SIDC’s profit drops 31% to SAR 17.3 mln in H1

SIDC’s profit drops 31% to SAR 17.3 mln in H1

22/07/2015 Argaam Exclusive

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Saudi Industrial Development Company (SIDC) reported a net profit of SAR 17.3 million for H1-2015, a decline of 31 percent compared to the same period last year on lower other income.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 160.73 171.51 6.7 %
Gross Income 48.27 54.87 13.7 %
Operating Income 7.28 15.64 114.7 %
Net Income 25.09 17.27 (31.2 %)
Average Shares 13.50 13.50 -
EPS (Riyals) 1.86 1.28 (31.2 %)

 

The company, however, reported a net profit of SAR 12.5 million in Q2, a 145.1 percent increase from the same quarter last year and a 166 percent increase compared to the previous quarter (Q1-2015) due to higher sales, lower operating expenses, and higher other income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 85.66 92.50 8.0 %
Gross Income 25.93 30.70 18.4 %
Operating Income 3.79 10.05 165.4 %
Net Income 1.32 12.53 852.3 %
Average Shares 13.50 13.50 -
EPS (Riyals) 0.10 0.93 852.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 97.20 (0.5 %) 10.39 (12.7 %) (3.34) (335.9 %)
Q2 2006 109.04 0.6 % 18.74 54.9 % 3.91 258.2 %
Q3 2006 117.30 (5.9 %) 18.01 31.5 % 2.62 183.7 %
Q4 2006 106.73 (0.1 %) 12.27 (1.5 %) (8.23) (21.1 %)
Q1 2007 110.02 13.2 % 12.12 16.7 % (2.08) 37.8 %
Q2 2007 82.57 (24.3 %) 14.73 (21.4 %) 0.13 (96.8 %)
Q3 2007 71.01 (39.5 %) 10.59 (41.2 %) (2.43) (192.7 %)
Q4 2007 59.82 (43.9 %) 15.93 29.9 % 3.00 136.4 %
Q1 2008 55.14 (49.9 %) 11.22 (7.5 %) 0.55 126.5 %
Q2 2008 66.14 (19.9 %) 13.12 (10.9 %) 1.97 1460.3 %
Q3 2008 72.26 1.8 % 10.43 (1.5 %) 0.80 132.7 %
Q4 2008 56.80 (5.1 %) 12.16 (23.7 %) 0.66 (78.1 %)
Q1 2009 51.84 (6.0 %) 6.99 (37.7 %) (3.00) (645.0 %)
Q2 2009 58.02 (12.3 %) 12.36 (5.9 %) 1.05 (46.5 %)
Q3 2009 60.79 (15.9 %) 13.07 25.3 % 3.14 294.1 %
Q4 2009 51.76 (8.9 %) 15.85 30.4 % 1.79 171.7 %
Q1 2010 52.62 1.5 % 12.19 74.5 % 2.13 170.8 %
Q2 2010 60.51 4.3 % 14.47 17.2 % 2.00 90.6 %
Q3 2010 64.95 6.8 % 17.70 35.5 % 5.58 78.0 %
Q4 2010 54.02 4.4 % 11.01 (30.6 %) (5.00) (380.2 %)
Q1 2011 64.36 22.3 % 15.94 30.8 % 4.52 112.4 %
Q2 2011 80.50 33.0 % 18.57 28.3 % 6.10 204.3 %
Q3 2011 82.51 27.0 % 26.05 47.1 % 12.29 120.1 %
Q4 2011 73.15 35.4 % 17.98 63.4 % 3.28 165.5 %
Q1 2012 75.20 16.8 % 23.07 44.7 % 10.33 128.8 %
Q2 2012 81.73 1.5 % 25.04 34.8 % 11.52 88.9 %
Q3 2012 84.68 2.6 % 25.10 (3.6 %) 9.73 (20.9 %)
Q4 2012 72.82 (0.4 %) 21.47 19.4 % 4.82 47.2 %
Q1 2013 79.81 6.1 % 23.39 1.4 % 6.84 (33.8 %)
Q2 2013 84.89 3.9 % 27.92 11.5 % 10.77 (6.5 %)
Q3 2013 86.34 2.0 % 27.42 9.2 % 9.20 (5.4 %)
Q4 2013 68.72 (5.6 %) 21.26 (0.9 %) 2.98 (38.3 %)
Q1 2014 75.07 (5.9 %) 22.35 (4.5 %) 3.50 (48.9 %)
Q2 2014 85.66 0.9 % 25.93 (7.1 %) 3.79 (64.8 %)
Q3 2014 87.12 0.9 % 24.31 (11.3 %) 4.76 (48.3 %)
Q4 2014 68.09 (0.9 %) 16.15 (24.0 %) (2.44) (182.1 %)
Q1 2015 79.01 5.2 % 24.17 8.1 % 5.59 59.9 %
Q2 2015 92.50 8.0 % 30.70 18.4 % 10.05 165.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 (5.48) (37.3 %) (0.41) - (5.48) (0.41)
Q2 2006 (2.50) 45.6 % (0.19) - (2.50) (0.19)
Q3 2006 (1.60) 72.4 % (0.12) - (1.60) (0.12)
Q4 2006 (9.64) 32.9 % (0.71) - (9.64) (0.71)
Q1 2007 (3.93) 28.2 % (0.29) - (3.93) (0.29)
Q2 2007 (2.73) (9.3 %) (0.20) - (2.73) (0.20)
Q3 2007 (3.30) (105.5 %) (0.24) - (3.30) (0.24)
Q4 2007 21.73 325.5 % 1.61 - 21.73 1.61
Q1 2008 (1.25) 68.3 % (0.09) - (1.25) (0.09)
Q2 2008 (3.09) (13.2 %) (0.23) - (3.09) (0.23)
Q3 2008 (4.90) (48.5 %) (0.36) - (4.90) (0.36)
Q4 2008 3.71 (82.9 %) 0.28 - 3.71 0.28
Q1 2009 (2.75) (120.9 %) (0.20) - (2.75) (0.20)
Q2 2009 0.97 131.5 % 0.07 - 0.97 0.07
Q3 2009 0.13 102.7 % 0.01 - 0.13 0.01
Q4 2009 (1.83) (149.2 %) (0.14) - (1.83) (0.14)
Q1 2010 0.14 105.0 % 0.01 - 0.14 0.01
Q2 2010 101.10 10279.5 % 7.49 101.56 (0.47) (0.03)
Q3 2010 9.73 7328.2 % 0.72 4.58 5.15 0.38
Q4 2010 (10.36) (466.7 %) (0.77) 0.05 (10.41) (0.77)
Q1 2011 4.26 3008.8 % 0.32 - 4.26 0.32
Q2 2011 5.67 (94.4 %) 0.42 - 5.67 0.42
Q3 2011 12.09 24.3 % 0.90 - 12.09 0.90
Q4 2011 2.60 125.1 % 0.19 - 2.60 0.19
Q1 2012 9.15 114.8 % 0.68 - 9.15 0.68
Q2 2012 10.54 85.9 % 0.78 - 10.54 0.78
Q3 2012 8.90 (26.4 %) 0.66 - 8.90 0.66
Q4 2012 4.57 75.9 % 0.34 - 4.57 0.34
Q1 2013 6.55 (28.4 %) 0.49 - 6.55 0.49
Q2 2013 12.28 16.6 % 0.91 - 12.28 0.91
Q3 2013 9.12 2.5 % 0.68 - 9.12 0.68
Q4 2013 7.53 64.7 % 0.56 - 7.53 0.56
Q1 2014 23.77 262.9 % 1.76 7.90 15.87 1.18
Q2 2014 1.32 (89.3 %) 0.10 13.12 (11.81) (0.87)
Q3 2014 13.85 51.9 % 1.03 4.65 9.20 0.68
Q4 2014 (31.99) (524.7 %) (2.37) (0.83) (31.16) (2.31)
Q1 2015 4.74 (80.1 %) 0.35 - 4.74 0.35
Q2 2015 12.53 852.3 % 0.93 - 12.53 0.93

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 11.13 % 2.53 % (6.92 %)
Q2 2006 12.63 % 3.90 % (6.43 %)
Q3 2006 13.85 % 4.66 % (5.57 %)
Q4 2006 13.81 % 4.05 % (4.47 %)
Q1 2007 13.80 % 3.79 % (3.99 %)
Q2 2007 13.71 % 2.96 % (4.30 %)
Q3 2007 13.42 % 2.23 % (5.29 %)
Q4 2007 16.50 % 3.34 % 3.64 %
Q1 2008 19.54 % 4.15 % 5.38 %
Q2 2008 20.17 % 4.34 % 5.59 %
Q3 2008 20.01 % 5.04 % 4.93 %
Q4 2008 18.74 % 6.91 % (2.21 %)
Q1 2009 17.28 % 5.52 % (2.84 %)
Q2 2009 17.55 % 5.13 % (1.24 %)
Q3 2009 19.59 % 6.24 % 0.91 %
Q4 2009 21.70 % 6.73 % (1.56 %)
Q1 2010 23.95 % 8.97 % (0.26 %)
Q2 2010 24.63 % 9.21 % (0.90 %)
Q3 2010 26.20 % 9.99 % 1.30 %
Q4 2010 23.86 % 6.85 % (2.41 %)
Q1 2011 24.25 % 7.41 % (0.60 %)
Q2 2011 23.96 % 8.26 % 1.77 %
Q3 2011 25.43 % 10.24 % 4.13 %
Q4 2011 26.13 % 12.45 % 8.19 %
Q1 2012 27.51 % 13.92 % 9.48 %
Q2 2012 29.47 % 15.73 % 11.00 %
Q3 2012 28.97 % 14.70 % 9.91 %
Q4 2012 30.11 % 15.19 % 10.54 %
Q1 2013 29.78 % 13.90 % 9.58 %
Q2 2013 30.38 % 13.51 % 10.03 %
Q3 2013 30.94 % 13.32 % 10.04 %
Q4 2013 31.27 % 12.94 % 11.10 %
Q1 2014 31.41 % 12.14 % 14.22 %
Q2 2014 30.70 % 9.94 % 6.56 %
Q3 2014 29.64 % 8.60 % 6.57 %
Q4 2014 28.08 % 7.04 % (5.66 %)
Q1 2015 28.31 % 7.76 % (9.08 %)
Q2 2015 29.18 % 9.66 % (1.44 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 13.50 (2.24) (2.24) 29.97
Q2 2006 13.50 (2.08) (2.08) 26.73
Q3 2006 13.50 (1.77) (1.77) 22.17
Q4 2006 13.50 (1.42) (1.42) 15.84
Q1 2007 13.50 (1.31) (1.31) 16.14
Q2 2007 13.50 (1.33) (1.33) 15.27
Q3 2007 13.50 (1.45) (1.45) 17.05
Q4 2007 13.50 0.87 0.87 26.85
Q1 2008 13.50 1.07 1.07 27.54
Q2 2008 13.50 1.04 1.04 27.43
Q3 2008 13.50 0.93 0.93 21.63
Q4 2008 13.50 (0.41) (0.41) 17.37
Q1 2009 13.50 (0.52) (0.52) 18.20
Q2 2009 13.50 (0.22) (0.22) 20.06
Q3 2009 13.50 0.15 0.15 21.57
Q4 2009 13.50 (0.26) (0.26) 21.53
Q1 2010 13.50 (0.04) (0.04) 22.85
Q2 2010 13.50 7.37 (0.15) 23.47
Q3 2010 13.50 8.08 0.22 24.70
Q4 2010 13.50 7.45 (0.41) 23.96
Q1 2011 13.50 7.76 (0.11) 24.28
Q2 2011 13.50 0.69 0.35 24.70
Q3 2011 13.50 0.86 0.86 25.12
Q4 2011 13.50 1.82 1.82 25.06
Q1 2012 13.50 2.19 2.19 25.73
Q2 2012 13.50 2.55 2.55 26.53
Q3 2012 13.50 2.31 2.31 27.16
Q4 2012 13.50 2.46 2.46 27.44
Q1 2013 13.50 2.26 2.26 27.78
Q2 2013 13.50 2.39 2.39 28.68
Q3 2013 13.50 2.41 2.41 29.37
Q4 2013 13.50 2.63 2.63 29.93
Q1 2014 13.50 3.90 3.32 31.41
Q2 2014 13.50 3.09 1.53 31.74
Q3 2014 13.50 3.44 1.54 32.78
Q4 2014 13.50 0.51 (1.33) 30.39
Q1 2015 13.50 (0.90) (2.15) 30.65
Q2 2015 13.50 (0.06) (0.35) 31.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 NEG NEG 4.31
Q2 2006 NEG NEG 5.49
Q3 2006 NEG NEG 9.96
Q4 2006 NEG NEG 4.63
Q1 2007 NEG NEG 3.45
Q2 2007 NEG NEG 3.45
Q3 2007 NEG NEG 3.70
Q4 2007 85.86 85.86 2.79
Q1 2008 49.15 49.15 1.91
Q2 2008 47.57 47.57 1.81
Q3 2008 33.63 33.63 1.44
Q4 2008 NEG NEG 1.26
Q1 2009 NEG NEG 1.39
Q2 2009 NEG NEG 1.49
Q3 2009 More than 100 More than 100 1.33
Q4 2009 NEG NEG 1.26
Q1 2010 NEG NEG 1.16
Q2 2010 3.58 NEG 1.12
Q3 2010 3.17 More than 100 1.04
Q4 2010 3.68 NEG 1.14
Q1 2011 4.19 NEG 1.34
Q2 2011 63.49 More than 100 1.77
Q3 2011 44.63 44.82 1.53
Q4 2011 22.84 22.84 1.66
Q1 2012 41.91 41.91 3.56
Q2 2012 17.29 17.29 1.66
Q3 2012 21.82 21.82 1.86
Q4 2012 19.68 19.68 1.76
Q1 2013 24.50 24.50 2.00
Q2 2013 19.15 19.15 1.60
Q3 2013 19.94 19.94 1.64
Q4 2013 22.34 22.34 1.96
Q1 2014 16.22 19.07 2.02
Q2 2014 20.05 40.38 1.95
Q3 2014 19.21 42.93 2.02
Q4 2014 84.70 NEG 1.43
Q1 2015 NEG NEG 1.79
Q2 2015 NEG NEG 1.63

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Sheet Iron
Q1 2013 68.42 11.38 -
Q2 2013 70.01 14.88 -
Q3 2013 72.99 13.35 -
Q4 2013 56.96 11.75 -
Q1 2014 63.66 11.41 -
Q2 2014 71.48 14.18 -
Q3 2014 75.80 11.31 -
Q4 2014 56.93 11.16 -
Q1 2015 68.29 10.72 -
Q2 2015 81.05 11.45 -


Financial Ratios
Current
Market Cap (M Riyal) 395.55
Enterprise Value (EV) (M) 419.81
Shares Outstanding ((M)) 13.50
EPS ( Riyal) (TTM) (5.38)
Book Value (BV) ( Riyal) 5.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 5.47
Return on Average Assets (%) (TTM) (31.75 )
Return on Average Equity (%) (TTM) (65.44 )
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Share Price

Saudi Industrial Development Co.
28.90
1.30 4.71 %

Saudi Industrial Development Co. (SIDC)

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