Al Sorayai Trading widens 9M losses to SAR 78 mln

09/11/2017 Argaam Exclusive

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Share Price

Naseej International Trading Co. (NASEEJ)

 

Al Sorayai Trading and Industrial Group’s net losses more than doubled year-on-year (YoY) to SAR 77.6 million in the first nine months of 2017, attributed to higher provisions against a tumble in inventory selling prices, in addition to increased costs of production and financing.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 446.11 378.81 (15.1 %)
Gross Income 113.01 63.19 (44.1 %)
Operating Income 1.65 (16.80) (1116.7 %)
Net Income (32.27) (77.58) (140.4 %)
Average Shares 5.93 5.93 -
EPS (Riyals) (5.45) (13.09) (140.4 %)

The company widened losses by 39.4 percent YoY to SAR 49.5 million in the third quarter, due to setting aside provisions to hedge against a slump in inventory selling prices and other credit risks. Production costs also increased due to weak demand and higher prices of raw materials.

 

Q3 losses increased by 67.5 percent on a sequential basis.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 106.81 101.46 (5.0 %)
Gross Income 11.83 7.85 (33.6 %)
Operating Income (21.83) (16.01) 26.7 %
Net Income (35.48) (49.47) (39.4 %)
Average Shares 5.93 5.93 -
EPS (Riyals) (5.99) (8.35) (39.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 210.09 - 51.88 - 13.17 - 2.22
Q2 2009 227.61 - 72.24 - 22.97 - 3.88
Q3 2009 251.05 - 74.49 - 21.93 - 3.70
Q4 2009 254.00 - 63.87 - 22.19 - 3.74
Q1 2010 198.88 (5.3 %) 50.71 (2.3 %) 13.12 (0.4 %) 2.21
Q2 2010 238.61 4.8 % 72.37 0.2 % 25.14 9.4 % 4.24
Q3 2010 237.77 (5.3 %) 63.21 (15.1 %) 9.75 (55.5 %) 1.64
Q4 2010 231.75 (8.8 %) 68.43 7.1 % 27.99 26.1 % 4.72
Q1 2011 188.58 (5.2 %) 51.38 1.3 % 12.20 (7.0 %) 2.06
Q2 2011 235.49 (1.3 %) 66.50 (8.1 %) 19.47 (22.6 %) 3.28
Q3 2011 232.22 (2.3 %) 56.36 (10.8 %) 11.18 14.7 % 1.89
Q4 2011 214.26 (7.5 %) 53.30 (22.1 %) (7.27) (126.0 %) (1.23)
Q1 2012 221.74 17.6 % 58.60 14.1 % 10.49 (14.0 %) 1.77
Q2 2012 259.66 10.3 % 69.96 5.2 % 16.68 (14.3 %) 2.81
Q3 2012 241.97 4.2 % 72.05 27.8 % 16.34 46.2 % 2.76
Q4 2012 232.75 8.6 % 55.72 4.5 % 9.07 224.8 % 1.53
Q1 2013 220.90 (0.4 %) 56.05 (4.3 %) 10.55 0.6 % 1.78
Q2 2013 229.80 (11.5 %) 49.41 (29.4 %) 7.72 (53.7 %) 1.30
Q3 2013 200.39 (17.2 %) 58.35 (19.0 %) (6.86) (142.0 %) (1.16)
Q4 2013 215.14 (7.6 %) 42.90 (23.0 %) 1.67 (81.6 %) 0.28
Q1 2014 214.93 (2.7 %) 42.47 (24.2 %) (4.77) (145.2 %) (0.80)
Q2 2014 221.03 (3.8 %) 51.14 3.5 % 6.09 (21.1 %) 1.03
Q3 2014 199.54 (0.4 %) 48.04 (17.7 %) (1.14) 83.4 % (0.19)
Q4 2014 209.17 (2.8 %) 28.50 (33.6 %) (29.70) (1878.4 %) (5.01)
Q1 2015 210.96 (1.8 %) 42.03 (1.0 %) (2.89) 39.4 % (0.49)
Q2 2015 239.17 8.2 % 56.36 10.2 % 3.90 (36.0 %) 0.66
Q3 2015 168.57 (15.5 %) 35.12 (26.9 %) (14.87) (1,207.6 %) (2.51)
Q4 2015 193.67 (7.4 %) 30.35 6.5 % (40.71) (37.1 %) (6.87)
Q1 2016 172.11 (18.4 %) 51.76 23.2 % 3.10 207.2 % 0.52
Q2 2016 178.93 (25.2 %) 52.27 (7.3 %) 0.11 (97.3 %) 0.02
Q3 2016 106.81 (36.6 %) 11.83 (66.3 %) (35.48) (138.6 %) (5.99)
Q4 2016 128.57 (33.6 %) 2.80 (90.8 %) (58.83) (44.5 %) (9.93)
Q1 2017 136.12 (20.9 %) 30.17 (41.7 %) 1.44 (53.7 %) 0.24
Q2 2017 141.23 (21.1 %) 25.18 (51.8 %) (29.54) (27711.2 %) (4.98)
Q3 2017 101.46 (5.0 %) 7.85 (33.6 %) (49.47) (39.4 %) (8.35)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 27.84 % 14.11 % 8.51 %
Q1 2010 28.05 % 13.80 % 8.61 %
Q2 2010 27.74 % 13.68 % 8.74 %
Q3 2010 26.92 % 13.15 % 7.55 %
Q4 2010 28.08 % 14.52 % 8.38 %
Q1 2011 28.48 % 14.93 % 8.37 %
Q2 2011 27.92 % 14.80 % 7.77 %
Q3 2011 27.33 % 14.37 % 7.98 %
Q4 2011 26.14 % 10.37 % 4.09 %
Q1 2012 25.98 % 10.05 % 3.75 %
Q2 2012 25.67 % 9.25 % 3.35 %
Q3 2012 27.08 % 9.71 % 3.87 %
Q4 2012 26.81 % 11.13 % 5.50 %
Q1 2013 26.57 % 11.10 % 5.51 %
Q2 2013 25.20 % 10.21 % 4.72 %
Q3 2013 24.84 % 9.86 % 2.32 %
Q4 2013 23.86 % 8.56 % 1.51 %
Q1 2014 22.45 % 6.85 % (0.26 %)
Q2 2014 22.88 % 6.48 % (0.46 %)
Q3 2014 21.70 % 5.73 % 0.25 %
Q4 2014 20.14 % 3.63 % (2.86 %)
Q1 2015 20.19 % 3.81 % (2.70 %)
Q2 2015 20.37 % 3.74 % (3.13 %)
Q3 2015 19.57 % 2.34 % (4.94 %)
Q4 2015 20.17 % 3.42 % (7.01 %)
Q1 2016 22.44 % 4.99 % (6.54 %)
Q2 2016 23.76 % 6.76 % (7.34 %)
Q3 2016 22.44 % 5.67 % (11.20 %)
Q4 2016 20.23 % (2.13 %) (15.53 %)
Q1 2017 17.63 % (4.00 %) (16.85 %)
Q2 2017 13.65 % (8.16 %) (20.44 %)
Q3 2017 13.01 % (7.89 %) (18.25 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 5.93 - - 54.92
Q2 2009 5.93 - - 58.79
Q3 2009 5.93 - - 60.80
Q4 2009 5.93 13.54 13.54 62.86
Q1 2010 5.93 13.53 13.53 64.23
Q2 2010 5.93 13.90 13.90 68.47
Q3 2010 5.93 11.84 11.84 70.12
Q4 2010 5.93 12.82 12.82 74.84
Q1 2011 5.93 12.67 12.67 71.84
Q2 2011 5.93 11.71 11.71 75.12
Q3 2011 5.93 11.95 11.95 77.01
Q4 2011 5.93 6.00 6.00 75.70
Q1 2012 5.93 5.71 5.71 77.47
Q2 2012 5.93 5.24 5.24 80.29
Q3 2012 5.93 6.11 6.11 83.04
Q4 2012 5.93 8.87 8.87 84.57
Q1 2013 5.93 8.88 8.88 86.35
Q2 2013 5.93 7.37 7.37 85.12
Q3 2013 5.93 3.45 3.45 83.97
Q4 2013 5.93 2.21 2.21 84.25
Q1 2014 5.93 (0.38) (0.38) 83.44
Q2 2014 5.93 (0.65) (0.65) 81.31
Q3 2014 5.93 0.31 0.36 81.11
Q4 2014 5.93 (4.98) (4.08) 76.10
Q1 2015 5.93 (4.66) (3.83) 75.62
Q2 2015 5.93 (5.03) (4.54) 76.27
Q3 2015 5.93 (7.35) (6.90) 73.76
Q4 2015 5.93 (9.21) (9.61) 66.90
Q1 2016 5.93 (8.20) (8.54) 71.52
Q2 2016 5.93 (8.84) (8.84) 71.39
Q3 2016 5.93 (12.31) (12.31) 65.26
Q4 2016 5.93 (15.37) (15.37) 50.99
Q1 2017 5.93 (15.65) (15.65) 51.14
Q2 2017 5.93 (20.65) (17.69) 46.11
Q3 2017 5.93 (23.01) (15.62) 37.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 21.85 21.85 4.60
Q2 2010 17.08 17.08 3.47
Q3 2010 20.35 20.35 3.44
Q4 2010 16.49 16.49 2.82
Q1 2011 18.22 18.22 3.21
Q2 2011 18.29 18.29 2.85
Q3 2011 16.56 16.56 2.57
Q4 2011 36.44 36.44 2.89
Q1 2012 48.99 48.99 3.61
Q2 2012 38.17 38.17 2.49
Q3 2012 48.35 48.35 3.56
Q4 2012 26.07 26.07 2.73
Q1 2013 27.24 27.24 2.80
Q2 2013 30.66 30.66 2.65
Q3 2013 More than 50 More than 50 2.79
Q4 2013 More than 50 More than 50 2.96
Q1 2014 NEG NEG 3.06
Q2 2014 NEG NEG 3.37
Q3 2014 More than 50 More than 50 3.62
Q4 2014 NEG NEG 2.48
Q1 2015 NEG NEG 2.81
Q2 2015 NEG NEG 2.83
Q3 2015 NEG NEG 2.15
Q4 2015 NEG NEG 2.80
Q1 2016 NEG NEG 1.76
Q2 2016 NEG NEG 1.74
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 2.37
Q1 2017 NEG NEG 2.45
Q2 2017 NEG NEG 2.06
Q3 2017 NEG NEG 2.56

Business Segments (Million)

Compared With The
Period Flooring Sector Others..
Q2 2016 148.75 30.18
Q3 2016 88.36 18.45
Q4 2016 96.87 24.35
Q1 2017 127.06 9.07
Q2 2017 112.92 28.32
Q3 2017 87.75 13.71

Current
Market Cap (M Riyal) 899.25
Enterprise Value (EV) (M) 1,069.33
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (1.83)
Book Value (BV) ( Riyal) 8.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) NEG
Price/book 9.96
Return on Average Assets (%) (TTM) (5.01 )
Return on Average Equity (%) (TTM) (19.93 )

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