SAIC’s net profit jumps 49% in 9M

SAIC’s net profit jumps 49% in 9M

31/10/2018 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after zakat and tax of SAR 31 million for the first nine months of 2018, an increase of 49.4 percent year-on-year (YoY), driven by increased revenue and profit share from associates, and low financing charges.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 24.42 34.09 39.6 %
Gross Income 24.42 34.09 39.6 %
Operating Income 20.71 30.44 47.0 %
Net Income 20.78 29.80 43.4 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.35 0.50 43.4 %

Q3 net profit jumped 24.7 percent YoY to SAR 12.3 million, backed by a rise in the company’s profit share from associates, and low general and administrative expenses.

 

On a quarterly basis, the third-quarter net profit dropped 10.5 percent, hurt by a decline in revenue and higher zakat provision.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 11.65 12.89 10.6 %
Gross Income 11.65 12.89 10.6 %
Operating Income 10.40 11.84 13.8 %
Net Income 9.82 11.54 17.5 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.16 0.19 17.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 6.58 29.8 % 6.58 29.8 % 5.68 25.9 %
Q2 2009 13.17 40.4 % 13.17 40.4 % 12.19 41.8 %
Q3 2009 11.47 80.4 % 11.47 80.4 % 10.72 118.6 %
Q4 2009 7.70 63.2 % 7.70 63.2 % 6.68 84.2 %
Q1 2010 3.62 (45.0 %) 3.62 (45.0 %) 2.68 (52.9 %)
Q2 2010 7.55 (42.7 %) 7.55 (42.7 %) 6.59 (45.9 %)
Q3 2010 2.36 (79.4 %) 2.36 (79.4 %) 1.78 (83.4 %)
Q4 2010 (0.23) (103.0 %) (0.23) (103.0 %) (0.50) (107.5 %)
Q1 2011 1.12 (69.2 %) 1.12 (69.2 %) 0.28 (89.5 %)
Q2 2011 1.42 (81.2 %) 1.42 (81.2 %) 0.75 (88.6 %)
Q3 2011 (2.76) (216.8 %) (2.76) (216.8 %) (3.27) (283.6 %)
Q4 2011 8.81 3897.4 % 8.81 3897.4 % 6.67 1422.4 %
Q1 2012 (1.55) (239.2 %) (1.55) (239.2 %) (2.58) (1021.1 %)
Q2 2012 (2.96) (309.4 %) (2.96) (309.4 %) (3.98) (627.5 %)
Q3 2012 (0.62) 77.4 % (0.62) 77.4 % (0.99) 69.6 %
Q4 2012 (33.24) (477.3 %) (33.24) (477.3 %) (34.97) (624.7 %)
Q1 2013 4.83 411.3 % 4.83 411.3 % 3.84 249.0 %
Q2 2013 9.84 432.0 % 9.84 432.0 % 9.05 327.4 %
Q3 2013 9.50 1624.2 % 9.50 1624.2 % 8.74 978.9 %
Q4 2013 6.64 120.0 % 6.64 120.0 % 4.79 113.7 %
Q1 2014 8.03 66.2 % 8.03 66.2 % 6.94 80.7 %
Q2 2014 4.64 (52.9 %) 4.64 (52.9 %) 3.51 (61.1 %)
Q3 2014 8.48 (10.7 %) 8.48 (10.7 %) 7.47 (14.4 %)
Q4 2014 6.16 (7.2 %) 6.16 (7.2 %) 3.55 (26.0 %)
Q1 2015 9.04 12.5 % 9.04 12.5 % 7.66 10.4 %
Q2 2015 8.15 75.7 % 8.15 75.7 % 6.82 94.1 %
Q3 2015 2.38 (71.9 %) 2.38 (71.9 %) 1.21 (83.8 %)
Q4 2015 (0.45) (107.3 %) (0.45) (107.3 %) (2.71) (176.4 %)
Q1 2016 (1.93) (121.4 %) (1.93) (121.4 %) (3.24) (142.3 %)
Q2 2016 11.74 44.1 % 11.74 44.1 % 10.51 54.0 %
Q3 2016 4.29 80.1 % 4.29 80.1 % 3.10 155.6 %
Q4 2016 4.58 1123.9 % 4.58 1123.9 % 2.32 185.5 %
Q1 2017 4.42 328.7 % 4.42 328.7 % 3.21 198.9 %
Q2 2017 8.35 (28.9 %) 8.35 (28.9 %) 7.11 (32.4 %)
Q3 2017 11.65 171.8 % 11.65 171.8 % 10.40 235.7 %
Q4 2017 10.20 122.8 % 10.20 122.8 % 7.33 215.9 %
Q1 2018 5.48 24.0 % 5.48 24.0 % 4.35 35.8 %
Q2 2018 15.71 88.3 % 15.71 88.3 % 14.25 100.5 %
Q3 2018 12.89 10.6 % 12.89 10.6 % 11.84 13.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 6.19 40.7 % 0.10 - 6.19 0.10
Q2 2009 11.97 37.5 % 0.20 - 11.97 0.20
Q3 2009 10.46 138.5 % 0.17 - 10.46 0.17
Q4 2009 6.17 184.5 % 0.10 - 6.17 0.10
Q1 2010 2.60 (58.0 %) 0.04 - 2.60 0.04
Q2 2010 6.44 (46.2 %) 0.11 - 6.44 0.11
Q3 2010 1.74 (83.4 %) 0.03 - 1.74 0.03
Q4 2010 (0.84) (113.7 %) (0.01) - (0.84) (0.01)
Q1 2011 0.17 (93.3 %) 0.00 - 0.17 0.00
Q2 2011 4.19 (34.9 %) 0.07 - 4.19 0.07
Q3 2011 (0.27) (115.7 %) 0.00 - (0.27) 0.00
Q4 2011 5.70 776.3 % 0.10 - 5.70 0.10
Q1 2012 (3.20) (1952.0 %) (0.05) - (3.20) (0.05)
Q2 2012 (26.17) (724.6 %) (0.44) - (26.17) (0.44)
Q3 2012 (4.34) (1,488.3 %) (0.07) - (4.34) (0.07)
Q4 2012 (28.39) (598.1 %) (0.47) - (28.39) (0.47)
Q1 2013 3.24 201.1 % 0.05 - 3.24 0.05
Q2 2013 8.72 133.3 % 0.15 - 8.72 0.15
Q3 2013 8.52 296.5 % 0.14 - 8.52 0.14
Q4 2013 4.58 116.1 % 0.08 - 4.58 0.08
Q1 2014 6.01 85.7 % 0.10 (0.76) 6.77 0.11
Q2 2014 (6.91) (179.3 %) (0.12) (9.98) 3.06 0.05
Q3 2014 13.81 62.1 % 0.23 (0.76) 14.57 0.24
Q4 2014 2.32 (49.4 %) 0.04 (0.76) 3.08 0.05
Q1 2015 7.51 24.9 % 0.13 - 7.51 0.13
Q2 2015 7.26 205.0 % 0.12 - 7.26 0.12
Q3 2015 1.61 (88.3 %) 0.03 - 1.61 0.03
Q4 2015 (15.20) (756.2 %) (0.25) (11.00) (4.20) (0.07)
Q1 2016 (3.75) (149.9 %) (0.06) - (3.75) (0.06)
Q2 2016 9.96 37.2 % 0.17 - 9.96 0.17
Q3 2016 2.52 55.9 % 0.04 - 2.52 0.04
Q4 2016 2.15 114.1 % 0.04 - 2.15 0.04
Q1 2017 3.40 190.6 % 0.06 - 3.40 0.06
Q2 2017 7.56 (24.1 %) 0.13 - 7.56 0.13
Q3 2017 9.82 290.5 % 0.16 - 9.82 0.16
Q4 2017 9.81 356.4 % 0.16 - 9.81 0.16
Q1 2018 4.16 22.5 % 0.07 - 4.16 0.07
Q2 2018 14.10 86.5 % 0.23 - 14.10 0.23
Q3 2018 11.54 17.5 % 0.19 - 11.54 0.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 100.00 % 84.43 % 79.31 %
Q2 2009 100.00 % 85.71 % 80.15 %
Q3 2009 100.00 % 89.69 % 85.64 %
Q4 2009 100.00 % 90.68 % 89.36 %
Q1 2010 100.00 % 89.79 % 86.74 %
Q2 2010 100.00 % 87.99 % 84.58 %
Q3 2010 100.00 % 83.65 % 79.81 %
Q4 2010 100.00 % 79.50 % 74.69 %
Q1 2011 100.00 % 75.76 % 69.52 %
Q2 2011 100.00 % 50.28 % 112.84 %
Q3 2011 100.00 % 593.44 % (710.50 %)
Q4 2011 100.00 % 51.93 % 114.05 %
Q1 2012 100.00 % 26.99 % 108.42 %
Q2 2012 100.00 % (204.03 %) (1556.96 %)
Q3 2012 100.00 % (23.51 %) (762.98 %)
Q4 2012 100.00 % 110.75 % 161.82 %
Q1 2013 100.00 % 112.79 % 173.99 %
Q2 2013 100.00 % 120.18 % 108.24 %
Q3 2013 100.00 % 146.97 % 87.28 %
Q4 2013 100.00 % 85.81 % 81.34 %
Q1 2014 100.00 % 86.84 % 84.08 %
Q2 2014 100.00 % 83.32 % 79.63 %
Q3 2014 100.00 % 82.14 % 104.30 %
Q4 2014 100.00 % 78.73 % 100.61 %
Q1 2015 100.00 % 78.51 % 99.65 %
Q2 2015 100.00 % 80.26 % 101.84 %
Q3 2015 100.00 % 74.64 % 75.64 %
Q4 2015 100.00 % 68.14 % 63.72 %
Q1 2016 100.00 % 26.22 % 11.28 %
Q2 2016 100.00 % 49.67 % 30.82 %
Q3 2016 100.00 % 56.63 % 33.12 %
Q4 2016 100.00 % 68.37 % 58.23 %
Q1 2017 100.00 % 76.76 % 72.00 %
Q2 2017 100.00 % 73.06 % 72.22 %
Q3 2017 100.00 % 79.67 % 79.07 %
Q4 2017 100.00 % 81.19 % 88.35 %
Q1 2018 100.00 % 82.01 % 87.86 %
Q2 2018 100.00 % 84.58 % 88.01 %
Q3 2018 100.00 % 85.48 % 89.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 60.00 0.36 0.36 12.04
Q2 2009 60.00 0.41 0.41 12.29
Q3 2009 60.00 0.51 0.51 12.81
Q4 2009 60.00 0.58 0.58 12.93
Q1 2010 60.00 0.52 0.52 13.27
Q2 2010 60.00 0.43 0.43 13.34
Q3 2010 60.00 0.28 0.28 13.39
Q4 2010 60.00 0.17 0.17 13.87
Q1 2011 60.00 0.13 0.13 13.91
Q2 2011 60.00 0.09 0.09 13.93
Q3 2011 60.00 0.05 0.05 13.81
Q4 2011 60.00 0.16 0.16 13.74
Q1 2012 60.00 0.11 0.11 14.12
Q2 2012 60.00 (0.40) (0.40) 13.25
Q3 2012 60.00 (0.47) (0.47) 13.22
Q4 2012 60.00 (1.04) (1.04) 12.89
Q1 2013 60.00 (0.93) (0.93) 13.24
Q2 2013 60.00 (0.35) (0.35) 13.53
Q3 2013 60.00 (0.13) (0.13) 14.04
Q4 2013 60.00 0.42 0.42 14.75
Q1 2014 60.00 0.46 0.48 14.68
Q2 2014 60.00 0.20 0.38 14.58
Q3 2014 60.00 0.29 0.48 14.86
Q4 2014 60.00 0.25 0.46 13.08
Q1 2015 60.00 0.28 0.47 12.92
Q2 2015 60.00 0.51 0.54 13.53
Q3 2015 60.00 0.31 0.32 12.65
Q4 2015 60.00 0.02 0.20 11.62
Q1 2016 60.00 (0.17) 0.02 11.87
Q2 2016 60.00 (0.12) 0.06 12.25
Q3 2016 60.00 (0.11) 0.08 12.22
Q4 2016 60.00 0.18 0.18 12.59
Q1 2017 60.00 0.30 0.30 12.74
Q2 2017 60.00 0.26 0.26 12.74
Q3 2017 60.00 0.38 0.38 12.81
Q4 2017 60.00 0.51 0.51 12.87
Q1 2018 60.00 0.52 0.52 13.64
Q2 2018 60.00 0.63 0.63 13.94
Q3 2018 60.00 0.66 0.66 13.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 21.68 21.68 0.64
Q2 2009 22.93 22.93 0.77
Q3 2009 19.88 19.88 0.80
Q4 2009 17.41 17.41 0.78
Q1 2010 19.12 19.12 0.75
Q2 2010 20.30 20.30 0.65
Q3 2010 32.41 32.41 0.68
Q4 2010 59.23 59.23 0.71
Q1 2011 81.60 81.60 0.73
Q2 2011 More than 100 More than 100 0.77
Q3 2011 More than 100 More than 100 0.69
Q4 2011 67.37 67.37 0.80
Q1 2012 More than 100 More than 100 1.12
Q2 2012 NEG NEG 0.86
Q3 2012 NEG NEG 1.01
Q4 2012 NEG NEG 0.86
Q1 2013 NEG NEG 0.85
Q2 2013 NEG NEG 0.82
Q3 2013 NEG NEG 0.85
Q4 2013 31.92 31.92 0.90
Q1 2014 34.09 33.19 1.08
Q2 2014 92.86 49.40 1.30
Q3 2014 68.21 41.17 1.34
Q4 2014 54.49 30.20 1.06
Q1 2015 54.78 32.47 1.18
Q2 2015 29.51 28.13 1.12
Q3 2015 35.37 34.00 0.87
Q4 2015 More than 100 55.95 0.98
Q1 2016 NEG More than 100 0.72
Q2 2016 NEG More than 100 0.74
Q3 2016 NEG 89.78 0.55
Q4 2016 55.46 55.46 0.80
Q1 2017 37.63 37.63 0.89
Q2 2017 38.35 38.35 0.78
Q3 2017 28.53 28.53 0.85
Q4 2017 22.52 22.52 0.89
Q1 2018 21.63 21.63 0.83
Q2 2018 17.73 17.73 0.80
Q3 2018 15.62 15.62 0.74

Business Segments (Million)

Compared With The
Period Services and Invesments sector Glass industry Petrochemical sector Industrial Services Segment ( Energy and Utilities) Others
Q3 2009 - - - 9.85 1.62
Q4 2009 - (2.98) - 10.33 (0.34)
Q1 2010 - - - 2.00 1.62
Q2 2010 - - - 7.55 -
Q3 2010 - - - 2.36 -
Q4 2010 - (3.25) - 3.43 (0.04)
Q1 2011 - (0.65) - 1.76 -
Q2 2011 - (1.96) - 7.01 -
Q3 2011 - (2.76) - 3.39 -
Q4 2011 - (2.82) - (0.54) -
Q1 2012 - (2.43) - 0.87 -
Q2 2012 - (3.87) - (13.63) (1.59)
Q3 2012 - (3.86) - - 3.24
Q4 2012 - (2.96) - (14.14) -
Q1 2013 - (3.19) - 3.22 4.80
Q2 2013 - 0.45 - 9.39 0.04
Q3 2013 - 0.59 3.27 6.25 (0.61)
Q4 2013 - 2.75 - 3.88 -
Q1 2014 - 1.49 6.54 - 0.01
Q2 2014 - 0.60 - - 4.52
Q3 2014 - 1.94 4.90 - 9.84
Q4 2014 - 1.53 - - 4.89
Q1 2015 3.25 - 4.90 - 0.95
Q2 2015 2.60 0.39 3.27 1.62 0.85
Q3 2015 4.93 - - - -
Q4 2015 2.23 - - - -
Q1 2016 - - 3.27 - 0.01
Q2 2016 4.58 - 4.90 3.24 -
Q3 2016 2.73 - - - 0.04
Q4 2016 3.15 1.09 - - 0.09
Q1 2017 3.09 - 4.90 - 0.79
Q2 2017 5.28 - - - 0.03
Q3 2017 3.02 - 4.90 5.06 -
Q4 2017 3.31 5.80 - - 0.03
Q1 2018 3.07 2.41 - - 0.03
Q2 2018 3.21 1.98 - - -
Q3 2018 2.86 4.31 5.72 - -


Financial Ratios
Current
Market Cap (M Riyal) 2,121.00
Enterprise Value (EV) (M) 1,626.76
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 5.45
Book Value (BV) ( Riyal) 20.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 6.52
P/E (TTM) 6.60
Price/book 1.74
Return on Average Assets (%) (TTM) 27.3
Return on Average Equity (%) (TTM) 29.4
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Share Price

Saudi Advanced Industries Co.
35.35
(0.05) (0.14 %)

Saudi Advanced Industries Co. (SAIC)

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