Savola’s Q1 profit plunges 80% to SAR 93 mln

Savola’s Q1 profit plunges 80% to SAR 93 mln

20/04/2016 Argaam Exclusive

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Savola Group, one of the kingdom's largest industrial groups, reported a net profit of SAR 92.9 million for the first quarter of this year, an 80 percent year-on-year (YoY) plunge attributed to a one-off gain of SAR 265.2 million made from a stake sale in Q1-2015. 

 

In addition, higher operating expenses, financing charges and losses from Egypt’s unit also weighed on results in Q1-2016. Profit or the period dropped 82 percent when compared to the previous quarter due to insurance claims, lower sales as a result of seasonal factors, as well as a decline in income from affiliates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 6,223.71 6,421.75 3.2 %
Gross Income 1,159.16 1,273.15 9.8 %
Operating Income 227.93 242.12 6.2 %
Net Income 470.51 119.38 (74.6 %)
Average Shares 241.05 241.05 -
EPS (Riyals) 1.95 0.50 (74.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 103.94 20.2 %
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 39.90 (50.1 %)
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 142.74 4.6 %
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 120.79 (31.4 %)
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 95.58 (8.0 %)
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 157.35 294.4 %
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 117.37 (17.8 %)
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (144.50) (219.6 %)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 149.77 56.7 %
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 211.70 34.5 %
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 374.01 218.7 %
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 209.47 245.0 %
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 177.30 18.4 %
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 135.85 (35.8 %)
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 297.28 (20.5 %)
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 331.52 58.3 %
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 209.35 18.1 %
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 277.91 104.6 %
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.72 3.5 %
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 468.45 41.3 %
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 137.46 1.2 % 0.61 - 137.46 0.61
Q2 2007 763.77 210.5 % 3.38 - 763.77 3.38
Q3 2007 151.39 (71.6 %) 0.67 - 151.39 0.67
Q4 2007 177.41 (23.9 %) 0.79 - 177.41 0.79
Q1 2008 250.48 82.2 % 1.11 - 250.48 1.11
Q2 2008 257.69 (66.3 %) 1.14 - 257.69 1.14
Q3 2008 158.04 4.4 % 0.70 - 158.04 0.70
Q4 2008 (463.85) (361.5 %) (2.06) - (463.85) (2.06)
Q1 2009 192.55 (23.1 %) 0.85 - 192.55 0.85
Q2 2009 212.50 (17.5 %) 0.94 - 212.50 0.94
Q3 2009 277.89 75.8 % 1.23 - 277.89 1.23
Q4 2009 268.62 157.9 % 1.19 318.12 (49.50) (0.22)
Q1 2010 394.04 104.6 % 1.75 198.06 195.98 0.87
Q2 2010 207.65 (2.3 %) 0.92 1.01 206.64 0.92
Q3 2010 282.99 1.8 % 1.25 1.90 281.10 1.25
Q4 2010 2.02 (99.2 %) 0.01 (117.84) 119.86 0.53
Q1 2011 165.16 (58.1 %) 0.73 - 165.16 0.73
Q2 2011 230.74 11.1 % 1.02 - 230.74 1.02
Q3 2011 307.89 8.8 % 1.36 - 307.89 1.36
Q4 2011 498.59 24607.3 % 2.21 152.78 345.81 1.53
Q1 2012 242.31 46.7 % 1.07 - 242.31 1.07
Q2 2012 341.32 47.9 % 1.51 - 341.32 1.51
Q3 2012 405.22 31.6 % 1.80 - 405.22 1.80
Q4 2012 413.36 (17.1 %) 1.83 46.65 366.71 1.62
Q1 2013 295.20 21.8 % 1.29 - 295.20 1.29
Q2 2013 387.76 13.6 % 1.69 - 387.76 1.69
Q3 2013 457.36 12.9 % 1.99 - 457.36 1.99
Q4 2013 564.16 36.5 % 2.46 200.93 363.23 1.58
Q1 2014 423.26 43.4 % 1.76 5.02 418.24 1.74
Q2 2014 513.27 32.4 % 2.13 35.95 477.33 1.98
Q3 2014 701.43 53.4 % 2.91 205.74 495.69 2.06
Q4 2014 434.36 (23.0 %) 1.80 (54.13) 488.48 2.03
Q1 2015 470.51 11.2 % 1.95 227.39 243.12 1.01
Q2 2015 434.37 (15.4 %) 1.80 (0.67) 435.03 1.80
Q3 2015 371.56 (47.0 %) 1.54 5.72 365.84 1.52
Q4 2015 515.32 18.6 % 2.14 199.19 316.13 1.31
Q1 2016 119.38 (74.6 %) 0.50 (107.31) 226.69 0.94

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %
Q3 2015 19.90 % 7.24 % 5.96 %
Q4 2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 225.71 5.10 4.61 27.67
Q2 2007 225.71 7.39 6.90 29.10
Q3 2007 225.71 5.70 5.21 29.76
Q4 2007 225.71 5.45 5.45 31.71
Q1 2008 225.71 5.95 5.95 31.14
Q2 2008 225.71 3.71 3.71 32.33
Q3 2008 225.71 3.74 3.74 30.66
Q4 2008 225.71 0.90 0.90 28.31
Q1 2009 225.71 0.64 0.64 28.69
Q2 2009 225.71 0.44 0.44 29.08
Q3 2009 225.71 0.97 0.97 29.67
Q4 2009 225.71 4.22 2.81 30.84
Q1 2010 225.71 5.11 2.82 32.64
Q2 2010 225.71 5.09 2.80 31.53
Q3 2010 225.71 5.11 2.81 32.05
Q4 2010 225.71 3.93 3.56 31.10
Q1 2011 225.71 2.91 3.42 31.07
Q2 2011 225.71 3.02 3.53 31.65
Q3 2011 225.71 3.13 3.65 32.25
Q4 2011 225.71 5.33 4.65 34.21
Q1 2012 225.71 5.67 4.99 36.71
Q2 2012 225.71 6.16 5.48 35.23
Q3 2012 225.71 6.59 5.91 36.09
Q4 2012 225.71 6.21 6.01 36.71
Q1 2013 229.55 6.34 6.14 35.32
Q2 2013 229.55 6.54 6.34 35.91
Q3 2013 229.55 6.77 6.57 36.87
Q4 2013 229.55 7.43 6.55 40.04
Q1 2014 241.05 7.60 6.75 41.12
Q2 2014 241.05 8.12 7.12 41.02
Q3 2014 241.05 9.14 7.28 42.88
Q4 2014 241.05 8.60 7.80 41.34
Q1 2015 241.05 8.79 7.07 41.91
Q2 2015 241.05 8.47 6.90 43.46
Q3 2015 241.05 7.10 6.36 42.62
Q4 2015 241.05 7.43 5.64 43.77
Q1 2016 241.05 5.98 5.57 40.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 4.95 5.47 0.91
Q2 2007 3.26 3.49 0.83
Q3 2007 4.21 4.60 0.81
Q4 2007 5.49 5.49 0.94
Q1 2008 4.53 4.53 0.86
Q2 2008 8.16 8.16 0.94
Q3 2008 6.48 6.48 0.79
Q4 2008 22.54 22.54 0.71
Q1 2009 26.62 26.62 0.59
Q2 2009 42.26 42.26 0.64
Q3 2009 24.43 24.43 0.80
Q4 2009 5.98 8.99 0.82
Q1 2010 5.84 10.57 0.91
Q2 2010 5.75 10.46 0.93
Q3 2010 5.59 10.16 0.89
Q4 2010 6.80 7.51 0.86
Q1 2011 7.99 6.81 0.75
Q2 2011 7.53 6.43 0.72
Q3 2011 6.94 5.95 0.67
Q4 2011 4.50 5.15 0.70
Q1 2012 5.07 5.75 0.78
Q2 2012 4.71 5.29 0.82
Q3 2012 4.90 5.47 0.90
Q4 2012 5.38 5.56 0.91
Q1 2013 5.38 5.55 0.98
Q2 2013 6.03 6.22 1.12
Q3 2013 6.49 6.69 1.21
Q4 2013 6.94 7.87 1.23
Q1 2014 6.92 7.79 1.28
Q2 2014 6.65 7.58 1.32
Q3 2014 7.12 8.93 1.52
Q4 2014 7.16 7.89 1.49
Q1 2015 6.08 7.56 1.28
Q2 2015 6.32 7.76 1.23
Q3 2015 6.39 7.13 1.06
Q4 2015 5.29 6.96 0.90
Q1 2016 5.46 5.86 0.80

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2007 - 843.56 - 3.19 - 1,400.87 -
Q2 2007 - 934.88 - (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 - 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 - (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - - 1,779.67 -
Q2 2008 - 1,315.45 - 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 - 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 - (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - - 1,799.46 -
Q2 2009 - 1,895.71 - - - 2,461.09 -
Q3 2009 - 2,108.28 - - - 2,995.40 -
Q4 2009 - 2,080.53 - - - 2,741.16 -
Q1 2010 - 1,871.14 - - - 2,907.64 -
Q2 2010 - 1,902.50 - - - 2,965.56 -
Q3 2010 - 2,245.91 - - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 - 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 - 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 - 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 - 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 - 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 - 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 - 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 - 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 - 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 - 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 - 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 - 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 - 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 - 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 - 15.32 - - (81.85)
Q3 2014 3,336.91 2,868.20 - 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 - 80.15 - - (125.88)
Q1 2015 3,086.66 3,192.49 - 14.69 - - (70.13)
Q2 2015 3,369.06 3,781.59 - 14.69 - - (128.85)
Q3 2015 2,553.93 3,091.95 - 14.69 - - (57.01)
Q4 2015 2,802.55 3,466.70 - 100.78 - - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 13.75 - - (71.58)

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 368.98 119.38 (67.6 %)

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
SNB Capital 251.00 119.38 (52.4) %
OSOOL AND BAKHEET 365.50 119.38 (67.3) %
Al Rajhi Capital 372.00 119.38 (67.9) %
Albilad Capital 380.00 119.38 (68.6) %
Value Capital 476.40 119.38 (74.9) %


Financial Ratios
Current
Market Cap (M Riyal) 10,080.00
Enterprise Value (EV) (M) 11,312.10
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 2.97
Book Value (BV) ( Riyal) 49.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.92
P/E (TTM) 11.30
Price/book 0.68
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
33.60
3.05 9.98 %

Savola Group (SAVOLA GROUP)

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