SAIC net profit drops 36% to SAR 13.1 mln in H1 2020

SAIC net profit drops 36% to SAR 13.1 mln in H1 2020

18/08/2020 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a 36% slump year-on-year (YoY) in H1 2020 net profit after Zakat and tax to SAR 13.1 million.

 

The profit decline was attributed to lower revenue, due to a decrease in company’s profit shares from subsidiaries, lower dividend distribution and higher Zakat expenses.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 26.13 17.44 (33.3 %)
Gross Income 26.13 17.44 (33.3 %)
Operating Income 21.18 13.63 (35.7 %)
Net Income 20.50 13.05 (36.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.34 0.22 (36.4 %)

The second quarter net profit after Zakat and tax tumbled 71% YoY to SAR 4.7 million, hit by to a decline in company’s profit shares from subsidiaries, lower dividend distribution and higher Zakat expenses.

 

This came despite a drop in general and administrative expenses, a decline in financial costs and increased other revenues during the second quarter.

 

When compared to the previous quarter, net profit plunged 43.7%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 20.08 6.71 (66.6 %)
Gross Income 20.08 6.71 (66.6 %)
Operating Income 16.65 4.95 (70.3 %)
Net Income 16.37 4.70 (71.3 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.27 0.08 (71.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2018 10.45 2.5 % 10.45 2.5 % 7.49 2.1 %
Q1 2019 6.04 10.2 % 6.04 10.2 % 4.53 4.0 %
Q2 2019 20.08 27.8 % 20.08 27.8 % 16.65 16.9 %
Q3 2019 13.59 5.4 % 13.59 5.4 % 11.79 (0.4 %)
Q4 2019 4.68 (55.2 %) 4.68 (55.2 %) 1.61 (78.5 %)
Q1 2020 10.72 77.5 % 10.72 77.5 % 8.68 91.6 %
Q2 2020 6.71 (66.6 %) 6.71 (66.6 %) 4.95 (70.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2018 7.13 (27.3 %) 0.12 - 7.13 0.12
Q1 2019 4.13 (0.8 %) 0.07 - 4.13 0.07
Q2 2019 16.37 16.1 % 0.27 - 16.37 0.27
Q3 2019 11.50 (0.4 %) 0.19 - 11.50 0.19
Q4 2019 (3.45) (148.4 %) (0.06) (4.81) 1.36 0.02
Q1 2020 8.35 102.3 % 0.14 - 8.35 0.14
Q2 2020 4.70 (71.3 %) 0.08 - 4.70 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2018 100.00 % 85.38 % 82.90 %
Q1 2019 100.00 % 84.72 % 81.80 %
Q2 2019 100.00 % 82.12 % 79.17 %
Q3 2019 100.00 % 80.91 % 77.99 %
Q4 2019 100.00 % 78.19 % 75.13 %
Q1 2020 100.00 % 79.20 % 76.57 %
Q2 2020 100.00 % 76.08 % 72.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2018 60.00 0.62 0.62 13.12
Q1 2019 60.00 0.61 0.61 13.75
Q2 2019 60.00 0.65 0.65 13.51
Q3 2019 60.00 0.65 0.65 13.14
Q4 2019 60.00 0.48 0.56 13.31
Q1 2020 60.00 0.55 0.63 12.55
Q2 2020 60.00 0.35 0.43 13.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2018 17.54 17.54 0.82
Q1 2019 19.21 19.21 0.86
Q2 2019 15.92 15.92 0.77
Q3 2019 17.24 17.24 0.86
Q4 2019 24.12 20.65 0.86
Q1 2020 17.26 15.05 0.75
Q2 2020 30.70 25.00 0.81

Business Segments (Million)

Compared With The
Period Services and Invesments sector Glass industry Petrochemical sector Industrial Services Segment ( Energy and Utilities) Others
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 - -
Q4 2018 3.81 6.64 - - -
Q1 2019 2.85 3.19 - - -
Q2 2019 5.42 3.06 6.54 - 0.02
Q3 2019 5.01 2.85 5.72 - 0.01
Q4 2019 2.70 1.98 - - 0.04
Q1 2020 3.36 1.65 5.72 - -
Q2 2020 8.80 (2.09) - - 0.05


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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