Mubarrad’s net profit falls 72% in FY16

Mubarrad’s net profit falls 72% in FY16

19/01/2017 Argaam Exclusive

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Saudi Transport and investment Co. (Mubarrad) reported a net profit of SAR 14.46 million for the fiscal year 2016, a 72 percent year-on-year drop due to a dip in gross profits of 13 million as the comparable period included 17.7 million in profits booked from real estate operations. The decline was also due to the increase in general and administrative expenses of SAR 24.4 million related to organizational restructuring charges.



Financials (M)

Item 2015 2016 Change‬
Revenues 374.12 442.10 18.2 %
Gross Income 86.97 77.28 (11.1 %)
Operating Income 62.96 27.55 (56.2 %)
Net Income 51.31 16.82 (67.2 %)
Average Shares 584.96 584.96 -
EPS (Riyals) 0.09 0.03 (67.2 %)

The company reported a net loss of SAR 17.3 million for the fourth quarter of 2016, from a profit of SAR 12.6 million in the same period last year on lower operating revenue and a rise in operating cost.

Net loss for the period compares with a third quarter net profit of SAR 6.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 118.31 110.03 (7.0 %)
Gross Income 21.28 17.82 (16.3 %)
Operating Income 14.31 (2.35) (116.4 %)
Net Income 12.61 (16.56) (231.3 %)
Average Shares 584.96 584.96 -
EPS (Riyals) 0.02 (0.03) (231.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 11.01 (0.2 %) 1.58 85.6 % 1.01 3788.5 %
Q2 2007 12.29 6.4 % 1.92 0.9 % 1.34 11.0 %
Q3 2007 11.46 (3.4 %) 2.09 43.0 % 1.52 77.3 %
Q4 2007 11.76 5.5 % 1.85 (3.1 %) 1.19 (2.4 %)
Q1 2008 11.44 3.9 % 1.65 4.2 % 1.03 2.1 %
Q2 2008 12.55 2.1 % 2.33 21.3 % 1.65 23.3 %
Q3 2008 12.64 10.3 % 2.60 24.4 % 1.70 11.9 %
Q4 2008 12.11 3.0 % 1.41 (23.6 %) 0.40 (66.5 %)
Q1 2009 11.60 1.4 % 1.32 (19.8 %) 0.39 (62.3 %)
Q2 2009 12.63 0.6 % 1.65 (29.3 %) 0.74 (55.5 %)
Q3 2009 14.33 13.4 % 3.01 15.7 % 2.11 24.1 %
Q4 2009 13.38 10.5 % 1.61 14.1 % 0.59 47.3 %
Q1 2010 10.05 (13.3 %) 1.36 2.8 % 0.44 13.4 %
Q2 2010 12.11 (4.1 %) 1.23 (25.1 %) 0.24 (67.8 %)
Q3 2010 12.15 (15.2 %) 2.35 (21.7 %) 1.40 (33.7 %)
Q4 2010 10.89 (18.6 %) 0.28 (82.4 %) (0.78) (231.9 %)
Q1 2011 10.45 4.0 % 0.78 (42.4 %) (0.25) (157.1 %)
Q2 2011 10.16 (16.1 %) 0.56 (54.3 %) (1.05) (543.9 %)
Q3 2011 10.72 (11.7 %) 0.50 (78.8 %) (0.29) (120.4 %)
Q4 2011 10.90 0.1 % 0.39 38.2 % (3.43) (340.9 %)
Q1 2012 10.17 (2.7 %) 0.95 21.6 % (0.15) 41.7 %
Q2 2012 11.93 17.3 % 1.98 251.0 % 0.75 171.5 %
Q3 2012 11.45 6.8 % 1.40 180.0 % 0.39 236.1 %
Q4 2012 11.27 3.4 % 1.42 263.7 % (0.26) 92.4 %
Q1 2013 9.91 (2.6 %) 1.04 9.7 % (0.91) (515.6 %)
Q2 2013 10.62 (11.0 %) 0.73 (63.2 %) (1.26) (267.8 %)
Q3 2013 12.46 8.8 % 1.98 41.4 % (0.10) (124.5 %)
Q4 2013 13.11 16.4 % (0.23) (116.5 %) (5.24) (1,908.4 %)
Q1 2014 13.59 37.1 % 1.60 53.3 % (0.68) 25.1 %
Q2 2014 31.24 194.2 % 15.58 2039.4 % 13.08 1136.1 %
Q3 2014 52.48 321.3 % 29.40 1384.7 % 25.98 27449.5 %
Q4 2014 13.76 4.9 % 0.33 239.3 % (2.90) 44.6 %
Q1 2015 14.05 3.4 % 0.64 (60.2 %) (2.23) (229.4 %)
Q2 2015 116.03 271.4 % 38.83 149.3 % 31.83 143.4 %
Q3 2015 125.73 139.6 % 26.23 (10.8 %) 19.06 (26.7 %)
Q4 2015 118.31 760.0 % 21.28 6426.1 % 14.31 593.2 %
Q1 2016 112.82 703.2 % 22.43 3426.4 % 12.33 652.3 %
Q2 2016 109.49 (5.6 %) 18.52 (52.3 %) 8.71 (72.6 %)
Q3 2016 109.76 (12.7 %) 18.52 (29.4 %) 8.85 (53.6 %)
Q4 2016 110.03 (7.0 %) 17.82 (16.3 %) (2.35) (116.4 %)
2016 442.10 18.2 % 77.28 (11.1 %) 27.55 (56.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 0.90 (79.0 %) 0.00 - 0.90 0.00
Q2 2007 2.07 95.8 % 0.00 - 2.07 0.00
Q3 2007 4.04 128.6 % 0.01 - 4.04 0.01
Q4 2007 6.45 415.1 % 0.01 - 6.45 0.01
Q1 2008 1.29 43.4 % 0.00 - 1.29 0.00
Q2 2008 6.47 212.8 % 0.01 - 6.47 0.01
Q3 2008 2.28 (43.5 %) 0.00 - 2.28 0.00
Q4 2008 1.12 (82.7 %) 0.00 - 1.12 0.00
Q1 2009 0.35 (73.0 %) 0.00 - 0.35 0.00
Q2 2009 1.46 (77.4 %) 0.00 - 1.46 0.00
Q3 2009 3.23 41.7 % 0.01 - 3.23 0.01
Q4 2009 0.16 (86.0 %) 0.00 - 0.16 0.00
Q1 2010 (8.93) (2666.4 %) (0.02) - (8.93) (0.02)
Q2 2010 0.96 (34.3 %) 0.00 - 0.96 0.00
Q3 2010 2.01 (37.6 %) 0.00 - 2.01 0.00
Q4 2010 (1.08) (789.2 %) 0.00 - (1.08) 0.00
Q1 2011 (118.81) (1,230.3 %) (0.20) (117.60) (1.21) 0.00
Q2 2011 3.14 226.6 % 0.01 2.56 0.58 0.00
Q3 2011 (0.23) (111.6 %) 0.00 0.02 (0.25) 0.00
Q4 2011 (3.78) (249.0 %) (0.01) (0.08) (3.69) (0.01)
Q1 2012 (0.24) 99.8 % 0.00 - (0.24) 0.00
Q2 2012 1.50 (52.2 %) 0.00 - 1.50 0.00
Q3 2012 1.18 605.6 % 0.00 - 1.18 0.00
Q4 2012 (0.18) 95.3 % 0.00 - (0.18) 0.00
Q1 2013 0.34 245.3 % 0.00 - 0.34 0.00
Q2 2013 4.68 212.1 % 0.01 - 4.68 0.01
Q3 2013 1.22 3.2 % 0.00 - 1.22 0.00
Q4 2013 81.36 46325.0 % 0.14 94.30 (12.94) (0.02)
Q1 2014 1.37 300.6 % 0.00 - 1.37 0.00
Q2 2014 12.97 176.9 % 0.02 - 12.97 0.02
Q3 2014 32.78 2595.5 % 0.06 - 32.78 0.06
Q4 2014 (3.11) (103.8 %) (0.01) 15.79 (18.90) (0.03)
Q1 2015 0.40 (70.7 %) 0.00 - 0.40 0.00
Q2 2015 20.29 56.4 % 0.03 (16.01) 36.30 0.06
Q3 2015 18.01 (45.0 %) 0.03 - 18.01 0.03
Q4 2015 12.61 505.6 % 0.02 4.78 7.84 0.01
Q1 2016 15.33 3704.0 % 0.03 4.90 10.43 0.02
Q2 2016 10.73 (47.1 %) 0.02 3.60 7.13 0.01
Q3 2016 7.33 (59.3 %) 0.01 - 7.33 0.01
Q4 2016 (16.56) (231.3 %) (0.03) (12.87) (3.69) (0.01)
2016 16.82 (67.2 %) 0.03 (4.37) 21.19 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 15.03 % 30.90 % (23.91 %)
Q2 2007 14.83 % 30.47 % (21.34 %)
Q3 2007 16.32 % 31.77 % 17.99 %
Q4 2007 15.98 % 31.35 % 28.93 %
Q1 2008 15.98 % 31.08 % 29.50 %
Q2 2008 16.75 % 31.59 % 38.66 %
Q3 2008 17.40 % 31.62 % 34.09 %
Q4 2008 16.38 % 30.04 % 22.89 %
Q1 2009 15.66 % 29.78 % 20.90 %
Q2 2009 14.24 % 28.98 % 10.63 %
Q3 2009 14.57 % 29.57 % 12.15 %
Q4 2009 14.60 % 29.70 % 10.00 %
Q1 2010 15.12 % 30.57 % (8.10 %)
Q2 2010 14.45 % 30.89 % (9.20 %)
Q3 2010 13.75 % 31.23 % (12.16 %)
Q4 2010 11.57 % 30.35 % (15.57 %)
Q1 2011 10.20 % 28.99 % 1.50 %
Q2 2011 9.12 % 24.90 % 0.70 %
Q3 2011 5.04 % 19.27 % (4.64 %)
Q4 2011 5.29 % 11.00 % (10.82 %)
Q1 2012 5.73 % 9.78 % (8.57 %)
Q2 2012 8.73 % 13.85 % (6.12 %)
Q3 2012 10.61 % 16.21 % (2.81 %)
Q4 2012 12.83 % 23.76 % 5.06 %
Q1 2013 13.11 % 21.51 % 6.39 %
Q2 2013 10.62 % 16.57 % 13.94 %
Q3 2013 11.69 % 14.83 % 13.71 %
Q4 2013 7.63 % 4.43 % (14.54 %)
Q1 2014 8.18 % 6.48 % (11.39 %)
Q2 2014 26.88 % 26.52 % 3.72 %
Q3 2014 41.97 % 41.35 % 30.95 %
Q4 2014 42.23 % 43.58 % 25.41 %
Q1 2015 41.19 % 42.65 % 24.44 %
Q2 2015 35.24 % 35.90 % 25.76 %
Q3 2015 24.49 % 25.51 % 13.29 %
Q4 2015 23.25 % 24.39 % 16.72 %
Q1 2016 23.00 % 23.01 % 15.35 %
Q2 2016 18.97 % 18.22 % 9.31 %
Q3 2016 17.93 % 16.18 % 7.27 %
Q4 2016 17.48 % 12.29 % 4.79 %
2016 17.48 % 12.29 % 4.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 584.96 (0.02) (0.02) 0.27
Q2 2007 584.96 (0.02) (0.02) 0.26
Q3 2007 584.96 0.01 0.01 0.28
Q4 2007 584.96 0.02 0.02 0.32
Q1 2008 584.96 0.02 0.02 0.30
Q2 2008 584.96 0.03 0.03 0.32
Q3 2008 584.96 0.03 0.03 0.31
Q4 2008 584.96 0.02 0.02 0.28
Q1 2009 584.96 0.02 0.02 0.28
Q2 2009 584.96 0.01 0.01 0.29
Q3 2009 584.96 0.01 0.01 0.29
Q4 2009 584.96 0.01 0.01 0.29
Q1 2010 584.96 (0.01) (0.01) 0.28
Q2 2010 584.96 (0.01) (0.01) 0.27
Q3 2010 584.96 (0.01) (0.01) 0.28
Q4 2010 584.96 (0.01) (0.01) 0.28
Q1 2011 584.96 (0.20) 0.00 0.25
Q2 2011 584.96 (0.20) 0.00 0.25
Q3 2011 584.96 (0.20) 0.00 0.25
Q4 2011 584.96 (0.20) (0.01) 0.25
Q1 2012 584.96 0.00 (0.01) 0.28
Q2 2012 584.96 0.00 0.00 0.26
Q3 2012 584.96 0.00 0.00 0.27
Q4 2012 584.96 0.00 0.00 0.27
Q1 2013 584.96 0.00 0.00 0.28
Q2 2013 584.96 0.01 0.01 0.28
Q3 2013 584.96 0.01 0.01 0.29
Q4 2013 584.96 0.15 (0.01) 0.41
Q1 2014 584.96 0.15 (0.01) 0.42
Q2 2014 584.96 0.17 0.00 0.41
Q3 2014 584.96 0.22 0.06 0.46
Q4 2014 584.96 0.08 0.05 0.42
Q1 2015 584.96 0.07 0.05 0.42
Q2 2015 584.96 0.09 0.09 0.45
Q3 2015 584.96 0.06 0.06 0.46
Q4 2015 584.96 0.09 0.11 0.48
Q1 2016 584.96 0.11 0.12 0.50
Q2 2016 584.96 0.10 0.07 0.52
Q3 2016 584.96 0.08 0.06 0.52
Q4 2016 584.96 0.03 0.04 0.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 NEG NEG 5.69
Q2 2007 NEG NEG 5.47
Q3 2007 More than 100 More than 100 5.68
Q4 2007 70.23 70.23 5.02
Q1 2008 47.82 47.82 3.72
Q2 2008 32.87 32.87 3.22
Q3 2008 24.36 24.36 2.20
Q4 2008 25.25 25.25 1.70
Q1 2009 29.13 29.13 1.81
Q2 2009 99.32 99.32 3.07
Q3 2009 79.60 79.60 2.87
Q4 2009 95.21 95.21 2.93
Q1 2010 NEG NEG 2.84
Q2 2010 NEG NEG 2.05
Q3 2010 NEG NEG 1.92
Q4 2010 NEG NEG 2.00
Q1 2011 NEG More than 100 2.12
Q2 2011 NEG More than 100 2.25
Q3 2011 NEG NEG 2.80
Q4 2011 NEG NEG 6.22
Q1 2012 NEG NEG 7.28
Q2 2012 NEG NEG 7.48
Q3 2012 NEG NEG 9.77
Q4 2012 More than 100 More than 100 12.15
Q1 2013 More than 100 More than 100 10.45
Q2 2013 More than 100 More than 100 8.98
Q3 2013 More than 100 More than 100 5.47
Q4 2013 9.02 NEG 3.32
Q1 2014 11.34 NEG 4.10
Q2 2014 10.07 More than 100 4.10
Q3 2014 8.89 33.42 4.21
Q4 2014 17.29 26.96 3.09
Q1 2015 21.83 34.47 3.80
Q2 2015 32.11 31.97 6.19
Q3 2015 34.52 34.30 4.55
Q4 2015 31.17 25.57 5.72
Q1 2016 17.15 15.65 3.90
Q2 2016 20.65 26.96 3.86
Q3 2016 20.91 29.39 3.15
Q4 2016 More than 100 85.16 5.88

Business Segments (Million)

Compared With The
Period Security guard sector Transport sector ATM feeding sector Insured money transfer sector Real Estate department Counting and postal sector
Q1 2016 34.70 15.27 40.71 18.94 - 3.20
Q2 2016 30.97 19.52 39.87 16.99 - 2.15
Q3 2016 30.88 15.61 42.31 18.77 - 2.20
Q4 2016 29.85 12.83 46.67 18.47 - 2.21


Financial Ratios
Current
Market Cap (M Riyal) 2,154.00
Enterprise Value (EV) (M) 2,223.98
Shares Outstanding ((M)) 600.00
EPS ( Riyal) (TTM) (0.01)
Book Value (BV) ( Riyal) 0.76
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.72
Return on Average Assets (%) (TTM) (0.52 )
Return on Average Equity (%) (TTM) (1.69 )
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Share Price

Batic Investments and Logistics Co.
3.59
(0.12) (3.23 %)

Batic Investments and Logistics Co. (BATIC)

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