
2018 39.53 (14.4 %) 10.78 (37.6 %) 1.28 (79.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2009 - - - - - -
H2 2009 - - - - - -
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 1.08 - 0.01 - 1.08 0.01
H2 2017 0.89 - 0.01 - 0.89 0.01
H1 2018 0.83 (22.9 %) 0.01 - 0.83 0.01
H2 2018 (2.75) (409.7 %) (0.02) (0.82) (1.93) (0.01)
2018 0.46 (91.9 %) 0.00 (0.82) 1.28 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2009 - - -
H2 2009 - - -
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 37.41 % 16.36 % 12.30 %
H1 2018 33.17 % 12.90 % 9.74 %
H2 2018 27.28 % 6.11 % 3.24 %
2018 27.28 % 6.11 % 3.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2009 - - - -
H2 2009 - - - -
H1 2010 - - - -
H2 2010 - - - -
H1 2011 - - - -
H2 2011 - - - -
H1 2012 - - - -
H2 2012 - - - -
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 153.96 - - 0.24
H2 2017 153.96 0.04 0.04 0.25
H1 2018 153.96 0.03 0.03 0.25
H2 2018 153.96 0.00 0.01 0.24

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2009 - - -
H2 2009 - - -
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - 4.24
H2 2017 24.63 24.63 3.61
H1 2018 31.84 31.84 3.58
H2 2018 More than 100 89.56 3.14

Business Segments (Million)

Compared With The
Period Steel Wood Others Metal products and metal shelves Wooden Pallets Plastic Pallets Forklifts
Q2 2017 6.87 1.89 0.28 - - - -
Q2 2018 7.56 1.60 1.52 - - - -
Q4 2018 4.74 1.70 1.21 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 575.75
Enterprise Value (EV) (M) 535.94
Shares Outstanding ((M)) 175.00
Book Value (BV) ( Riyal) 0.98
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
Price/book 3.35
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