Taiba Holding’s FY15 net profit plunges 64% to SAR 437 mln

20/01/2016 Argaam Exclusive

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Share Price

Taiba Investments Co.
38.90
(0.95) (2.38 %)

Taiba Investments Co. (TAIBA)

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Taiba Holding Co. had reported a net profit of SAR 437 million for fiscal year (FY) 2015; a 64 percent year-on-year (YOY) drop the company attributed to the net effect of  compensation received in 2014 for the expropriation of lands and properties owned by group companies Taiba, Al-Aqeeq, and ARAC.



Financials (M)

Item 2014 2015 Change‬
Revenues 501.05 476.15 (5.0 %)
Gross Income 280.28 280.34 0.0 %
Operating Income 230.98 234.43 1.5 %
Net Income 1,214.23 436.92 (64.0 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 8.09 2.91 (64.0 %)

 

The company’s fourth-quarter net profit tumbled 73 percent YOY to SAR 75.48 million. Profit for Q4-2015 also fell 26 percent when compared the previous quarter due to seasonal factors.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 111.08 106.12 (4.5 %)
Gross Income 50.42 59.60 18.2 %
Operating Income 37.40 47.08 25.9 %
Net Income 278.38 75.48 (72.9 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 1.86 0.50 (72.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 40.62 5.9 % 23.50 4.7 % 23.55 23.4 % 0.24
Q2 2006 34.28 22.6 % 16.56 44.2 % 13.65 (65.5 %) 0.09
Q3 2006 45.69 5.1 % 23.75 1.0 % 33.94 (16.3 %) 0.23
Q4 2006 53.31 23.6 % 31.53 36.3 % 34.97 (5.5 %) 0.23
Q1 2007 47.35 16.5 % 27.67 17.8 % 31.01 31.7 % 0.21
Q2 2007 42.28 23.3 % 24.05 45.3 % 19.33 41.6 % 0.13
Q3 2007 354.17 675.2 % 326.83 1276.1 % 312.97 822.3 % 2.09
Q4 2007 60.10 12.7 % 34.01 7.9 % 29.70 (15.1 %) 0.20
Q1 2008 67.79 43.2 % 48.70 76.0 % 48.06 55.0 % 0.32
Q2 2008 75.21 77.9 % 53.11 120.8 % 48.78 152.4 % 0.33
Q3 2008 61.38 (82.7 %) 37.37 (88.6 %) 29.43 (90.6 %) 0.20
Q4 2008 72.82 21.2 % 43.77 28.7 % 32.01 7.8 % 0.21
Q1 2009 48.52 (28.4 %) 23.20 (52.4 %) 13.90 (71.1 %) 0.09
Q2 2009 49.22 (34.6 %) 21.42 (59.7 %) 17.37 (64.4 %) 0.12
Q3 2009 48.08 (21.7 %) 20.36 (45.5 %) 15.10 (48.7 %) 0.10
Q4 2009 79.70 9.4 % 49.72 13.6 % 14.75 (53.9 %) 0.10
Q1 2010 40.12 (17.3 %) 19.51 (15.9 %) 14.34 3.2 % 0.10
Q2 2010 44.93 (8.7 %) 20.24 (5.5 %) 16.54 (4.8 %) 0.11
Q3 2010 64.31 33.8 % 31.64 55.4 % 19.26 27.5 % 0.13
Q4 2010 98.31 23.3 % 64.33 29.4 % 41.97 184.5 % 0.28
Q1 2011 63.16 57.4 % 36.42 86.7 % 38.90 171.3 % 0.26
Q2 2011 65.48 45.7 % 46.07 127.6 % 32.24 95.0 % 0.21
Q3 2011 151.81 136.0 % 117.77 272.2 % 88.72 360.7 % 0.59
Q4 2011 113.33 15.3 % 85.92 33.6 % 76.88 83.2 % 0.51
Q1 2012 199.06 215.2 % 109.88 201.7 % 267.87 588.6 % 1.79
Q2 2012 77.33 18.1 % 63.74 38.4 % 44.02 36.5 % 0.29
Q3 2012 83.66 (44.9 %) 54.53 (53.7 %) 55.04 (38.0 %) 0.37
Q4 2012 86.54 (23.6 %) 59.06 (31.3 %) 39.51 (48.6 %) 0.26
Q1 2013 94.20 (52.7 %) 66.75 (39.3 %) 73.06 (72.7 %) 0.49
Q2 2013 88.73 14.7 % 58.08 (8.9 %) 63.56 44.4 % 0.42
Q3 2013 90.47 8.1 % 56.12 2.9 % 62.93 14.3 % 0.42
Q4 2013 104.91 21.2 % 67.12 13.6 % 64.47 63.2 % 0.43
Q1 2014 115.88 23.0 % 75.86 13.6 % 59.50 (18.6 %) 0.40
Q2 2014 116.76 31.6 % 58.90 1.4 % 59.18 (6.9 %) 0.39
Q3 2014 157.34 73.9 % 95.10 69.4 % 817.17 1198.5 % 5.45
Q4 2014 111.08 5.9 % 50.42 (24.9 %) 278.38 331.8 % 1.86
Q1 2015 118.58 2.3 % 73.91 (2.6 %) 202.30 240.0 % 1.35
Q2 2015 115.00 (1.5 %) 63.96 8.6 % 57.00 (3.7 %) 0.38
Q3 2015 136.45 (13.3 %) 82.86 (12.9 %) 102.14 (87.5 %) 0.68
Q4 2015 106.12 (4.5 %) 59.60 18.2 % 75.48 (72.9 %) 0.50
2015 476.15 (5.0 %) 280.34 0.0 % 436.92 (64.0 %) 2.91

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 52.59 % 48.87 % 90.65 %
Q2 2006 53.67 % 53.10 % 71.03 %
Q3 2006 53.10 % 54.72 % 66.05 %
Q4 2006 54.82 % 56.28 % 61.01 %
Q1 2007 55.09 % 56.41 % 62.87 %
Q2 2007 56.73 % 53.80 % 63.21 %
Q3 2007 82.49 % 81.86 % 80.12 %
Q4 2007 81.87 % 81.17 % 77.99 %
Q1 2008 82.69 % 81.89 % 78.20 %
Q2 2008 83.02 % 81.59 % 78.87 %
Q3 2008 65.48 % 60.57 % 58.97 %
Q4 2008 66.00 % 59.28 % 57.10 %
Q1 2009 61.04 % 52.99 % 48.12 %
Q2 2009 54.22 % 50.90 % 39.97 %
Q3 2009 49.74 % 45.61 % 35.85 %
Q4 2009 50.86 % 38.16 % 27.10 %
Q1 2010 51.13 % 39.58 % 28.35 %
Q2 2010 51.60 % 34.38 % 28.53 %
Q3 2010 52.87 % 37.76 % 28.33 %
Q4 2010 54.80 % 44.50 % 37.19 %
Q1 2011 56.38 % 45.01 % 36.08 %
Q2 2011 61.27 % 51.92 % 38.92 %
Q3 2011 69.86 % 63.57 % 53.24 %
Q4 2011 72.68 % 68.27 % 60.07 %
Q1 2012 67.90 % 65.78 % 61.52 %
Q2 2012 69.68 % 67.60 % 61.96 %
Q3 2012 66.35 % 63.04 % 59.79 %
Q4 2012 64.31 % 60.44 % 46.11 %
Q1 2013 71.43 % 64.48 % 49.68 %
Q2 2013 67.52 % 60.76 % 54.21 %
Q3 2013 66.68 % 60.74 % 55.38 %
Q4 2013 65.57 % 62.76 % 69.79 %
Q1 2014 64.30 % 61.26 % 62.62 %
Q2 2014 60.28 % 59.24 % 57.49 %
Q3 2014 60.01 % 59.16 % 35.20 %
Q4 2014 55.94 % 56.98 % 24.95 %
Q1 2015 55.25 % 57.44 % 27.24 %
Q2 2015 56.45 % 57.78 % 26.35 %
Q3 2015 56.36 % 57.51 % 50.60 %
Q4 2015 58.88 % 57.89 % 63.76 %
2015 58.88 % 57.89 % 63.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 100.16 1.40 1.40 12.18
Q2 2006 150.00 0.76 0.76 18.56
Q3 2006 150.00 0.72 0.72 18.78
Q4 2006 150.00 0.71 0.71 18.99
Q1 2007 150.00 0.76 0.76 19.20
Q2 2007 150.00 0.79 0.79 18.49
Q3 2007 150.00 2.66 2.66 27.47
Q4 2007 150.00 2.62 2.62 19.87
Q1 2008 150.00 2.73 2.73 20.18
Q2 2008 150.00 2.93 2.93 19.50
Q3 2008 150.00 1.04 1.04 19.41
Q4 2008 150.00 1.06 1.06 19.31
Q1 2009 150.00 0.83 0.83 19.40
Q2 2009 150.00 0.62 0.62 19.01
Q3 2009 150.00 0.52 0.52 18.81
Q4 2009 150.00 0.41 0.41 18.78
Q1 2010 150.00 0.41 0.41 18.76
Q2 2010 150.00 0.40 0.40 18.27
Q3 2010 150.00 0.43 0.43 18.39
Q4 2010 150.00 0.61 0.61 19.17
Q1 2011 150.00 0.78 0.65 19.53
Q2 2011 150.00 0.88 0.76 19.10
Q3 2011 150.00 1.35 1.34 19.55
Q4 2011 150.00 1.58 1.58 20.23
Q1 2012 150.00 3.10 2.17 22.59
Q2 2012 150.00 3.18 2.24 21.67
Q3 2012 150.00 2.96 1.89 22.01
Q4 2012 150.00 2.71 1.37 22.42
Q1 2013 150.00 1.41 1.13 22.50
Q2 2013 150.00 1.54 1.28 22.54
Q3 2013 150.00 1.59 1.33 22.38
Q4 2013 150.00 1.76 1.76 23.24
Q1 2014 150.00 1.67 1.67 23.58
Q2 2014 150.00 1.64 1.64 23.15
Q3 2014 150.00 6.67 1.16 27.49
Q4 2014 150.00 8.09 0.83 26.65
Q1 2015 150.00 9.05 0.91 28.77
Q2 2015 150.00 9.03 0.88 28.21
Q3 2015 150.00 4.27 1.62 25.82
Q4 2015 150.00 2.91 2.02 25.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 More than 100 More than 100 12.32
Q2 2006 More than 100 More than 100 4.45
Q3 2006 98.71 98.71 3.79
Q4 2006 48.29 48.29 1.80
Q1 2007 47.48 47.48 1.87
Q2 2007 52.43 52.43 2.25
Q3 2007 19.13 19.13 1.85
Q4 2007 23.69 23.69 3.12
Q1 2008 17.47 17.47 2.37
Q2 2008 17.93 17.93 2.69
Q3 2008 41.75 41.75 2.24
Q4 2008 29.04 29.04 1.59
Q1 2009 34.62 34.62 1.48
Q2 2009 49.73 49.73 1.62
Q3 2009 59.65 59.65 1.66
Q4 2009 71.60 71.60 1.55
Q1 2010 74.05 74.05 1.62
Q2 2010 68.63 68.63 1.52
Q3 2010 63.23 63.23 1.49
Q4 2010 43.69 43.69 1.40
Q1 2011 39.74 47.47 1.58
Q2 2011 31.78 37.10 1.47
Q3 2011 21.81 21.83 1.50
Q4 2011 21.18 21.20 1.65
Q1 2012 14.21 20.30 1.95
Q2 2012 10.50 14.94 1.54
Q3 2012 13.79 21.63 1.85
Q4 2012 15.92 31.43 1.92
Q1 2013 37.41 46.64 2.35
Q2 2013 38.31 46.26 2.62
Q3 2013 46.52 55.80 3.31
Q4 2013 38.87 38.87 2.94
Q1 2014 46.17 46.17 3.27
Q2 2014 45.23 45.23 3.21
Q3 2014 12.05 69.22 2.92
Q4 2014 8.73 84.81 2.65
Q1 2015 8.21 81.14 2.58
Q2 2015 8.50 87.09 2.72
Q3 2015 14.50 38.11 2.40
Q4 2015 22.06 31.75 2.50

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Agricultural Activity Consultancy , Training & Information System

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average 61.40 75.48 22.93 %

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
SNB Capital 61.40 75.48 22.9 %


Financial Ratios
Current
Market Cap (M Riyal) 10,131.89
Enterprise Value (EV) (M) 11,188.50
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.61
Book Value (BV) ( Riyal) 26.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.00
P/E (TTM) More than 100
Price/book 1.49
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.0
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