Aseer Trading’s net profit falls 81% in 9M 2018

Aseer Trading’s net profit falls 81% in 9M 2018

07/11/2018 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Co. reported a net profit of SAR 5.3 million for the first nine months of 2018, an 81.5 percent year-on-year (YoY) plunge due to lower gross income and incurring higher losses from investments.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 1,388.67 1,348.04 (2.9 %)
Gross Income 446.37 399.04 (10.6 %)
Operating Income 95.95 100.68 4.9 %
Net Income 28.74 5.26 (81.7 %)
Average Shares 126.39 126.39 -
Earnings Per Share before unusual items 0.23 0.04 (81.7 %)
EPS (Riyals) 0.23 0.04 (81.7 %)

The company swung to a net loss of SAR 4.5 million in Q3,compared to a net profit of SAR 4.4 million a year earlier on lower gross income and incurring higher losses from investments.

 

When compared to the previous quarter, the firm more than doubled its loss due to higher losses from investments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 503.24 483.73 (3.9 %)
Gross Income 161.51 151.85 (6.0 %)
Operating Income 45.93 48.52 5.6 %
Net Income 4.38 (4.46) (201.8 %)
Average Shares 126.39 126.39 -
Earnings Per Share before unusual items 0.03 (0.04) (201.8 %)
EPS (Riyals) 0.03 (0.04) (201.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2016 519.22 (6.3 %) 162.50 (8.8 %) 20.20 (55.7 %)
Q4 2016 506.19 14.0 % 162.02 (2.2 %) 24.96 (46.0 %)
Q1 2017 456.77 (17.8 %) 154.71 (15.1 %) 37.42 (18.6 %)
Q2 2017 428.66 (14.7 %) 130.15 (19.3 %) 12.60 (51.3 %)
Q3 2017 503.24 (3.1 %) 161.51 (0.6 %) 45.93 127.4 %
Q4 2017 499.16 (1.4 %) 169.55 4.6 % 41.24 65.2 %
Q1 2018 449.18 (1.7 %) 134.10 (13.3 %) 33.79 (9.7 %)
Q2 2018 424.80 (0.9 %) 122.74 (5.7 %) 18.38 45.9 %
Q3 2018 483.73 (3.9 %) 151.85 (6.0 %) 48.52 5.6 %


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 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
Q3 2016 (48.10) (314.1 %) (0.38) (26.85) (21.25) (0.17)
Q4 2016 (79.15) (731.4 %) (0.63) (128.58) 49.43 0.39
Q1 2017 20.69 140.9 % 0.16 - 20.69 0.16
Q2 2017 3.67 (76.5 %) 0.03 - 3.67 0.03
Q3 2017 4.38 109.1 % 0.03 - 4.38 0.03
Q4 2017 (352.75) (345.7 %) (2.79) (308.75) (44.00) (0.35)
Q1 2018 11.74 (43.2 %) 0.09 - 11.74 0.09
Q2 2018 (2.02) (155.1 %) (0.02) - (2.02) (0.02)
Q3 2018 (4.46) (201.8 %) (0.04) - (4.46) (0.04)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2016 33.22 % 10.53 % 0.81 %
Q4 2016 32.05 % 9.63 % 1.47 %
Q1 2017 32.27 % 9.85 % 3.25 %
Q2 2017 31.89 % 9.55 % 2.75 %
Q3 2017 32.11 % 10.89 % 4.13 %
Q4 2017 32.63 % 11.86 % (0.81 %)
Q1 2018 31.66 % 11.71 % (1.29 %)
Q2 2018 31.33 % 12.09 % (1.59 %)
Q3 2018 31.14 % 12.30 % (2.09 %)


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 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
Q3 2016 126.39 (0.56) 0.13 18.07
Q4 2016 126.39 (1.28) 0.24 18.53
Q1 2017 126.39 (0.72) 0.51 18.60
Q2 2017 126.39 (0.81) 0.42 17.28
Q3 2017 126.39 (0.40) 0.62 16.96
Q4 2017 126.39 (2.56) (0.12) 14.15
Q1 2018 126.39 (2.63) (0.19) 14.02
Q2 2018 126.39 (2.68) (0.24) 13.52
Q3 2018 126.39 (2.75) (0.31) 12.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2016 NEG More than 100 0.72
Q4 2016 NEG 74.17 0.97
Q1 2017 NEG 34.31 0.94
Q2 2017 NEG 39.31 0.95
Q3 2017 NEG 24.71 0.90
Q4 2017 NEG NEG 0.91
Q1 2018 NEG NEG 0.79
Q2 2018 NEG NEG 0.88
Q3 2018 NEG NEG 0.78

Business Segments (Million)

Compared With The
Period The industrial sector Investments
Q1 2016 555.73 (34.49)
Q2 2016 502.82 (7.49)
Q3 2016 519.22 (37.59)
Q4 2016 506.19 (72.55)
Q1 2017 456.77 13.95
Q2 2017 428.66 9.30
Q3 2017 503.24 (8.06)
Q4 2017 499.16 (362.41)
Q1 2018 449.18 5.04
Q2 2018 424.80 (0.82)
Q3 2018 474.07 (20.42)


Financial Ratios
Current
Market Cap (M Riyal) 1,450.94
Enterprise Value (EV) (M) 2,196.57
Shares Outstanding ((M)) 126.39
EPS ( Riyal) (TTM) (0.03)
Book Value (BV) ( Riyal) 8.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.35
Return on Average Assets (%) (TTM) (0.15 )
Return on Average Equity (%) (TTM) (0.36 )
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Share Price

Sinad Holding Co.
11.48
0.42 3.80 %

Sinad Holding Co. (SINAD HOLDING)

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