SIDC swings to SAR 11.2 mln net loss in 9M 2016

SIDC swings to SAR 11.2 mln net loss in 9M 2016

18/10/2016 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) reported a net loss of SAR 11.2 million for the first nine months of 2016, versus a net profit of SAR 5.7 million in the same period last year, on lower sales and higher costs of production, in addition to a rise in operating expenses.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 256.20 213.95 (16.5 %)
Gross Income 82.74 54.76 (33.8 %)
Operating Income 22.70 3.05 (86.6 %)
Net Income 5.67 (8.21) (244.9 %)
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items 0.42 0.44 4.2 %
EPS (Riyals) 0.42 (0.61) (244.9 %)

For the third quarter, the company trimmed its loss to SAR 9.3 million compared with SAR 11.6 million in the same period last year, driven by lower non-operating losses. Loss for the period compared with a profit of SAR 7.7 million in the preceding quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 84.70 67.05 (20.8 %)
Gross Income 27.88 17.36 (37.7 %)
Operating Income 7.06 2.20 (68.9 %)
Net Income (11.60) (7.74) 33.2 %
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (0.86) 0.11 113.1 %
EPS (Riyals) (0.86) (0.57) 33.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2015 84.70 (2.8 %) 27.88 14.7 % 7.06 48.3 %
Q4 2015 69.32 1.8 % 16.55 2.5 % (4.52) (85.0 %)
Q1 2016 67.44 (14.6 %) 17.17 (29.0 %) (1.57) (128.1 %)
Q2 2016 79.46 (14.1 %) 20.24 (34.1 %) 2.42 (75.9 %)
Q3 2016 67.05 (20.8 %) 17.36 (37.7 %) 2.20 (68.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q3 2015 (11.60) (183.7 %) (0.86) - (11.60) (0.86)
Q4 2015 (24.62) 23.0 % (1.82) (14.61) (10.01) (0.74)
Q1 2016 (8.56) (280.7 %) (0.63) - (8.56) (0.63)
Q2 2016 8.09 (35.5 %) 0.60 (4.87) 12.96 0.96
Q3 2016 (7.74) 33.2 % (0.57) (9.26) 1.51 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2015 30.50 % 10.65 % (7.86 %)
Q4 2015 30.50 % 10.04 % (1.33 %)
Q1 2016 29.40 % 7.96 % (5.62 %)
Q2 2016 27.19 % 5.63 % (5.72 %)
Q3 2016 25.18 % 4.04 % (1.45 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q3 2015 13.50 (1.95) (1.89) 30.67
Q4 2015 13.50 (1.40) (0.32) 28.84
Q1 2016 13.50 (2.39) (1.31) 27.85
Q2 2016 13.50 (2.72) (1.27) 28.38
Q3 2016 13.50 (2.43) (0.30) 27.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 NEG NEG 1.16
Q4 2015 NEG NEG 1.45
Q1 2016 NEG NEG 1.04
Q2 2016 NEG NEG 1.09
Q3 2016 NEG NEG 0.83

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Sheet Iron The main center
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 - -
Q3 2015 73.64 11.06 - -
Q4 2015 60.17 9.16 - -
Q1 2016 57.68 9.51 - 0.25
Q2 2016 70.76 8.96 - -
Q3 2016 60.75 6.30 - -


Financial Ratios
Current
Market Cap (M Riyal) 376.65
Enterprise Value (EV) (M) 399.50
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 5.21
Return on Average Assets (%) (TTM) (33.17 )
Return on Average Equity (%) (TTM) (65.43 )
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Share Price

Saudi Industrial Development Co.
27.90
(0.25) (0.89 %)

Saudi Industrial Development Co. (SIDC)

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