Aseer turns to SAR 35.7 mln loss in H1

Aseer turns to SAR 35.7 mln loss in H1

27/07/2016 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Co. reported a net loss of SAR 35.7 million for the first half of 2016, versus net profit of SAR 125.3 million in the same period last year, due to lower gross and operating profit, higher G&A expenses, a decrease in gross income and in come from main operations brought on by lower gross income from sales at its subsidiaries. The company also cited revenue losses from investments, and higher financial charges. 



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 1,173.73 1,058.56 (9.8 %)
Gross Income 364.85 343.46 (5.9 %)
Operating Income 97.68 71.80 (26.5 %)
Net Income 125.33 (35.04) (128.0 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.99 (0.28) (128.0 %)

Net profit for second quarter fell 76.7 percent YoY to SAR 15.1 million due to lower gross and operating profit resulting from lower income from sales in affiliates and decreased revenue from investments.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 580.59 502.82 (13.4 %)
Gross Income 181.00 161.28 (10.9 %)
Operating Income 48.92 25.84 (47.2 %)
Net Income 64.87 15.60 (75.9 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.51 0.12 (75.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 359.38 6.1 % 91.70 6.1 % 15.58 (10.4 %)
Q2 2007 366.62 4.8 % 96.71 1.4 % 26.24 9.5 %
Q3 2007 355.39 1.9 % 91.24 (6.9 %) 17.93 (28.8 %)
Q4 2007 400.75 17.6 % 91.49 6.9 % 8.54 29.1 %
Q1 2008 397.39 10.6 % 95.82 4.5 % 20.25 30.0 %
Q2 2008 472.00 28.7 % 111.63 15.4 % 27.40 4.4 %
Q3 2008 428.97 20.7 % 97.62 7.0 % 20.87 16.4 %
Q4 2008 428.66 7.0 % 113.21 23.7 % 23.53 175.7 %
Q1 2009 439.73 10.7 % 109.19 14.0 % 24.87 22.8 %
Q2 2009 438.15 (7.2 %) 128.67 15.3 % 39.07 42.6 %
Q3 2009 384.21 (10.4 %) 109.69 12.4 % 30.14 44.4 %
Q4 2009 450.76 5.2 % 128.99 13.9 % 24.97 6.1 %
Q1 2010 491.37 11.7 % 135.70 24.3 % 41.84 68.2 %
Q2 2010 492.03 12.3 % 150.32 16.8 % 48.67 24.6 %
Q3 2010 442.40 15.1 % 133.16 21.4 % 37.51 24.4 %
Q4 2010 502.15 11.4 % 145.57 12.9 % 39.10 56.6 %
Q1 2011 480.90 (2.1 %) 135.78 0.1 % 35.85 (14.3 %)
Q2 2011 523.09 6.3 % 149.94 (0.3 %) 41.87 (14.0 %)
Q3 2011 494.99 11.9 % 130.29 (2.2 %) 33.86 (9.7 %)
Q4 2011 505.24 0.6 % 154.29 6.0 % 30.11 (23.0 %)
Q1 2012 522.07 8.6 % 150.73 11.0 % 38.28 6.8 %
Q2 2012 532.01 1.7 % 160.59 7.1 % 48.97 17.0 %
Q3 2012 536.54 8.4 % 157.11 20.6 % 49.62 46.5 %
Q4 2012 530.27 5.0 % 169.41 9.8 % 47.75 58.6 %
Q1 2013 576.88 10.5 % 186.60 23.8 % 56.55 47.8 %
Q2 2013 577.62 8.6 % 176.47 9.9 % 53.65 9.6 %
Q3 2013 561.28 4.6 % 157.30 0.1 % 43.34 (12.7 %)
Q4 2013 571.16 7.7 % 163.70 (3.4 %) 48.15 0.8 %
Q1 2014 601.46 4.3 % 185.05 (0.8 %) 43.97 (22.2 %)
Q2 2014 624.98 8.2 % 187.07 6.0 % 52.87 (1.5 %)
Q3 2014 607.08 8.2 % 173.79 10.5 % 46.37 7.0 %
Q4 2014 604.72 5.9 % 193.67 18.3 % 51.36 6.7 %
Q1 2015 593.14 (1.4 %) 183.85 (0.6 %) 48.76 10.9 %
Q2 2015 580.59 (7.1 %) 181.00 (3.2 %) 48.92 (7.5 %)
Q3 2015 553.97 (8.7 %) 178.11 2.5 % 45.63 (1.6 %)
Q4 2015 444.00 (26.6 %) 165.73 (14.4 %) 46.18 (10.1 %)
Q1 2016 555.73 (6.3 %) 182.18 (0.9 %) 45.96 (5.7 %)
Q2 2016 502.82 (13.4 %) 161.28 (10.9 %) 25.84 (47.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 82.90 10.0 % 0.66 - 82.90 0.66
Q2 2007 56.56 (24.2 %) 0.45 - 56.56 0.45
Q3 2007 96.34 18.6 % 0.76 - 96.34 0.76
Q4 2007 127.15 157.3 % 1.01 - 127.15 1.01
Q1 2008 (77.18) (193.1 %) (0.61) - (77.18) (0.61)
Q2 2008 17.04 (69.9 %) 0.13 - 17.04 0.13
Q3 2008 (158.81) (264.8 %) (1.26) - (158.81) (1.26)
Q4 2008 (215.05) (269.1 %) (1.70) - (215.05) (1.70)
Q1 2009 12.88 116.7 % 0.10 - 12.88 0.10
Q2 2009 21.17 24.2 % 0.17 - 21.17 0.17
Q3 2009 15.14 109.5 % 0.12 - 15.14 0.12
Q4 2009 30.59 114.2 % 0.24 - 30.59 0.24
Q1 2010 20.38 58.2 % 0.16 - 20.38 0.16
Q2 2010 25.57 20.8 % 0.20 - 25.57 0.20
Q3 2010 15.10 (0.2 %) 0.12 - 15.10 0.12
Q4 2010 23.80 (22.2 %) 0.19 - 23.80 0.19
Q1 2011 24.68 21.1 % 0.20 - 24.68 0.20
Q2 2011 30.57 19.6 % 0.24 - 30.57 0.24
Q3 2011 20.25 34.1 % 0.16 - 20.25 0.16
Q4 2011 23.28 (2.2 %) 0.18 - 23.28 0.18
Q1 2012 29.99 21.5 % 0.24 - 29.99 0.24
Q2 2012 22.13 (27.6 %) 0.18 - 22.13 0.18
Q3 2012 25.10 23.9 % 0.20 - 25.10 0.20
Q4 2012 33.85 45.4 % 0.27 - 33.85 0.27
Q1 2013 33.39 11.3 % 0.26 - 33.39 0.26
Q2 2013 29.14 31.6 % 0.23 - 29.14 0.23
Q3 2013 28.87 15.0 % 0.23 - 28.87 0.23
Q4 2013 40.57 19.9 % 0.32 - 40.57 0.32
Q1 2014 52.73 57.9 % 0.42 - 52.73 0.42
Q2 2014 64.37 120.9 % 0.51 - 64.37 0.51
Q3 2014 32.92 14.0 % 0.26 - 32.92 0.26
Q4 2014 36.24 (10.7 %) 0.29 (25.00) 61.24 0.48
Q1 2015 60.46 14.7 % 0.48 3.44 57.02 0.45
Q2 2015 64.87 0.8 % 0.51 5.70 59.17 0.47
Q3 2015 22.47 (31.7 %) 0.18 6.24 16.23 0.13
Q4 2015 12.54 (65.4 %) 0.10 (22.68) 35.21 0.28
Q1 2016 (50.65) (183.8 %) (0.40) (37.45) (13.20) (0.10)
Q2 2016 15.60 (75.9 %) 0.12 - 15.60 0.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 26.50 % 8.66 % 20.61 %
Q2 2007 26.28 % 8.81 % 19.08 %
Q3 2007 25.68 % 8.36 % 20.06 %
Q4 2007 25.04 % 8.27 % 24.49 %
Q1 2008 24.69 % 8.47 % 13.35 %
Q2 2008 24.00 % 7.99 % 10.05 %
Q3 2008 23.34 % 7.85 % (5.40 %)
Q4 2008 24.22 % 8.52 % (25.13 %)
Q1 2009 24.40 % 8.59 % (19.44 %)
Q2 2009 25.85 % 9.44 % (19.58 %)
Q3 2009 27.25 % 10.23 % (9.81 %)
Q4 2009 27.82 % 10.12 % 4.66 %
Q1 2010 28.51 % 10.72 % 4.95 %
Q2 2010 28.86 % 10.93 % 5.04 %
Q3 2010 29.21 % 11.01 % 4.88 %
Q4 2010 29.29 % 11.52 % 4.40 %
Q1 2011 29.46 % 11.31 % 4.65 %
Q2 2011 28.97 % 10.77 % 4.83 %
Q3 2011 28.06 % 10.32 % 4.96 %
Q4 2011 28.45 % 9.83 % 4.93 %
Q1 2012 28.61 % 9.75 % 5.09 %
Q2 2012 29.01 % 10.19 % 4.66 %
Q3 2012 29.71 % 10.87 % 4.80 %
Q4 2012 30.07 % 11.68 % 5.24 %
Q1 2013 30.96 % 12.33 % 5.26 %
Q2 2013 31.04 % 12.37 % 5.47 %
Q3 2013 30.71 % 11.85 % 5.58 %
Q4 2013 29.91 % 11.74 % 5.77 %
Q1 2014 29.53 % 11.22 % 6.55 %
Q2 2014 29.38 % 10.99 % 7.91 %
Q3 2014 29.51 % 11.11 % 7.93 %
Q4 2014 30.33 % 11.16 % 8.66 %
Q1 2015 30.39 % 11.42 % 8.87 %
Q2 2015 30.70 % 11.52 % 8.82 %
Q3 2015 31.58 % 11.78 % 8.30 %
Q4 2015 32.63 % 12.07 % 7.72 %
Q1 2016 33.13 % 12.07 % 4.56 %
Q2 2016 33.42 % 11.43 % 2.62 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 126.39 2.28 2.28 13.33
Q2 2007 126.39 2.14 2.14 22.55
Q3 2007 126.39 2.26 2.26 23.60
Q4 2007 126.39 2.87 2.87 26.55
Q1 2008 126.39 1.61 1.61 24.55
Q2 2008 126.39 1.29 1.29 24.82
Q3 2008 126.39 (0.73) (0.73) 21.53
Q4 2008 126.39 (3.43) (3.43) 18.30
Q1 2009 126.39 (2.72) (2.72) 18.28
Q2 2009 126.39 (2.69) (2.69) 19.01
Q3 2009 126.39 (1.31) (1.31) 19.21
Q4 2009 126.39 0.63 0.63 19.11
Q1 2010 126.39 0.69 0.69 19.40
Q2 2010 126.39 0.73 0.73 18.19
Q3 2010 126.39 0.73 0.73 18.16
Q4 2010 126.39 0.67 0.67 18.12
Q1 2011 126.39 0.71 0.71 18.21
Q2 2011 126.39 0.74 0.74 18.03
Q3 2011 126.39 0.79 0.79 17.55
Q4 2011 126.39 0.78 0.78 17.93
Q1 2012 126.39 0.82 0.82 20.62
Q2 2012 126.39 0.76 0.76 18.39
Q3 2012 126.39 0.80 0.80 18.82
Q4 2012 126.39 0.88 0.88 19.08
Q1 2013 126.39 0.91 0.91 19.55
Q2 2013 126.39 0.96 0.96 18.92
Q3 2013 126.39 0.99 0.99 19.61
Q4 2013 126.39 1.04 1.04 20.37
Q1 2014 126.39 1.20 1.20 22.05
Q2 2014 126.39 1.48 1.48 21.10
Q3 2014 126.39 1.51 1.51 22.42
Q4 2014 126.39 1.47 1.67 20.64
Q1 2015 126.39 1.53 1.71 21.25
Q2 2015 126.39 1.54 1.66 21.29
Q3 2015 126.39 1.46 1.53 19.86
Q4 2015 126.39 1.27 1.33 19.95
Q1 2016 126.39 0.39 0.77 19.98
Q2 2016 126.39 0.00 0.43 19.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 17.35 17.35 2.97
Q2 2007 14.15 14.15 1.34
Q3 2007 14.40 14.40 1.38
Q4 2007 14.71 14.71 1.59
Q1 2008 21.96 21.96 1.44
Q2 2008 24.57 24.57 1.28
Q3 2008 NEG NEG 0.83
Q4 2008 NEG NEG 0.54
Q1 2009 NEG NEG 0.63
Q2 2009 NEG NEG 0.78
Q3 2009 NEG NEG 0.84
Q4 2009 24.08 24.08 0.80
Q1 2010 22.88 22.88 0.81
Q2 2010 17.92 17.92 0.71
Q3 2010 18.13 18.13 0.72
Q4 2010 20.18 20.18 0.75
Q1 2011 18.71 18.71 0.72
Q2 2011 18.06 18.06 0.75
Q3 2011 15.34 15.34 0.69
Q4 2011 19.96 19.96 0.87
Q1 2012 27.14 27.14 1.08
Q2 2012 20.41 20.41 0.84
Q3 2012 20.81 20.81 0.88
Q4 2012 18.83 18.83 0.87
Q1 2013 19.16 19.16 0.89
Q2 2013 18.47 18.47 0.94
Q3 2013 19.27 19.27 0.97
Q4 2013 22.27 22.27 1.14
Q1 2014 21.30 21.30 1.16
Q2 2014 20.60 20.60 1.44
Q3 2014 23.36 23.36 1.57
Q4 2014 16.05 14.15 1.15
Q1 2015 17.61 15.85 1.27
Q2 2015 18.39 17.00 1.33
Q3 2015 14.83 14.10 1.09
Q4 2015 18.49 17.68 1.18
Q1 2016 54.48 27.53 1.06
Q2 2016 NEG 43.35 0.96

Business Segments (Million)

Compared With The
Period The industrial sector Investments
Q1 2016 555.73 (34.49)
Q2 2016 502.82 (7.49)


Financial Ratios
Current
Market Cap (M Riyal) 1,739.11
Enterprise Value (EV) (M) 2,557.72
Shares Outstanding ((M)) 126.39
EPS ( Riyal) (TTM) (0.47)
Book Value (BV) ( Riyal) 8.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.62
Return on Average Assets (%) (TTM) (2.22 )
Return on Average Equity (%) (TTM) (5.43 )
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Share Price

Sinad Holding Co.
13.76
0.24 1.78 %

Sinad Holding Co. (SINAD HOLDING)

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