Zain KSA posts lower net loss at SAR 768m in I2 of 2013

30/06/2013 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

Mobile Telecommunications Saudi Arabia Co., the third mobile services provider in the Saudi market, reported SAR 768m net loss at the end of the first half of 2013, compared to SAR 814m in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 3,150.61 3,425.74 8.7 %
Gross Income 1,409.32 1,607.00 14.0 %
Operating Income (365.20) (439.06) (20.2 %)
Net Income (813.63) (768.36) 5.6 %
Average Shares 220.28 573.22 -
EPS (Riyals) (3.69) (1.34) 63.7 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 1,629.02 1,706.35 4.7 %
Gross Income 707.12 830.76 17.5 %
Operating Income (174.00) (206.12) (18.5 %)
Net Income (393.64) (370.41) 5.9 %
Average Shares 220.28 573.22 -
EPS (Riyals) (1.79) (0.65) 63.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 - - - - - - -
Q2 2004 - - - - - - -
Q3 2004 - - - - - - -
Q4 2004 - - - - - - -
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 - - - - (543.59) - (2.47)
Q2 2008 - - - - (153.65) - (0.70)
Q3 2008 80.80 - (14.72) - (649.04) - (2.95)
Q4 2008 424.40 - 31.18 - (931.90) - (4.23)
Q1 2009 581.67 - 145.98 - (765.37) (40.8 %) (3.47)
Q2 2009 701.52 - 132.59 - (856.66) (457.5 %) (3.89)
Q3 2009 825.49 921.7 % 242.93 1750.0 % (819.73) (26.3 %) (3.72)
Q4 2009 895.38 111.0 % 355.53 1040.2 % (657.59) 29.4 % (2.99)
Q1 2010 1,094.23 88.1 % 384.34 163.3 % (662.45) 13.4 % (3.01)
Q2 2010 1,450.41 106.8 % 608.03 358.6 % (631.59) 26.3 % (2.87)
Q3 2010 1,661.95 101.3 % 712.13 193.1 % (543.79) 33.7 % (2.47)
Q4 2010 1,727.78 93.0 % 825.94 132.3 % (520.61) 20.8 % (2.36)
Q1 2011 1,484.22 35.6 % 716.02 86.3 % (531.75) 19.7 % (2.41)
Q2 2011 1,704.65 17.5 % 923.22 51.8 % (448.18) 29.0 % (2.03)
Q3 2011 1,794.81 8.0 % 870.12 22.2 % (483.81) 11.0 % (2.20)
Q4 2011 1,715.39 (0.7 %) 690.82 (16.4 %) (461.46) 11.4 % (2.09)
Q1 2012 1,521.59 2.5 % 702.20 (1.9 %) (419.99) 21.0 % (1.91)
Q2 2012 1,629.02 (4.4 %) 707.12 (23.4 %) (393.64) 12.2 % (1.79)
Q3 2012 1,529.90 (14.8 %) 711.62 (18.2 %) (493.00) (1.9 %) (0.86)
Q4 2012 1,490.16 (13.1 %) 738.98 7.0 % (442.78) 4.0 % (0.77)
Q1 2013 1,719.40 13.0 % 776.23 10.5 % (397.95) 5.2 % (0.69)
Q2 2013 1,706.35 4.7 % 830.76 17.5 % (370.41) 5.9 % (0.65)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 16.50 % (92.47 %) (179.10 %)
Q3 2009 21.82 % (58.30 %) (133.18 %)
Q4 2009 29.19 % (35.71 %) (103.17 %)
Q1 2010 31.72 % (23.12 %) (85.21 %)
Q2 2010 37.30 % (8.97 %) (64.97 %)
Q3 2010 40.38 % 1.01 % (48.91 %)
Q4 2010 42.64 % 5.57 % (39.74 %)
Q1 2011 45.26 % 8.77 % (35.22 %)
Q2 2011 48.30 % 11.75 % (31.08 %)
Q3 2011 49.70 % 12.64 % (29.57 %)
Q4 2011 47.77 % 13.42 % (28.74 %)
Q1 2012 47.30 % 14.66 % (26.92 %)
Q2 2012 44.59 % 14.89 % (26.41 %)
Q3 2012 43.96 % 14.62 % (27.64 %)
Q4 2012 46.35 % 14.24 % (28.35 %)
Q1 2013 46.07 % 13.24 % (27.12 %)
Q2 2013 47.44 % 12.73 % (26.44 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 220.28 - - 61.09
Q2 2008 220.28 - - 60.39
Q3 2008 220.28 - - 57.44
Q4 2008 220.28 (10.34) (8.44) 53.21
Q1 2009 220.28 (11.35) (11.35) 49.74
Q2 2009 220.28 (14.54) (14.54) 45.85
Q3 2009 220.28 (15.32) (15.32) 42.13
Q4 2009 220.28 (14.07) (14.07) 39.14
Q1 2010 220.28 (13.60) (13.60) 36.14
Q2 2010 220.28 (12.58) (12.58) 33.27
Q3 2010 220.28 (11.33) (11.33) 29.90
Q4 2010 220.28 (10.71) (10.71) 27.83
Q1 2011 220.28 (10.11) (10.11) 25.58
Q2 2011 220.28 (9.28) (9.28) 23.62
Q3 2011 220.28 (9.01) (9.01) 21.58
Q4 2011 220.28 (8.74) (8.74) 19.49
Q1 2012 220.28 (8.23) (8.23) 17.79
Q2 2012 220.28 (7.98) (7.98) 16.00
Q3 2012 573.22 (3.08) (3.08) 15.53
Q4 2012 573.22 (3.05) (3.05) 14.74
Q1 2013 573.22 (3.01) (3.01) 14.05
Q2 2013 573.22 (2.97) (2.97) 13.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - 4.80
Q2 2008 - - 6.26
Q3 2008 - - 5.04
Q4 2008 NEG NEG 3.09
Q1 2009 NEG NEG 3.20
Q2 2009 NEG NEG 3.95
Q3 2009 NEG NEG 3.99
Q4 2009 NEG NEG 4.00
Q1 2010 NEG NEG 4.16
Q2 2010 NEG NEG 3.92
Q3 2010 NEG NEG 4.08
Q4 2010 NEG NEG 4.30
Q1 2011 NEG NEG 4.16
Q2 2011 NEG NEG 4.51
Q3 2011 NEG NEG 4.47
Q4 2011 NEG NEG 4.39
Q1 2012 NEG NEG 9.41
Q2 2012 NEG NEG 7.52
Q3 2012 NEG NEG 1.95
Q4 2012 NEG NEG 1.58
Q1 2013 NEG NEG 1.71
Q2 2013 NEG NEG 2.18

Current
Market Cap (M Riyal) 10,389.32
Enterprise Value (EV) (M) 17,554.33
Shares Outstanding ((M)) 898.73
EPS ( Riyal) (TTM) 0.47
Book Value (BV) ( Riyal) 11.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 24.66
Price/book 0.97
Return on Average Assets (%) (TTM) 1.5
Return on Average Equity (%) (TTM) 3.9

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