Zamil swings to losses in H1 as lower margins, competition weigh

Zamil swings to losses in H1 as lower margins, competition weigh

26/07/2018 Argaam Exclusive

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Zamil Industrial Investment Co. sustained net losses of SAR 24.20 million for the first half of 2018, against net earnings of SAR 78.23 million as gross profit margins from AC as well as steel sectors dropped, while severe competition weighed on selling prices.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 2,123.37 2,030.89 (4.4 %)
Gross Income 443.61 316.67 (28.6 %)
Operating Income 129.47 36.30 (72.0 %)
Net Income 78.23 (24.20) (130.9 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items 1.30 (0.40) (130.9 %)
EPS (Riyals) 1.30 (0.40) (130.9 %)

The company incurred net losses of SAR 39.77 million in Q2 2018, versus net profit of SAR 36.45 million in year-earlier period, driven by lower gross profit margins in AC and steel segments and higher input costs. The company also cited pressured selling prices due to fierce competition.

 

Zamil swung to losses in Q2 compared to net profit of SAR 15.57 million in Q1 2018.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 1,125.43 1,060.89 (5.7 %)
Gross Income 237.43 143.21 (39.7 %)
Operating Income 65.17 (7.02) (110.8 %)
Net Income 36.45 (39.77) (209.1 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items 0.61 (0.66) (209.1 %)
EPS (Riyals) 0.61 (0.66) (209.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2017 997.94 (18.4 %) 209.59 (25.5 %) 64.31 (18.2 %)
Q2 2017 1,125.43 (20.1 %) 237.43 (23.1 %) 65.17 (34.5 %)
Q3 2017 1,023.00 (6.9 %) 195.24 (19.3 %) 41.08 (44.4 %)
Q4 2017 1,257.49 4.9 % 269.35 (10.2 %) 55.99 (31.3 %)
Q1 2018 970.00 (2.8 %) 177.03 (15.5 %) 43.32 (32.6 %)
Q2 2018 1,060.89 (5.7 %) 143.21 (39.7 %) (7.02) (110.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q1 2017 41.78 (21.0 %) 0.70 - 41.78 0.70
Q2 2017 36.45 (28.8 %) 0.61 - 36.45 0.61
Q3 2017 21.94 (46.7 %) 0.37 - 21.94 0.37
Q4 2017 4.85 337.1 % 0.08 (10.88) 15.73 0.26
Q1 2018 15.57 (62.7 %) 0.26 - 15.57 0.26
Q2 2018 (39.77) (209.1 %) (0.66) - (39.77) (0.66)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2017 22.54 % 9.89 % 4.80 %
Q2 2017 22.36 % 9.67 % 4.77 %
Q3 2017 21.68 % 8.92 % 4.41 %
Q4 2017 20.70 % 8.18 % 2.63 %
Q1 2018 20.09 % 7.67 % 2.05 %
Q2 2018 18.20 % 6.04 % 0.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2017 60.00 2.25 3.76 28.79
Q2 2017 60.00 2.01 3.51 28.41
Q3 2017 60.00 1.69 3.19 27.77
Q4 2017 60.00 1.75 1.93 27.75
Q1 2018 60.00 1.31 1.49 27.81
Q2 2018 60.00 0.04 0.22 26.02

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2017 13.20 7.92 1.03
Q2 2017 13.97 7.99 0.99
Q3 2017 15.67 8.28 0.95
Q4 2017 15.35 13.91 0.97
Q1 2018 19.41 17.06 0.92
Q2 2018 More than 100 More than 100 0.93

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) - -
Q1 2017 407.19 508.55 84.88 7.27 (9.96) - -
Q2 2017 566.05 485.96 74.75 2.22 (3.56) - -
Q3 2017 506.96 445.42 71.33 3.78 (4.49) - -
Q4 2017 664.59 529.71 68.63 5.73 (11.17) - -
Q1 2018 412.20 482.42 77.11 3.50 (5.24) - -
Q2 2018 456.20 530.63 75.93 4.80 (6.67) - -


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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