Zamil Industrial's FY16 net profit declines 24%

Zamil Industrial's FY16 net profit declines 24%

19/01/2017 Argaam Exclusive

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Zamil Industrial Investment Co., which manufactures air conditioners, steel structures and architectural glass, reported a net profit of SAR 201 million, a 23.6 percent year-on-year (YoY) decline. The company cited lower sales of core products in the air-conditioning and steel sectors due to project delays in Saudi Arabia and a general slowdown in the contracting business eco-system this fiscal year.

 

It also saw an increase in financial charges and taxes, as well as a reduction in income from associate investments and lower other income



Financials (M)

Item 2015 2016 Change‬
Revenues 5,488.60 4,929.23 (10.2 %)
Gross Income 1,305.28 1,071.07 (17.9 %)
Operating Income 407.52 333.56 (18.1 %)
Net Income 263.01 146.38 (44.3 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 4.38 2.44 (44.3 %)

Net profit for fourth quarter rose 2.2 percent YoY to SAR 58.7 million as income and non-controlling interests grew, along with a reduction in impairment loss of non-current assets.

 

Q4 profit was up 46.5 percent compared to the previous quarter on higher sales and operating margins in the steel and air-conditioning sectors and an increase in other income and non-controlling interests.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 1,452.53 1,198.51 (17.5 %)
Gross Income 374.57 299.84 (19.9 %)
Operating Income 126.56 81.45 (35.6 %)
Net Income 57.45 1.11 (98.1 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.96 0.02 (98.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2015 1,438.81 3.8 % 317.26 0.4 % 97.25 (4.1 %)
Q3 2015 1,338.31 3.7 % 308.04 (1.2 %) 86.22 (3.9 %)
Q4 2015 1,452.53 (2.2 %) 374.57 (6.5 %) 126.56 5.6 %
Q1 2016 1,223.17 (2.8 %) 281.32 (7.9 %) 78.66 (19.3 %)
Q2 2016 1,408.33 (2.1 %) 308.91 (2.6 %) 99.53 2.3 %
Q3 2016 1,099.22 (17.9 %) 241.85 (21.5 %) 73.91 (14.3 %)
Q4 2016 1,198.51 (17.5 %) 299.84 (19.9 %) 81.45 (35.6 %)
2016 4,929.23 (10.2 %) 1,071.07 (17.9 %) 333.56 (18.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2015 74.36 1.8 % 1.24 - 74.36 1.24
Q3 2015 57.46 1.9 % 0.96 - 57.46 0.96
Q4 2015 57.45 (11.5 %) 0.96 (65.85) 123.30 2.06
Q1 2016 52.90 (28.3 %) 0.88 - 52.90 0.88
Q2 2016 51.22 (31.1 %) 0.85 - 51.22 0.85
Q3 2016 41.15 (28.4 %) 0.69 - 41.15 0.69
Q4 2016 1.11 (98.1 %) 0.02 (90.32) 91.43 1.52
2016 146.38 (44.3 %) 2.44 (90.32) 236.70 3.95

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2015 24.39 % 10.36 % 5.10 %
Q3 2015 24.11 % 10.22 % 5.08 %
Q4 2015 23.78 % 10.38 % 5.99 %
Q1 2016 23.50 % 10.08 % 5.65 %
Q2 2016 23.47 % 10.07 % 5.25 %
Q3 2016 23.28 % 10.27 % 5.18 %
Q4 2016 22.96 % 9.76 % 4.80 %
2016 21.73 % 9.76 % 4.80 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2015 60.00 4.49 4.65 30.44
Q3 2015 60.00 4.51 4.67 30.36
Q4 2015 60.00 4.38 5.48 31.42
Q1 2016 60.00 4.04 5.13 28.75
Q2 2016 60.00 3.65 4.75 32.00
Q3 2016 60.00 3.38 4.48 31.67
Q4 2016 60.00 2.44 3.95 27.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2015 12.58 12.14 1.86
Q3 2015 8.87 8.56 1.32
Q4 2015 7.43 5.94 1.04
Q1 2016 7.24 5.69 1.02
Q2 2016 7.70 5.92 0.88
Q3 2016 6.62 5.00 0.71
Q4 2016 12.71 7.86 1.11

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry Corporate and others Eliminations 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
Q2 2015 698.85 650.62 87.67 - - - 1.67
Q3 2015 569.05 694.71 73.52 - - - 1.03
Q4 2015 661.12 709.80 79.08 - - - 2.53
Q1 2016 496.61 640.12 85.22 6.27 (5.04) - -
Q2 2016 692.41 629.07 85.58 6.85 (5.58) - -
Q3 2016 475.69 544.81 77.21 6.39 (4.88) - -
Q4 2016 576.34 548.25 98.78 8.44 (33.29) - -

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 41.90 1.11 (97.4 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
OSOOL AND BAKHEET 41.90 1.11 (97.4) %


Financial Ratios
Current
Market Cap (M Riyal) 1,692.00
Enterprise Value (EV) (M) 3,477.19
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 7.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.78
Return on Average Assets (%) (TTM) (0.77 )
Return on Average Equity (%) (TTM) (9.85 )
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Share Price

Zamil Industrial Investment Co.
28.20
0.20 0.71 %

Zamil Industrial Investment Co. (ZAMIL INDUST)

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