Zamil posts SAR 74 mln (+12%) net profit in Q1-2015

Zamil posts SAR 74 mln (+12%) net profit in Q1-2015

20/04/2015 Argaam Exclusive

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Zamil Industrial Investment, a manufacturer of air conditioners, steel structures and glass, reported a net profit of SAR 73.7 million for first quarter, 12 percent higher compared to the same period in 2014.

 

The year-on-year growth was mainly attributed to better profit margins in air conditioning and insulator sectors, as well as lower financing costs and foreign tax. The profit rise was also bolstered by an increase in miscellaneous revenues and Zamil’s higher profit share in affiliates. 

Compared to Q4-2014, higher net profit was backed by incurring one-off costs due to goodwill impairment and lower operating profits.



Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 1,292.86 1,258.95 (2.6 %)
Gross Income 305.51 305.42 0.0 %
Operating Income 94.92 97.49 2.7 %
Net Income 66.01 73.73 11.7 %
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items 1.10 1.23 11.7 %
EPS (Riyals) 1.10 1.23 11.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 594.71 10.6 % 122.83 6.2 % 38.48 19.5 %
Q2 2006 740.43 13.2 % 160.66 26.4 % 69.86 54.8 %
Q3 2006 778.49 21.2 % 166.42 28.9 % 75.45 55.5 %
Q4 2006 753.97 40.9 % 183.25 40.0 % 46.06 64.5 %
Q1 2007 815.46 37.1 % 160.71 30.8 % 61.80 60.6 %
Q2 2007 958.15 29.4 % 200.42 24.7 % 84.77 21.3 %
Q3 2007 1,006.68 29.3 % 194.62 16.9 % 83.90 11.2 %
Q4 2007 900.97 19.5 % 179.15 (2.2 %) 59.73 29.7 %
Q1 2008 1,007.87 23.6 % 196.12 22.0 % 73.64 19.2 %
Q2 2008 1,285.95 34.2 % 264.00 31.7 % 98.20 15.8 %
Q3 2008 1,306.70 29.8 % 269.09 38.3 % 110.51 31.7 %
Q4 2008 949.08 5.3 % 236.37 31.9 % 60.85 1.9 %
Q1 2009 1,141.18 13.2 % 234.34 19.5 % 84.42 14.6 %
Q2 2009 1,148.58 (10.7 %) 224.21 (15.1 %) 79.31 (19.2 %)
Q3 2009 944.65 (27.7 %) 218.84 (18.7 %) 76.94 (30.4 %)
Q4 2009 970.00 2.2 % 274.38 16.1 % 128.76 111.6 %
Q1 2010 927.09 (18.8 %) 221.50 (5.5 %) 77.12 (8.6 %)
Q2 2010 1,078.27 (6.1 %) 242.72 8.3 % 78.60 (0.9 %)
Q3 2010 963.43 2.0 % 212.14 (3.1 %) 48.21 (37.3 %)
Q4 2010 1,049.63 8.2 % 319.07 16.3 % 83.50 (35.2 %)
Q1 2011 966.72 4.3 % 220.82 (0.3 %) 59.63 (22.7 %)
Q2 2011 1,325.21 22.9 % 281.04 15.8 % 83.53 6.3 %
Q3 2011 1,167.19 21.1 % 259.49 22.3 % 72.51 50.4 %
Q4 2011 1,268.58 20.9 % 289.88 (9.1 %) 42.65 (48.9 %)
Q1 2012 1,102.10 14.0 % 240.61 9.0 % 70.81 18.7 %
Q2 2012 1,344.79 1.5 % 283.54 0.9 % 96.81 15.9 %
Q3 2012 1,281.54 9.8 % 273.15 5.3 % 83.16 14.7 %
Q4 2012 1,626.45 28.2 % 367.82 26.9 % 114.41 168.2 %
Q1 2013 1,242.94 12.8 % 299.76 24.6 % 97.17 37.2 %
Q2 2013 1,431.03 6.4 % 314.89 11.1 % 97.85 1.1 %
Q3 2013 1,374.40 7.2 % 316.78 16.0 % 87.92 5.7 %
Q4 2013 1,365.61 (16.0 %) 375.38 2.1 % 119.75 4.7 %
Q1 2014 1,292.86 4.0 % 305.51 1.9 % 94.92 (2.3 %)
Q2 2014 1,386.01 (3.1 %) 316.09 0.4 % 101.35 3.6 %
Q3 2014 1,290.68 (6.1 %) 311.69 (1.6 %) 89.71 2.0 %
Q4 2014 1,485.87 8.8 % 400.78 6.8 % 119.90 0.1 %
Q1 2015 1,258.95 (2.6 %) 305.42 0.0 % 97.49 2.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2006 44.13 102.3 % 0.74 - 44.13 0.74
Q2 2006 52.81 69.8 % 0.88 - 52.81 0.88
Q3 2006 57.77 65.0 % 0.96 - 57.77 0.96
Q4 2006 36.94 100.4 % 0.62 - 36.94 0.62
Q1 2007 44.85 1.6 % 0.75 - 44.85 0.75
Q2 2007 57.79 9.4 % 0.96 - 57.79 0.96
Q3 2007 58.69 1.6 % 0.98 - 58.69 0.98
Q4 2007 45.16 22.3 % 0.75 - 45.16 0.75
Q1 2008 50.36 12.3 % 0.84 - 50.36 0.84
Q2 2008 73.06 26.4 % 1.22 - 73.06 1.22
Q3 2008 81.69 39.2 % 1.36 - 81.69 1.36
Q4 2008 20.03 (55.7 %) 0.33 - 20.03 0.33
Q1 2009 52.47 4.2 % 0.87 - 52.47 0.87
Q2 2009 59.84 (18.1 %) 1.00 - 59.84 1.00
Q3 2009 53.83 (34.1 %) 0.90 - 53.83 0.90
Q4 2009 64.01 219.6 % 1.07 - 64.01 1.07
Q1 2010 55.05 4.9 % 0.92 - 55.05 0.92
Q2 2010 63.01 5.3 % 1.05 - 63.01 1.05
Q3 2010 31.74 (41.0 %) 0.53 - 31.74 0.53
Q4 2010 61.33 (4.2 %) 1.02 - 61.33 1.02
Q1 2011 36.76 (33.2 %) 0.61 - 36.76 0.61
Q2 2011 47.93 (23.9 %) 0.80 - 47.93 0.80
Q3 2011 33.55 5.7 % 0.56 - 33.55 0.56
Q4 2011 35.95 (41.4 %) 0.60 - 35.95 0.60
Q1 2012 37.51 2.1 % 0.63 - 37.51 0.63
Q2 2012 55.77 16.4 % 0.93 - 55.77 0.93
Q3 2012 46.79 39.4 % 0.78 - 46.79 0.78
Q4 2012 61.39 70.7 % 1.02 - 61.39 1.02
Q1 2013 62.69 67.1 % 1.04 - 62.69 1.04
Q2 2013 63.60 14.0 % 1.06 - 63.60 1.06
Q3 2013 48.96 4.6 % 0.82 - 48.96 0.82
Q4 2013 60.11 (2.1 %) 1.00 - 60.11 1.00
Q1 2014 66.01 5.3 % 1.10 - 66.01 1.10
Q2 2014 73.02 14.8 % 1.22 - 73.02 1.22
Q3 2014 56.39 15.2 % 0.94 - 56.39 0.94
Q4 2014 64.92 8.0 % 1.08 (9.88) 74.80 1.25
Q1 2015 73.73 11.7 % 1.23 - 73.73 1.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 21.02 % 8.93 % 5.30 %
Q2 2006 21.63 % 9.69 % 5.99 %
Q3 2006 21.93 % 10.28 % 6.54 %
Q4 2006 22.08 % 10.20 % 6.68 %
Q1 2007 21.73 % 10.26 % 6.23 %
Q2 2007 21.50 % 10.07 % 5.97 %
Q3 2007 20.91 % 9.71 % 5.61 %
Q4 2007 19.96 % 9.80 % 5.61 %
Q1 2008 19.89 % 9.82 % 5.47 %
Q2 2008 19.85 % 9.68 % 5.41 %
Q3 2008 20.18 % 9.87 % 5.56 %
Q4 2008 21.22 % 9.98 % 4.95 %
Q1 2009 21.44 % 10.06 % 4.85 %
Q2 2009 21.21 % 9.94 % 4.71 %
Q3 2009 21.84 % 10.06 % 4.45 %
Q4 2009 22.64 % 11.43 % 5.47 %
Q1 2010 23.53 % 11.80 % 5.83 %
Q2 2010 24.42 % 11.94 % 6.02 %
Q3 2010 24.14 % 11.15 % 5.43 %
Q4 2010 24.77 % 10.10 % 5.25 %
Q1 2011 24.51 % 9.65 % 4.75 %
Q2 2011 24.00 % 9.48 % 4.13 %
Q3 2011 23.96 % 9.63 % 3.98 %
Q4 2011 22.24 % 8.46 % 3.26 %
Q1 2012 22.02 % 8.53 % 3.19 %
Q2 2012 21.99 % 8.65 % 3.33 %
Q3 2012 21.76 % 8.72 % 3.52 %
Q4 2012 21.76 % 9.60 % 3.76 %
Q1 2013 22.28 % 9.83 % 4.12 %
Q2 2013 22.49 % 9.71 % 4.20 %
Q3 2013 22.90 % 9.63 % 4.17 %
Q4 2013 24.14 % 10.06 % 4.35 %
Q1 2014 24.02 % 9.98 % 4.37 %
Q2 2014 24.24 % 10.24 % 4.58 %
Q3 2014 24.53 % 10.52 % 4.79 %
Q4 2014 24.45 % 10.36 % 4.95 %
Q1 2015 24.61 % 10.47 % 5.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 60.00 2.14 2.14 10.31
Q2 2006 60.00 2.51 2.51 10.96
Q3 2006 60.00 2.89 2.89 11.82
Q4 2006 60.00 3.19 3.19 12.36
Q1 2007 60.00 3.21 3.21 11.92
Q2 2007 60.00 3.29 3.29 12.90
Q3 2007 60.00 3.30 3.30 13.94
Q4 2007 60.00 3.44 3.44 14.87
Q1 2008 60.00 3.53 3.53 14.41
Q2 2008 60.00 3.79 3.79 15.59
Q3 2008 60.00 4.17 4.17 16.77
Q4 2008 60.00 3.75 3.75 17.14
Q1 2009 60.00 3.79 3.79 16.82
Q2 2009 60.00 3.57 3.57 17.93
Q3 2009 60.00 3.10 3.10 18.83
Q4 2009 60.00 3.84 3.84 19.92
Q1 2010 60.00 3.88 3.88 19.82
Q2 2010 60.00 3.93 3.93 20.71
Q3 2010 60.00 3.56 3.56 20.56
Q4 2010 60.00 3.52 3.52 21.48
Q1 2011 60.00 3.21 3.21 22.04
Q2 2011 60.00 2.96 2.96 22.08
Q3 2011 60.00 2.99 2.99 21.72
Q4 2011 60.00 2.57 2.57 22.49
Q1 2012 60.00 2.58 2.58 23.22
Q2 2012 60.00 2.71 2.71 23.14
Q3 2012 60.00 2.93 2.93 23.25
Q4 2012 60.00 3.36 3.36 24.15
Q1 2013 60.00 3.78 3.78 25.12
Q2 2013 60.00 3.91 3.91 25.26
Q3 2013 60.00 3.94 3.94 25.37
Q4 2013 60.00 3.92 3.92 26.81
Q1 2014 60.00 3.98 3.98 27.95
Q2 2014 60.00 4.13 4.13 28.10
Q3 2014 60.00 4.26 4.26 28.01
Q4 2014 60.00 4.34 4.50 29.04
Q1 2015 60.00 4.47 4.63 30.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 31.95 31.95 6.65
Q2 2006 35.47 35.47 8.11
Q3 2006 32.31 32.31 7.89
Q4 2006 16.95 16.95 4.38
Q1 2007 17.35 17.35 4.67
Q2 2007 16.12 16.12 4.11
Q3 2007 19.06 19.06 4.52
Q4 2007 19.99 19.99 4.63
Q1 2008 16.38 16.38 4.02
Q2 2008 20.89 20.89 5.08
Q3 2008 17.76 17.76 4.42
Q4 2008 11.42 11.42 2.50
Q1 2009 8.83 8.83 1.99
Q2 2009 12.70 12.70 2.53
Q3 2009 15.45 15.45 2.54
Q4 2009 10.93 10.93 2.10
Q1 2010 12.99 12.99 2.54
Q2 2010 11.09 11.09 2.11
Q3 2010 12.85 12.85 2.23
Q4 2010 9.95 9.95 1.63
Q1 2011 10.64 10.64 1.55
Q2 2011 10.63 10.63 1.43
Q3 2011 9.12 9.12 1.26
Q4 2011 11.36 11.36 1.30
Q1 2012 13.01 13.01 1.45
Q2 2012 10.43 10.43 1.22
Q3 2012 10.06 10.06 1.27
Q4 2012 9.38 9.38 1.30
Q1 2013 8.87 8.87 1.33
Q2 2013 10.47 10.47 1.62
Q3 2013 12.04 12.04 1.87
Q4 2013 11.09 11.09 1.62
Q1 2014 12.88 12.88 1.83
Q2 2014 13.81 13.81 2.03
Q3 2014 15.97 15.97 2.43
Q4 2014 10.83 10.44 1.62
Q1 2015 13.01 12.55 1.92

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry concrete Headquarters & Others
Q1 2009 345.25 754.86 41.08 - -
Q2 2009 485.30 622.54 40.74 - -
Q3 2009 399.97 501.99 42.70 - -
Q4 2009 345.99 571.96 52.06 - -
Q1 2010 337.70 545.52 43.87 - -
Q2 2010 460.85 572.51 44.91 - -
Q3 2010 397.27 524.28 41.88 - -
Q4 2010 440.40 566.99 42.24 - -
Q1 2011 348.74 531.70 45.03 41.25 -
Q2 2011 547.89 611.56 125.18 40.58 -
Q3 2011 448.14 606.75 76.96 35.34 -
Q4 2011 491.57 666.96 77.81 32.24 -
Q1 2012 349.88 628.69 95.40 28.13 -
Q2 2012 537.38 681.91 85.93 39.57 -
Q3 2012 508.89 660.32 70.70 41.48 0.15
Q4 2012 788.41 718.44 70.93 47.27 1.39
Q1 2013 474.88 647.71 71.77 - 48.58
Q2 2013 648.27 657.97 75.26 - 49.53
Q3 2013 602.72 655.39 74.09 - 42.20
Q4 2013 502.51 736.22 77.52 - 49.36
Q1 2014 502.69 658.11 73.96 - 58.11
Q2 2014 610.58 637.54 78.32 - 59.58
Q3 2014 601.45 571.21 74.93 - 43.08
Q4 2014 749.08 668.66 65.73 - 2.40
Q1 2015 547.19 628.68 81.12 - 1.96


Financial Ratios
Current
Market Cap (M Riyal) 1,962.00
Enterprise Value (EV) (M) 3,747.19
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 0.45
Book Value (BV) ( Riyal) 7.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 100
Price/book 4.10
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 5.8
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Share Price

Zamil Industrial Investment Co.
32.70
2.95 9.92 %

Zamil Industrial Investment Co. (ZAMIL INDUST)

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