Taiba’s H1 profit surges 118% to SAR 259.3 mln

13/07/2015 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 Company reported a net profit of SAR 259.3 million for H1-2015, a 118.5 percent increase compared to the same period in 2014.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 232.63 233.58 0.4 %
Gross Income 134.76 137.87 2.3 %
Operating Income 106.71 116.18 8.9 %
Net Income 118.68 259.30 118.5 %
Average Shares 150.00 150.00 -
EPS (Riyals) 0.79 1.73 118.5 %

 

The increase was attributed to a capital gain realized from the sale of Bakah Arak hotel, as well as compensation received for some plots owned by Arak Co. (a subsidiary), which were included in Q1-2015 results. The company also reported a reduction in general and administrative expenses and finance costs.

 

Net profit in Q2-2015, however, dropped 3.72 percent year-on-year to SAR 57 million on lower dividend income declared by investee companies. This reduction was partially offset by an increase in operating profit and reduction of finance costs, the company added. Profit in Q2 fell 71.82 percent when compared to the previous quarter (Q1-2015).



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 116.76 115.00 (1.5 %)
Gross Income 58.90 63.96 8.6 %
Operating Income 47.83 53.99 12.9 %
Net Income 59.18 57.00 (3.7 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.39 0.38 (3.7 %)


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

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 %


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

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

Business Segments (Million)

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

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 59.00 57.00 (3.4 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
SNB Capital 59.00 57.00 (3.4) %


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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