Al Abdullatif turns to SAR 11.7 mln losses in FY2019

Al Abdullatif turns to SAR 11.7 mln losses in FY2019

19/03/2020 Argaam Exclusive

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AlAbdullatif Industrial Investment Co. reported a net loss after Zakat and tax of SAR 11.7 million for the fiscal year 2019, from a net profit of SAR 8 million a year earlier, according to a bourse filing on Thursday.



Financials (M)

Item 2018 2019 Change‬
Revenues 621.19 600.51 (3.3 %)
Gross Income 57.97 41.04 (29.2 %)
Operating Income 24.21 3.60 (85.1 %)
Net Income 8.03 (11.67) (245.4 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.10 (0.14) (245.4 %)

The loss is attributed to decrease in sales due to lower demand for products, lower profit margin due to strong competition in local and international markets, in addition to higher cost of production due to a drop in manufacturing capacity and bearing unutilized fixed operating costs.

 

The company also cited an increase in the cost of sales and a rise in marketing and financing expenses despite the decrease in general and administrative (G&As) and Zakat expenses.

 

The decrease in the value of investments classified at fair value, as well as the effect of the actuarial study for calculating the end-of-service provision, and a drop in the evaluation of the inventory of basic materials also contributed to the loss.

 

In Q4 2019, the company widened its net loss to SAR 21.38 million from SAR 3.79 million in Q4 2018.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 154.40 124.91 (19.1 %)
Gross Income 12.69 (6.36) (150.1 %)
Operating Income 4.23 (16.69) (494.7 %)
Net Income (3.79) (21.38) (463.7 %)
Average Shares 81.25 81.25 -
EPS (Riyals) (0.05) (0.26) (463.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 265.73 14.9 % 55.54 46.5 % 43.75 62.6 %
Q2 2010 271.88 23.7 % 53.53 (13.1 %) 40.72 (21.5 %)
Q3 2010 297.75 23.9 % 57.43 (19.3 %) 45.07 (27.0 %)
Q4 2010 303.64 (0.3 %) 49.05 (15.4 %) 36.90 (19.2 %)
Q1 2011 317.36 19.4 % 51.95 (6.5 %) 37.71 (13.8 %)
Q2 2011 345.00 26.9 % 59.84 11.8 % 45.03 10.6 %
Q3 2011 345.60 16.1 % 58.96 2.7 % 43.94 (2.5 %)
Q4 2011 329.51 8.5 % 56.94 16.1 % 42.06 14.0 %
Q1 2012 372.38 17.3 % 75.15 44.7 % 59.36 57.4 %
Q2 2012 385.35 11.7 % 95.89 60.2 % 75.48 67.6 %
Q3 2012 363.82 5.3 % 93.84 59.2 % 79.24 80.4 %
Q4 2012 332.98 1.1 % 87.77 54.1 % 79.96 90.1 %
Q1 2013 358.93 (3.6 %) 87.37 16.3 % 71.53 20.5 %
Q2 2013 349.55 (9.3 %) 92.06 (4.0 %) 76.50 1.3 %
Q3 2013 319.13 (12.3 %) 79.14 (15.7 %) 64.06 (19.2 %)
Q4 2013 320.36 (3.8 %) 70.41 (19.8 %) 54.30 (32.1 %)
Q1 2014 336.82 (6.2 %) 74.99 (14.2 %) 61.54 (14.0 %)
Q2 2014 339.16 (3.0 %) 71.44 (22.4 %) 57.54 (24.8 %)
Q3 2014 309.82 (2.9 %) 64.54 (18.4 %) 51.08 (20.3 %)
Q4 2014 339.26 5.9 % 53.02 (24.7 %) 39.11 (28.0 %)
Q1 2015 310.93 (7.7 %) 60.86 (18.8 %) 48.92 (20.5 %)
Q2 2015 306.01 (9.8 %) 75.96 6.3 % 62.56 8.7 %
Q3 2015 238.11 (23.1 %) 39.97 (38.1 %) 29.66 (41.9 %)
Q4 2015 244.22 (28.0 %) 30.96 (41.6 %) 18.21 (53.4 %)
Q1 2016 229.10 (26.3 %) 39.66 (34.8 %) 30.41 (37.8 %)
Q2 2016 214.61 (29.9 %) 26.74 (64.8 %) 16.25 (74.0 %)
Q3 2016 134.88 (43.4 %) 17.04 (57.4 %) 7.42 (75.0 %)
Q4 2016 162.22 (33.6 %) 22.59 (27.0 %) 2.97 (83.7 %)
Q1 2017 166.61 (27.3 %) 26.37 (33.5 %) 16.32 (46.3 %)
Q2 2017 182.25 (15.1 %) 27.21 1.8 % 16.81 3.5 %
Q3 2017 98.04 (27.3 %) 14.56 (14.6 %) 6.23 (16.0 %)
Q4 2017 221.51 36.5 % 13.70 (39.3 %) 6.18 107.9 %
Q1 2018 163.57 (1.8 %) 18.32 (30.5 %) 10.46 (35.9 %)
Q2 2018 155.60 (14.6 %) 12.53 (53.9 %) 4.71 (72.0 %)
Q3 2018 147.62 50.6 % 14.42 (0.9 %) 4.81 (22.8 %)
Q4 2018 154.40 (30.3 %) 12.69 (7.4 %) 4.23 (31.6 %)
Q1 2019 168.85 3.2 % 16.43 (10.3 %) 7.11 (32.0 %)
Q2 2019 172.90 11.1 % 18.79 49.9 % 8.83 87.5 %
Q3 2019 133.85 (9.3 %) 12.18 (15.6 %) 4.35 (9.6 %)
Q4 2019 124.91 (19.1 %) (6.36) (150.1 %) (16.69) (494.7 %)
2019 600.51 (3.3 %) 41.04 (29.2 %) 3.60 (85.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 41.51 59.6 % 0.51 - 41.51 0.51
Q2 2010 38.44 (16.1 %) 0.47 - 38.44 0.47
Q3 2010 40.14 (29.7 %) 0.49 - 40.14 0.49
Q4 2010 32.34 (18.4 %) 0.40 - 32.34 0.40
Q1 2011 35.44 (14.6 %) 0.44 - 35.44 0.44
Q2 2011 41.91 9.0 % 0.52 - 41.91 0.52
Q3 2011 40.97 2.1 % 0.50 - 40.97 0.50
Q4 2011 37.65 16.4 % 0.46 - 37.65 0.46
Q1 2012 55.54 56.7 % 0.68 - 55.54 0.68
Q2 2012 69.68 66.3 % 0.86 - 69.68 0.86
Q3 2012 70.95 73.2 % 0.87 - 70.95 0.87
Q4 2012 67.51 79.3 % 0.83 - 67.51 0.83
Q1 2013 67.92 22.3 % 0.84 - 67.92 0.84
Q2 2013 70.67 1.4 % 0.87 - 70.67 0.87
Q3 2013 65.46 (7.7 %) 0.81 6.34 59.12 0.73
Q4 2013 62.78 (7.0 %) 0.77 15.00 47.78 0.59
Q1 2014 59.93 (11.8 %) 0.74 3.75 56.18 0.69
Q2 2014 63.87 (9.6 %) 0.79 10.51 53.37 0.66
Q3 2014 46.27 (29.3 %) 0.57 - 46.27 0.57
Q4 2014 30.34 (51.7 %) 0.37 (4.69) 35.03 0.43
Q1 2015 45.04 (24.9 %) 0.55 - 45.04 0.55
Q2 2015 54.27 (15.0 %) 0.67 - 54.27 0.67
Q3 2015 27.63 (40.3 %) 0.34 - 27.63 0.34
Q4 2015 12.28 (59.5 %) 0.15 - 12.28 0.15
Q1 2016 14.76 (67.2 %) 0.18 (10.11) 24.87 0.31
Q2 2016 12.64 (76.7 %) 0.16 - 12.64 0.16
Q3 2016 1.51 (94.5 %) 0.02 - 1.51 0.02
Q4 2016 (0.26) (102.1 %) 0.00 - (0.26) 0.00
Q1 2017 12.18 (17.5 %) 0.15 - 12.18 0.15
Q2 2017 13.59 7.5 % 0.17 - 13.59 0.17
Q3 2017 3.40 125.6 % 0.04 - 3.40 0.04
Q4 2017 6.05 2425.8 % 0.07 6.75 (0.70) (0.01)
Q1 2018 7.27 (40.4 %) 0.09 - 7.27 0.09
Q2 2018 2.84 (79.1 %) 0.03 - 2.84 0.03
Q3 2018 1.72 (49.4 %) 0.02 - 1.72 0.02
Q4 2018 (3.79) (162.7 %) (0.05) - (3.79) (0.05)
Q1 2019 3.38 (53.4 %) 0.04 - 3.38 0.04
Q2 2019 4.12 45.5 % 0.05 - 4.12 0.05
Q3 2019 2.20 28.0 % 0.03 - 2.20 0.03
Q4 2019 (21.38) (463.7 %) (0.26) - (21.38) (0.26)
2019 (11.67) (245.4 %) (0.14) - (11.67) (0.14)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 23.90 % 29.14 % 17.86 %
Q2 2010 22.00 % 26.85 % 16.32 %
Q3 2010 19.69 % 24.14 % 14.01 %
Q4 2010 18.93 % 23.38 % 13.38 %
Q1 2011 17.80 % 21.77 % 12.29 %
Q2 2011 17.27 % 20.72 % 11.86 %
Q3 2011 16.76 % 19.86 % 11.49 %
Q4 2011 17.02 % 20.07 % 11.66 %
Q1 2012 18.02 % 20.24 % 12.64 %
Q2 2012 20.03 % 21.24 % 14.23 %
Q3 2012 22.18 % 23.01 % 16.11 %
Q4 2012 24.24 % 24.76 % 18.13 %
Q1 2013 25.32 % 25.86 % 19.16 %
Q2 2013 25.69 % 26.61 % 19.71 %
Q3 2013 25.46 % 26.10 % 19.49 %
Q4 2013 24.41 % 25.11 % 18.21 %
Q1 2014 23.88 % 24.76 % 17.63 %
Q2 2014 22.50 % 23.48 % 16.45 %
Q3 2014 21.54 % 22.62 % 15.59 %
Q4 2014 19.92 % 21.13 % 14.40 %
Q1 2015 19.23 % 20.66 % 13.83 %
Q2 2015 20.09 % 21.69 % 14.27 %
Q3 2015 19.24 % 21.29 % 13.56 %
Q4 2015 18.90 % 20.55 % 12.67 %
Q1 2016 18.34 % 20.33 % 11.70 %
Q2 2016 14.83 % 17.28 % 8.36 %
Q3 2016 13.90 % 16.68 % 6.23 %
Q4 2016 14.31 % 16.33 % 5.23 %
Q1 2017 13.67 % 15.64 % 3.84 %
Q2 2017 14.43 % 16.36 % 4.18 %
Q3 2017 14.90 % 16.99 % 4.75 %
Q4 2017 12.24 % 15.84 % 4.26 %
Q1 2018 11.09 % 14.88 % 3.54 %
Q2 2018 9.26 % 13.48 % 2.00 %
Q3 2018 8.57 % 12.19 % 1.61 %
Q4 2018 9.33 % 12.84 % 1.29 %
Q1 2019 8.95 % 12.13 % 0.66 %
Q2 2019 9.68 % 12.35 % 0.84 %
Q3 2019 9.54 % 12.49 % 0.94 %
Q4 2019 6.83 % 9.89 % (1.94 %)
2019 6.83 % 9.89 % (1.94 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 81.25 2.27 2.27 17.54
Q2 2010 81.25 2.17 2.17 14.51
Q3 2010 81.25 1.97 1.97 15.00
Q4 2010 81.25 1.88 1.88 13.90
Q1 2011 81.25 1.80 1.80 14.34
Q2 2011 81.25 1.84 1.84 13.85
Q3 2011 81.25 1.85 1.85 14.36
Q4 2011 81.25 1.92 1.92 14.82
Q1 2012 81.25 2.17 2.17 14.01
Q2 2012 81.25 2.51 2.51 14.86
Q3 2012 81.25 2.88 2.88 15.74
Q4 2012 81.25 3.25 3.25 15.32
Q1 2013 81.25 3.40 3.40 16.15
Q2 2013 81.25 3.41 3.41 15.77
Q3 2013 81.25 3.34 3.26 16.58
Q4 2013 81.25 3.28 3.02 15.35
Q1 2014 81.25 3.19 2.88 16.09
Q2 2014 81.25 3.10 2.66 15.87
Q3 2014 81.25 2.87 2.51 16.44
Q4 2014 81.25 2.47 2.35 15.32
Q1 2015 81.25 2.28 2.21 15.87
Q2 2015 81.25 2.17 2.22 16.04
Q3 2015 81.25 1.94 1.99 16.38
Q4 2015 81.25 1.71 1.71 15.28
Q1 2016 81.25 1.34 1.47 15.46
Q2 2016 81.25 0.83 0.95 15.02
Q3 2016 81.25 0.51 0.63 15.04
Q4 2016 81.25 0.35 0.48 15.04
Q1 2017 81.25 0.32 0.32 15.21
Q2 2017 81.25 0.33 0.33 14.88
Q3 2017 81.25 0.36 0.36 14.92
Q4 2017 81.25 0.43 0.35 14.94
Q1 2018 81.25 0.37 0.29 15.03
Q2 2018 81.25 0.24 0.16 14.56
Q3 2018 81.25 0.22 0.14 14.58
Q4 2018 81.25 0.10 0.10 14.58
Q1 2019 81.25 0.05 0.05 14.61
Q2 2019 81.25 0.07 0.07 14.41
Q3 2019 81.25 0.07 0.07 14.44
Q4 2019 81.25 (0.14) (0.14) 14.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 19.86 19.86 2.57
Q2 2010 13.06 13.06 1.96
Q3 2010 15.46 15.46 2.03
Q4 2010 15.40 15.40 2.08
Q1 2011 15.10 15.10 1.90
Q2 2011 14.37 14.37 1.91
Q3 2011 13.21 13.21 1.71
Q4 2011 13.86 13.86 1.79
Q1 2012 13.52 13.52 2.09
Q2 2012 9.96 9.96 1.68
Q3 2012 10.11 10.11 1.85
Q4 2012 9.77 9.77 2.07
Q1 2013 9.51 9.51 2.00
Q2 2013 11.91 11.91 2.57
Q3 2013 13.16 13.48 2.65
Q4 2013 12.48 13.57 2.67
Q1 2014 13.47 14.91 2.67
Q2 2014 13.70 15.95 2.68
Q3 2014 16.70 19.10 2.91
Q4 2014 13.52 14.20 2.18
Q1 2015 17.04 17.59 2.45
Q2 2015 18.55 18.07 2.50
Q3 2015 17.83 17.31 2.11
Q4 2015 17.48 17.48 1.96
Q1 2016 13.39 12.26 1.16
Q2 2016 21.12 18.37 1.17
Q3 2016 25.09 20.15 0.85
Q4 2016 43.76 32.35 1.03
Q1 2017 45.42 45.42 0.96
Q2 2017 38.10 38.10 0.85
Q3 2017 39.29 39.29 0.94
Q4 2017 31.17 38.56 0.90
Q1 2018 35.08 45.14 0.87
Q2 2018 52.38 80.02 0.87
Q3 2018 51.39 82.59 0.77
Q4 2018 More than 100 More than 100 0.76
Q1 2019 More than 100 More than 100 0.81
Q2 2019 More than 100 More than 100 0.79
Q3 2019 More than 100 More than 100 0.81
Q4 2019 NEG NEG 0.85

Business Segments (Million)

Compared With The
Period Carpets & Rugs and affiliate products Blankets Sector
Q1 2015 286.09 24.83
Q2 2015 295.47 10.54
Q3 2015 229.65 8.47
Q4 2015 214.14 30.14
Q1 2016 212.62 16.49
Q2 2016 201.70 7.87
Q3 2016 132.35 7.56
Q4 2016 148.75 13.47
Q1 2017 156.81 9.81
Q2 2017 175.48 6.77
Q3 2017 85.82 12.22
Q4 2017 192.47 29.04
Q1 2018 147.18 16.39
Q2 2018 138.69 16.92
Q3 2018 136.13 11.49
Q4 2018 136.46 17.94
Q1 2019 152.59 16.26
Q2 2019 157.88 15.02
Q3 2019 119.17 14.68
Q4 2019 100.35 24.57

Current
Market Cap (M Riyal) 1,262.63
Enterprise Value (EV) (M) 1,447.74
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (0.29)
Book Value (BV) ( Riyal) 14.63
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.06
Return on Average Assets (%) (TTM) (1.48 )
Return on Average Equity (%) (TTM) (1.92 )

Share Price

ARTEX Industrial Investment Co. (ARTEX)


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