SIEC posts higher net profit at SAR 2.7m in Q1 of 2013

31/03/2013 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Companyan exporter of Saudi Products, reported SAR 2.7m net profit at the end of the first quarter of 2013, a 514% increase compared to the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 71.59 85.71 19.7 %
Gross Income 1.50 3.99 165.4 %
Operating Income 0.49 2.90 494.1 %
Net Income 0.44 2.66 498.0 %
Average Shares 13.44 13.44 -
EPS (Riyals) 0.03 0.20 498.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 61.89 (11.6 %) 1.58 (7.6 %) 1.09 (18.3 %) 0.08
Q2 2004 62.56 (20.8 %) 0.92 (14.7 %) 1.20 69.8 % 0.09
Q3 2004 53.69 (42.0 %) 1.38 (26.1 %) 3.10 182.7 % 0.23
Q4 2004 87.08 16.8 % 2.33 88.2 % (104.49) (2.3 %) (7.78)
Q1 2005 53.64 (13.3 %) 2.58 63.6 % 5.04 360.5 % 0.37
Q2 2005 51.56 (17.6 %) 2.35 155.4 % 16.13 1247.1 % 1.20
Q3 2005 78.43 46.1 % 4.07 195.7 % 9.00 190.1 % 0.67
Q4 2005 44.87 (48.5 %) 2.55 9.4 % (125.02) (19.6 %) (9.30)
Q1 2006 39.95 (25.5 %) 1.19 (53.8 %) 11.02 118.8 % 0.82
Q2 2006 67.97 31.8 % 1.69 (28.0 %) 0.25 (98.5 %) 0.02
Q3 2006 50.20 (36.0 %) 1.04 (74.4 %) 0.38 (95.8 %) 0.03
Q4 2006 61.49 37.0 % 2.60 2.0 % (112.09) 10.3 % (8.34)
Q1 2007 46.13 15.5 % 1.29 8.3 % 1.05 (90.5 %) 0.08
Q2 2007 20.17 (70.3 %) (0.74) (143.8 %) (0.92) (469.8 %) (0.07)
Q3 2007 70.32 40.1 % 5.03 383.2 % 3.86 921.4 % 0.29
Q4 2007 83.16 35.2 % 4.95 90.3 % (102.42) 8.6 % (7.62)
Q1 2008 207.26 349.3 % 5.33 313.2 % 3.13 198.6 % 0.23
Q2 2008 365.01 1709.6 % 13.10 1868.3 % 10.37 1230.9 % 0.77
Q3 2008 103.51 47.2 % 9.96 98.1 % 7.60 96.8 % 0.57
Q4 2008 33.31 (59.9 %) 1.47 (70.4 %) (103.72) (1.3 %) (7.72)
Q1 2009 23.75 (88.5 %) 0.24 (95.5 %) (1.43) (145.6 %) (0.11)
Q2 2009 26.79 (92.7 %) 1.77 (86.5 %) (0.40) (103.8 %) (0.03)
Q3 2009 23.86 (76.9 %) 0.89 (91.1 %) (1.50) (119.7 %) (0.11)
Q4 2009 26.96 (19.1 %) (0.07) (104.8 %) (101.55) 2.1 % (7.56)
Q1 2010 44.77 88.5 % 3.22 1242.1 % 1.03 172.2 % 0.08
Q2 2010 44.28 65.2 % (0.52) (129.2 %) (2.87) (626.6 %) (0.21)
Q3 2010 21.24 (11.0 %) 0.65 (27.0 %) 1.23 182.1 % 0.09
Q4 2010 76.40 183.4 % 5.47 7798.6 % (98.82) 2.7 % (7.35)
Q1 2011 88.59 97.9 % 7.19 123.1 % 5.46 429.6 % 0.41
Q2 2011 110.67 149.9 % 3.56 787.8 % 2.02 170.5 % 0.15
Q3 2011 99.95 370.6 % 1.52 134.7 % 1.62 32.4 % 0.12
Q4 2011 101.13 32.4 % 1.26 (76.9 %) (102.96) (4.2 %) (7.66)
Q1 2012 71.59 (19.2 %) 1.50 (79.1 %) 0.44 (91.9 %) 0.03
Q2 2012 71.98 (35.0 %) 1.77 (50.2 %) 0.51 (74.9 %) 0.04
Q3 2012 88.62 (11.3 %) 1.32 (13.7 %) 1.26 (22.6 %) 0.09
Q4 2012 105.17 4.0 % 2.33 84.6 % (100.37) 2.5 % (7.47)
Q1 2013 85.71 19.7 % 3.99 165.4 % 2.66 498.0 % 0.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 1.87 % 0.51 % 0.56 %
Q2 2004 1.92 % 0.49 % 0.76 %
Q3 2004 2.02 % 0.41 % 1.67 %
Q4 2004 2.34 % 0.65 % 0.70 %
Q1 2005 2.80 % 1.00 % 2.26 %
Q2 2005 3.51 % 1.52 % 8.43 %
Q3 2005 4.18 % 2.35 % 9.84 %
Q4 2005 5.05 % 2.85 % 2.67 %
Q1 2006 4.73 % 2.42 % 5.63 %
Q2 2006 4.11 % 1.91 % (1.64 %)
Q3 2006 3.19 % 0.60 % (6.11 %)
Q4 2006 2.97 % 0.71 % 0.24 %
Q1 2007 2.93 % 0.58 % (4.19 %)
Q2 2007 2.36 % (0.58 %) (5.97 %)
Q3 2007 4.13 % 1.47 % (3.60 %)
Q4 2007 4.79 % 2.04 % 1.15 %
Q1 2008 3.83 % 2.12 % 1.21 %
Q2 2008 3.92 % 2.98 % 2.19 %
Q3 2008 4.39 % 3.45 % 2.59 %
Q4 2008 4.21 % 3.03 % 2.59 %
Q1 2009 4.71 % 3.22 % 2.62 %
Q2 2009 7.17 % 3.08 % 1.61 %
Q3 2009 4.05 % (2.74 %) (5.64 %)
Q4 2009 2.79 % (2.52 %) (3.85 %)
Q1 2010 4.75 % 0.07 % (1.18 %)
Q2 2010 2.52 % (1.83 %) (2.80 %)
Q3 2010 2.39 % (1.97 %) (0.88 %)
Q4 2010 4.72 % 1.55 % 0.82 %
Q1 2011 5.55 % 3.12 % 2.58 %
Q2 2011 5.68 % 4.03 % 3.65 %
Q3 2011 4.72 % 3.48 % 2.99 %
Q4 2011 3.38 % 2.19 % 1.78 %
Q1 2012 2.05 % 0.89 % 0.55 %
Q2 2012 1.76 % 0.45 % 0.17 %
Q3 2012 1.76 % 0.38 % 0.06 %
Q4 2012 2.05 % 0.78 % 0.83 %
Q1 2013 2.68 % 1.43 % 1.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 13.44 (7.39) 0.13 6.34
Q2 2004 13.44 (7.35) 0.16 6.16
Q3 2004 13.44 (7.20) 0.31 6.39
Q4 2004 13.44 (7.37) 0.14 7.12
Q1 2005 13.44 (7.08) 0.43 8.10
Q2 2005 13.44 (5.97) 1.54 8.35
Q3 2005 13.44 (5.53) 1.98 9.07
Q4 2005 13.44 (7.06) 0.45 9.71
Q1 2006 13.44 (6.61) 0.90 9.90
Q2 2006 13.44 (7.80) (0.28) 9.59
Q3 2006 13.44 (8.44) (0.92) 9.16
Q4 2006 13.44 (7.48) 0.04 8.76
Q1 2007 13.44 (8.22) (0.70) 8.53
Q2 2007 13.44 (8.30) (0.79) 7.71
Q3 2007 13.44 (8.04) (0.53) 8.04
Q4 2007 13.44 (7.33) 0.19 8.97
Q1 2008 13.44 (7.17) 0.34 8.69
Q2 2008 13.44 (6.33) 1.18 9.37
Q3 2008 13.44 (6.05) 1.46 9.79
Q4 2008 13.44 (6.15) 1.36 8.85
Q1 2009 13.44 (6.49) 1.03 7.81
Q2 2009 13.44 (7.29) 0.22 7.86
Q3 2009 13.44 (7.97) (0.45) 7.86
Q4 2009 13.44 (7.80) (0.29) 7.63
Q1 2010 13.44 (7.62) (0.11) 7.82
Q2 2010 13.44 (7.81) (0.29) 7.58
Q3 2010 13.44 (7.60) (0.09) 7.71
Q4 2010 13.44 (7.40) 0.11 7.97
Q1 2011 13.44 (7.07) 0.44 8.47
Q2 2011 13.44 (6.71) 0.81 8.58
Q3 2011 13.44 (6.68) 0.84 8.65
Q4 2011 13.44 (6.98) 0.53 8.64
Q1 2012 13.44 (7.36) 0.16 8.88
Q2 2012 13.44 (7.47) 0.04 8.31
Q3 2012 13.44 (7.50) 0.02 8.39
Q4 2012 13.44 (7.31) 0.21 8.53
Q1 2013 13.44 (7.14) 0.37 8.62

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 NEG More than 50 2.57
Q2 2004 NEG More than 50 3.45
Q3 2004 NEG More than 50 4.27
Q4 2004 NEG More than 50 3.51
Q1 2005 NEG More than 50 3.36
Q2 2005 NEG 37.87 7.00
Q3 2005 NEG More than 50 12.11
Q4 2005 NEG More than 50 12.62
Q1 2006 NEG More than 50 14.47
Q2 2006 NEG NEG 15.92
Q3 2006 NEG NEG 14.97
Q4 2006 NEG More than 50 5.40
Q1 2007 NEG NEG 5.95
Q2 2007 NEG NEG 10.22
Q3 2007 NEG NEG 9.84
Q4 2007 NEG More than 50 8.68
Q1 2008 NEG More than 50 4.99
Q2 2008 NEG 38.33 4.84
Q3 2008 NEG 21.64 3.23
Q4 2008 NEG 19.56 3.01
Q1 2009 NEG 29.59 3.89
Q2 2009 NEG More than 50 5.64
Q3 2009 NEG NEG 5.56
Q4 2009 NEG NEG 5.53
Q1 2010 NEG NEG 4.94
Q2 2010 NEG NEG 4.10
Q3 2010 NEG NEG 3.77
Q4 2010 NEG More than 50 3.60
Q1 2011 NEG More than 50 3.21
Q2 2011 NEG 40.32 3.79
Q3 2011 NEG 35.98 3.48
Q4 2011 NEG More than 50 5.18
Q1 2012 NEG More than 50 5.51
Q2 2012 NEG More than 50 6.51
Q3 2012 NEG More than 50 8.38
Q4 2012 NEG More than 50 10.16
Q1 2013 NEG More than 50 13.59

Current
Market Cap (M Riyal) 509.33
Enterprise Value (EV) (M) 369.62
Shares Outstanding ((M)) 19.44
EPS ( Riyal) (TTM) (0.69)
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.51
Return on Average Assets (%) (TTM) (8.33 )
Return on Average Equity (%) (TTM) (9.09 )

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