Saudi Industrial Exports’ H1 profit down 57% to SAR 0.95 mln

12/07/2015 Argaam Exclusive

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Share Price

Saudi Industrial Export Co. (SIECO)

Saudi Industrial Exports Company reported a net profit of SAR 950,000 for H1-2015, marking a 56.7 percent decline compared to the same period in 2014.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	317.97	270.10	(15.1 %)
Gross Income	5.14	3.36	(34.7 %)
Operating Income	2.78	1.15	(58.6 %)
Net Income	2.23	0.95	(57.2 %)
Average Shares	13.44	13.44	-
EPS (Riyals)	0.17	0.07	(57.2 %)

The decline was attributed to decreased sales, lower profit from raw materials for fertilizer manufacturing in the Asian market, as well as lower exports to African countries. The first half also recorded lower profit margins for sales of food products in the local market.

Net profit in Q2-2015, however, grew 52.8 percent to SAR 790,000 year-on-year on higher sales and profit from starting a new business of import and sales of Asian products to the Saudi market, despite a decrease in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	127.19	137.94	8.5 %
Gross Income	1.66	2.18	30.9 %
Operating Income	0.53	1.13	111.6 %
Net Income	0.52	0.79	52.8 %
Average Shares	13.44	13.44	-
EPS (Riyals)	0.04	0.06	52.8 %

Item	Q1 2015	Q2 2015	Change‬
Revenues	132.16	137.94	4.4 %
Gross Income	1.18	2.18	85.3 %
Operating Income	0.02	1.13	4600.0 %
Net Income	0.16	0.79	384.7 %
Average Shares	13.44	13.44	-
EPS (Riyals)	0.01	0.06	384.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
2006	219.61	(3.9 %)	6.53	(43.5 %)	(100.45)	(5.9 %)	(7.48)
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)
2007	219.78	0.1 %	10.53	61.4 %	(98.43)	2.0 %	(7.33)
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)
2008	709.09	222.6 %	29.86	183.6 %	(82.63)	16.1 %	(6.15)
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)
2009	101.36	(85.7 %)	2.83	(90.5 %)	(104.87)	(26.9 %)	(7.80)
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)
2010	186.69	84.2 %	8.82	212.2 %	(99.45)	5.2 %	(7.40)
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)
2011	400.32	114.4 %	13.53	53.4 %	(93.85)	5.6 %	(6.98)
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)
2012	337.35	(15.7 %)	6.92	(48.8 %)	(99.73)	(6.3 %)	(7.42)
Q1 2013	85.71	19.7 %	3.99	165.4 %	2.66	498.0 %	0.20
Q2 2013	91.66	27.3 %	3.71	109.2 %	2.19	331.9 %	0.16
Q3 2013	55.06	(37.9 %)	2.52	91.5 %	1.29	2.9 %	0.10
Q4 2013	90.72	(13.7 %)	2.55	9.4 %	(100.65)	(0.3 %)	(7.49)
2013	323.15	(4.2 %)	12.76	84.4 %	(94.32)	5.4 %	(7.02)
Q1 2014	190.78	122.6 %	3.47	(12.9 %)	1.71	(35.6 %)	0.13
Q2 2014	127.19	38.8 %	1.66	(55.1 %)	0.52	(76.4 %)	0.04
Q3 2014	118.30	114.9 %	1.44	(42.7 %)	0.27	(78.8 %)	0.02
Q4 2014	135.40	49.2 %	0.87	(65.8 %)	(100.91)	(0.3 %)	(7.51)
2014	571.67	76.9 %	7.45	(41.6 %)	(98.79)	(4.7 %)	(7.35)
Q1 2015	132.16	(30.7 %)	1.18	(66.1 %)	0.16	(90.5 %)	0.01
Q2 2015	137.94	8.5 %	2.18	30.9 %	0.79	52.8 %	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	228.50	(13.8 %)	11.55	86.2 %	(94.86)	4.3 %	(7.06)
2006	219.61	(3.9 %)	6.53	(43.5 %)	(100.45)	(5.9 %)	(7.48)
2007	219.78	0.1 %	10.53	61.4 %	(98.43)	2.0 %	(7.33)
2008	709.09	222.6 %	29.86	183.6 %	(82.63)	16.1 %	(6.15)
2009	101.36	(85.7 %)	2.83	(90.5 %)	(104.87)	(26.9 %)	(7.80)
2010	186.69	84.2 %	8.82	212.2 %	(99.45)	5.2 %	(7.40)
2011	400.32	114.4 %	13.53	53.4 %	(93.85)	5.6 %	(6.98)
2012	337.35	(15.7 %)	6.92	(48.8 %)	(99.73)	(6.3 %)	(7.42)
2013	323.15	(4.2 %)	12.76	84.4 %	(94.32)	5.4 %	(7.02)
2014	571.67	76.9 %	7.45	(41.6 %)	(98.79)	(4.7 %)	(7.35)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2006	2.97 %	0.71 %	0.23 %
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 %
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 %
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 %)
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 %
2010	4.72 %	1.54 %	0.81 %
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 %
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 %
2012	2.05 %	0.78 %	0.36 %
Q1 2013	2.68 %	1.43 %	1.43 %
Q2 2013	3.05 %	1.85 %	1.80 %
Q3 2013	3.71 %	2.38 %	1.99 %
Q4 2013	3.95 %	2.37 %	2.00 %
2013	3.95 %	2.37 %	2.05 %
Q1 2014	2.86 %	1.63 %	1.29 %
Q2 2014	2.20 %	1.10 %	0.83 %
Q3 2014	1.73 %	0.77 %	0.53 %
Q4 2014	1.30 %	0.54 %	0.45 %
2014	1.30 %	0.54 %	0.38 %
Q1 2015	1.01 %	0.17 %	0.20 %
Q2 2015	1.08 %	0.28 %	0.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	5.05 %	2.85 %	2.67 %
2006	2.97 %	0.71 %	0.23 %
2007	4.79 %	2.04 %	1.15 %
2008	4.21 %	3.03 %	2.59 %
2009	2.79 %	(2.52 %)	(3.85 %)
2010	4.72 %	1.54 %	0.81 %
2011	3.38 %	2.19 %	1.78 %
2012	2.05 %	0.78 %	0.36 %
2013	3.95 %	2.37 %	2.05 %
2014	1.30 %	0.54 %	0.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	2.98 %	0.34 %	27.59 %
Q2 2006	2.49 %	0.42 %	0.36 %
Q3 2006	2.07 %	(0.20 %)	0.75 %
Q4 2006	4.23 %	2.00 %	(18.10 %)
Q1 2007	2.80 %	(0.21 %)	2.27 %
Q2 2007	(3.67 %)	(10.25 %)	(4.55 %)
Q3 2007	7.15 %	5.46 %	5.49 %
Q4 2007	5.95 %	3.38 %	(1.75 %)
Q1 2008	2.57 %	1.68 %	1.51 %
Q2 2008	3.59 %	3.15 %	2.84 %
Q3 2008	9.63 %	8.10 %	7.34 %
Q4 2008	4.40 %	(5.60 %)	(8.29 %)
Q1 2009	1.01 %	(4.54 %)	(6.01 %)
Q2 2009	6.60 %	1.23 %	(1.47 %)
Q3 2009	3.73 %	(1.41 %)	(6.27 %)
Q4 2009	(0.26 %)	(5.45 %)	(2.18 %)
Q1 2010	7.19 %	3.48 %	2.30 %
Q2 2010	(1.17 %)	(5.21 %)	(6.48 %)
Q3 2010	3.06 %	(2.31 %)	5.78 %
Q4 2010	7.15 %	5.41 %	2.80 %
Q1 2011	8.11 %	6.60 %	6.16 %
Q2 2011	3.21 %	2.24 %	1.83 %
Q3 2011	1.52 %	0.63 %	1.62 %
Q4 2011	1.25 %	(0.18 %)	(1.97 %)
Q1 2012	2.10 %	0.69 %	0.62 %
Q2 2012	2.46 %	0.85 %	0.71 %
Q3 2012	1.48 %	0.39 %	1.42 %
Q4 2012	2.22 %	1.12 %	0.56 %
Q1 2013	4.65 %	3.39 %	3.10 %
Q2 2013	4.04 %	2.65 %	2.39 %
Q3 2013	4.57 %	2.75 %	2.35 %
Q4 2013	2.81 %	0.88 %	0.35 %
Q1 2014	1.82 %	1.18 %	0.90 %
Q2 2014	1.31 %	0.42 %	0.41 %
Q3 2014	1.22 %	0.38 %	0.23 %
Q4 2014	0.65 %	(0.12 %)	0.04 %
Q1 2015	0.89 %	0.03 %	0.12 %
Q2 2015	1.58 %	0.83 %	0.57 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2013	13.44	(7.02)	0.50	8.96
Q3 2013	13.44	(7.01)	0.50	9.23
Q4 2013	13.44	(7.03)	0.48	9.00
Q1 2014	13.44	(7.10)	0.41	9.24
Q2 2014	13.44	(7.23)	0.29	9.64
Q3 2014	13.44	(7.30)	0.21	9.89
Q4 2014	13.44	(7.32)	0.19	9.58
Q1 2015	13.44	(7.44)	0.08	9.53
Q2 2015	13.44	(7.42)	0.10	9.53

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	13.44	(7.06)	0.45	9.71
2006	13.44	(7.48)	0.04	8.76
2007	13.44	(7.33)	0.19	8.97
2008	13.44	(6.15)	1.36	8.85
2009	13.44	(7.80)	(0.29)	7.63
2010	13.44	(7.40)	0.11	7.97
2011	13.44	(6.98)	0.53	8.64
2012	13.44	(7.42)	0.09	8.53
2013	13.44	(7.02)	0.49	9.00
2014	13.44	(7.35)	0.16	9.58

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2013	NEG	More than 50	6.03
Q3 2013	NEG	More than 50	5.78
Q4 2013	NEG	More than 50	5.93
Q1 2014	NEG	More than 50	7.43
Q2 2014	NEG	More than 50	7.49
Q3 2014	NEG	More than 50	8.11
Q4 2014	NEG	More than 50	4.65
Q1 2015	NEG	More than 50	6.01
Q2 2015	NEG	More than 50	6.30

Period	P/E	Adjusted P/E	Price/book
2005	NEG	More than 50	12.62
2006	NEG	More than 50	5.40
2007	NEG	More than 50	8.68
2008	NEG	19.56	3.01
2009	NEG	NEG	5.53
2010	NEG	More than 50	3.60
2011	NEG	More than 50	5.18
2012	NEG	More than 50	10.16
2013	NEG	More than 50	5.93
2014	NEG	More than 50	4.65

Financial Ratios

	Current
Market Cap (M Riyal)	512.24
Enterprise Value (EV) (M)	372.54
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	3.53
Return on Average Assets (%) (TTM)	(8.33 )
Return on Average Equity (%) (TTM)	(9.09 )

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Saudi Industrial Exports’ H1 profit down 57% to SAR 0.95 mln

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Share Price

Saudi Industrial Export Co. (SIECO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Saudi Industrial Exports’ H1 profit down 57% to SAR 0.95 mln

View other reports

Share Price

Saudi Industrial Export Co. (SIECO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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