Zain Saudi narrows losses by 29% in nine-months 2015

21/10/2015 Argaam Exclusive

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Share Price

Mobile Telecommunication Company Saudi Arabia
11.42
0.12 1.06 %

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Mobile Telecommunication Company Saudi Arabia (Zain Saudi) reported a net loss of SAR 681 million for the first nine months of 2015, compared to a SAR 963 million net loss in the same period last year. The 29 percent improvement was mainly attributed to improved operational performance and higher demand for products and services.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 4,665.90 5,069.35 8.6 %
Gross Income 2,406.38 2,886.01 19.9 %
Operating Income (481.61) (59.00) 87.7 %
Net Income (963.11) (680.84) 29.3 %
Average Shares 573.22 573.22 0.0 %
EPS (Riyals) (1.68) (1.19) 29.3 %

 

The telco also narrowed its net loss in Q3-2015 by 29 percent to SAR 223 million from SAR 316 million in Q3-2014.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 1,553.00 1,763.73 13.6 %
Gross Income 810.67 1,062.18 31.0 %
Operating Income (218.60) (0.89) 99.6 %
Net Income (315.81) (222.95) 29.4 %
Average Shares 573.22 573.22 0.0 %
EPS (Riyals) (0.55) (0.39) 29.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q3 2013 1,573.32 2.8 % 760.98 6.9 % (420.81) 14.6 % (0.73)
Q4 2013 1,523.52 2.2 % 766.88 3.8 % (462.30) (4.4 %) (0.81)
Q1 2014 1,545.77 (10.1 %) 798.66 2.9 % (318.36) 20.0 % (0.56)
Q2 2014 1,567.13 (8.2 %) 797.05 (4.1 %) (328.94) 11.2 % (0.57)
Q3 2014 1,553.00 (1.3 %) 810.67 6.5 % (315.81) 25.0 % (0.55)
Q4 2014 1,556.46 2.2 % 816.27 6.4 % (306.46) 33.7 % (0.53)
Q1 2015 1,656.79 7.2 % 874.43 9.5 % (256.72) 19.4 % (0.45)
Q2 2015 1,648.83 5.2 % 949.40 19.1 % (201.16) 38.8 % (0.35)
Q3 2015 1,763.73 13.6 % 1,062.18 31.0 % (222.95) 29.4 % (0.39)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2013 47.88 % 13.68 % (25.15 %)
Q4 2013 48.06 % 13.65 % (25.32 %)
Q1 2014 49.73 % 15.48 % (24.76 %)
Q2 2014 50.30 % 15.95 % (24.65 %)
Q3 2014 51.27 % 15.29 % (24.40 %)
Q4 2014 51.79 % 15.50 % (22.58 %)
Q1 2015 52.08 % 15.99 % (21.21 %)
Q2 2015 53.79 % 18.43 % (18.95 %)
Q3 2015 55.88 % 21.85 % (15.66 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 573.22 (2.85) (2.85) 12.67
Q4 2013 573.22 (2.88) (2.88) 11.79
Q1 2014 573.22 (2.74) (2.74) 11.22
Q2 2014 573.22 (2.67) (2.67) 10.60
Q3 2014 573.22 (2.49) (2.63) 10.10
Q4 2014 573.22 (2.21) (2.45) 9.53
Q1 2015 573.22 (2.11) (2.34) 9.04
Q2 2015 573.22 (1.88) (2.12) 8.71
Q3 2015 573.22 (1.72) (1.81) 8.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2013 NEG NEG 2.22
Q4 2013 NEG NEG 2.33
Q1 2014 NEG NEG 2.73
Q2 2014 NEG NEG 2.76
Q3 2014 NEG NEG 3.12
Q4 2014 NEG NEG 2.00
Q1 2015 NEG NEG 1.90
Q2 2015 NEG NEG 2.09
Q3 2015 NEG NEG 1.75

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average (213.33) (222.95) (4.5 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
Alistithmar Capital (218.00) (222.95) (2.3) %
SNB Capital (232.00) (222.95) 3.9 %
Albilad Capital (190.00) (222.95) (17.3) %


Financial Ratios
Current
Market Cap (M Riyal) 10,263.50
Enterprise Value (EV) (M) 17,428.50
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) 36.36
P/E (TTM) 24.36
Price/book 0.96
Return on Average Assets (%) (TTM) 1.5
Return on Average Equity (%) (TTM) 3.9
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