SIDC H1 net loss widens to SAR 9.5 mln

SIDC H1 net loss widens to SAR 9.5 mln

26/07/2017 Argaam Exclusive

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Saudi Industrial Development Company’s (SIDC) net loss widened to SAR 9.5 million for H1 2017, compared to a net loss of SAR 0.5 million in the same period last year. The company said it incurred operating losses due to higher production costs and lower sales. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 146.90 123.26 (16.1 %)
Gross Income 37.40 21.53 (42.4 %)
Operating Income 0.85 (9.31) (1192.6 %)
Net Income (0.47) (9.52) (1,918.2 %)
Average Shares 13.50 13.50 -
EPS (Riyals) (0.03) (0.71) (1,918.2 %)

The company swung to a net loss of SAR 10.3 million in Q2 2017, versus net profits of SAR 8.1 million in Q2 2016 and SAR 0.8 million in the previous quarter, due to a decline in non-operating revenue along with lower sales volumes. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 79.46 62.04 (21.9 %)
Gross Income 20.24 6.54 (67.7 %)
Operating Income 2.42 (10.13) (518.6 %)
Net Income 8.09 (10.33) (227.7 %)
Average Shares 13.50 13.50 -
EPS (Riyals) 0.60 (0.77) (227.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2016 45.59 (34.2 %) 12.19 (26.3 %) (3.81) 15.6 %
Q1 2017 61.22 (9.2 %) 14.99 (12.7 %) 0.82 152.3 %
Q2 2017 62.04 (21.9 %) 6.54 (67.7 %) (10.13) (518.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2016 8.25 133.5 % 0.61 18.19 (9.94) (0.74)
Q1 2017 0.81 109.5 % 0.06 - 0.81 0.06
Q2 2017 (10.33) (227.7 %) (0.77) - (10.33) (0.77)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2016 25.80 % 4.40 % (1.55 %)
Q1 2017 25.57 % 5.49 % 2.11 %
Q2 2017 21.66 % 0.65 % (7.61 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2016 13.50 0.00 (0.30) 26.80
Q1 2017 13.50 0.70 0.40 26.87
Q2 2017 13.50 (0.67) (1.33) 26.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 More than 100 NEG 1.14
Q1 2017 50.64 89.16 1.31
Q2 2017 NEG NEG 1.31

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 - -
Q4 2016 39.54 6.05 - -
Q1 2017 53.19 8.03 - -
Q2 2017 54.94 7.09 - -


Financial Ratios
Current
Market Cap (M Riyal) 398.25
Enterprise Value (EV) (M) 422.51
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 5.51
Return on Average Assets (%) (TTM) (31.75 )
Return on Average Equity (%) (TTM) (65.44 )
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Share Price

Saudi Industrial Development Co.
29.55
1.95 7.07 %

Saudi Industrial Development Co. (SIDC)

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