Al-Babtain’s H1 profit drops 50% on higher expenses

Al-Babtain’s H1 profit drops 50% on higher expenses

09/08/2018 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co. reported a net profit of SAR 39.9 million in H1 2018, down 50.31 percent year-on-year (YoY) due to higher administrative expenses.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 630.42 527.89 (16.3 %)
Gross Income 155.80 103.79 (33.4 %)
Operating Income 82.69 31.56 (61.8 %)
Net Income 80.31 39.85 (50.4 %)
Average Shares 63.95 63.95 -
Earnings Per Share before unusual items 1.26 0.62 (50.4 %)
EPS (Riyals) 1.26 0.62 (50.4 %)

Q2 2018 net profit slumped 50.24 percent YoY to SAR 20.5 million, due to higher administrative expenses. Cost of goods sold (COGS)-to- net sales also increased to 82.5 percent during this quarter.

 

On a sequential basis, net profit for the period rose by 5.67 percent, backed by lower cost of finance.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 340.37 243.43 (28.5 %)
Gross Income 79.77 42.51 (46.7 %)
Operating Income 43.23 2.67 (93.8 %)
Net Income 41.24 20.49 (50.3 %)
Average Shares 63.95 63.95 -
Earnings Per Share before unusual items 0.64 0.32 (50.3 %)
EPS (Riyals) 0.64 0.32 (50.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 305.71 21.8 % 59.80 (8.1 %) 43.91 (5.9 %)
Q2 2009 255.31 16.5 % 53.77 10.9 % 33.63 (4.1 %)
Q3 2009 304.12 19.7 % 63.46 23.3 % 41.92 38.3 %
Q4 2009 257.49 (10.7 %) 58.09 6.1 % 37.89 (8.9 %)
Q1 2010 230.28 (24.7 %) 50.84 (15.0 %) 28.76 (34.5 %)
Q2 2010 247.50 (3.1 %) 56.81 5.7 % 35.40 5.3 %
Q3 2010 242.57 (20.2 %) 51.99 (18.1 %) 31.59 (24.6 %)
Q4 2010 247.54 (3.9 %) 43.10 (25.8 %) 20.36 (46.3 %)
Q1 2011 235.27 2.2 % 36.51 (28.2 %) 16.79 (41.6 %)
Q2 2011 274.84 11.0 % 38.98 (31.4 %) 19.79 (44.1 %)
Q3 2011 228.39 (5.8 %) 44.00 (15.4 %) 25.78 (18.4 %)
Q4 2011 266.54 7.7 % 36.31 (15.8 %) 16.62 (18.4 %)
Q1 2012 276.90 17.7 % 31.35 (14.1 %) 12.61 (24.9 %)
Q2 2012 371.19 35.1 % 43.03 10.4 % 18.46 (6.7 %)
Q3 2012 341.70 49.6 % 69.79 58.6 % 11.36 (56.0 %)
Q4 2012 362.76 36.1 % (10.11) (127.8 %) (32.69) (296.7 %)
Q1 2013 320.05 15.6 % 50.32 60.5 % 14.77 17.1 %
Q2 2013 346.45 (6.7 %) 74.14 72.3 % 39.28 112.8 %
Q3 2013 319.47 (6.5 %) 64.56 (7.5 %) 20.98 84.7 %
Q4 2013 403.00 11.1 % 52.98 624.3 % 20.88 163.9 %
Q1 2014 293.77 (8.2 %) 62.11 23.4 % 25.17 70.4 %
Q2 2014 309.86 (10.6 %) 72.51 (2.2 %) 41.97 6.9 %
Q3 2014 295.02 (7.7 %) 68.90 6.7 % 47.95 128.6 %
Q4 2014 335.47 (16.8 %) 96.61 82.4 % 72.45 247.0 %
Q1 2015 385.18 31.1 % 86.81 39.8 % 31.49 25.1 %
Q2 2015 394.27 27.2 % 85.39 17.8 % 65.58 56.2 %
Q3 2015 366.20 24.1 % 77.38 12.3 % 41.80 (12.8 %)
Q4 2015 394.00 17.4 % 105.00 8.7 % 51.28 (29.2 %)
Q1 2016 338.75 (12.1 %) 89.20 2.8 % 49.80 58.1 %
Q2 2016 339.31 (13.9 %) 95.92 12.3 % 43.62 (33.5 %)
Q3 2016 246.69 (32.6 %) 68.15 (11.9 %) 37.18 (11.1 %)
Q4 2016 324.03 (17.8 %) 70.35 (33.0 %) 42.88 (16.4 %)
Q1 2017 290.06 (14.4 %) 76.04 (14.8 %) 39.47 (20.7 %)
Q2 2017 340.37 0.3 % 79.77 (16.8 %) 43.23 (0.9 %)
Q3 2017 329.55 33.6 % 76.71 12.6 % 41.13 10.6 %
Q4 2017 315.92 (2.5 %) 51.72 (26.5 %) 18.34 (57.2 %)
Q1 2018 284.46 (1.9 %) 61.28 (19.4 %) 28.89 (26.8 %)
Q2 2018 243.43 (28.5 %) 42.51 (46.7 %) 2.67 (93.8 %)


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 31.07 (25.1 %) 0.51 - 31.07 0.51
Q2 2009 25.22 (19.5 %) 0.42 - 25.22 0.42
Q3 2009 27.84 (1.4 %) 0.46 - 27.84 0.46
Q4 2009 25.26 (15.7 %) 0.42 - 25.26 0.42
Q1 2010 24.23 (22.0 %) 0.40 - 24.23 0.40
Q2 2010 25.02 (0.8 %) 0.41 - 25.02 0.41
Q3 2010 24.14 (13.3 %) 0.40 - 24.14 0.40
Q4 2010 4.94 (80.4 %) 0.08 - 4.94 0.08
Q1 2011 16.14 (33.4 %) 0.26 - 16.14 0.26
Q2 2011 19.52 (22.0 %) 0.31 - 19.52 0.31
Q3 2011 22.85 (5.4 %) 0.36 - 22.85 0.36
Q4 2011 18.38 271.8 % 0.29 - 18.38 0.29
Q1 2012 13.06 (19.1 %) 0.20 - 13.06 0.20
Q2 2012 20.12 3.1 % 0.31 - 20.12 0.31
Q3 2012 14.14 (38.1 %) 0.22 - 14.14 0.22
Q4 2012 31.03 68.8 % 0.49 85.42 (54.39) (0.85)
Q1 2013 15.59 19.4 % 0.24 - 15.59 0.24
Q2 2013 50.99 153.5 % 0.80 - 50.99 0.80
Q3 2013 16.35 15.7 % 0.26 - 16.35 0.26
Q4 2013 27.69 (10.8 %) 0.43 - 27.69 0.43
Q1 2014 22.17 42.2 % 0.35 - 22.17 0.35
Q2 2014 38.98 (23.5 %) 0.61 - 38.98 0.61
Q3 2014 14.92 (8.7 %) 0.23 - 14.92 0.23
Q4 2014 30.31 9.5 % 0.47 - 30.31 0.47
Q1 2015 26.28 18.6 % 0.41 - 26.28 0.41
Q2 2015 39.57 1.5 % 0.62 - 39.57 0.62
Q3 2015 32.46 117.5 % 0.51 - 32.46 0.51
Q4 2015 38.41 26.7 % 0.60 (14.07) 52.48 0.82
Q1 2016 39.69 51.0 % 0.62 - 39.69 0.62
Q2 2016 39.91 0.9 % 0.62 - 39.91 0.62
Q3 2016 34.61 6.6 % 0.54 - 34.61 0.54
Q4 2016 40.71 6.0 % 0.64 - 40.71 0.64
Q1 2017 39.08 (1.5 %) 0.61 - 39.08 0.61
Q2 2017 41.24 3.3 % 0.64 - 41.24 0.64
Q3 2017 29.97 (13.4 %) 0.47 - 29.97 0.47
Q4 2017 36.88 (9.4 %) 0.58 - 36.88 0.58
Q1 2018 19.36 (50.5 %) 0.30 - 19.36 0.30
Q2 2018 20.49 (50.3 %) 0.32 - 20.49 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 20.09 % 17.23 % 11.30 %
Q2 2009 19.91 % 16.58 % 10.37 %
Q3 2009 20.09 % 16.71 % 9.89 %
Q4 2009 20.94 % 17.18 % 9.74 %
Q1 2010 21.60 % 17.08 % 9.79 %
Q2 2010 22.05 % 17.50 % 9.85 %
Q3 2010 22.27 % 17.92 % 10.09 %
Q4 2010 20.95 % 16.01 % 8.09 %
Q1 2011 19.37 % 14.70 % 7.22 %
Q2 2011 17.05 % 12.74 % 6.47 %
Q3 2011 16.49 % 12.25 % 6.43 %
Q4 2011 15.50 % 11.63 % 7.65 %
Q1 2012 14.39 % 10.66 % 7.05 %
Q2 2012 13.53 % 8.05 % 6.51 %
Q3 2012 14.37 % 7.68 % 5.23 %
Q4 2012 9.91 % 4.09 % (0.52 %)
Q1 2013 10.96 % 4.36 % (0.33 %)
Q2 2013 13.43 % 7.19 % 1.92 %
Q3 2013 13.26 % 7.16 % 2.12 %
Q4 2013 17.42 % 10.49 % 7.96 %
Q1 2014 18.62 % 11.22 % 8.60 %
Q2 2014 19.02 % 11.75 % 7.93 %
Q3 2014 19.71 % 13.39 % 7.97 %
Q4 2014 24.32 % 21.57 % 8.62 %
Q1 2015 24.51 % 22.20 % 8.34 %
Q2 2015 23.95 % 22.74 % 7.88 %
Q3 2015 23.37 % 21.37 % 8.68 %
Q4 2015 23.03 % 16.96 % 9.79 %
Q1 2016 23.91 % 17.66 % 11.00 %
Q2 2016 25.55 % 16.67 % 11.44 %
Q3 2016 27.17 % 17.95 % 12.64 %
Q4 2016 25.92 % 17.66 % 12.41 %
Q1 2017 25.87 % 18.52 % 12.86 %
Q2 2017 24.50 % 17.09 % 12.96 %
Q3 2017 23.59 % 16.11 % 11.76 %
Q4 2017 22.28 % 13.82 % 11.53 %
Q1 2018 21.21 % 11.61 % 10.03 %
Q2 2018 19.79 % 10.40 % 9.09 %


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 60.75 1.98 1.98 8.23
Q2 2009 60.75 1.88 1.88 8.68
Q3 2009 60.75 1.88 1.88 9.18
Q4 2009 60.75 1.80 1.80 9.56
Q1 2010 60.75 1.69 1.69 8.94
Q2 2010 60.75 1.68 1.68 9.28
Q3 2010 60.75 1.62 1.62 9.75
Q4 2010 60.75 1.29 1.29 9.92
Q1 2011 63.15 1.11 1.11 9.14
Q2 2011 63.15 1.03 1.03 9.01
Q3 2011 63.15 1.00 1.00 9.25
Q4 2011 63.15 1.22 1.22 9.52
Q1 2012 63.95 1.15 1.15 9.74
Q2 2012 63.95 1.16 1.16 8.99
Q3 2012 63.95 1.03 1.03 9.20
Q4 2012 63.95 1.23 (0.11) 9.05
Q1 2013 63.95 1.26 (0.07) 9.10
Q2 2013 63.95 1.75 0.41 9.93
Q3 2013 63.95 1.78 0.45 10.17
Q4 2013 63.95 1.73 1.73 9.50
Q1 2014 63.95 1.83 1.83 10.30
Q2 2014 63.95 1.65 1.65 10.88
Q3 2014 63.95 1.62 1.62 11.08
Q4 2014 63.95 1.66 1.66 10.17
Q1 2015 63.95 1.73 1.73 10.31
Q2 2015 63.95 1.74 1.74 10.62
Q3 2015 63.95 2.01 2.01 11.30
Q4 2015 63.95 2.14 2.36 10.95
Q1 2016 63.95 2.35 2.57 10.97
Q2 2016 63.95 2.35 2.57 11.59
Q3 2016 63.95 2.39 2.61 12.14
Q4 2016 63.95 2.42 2.42 11.59
Q1 2017 63.95 2.41 2.41 12.08
Q2 2017 63.95 2.43 2.43 11.93
Q3 2017 63.95 2.36 2.36 11.77
Q4 2017 63.95 2.30 2.30 12.46
Q1 2018 63.95 1.99 1.99 12.39
Q2 2018 63.95 1.67 1.67 12.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 14.43 14.43 3.48
Q2 2009 15.31 15.31 3.32
Q3 2009 13.94 13.94 2.85
Q4 2009 13.45 13.45 2.53
Q1 2010 16.59 16.59 3.13
Q2 2010 15.41 15.41 2.80
Q3 2010 14.61 14.61 2.43
Q4 2010 17.96 17.96 2.33
Q1 2011 17.30 17.30 2.19
Q2 2011 19.10 19.10 2.15
Q3 2011 15.12 15.12 1.62
Q4 2011 14.03 14.03 1.77
Q1 2012 18.83 18.83 2.23
Q2 2012 12.40 12.40 1.61
Q3 2012 17.07 17.07 1.91
Q4 2012 12.92 NEG 1.75
Q1 2013 12.62 NEG 1.75
Q2 2013 9.04 38.37 1.59
Q3 2013 12.90 51.52 2.26
Q4 2013 12.33 12.33 2.25
Q1 2014 12.08 12.08 2.15
Q2 2014 13.75 13.75 2.08
Q3 2014 18.37 18.37 2.69
Q4 2014 10.90 10.90 1.78
Q1 2015 16.47 16.47 2.76
Q2 2015 18.27 18.27 2.99
Q3 2015 11.47 11.47 2.04
Q4 2015 9.58 8.68 1.87
Q1 2016 6.91 6.32 1.48
Q2 2016 7.91 7.23 1.61
Q3 2016 5.78 5.29 1.14
Q4 2016 6.97 6.97 1.46
Q1 2017 8.41 8.41 1.68
Q2 2017 7.32 7.32 1.49
Q3 2017 8.02 8.02 1.61
Q4 2017 7.76 7.76 1.43
Q1 2018 8.98 8.98 1.44
Q2 2018 10.47 10.47 1.41

Business Segments (Million)

Compared With The
Period Towers and metal structures sector Lampposts and lighting sector Design, supply and installation sector The main center
Q1 2009 118.66 94.40 92.64 -
Q2 2009 99.45 106.24 49.62 -
Q3 2009 64.61 106.54 132.97 -
Q4 2009 73.96 87.25 96.28 -
Q1 2010 63.85 108.85 57.59 -
Q2 2010 77.96 94.06 74.49 0.99
Q3 2010 84.22 88.87 69.47 -
Q4 2010 66.86 99.50 82.17 (0.99)
Q1 2011 69.84 106.91 58.51 -
Q2 2011 85.97 105.71 83.16 -
Q3 2011 43.26 97.47 87.66 -
Q4 2011 76.47 108.03 82.04 -
Q1 2012 86.69 115.98 74.23 -
Q2 2012 86.01 210.41 74.77 -
Q3 2012 91.08 177.94 72.68 -
Q4 2012 78.18 193.93 90.65 -
Q1 2013 58.43 195.65 65.98 -
Q2 2013 34.16 228.92 83.37 -
Q3 2013 45.82 211.23 62.42 -
Q4 2013 136.42 188.51 78.07 -
Q1 2014 107.84 112.94 73.00 -
Q2 2014 99.45 130.60 79.81 -
Q3 2014 96.74 119.85 78.43 -
Q4 2014 125.60 123.24 86.64 -
Q1 2015 112.21 180.39 92.58 -
Q2 2015 131.19 166.56 96.52 -
Q3 2015 132.12 145.50 88.58 -
Q4 2015 129.32 162.59 114.28 -
Q1 2016 92.81 159.81 86.13 -
Q2 2016 65.66 183.67 89.98 -
Q3 2016 28.67 141.09 76.94 -
Q4 2016 49.44 138.33 138.27 -
Q1 2017 110.95 112.90 66.21 -
Q2 2017 78.31 185.75 76.30 -
Q3 2017 96.70 139.31 93.54 -
Q4 2017 70.96 161.98 82.97 -
Q1 2018 72.03 157.52 54.91 -
Q2 2018 65.94 131.78 45.70 -

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 22.20 20.49 (7.7 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
OSOOL AND BAKHEET 22.20 20.49 (8.3) %


Financial Ratios
Current
Market Cap (M Riyal) 2,906.53
Enterprise Value (EV) (M) 3,900.69
Shares Outstanding ((M)) 63.95
EPS ( Riyal) (TTM) 3.50
Book Value (BV) ( Riyal) 15.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 13.67
P/E (TTM) 12.97
Price/book 2.84
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 23.0
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Share Price

Al-Babtain Power and Telecommunication Co.
45.45
(0.60) (1.30 %)

Al-Babtain Power and Telecommunication Co. (ALBABTAIN)

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