Al-Samaani swings to loss in H1 2019

Al-Samaani swings to loss in H1 2019

25/08/2019 Argaam Exclusive

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Al-Samaani Factory for Metal Industries Co. reported a net loss after zakat and tax of SAR 622,000 for the first half of 2019, compared to a net profit of SAR 2.35 million a year earlier.

 

The loss was attributed to lower sales volumes and lower prices due to fierce competition. Also, the drop was due to higher selling and marketing expenses, higher general and administrative expenses (G&A), and higher zakat provision.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 22.62 18.80 (16.9 %)
Gross Income 7.20 4.40 (38.9 %)
Operating Income 2.54 (0.72) (128.3 %)
Net Income 2.35 (0.62) (126.5 %)
Average Shares 153.96 153.96 -
EPS (Riyals) 0.02 0.00 (126.5 %)

The firm’s net profit in Q2 2019 fell 73 percent YoY to SAR 226,000 due to lower selling prices amid fierce competition.

 

On a sequential basis, the firm turned to profit in Q2 2019 versus a net loss of SAR 849,000 in the previous quarter on higher sales, lower selling and marketing expenses, lower G&A, and lower zakat provision.



Current Half Annual Comparison (M)

Compared With The
Item H1 2018 H1 2019 Change‬
Revenues 10.68 11.02 3.2 %
Gross Income 3.14 2.66 (15.5 %)
Operating Income 0.87 0.16 (81.2 %)
Net Income 0.83 0.23 (72.7 %)
Average Shares 153.96 153.96 -
EPS (Riyals) 0.01 0.00 (72.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H1 2019 11.02 3.2 % 2.66 (15.5 %) 0.16 (81.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
H1 2019 0.23 (72.7 %) 0.00 - 0.23 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2019 22.35 % (1.91 %) (4.74 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2019 153.96 (0.02) (0.01) 0.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2019 NEG NEG 3.71

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 - - - -
Q2 2019 7.64 2.46 0.93 - - - -


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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