Zahrat Al Waha’s net profit halves in 9M 2018
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Nomu-listed Zahrat Al Waha for Trading Co. reported a net profit after zakat and taxes of SAR 21.6 million for the first nine months of 2018, a 53.5 percent year-on-year (YoY) plunge due to higher cost of sales and an increase in the prices of raw material.
The firm also attributed the halved earnings to higher cost of employment and their due fees, an increase in the general and administrative (G&A) expenses and higher zakat.
Financials (M)
| Item | 9m 2017 | 9m 2018 | Change |
|---|---|---|---|
| Revenues | 334.79 | 380.01 | 13.5 % |
| Gross Income | 67.39 | 44.59 | (33.8 %) |
| Operating Income | 55.50 | 33.76 | (39.2 %) |
| Net Income | 46.44 | 21.61 | (53.5 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 2.06 | 0.96 | (53.5 %) |
The company’s net profit in Q3 dropped 44.6 percent YoY to SAR 9.5 million on higher cost of sales driven by an increase in the prices of raw material, and higher finance charges.
Meanwhile, Q3 net profit rose 21.3 percent compared to the previous quarter due to higher sales value, stable cost of sales, lower selling and distribution expenses, lower G&Aand lower zakat.
Current Quarter Comparison (M)
| Item | Q3 2017 | Q3 2018 | Change |
|---|---|---|---|
| Revenues | 121.75 | 141.57 | 16.3 % |
| Gross Income | 22.65 | 17.40 | (23.2 %) |
| Operating Income | 17.33 | 14.09 | (18.7 %) |
| Net Income | 17.17 | 9.52 | (44.6 %) |
| Average Shares | 22.50 | 22.50 | - |
| EPS (Riyals) | 0.76 | 0.42 | (44.6 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2018 | 97.77 | 16.0 % | 10.70 | (43.2 %) | 7.42 | (51.4 %) |
| Q2 2018 | 140.67 | 9.2 % | 16.49 | (36.3 %) | 12.24 | (46.5 %) |
| Q3 2018 | 141.57 | 16.3 % | 17.40 | (23.2 %) | 14.09 | (18.7 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2018 | 4.25 | (64.8 %) | 0.19 | - | 4.25 | 0.19 |
| Q2 2018 | 7.85 | (54.4 %) | 0.35 | - | 7.85 | 0.35 |
| Q3 2018 | 9.52 | (44.6 %) | 0.42 | - | 9.52 | 0.42 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2018 | 16.00 % | 17.58 % | 8.97 % |
| Q2 2018 | 13.47 % | 14.82 % | 6.64 % |
| Q3 2018 | 11.78 % | 13.57 % | 4.72 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2018 | 22.50 | 1.74 | 1.74 | 7.93 |
| Q2 2018 | 22.50 | 1.32 | 1.32 | 7.62 |
| Q3 2018 | 22.50 | 0.98 | 0.98 | 8.04 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2018 | 17.92 | 17.92 | 3.92 |
| Q2 2018 | 20.95 | 20.95 | 3.63 |
| Q3 2018 | 24.95 | 24.95 | 3.04 |
Business Segments (Million)
Q3 2018
| Period | Flasks sector | Plastic covers sector |
|---|---|---|
| Q1 2018 | 83.88 | 13.89 |
| Q2 2018 | 119.58 | 21.09 |
| Q3 2018 | 120.92 | 20.65 |
| Current | |
| Market Cap (M Riyal) | 758.25 |
| Enterprise Value (EV) (M) | 947.35 |
| Shares Outstanding ((M)) | 22.50 |
| EPS ( Riyal) (TTM) | 1.03 |
| Book Value (BV) ( Riyal) | 12.97 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 31.24 |
| P/E (TTM) | 32.72 |
| Price/book | 2.60 |
| Return on Average Assets (%) (TTM) | 4.1 |
| Return on Average Equity (%) (TTM) | 7.8 |
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