Shaker swings to net loss in Q1

09/05/2017 Argaam Exclusive

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co.
27.45
(0.10) (0.36 %)

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Al Hassan Ghazi Ibrahim Shaker Co. reported a net loss of SAR 14.9 million for the first quarter of 2017 compared to a net profit of SAR 27.9 million in the same period last year, due to lower sales, higher provisions for bad debts and higher selling & distribution expenses.

When compared to previous quarter, the company narrowed its losses by 49.6 percent in Q1 due to an increase in profit share from affiliates despite lower sales.



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 395.07 288.30 (27.0 %)
Gross Income 98.66 58.81 (40.4 %)
Operating Income 22.63 (17.68) (178.1 %)
Net Income 27.98 (14.89) (153.2 %)
Average Shares 55.50 55.50 -
EPS (Riyals) 0.50 (0.27) (153.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 295.04 - 107.56 - 53.86 - 0.97
Q4 2009 182.11 - 55.64 - 11.66 - 0.21
Q1 2010 224.35 - 69.71 - 19.29 - 0.35
Q2 2010 350.76 - 125.41 - 58.33 - 1.05
Q3 2010 336.54 14.1 % 108.56 0.9 % 46.57 (13.5 %) 0.84
Q4 2010 244.09 34.0 % 83.14 49.4 % 21.04 80.5 % 0.38
Q1 2011 323.04 44.0 % 94.51 35.6 % 33.61 74.2 % 0.61
Q2 2011 556.37 58.6 % 166.27 32.6 % 73.63 26.2 % 1.33
Q3 2011 413.68 22.9 % 130.54 20.2 % 54.98 18.0 % 0.99
Q4 2011 273.08 11.9 % 75.31 (9.4 %) 18.00 (14.5 %) 0.32
Q1 2012 375.87 16.4 % 114.07 20.7 % 40.03 19.1 % 0.72
Q2 2012 590.87 6.2 % 184.87 11.2 % 82.96 12.7 % 1.49
Q3 2012 455.98 10.2 % 138.15 5.8 % 58.41 6.2 % 1.05
Q4 2012 315.19 15.4 % 82.60 9.7 % 6.24 (65.3 %) 0.11
Q1 2013 458.30 21.9 % 147.64 29.4 % 49.79 24.4 % 0.90
Q2 2013 526.79 (10.8 %) 138.03 (25.3 %) 74.94 (9.7 %) 1.35
Q3 2013 393.82 (13.6 %) 92.95 (32.7 %) 31.35 (46.3 %) 0.56
Q4 2013 318.44 1.0 % 26.53 (67.9 %) (30.98) (596.3 %) (0.56)
Q1 2014 312.18 (31.9 %) 70.03 (52.6 %) 20.62 (58.6 %) 0.37
Q2 2014 484.41 (8.0 %) 131.43 (4.8 %) 382.45 410.4 % 6.89
Q3 2014 408.05 3.6 % 110.81 19.2 % 43.78 39.7 % 0.79
Q4 2014 352.02 10.5 % 73.75 178.0 % (9.95) 67.9 % (0.18)
Q1 2015 426.44 36.6 % 98.32 40.4 % 26.16 26.9 % 0.47
Q2 2015 643.25 32.8 % 160.77 22.3 % 82.01 (78.6 %) 1.48
Q3 2015 442.12 8.4 % 115.78 4.5 % 46.22 5.6 % 0.83
Q4 2015 374.72 6.4 % 60.00 (18.6 %) (17.84) (79.4 %) (0.32)
Q1 2016 395.07 (7.4 %) 98.66 0.3 % 27.98 7.0 % 0.50
Q2 2016 533.76 (17.0 %) 135.40 (15.8 %) 47.00 (42.7 %) 0.85
Q3 2016 401.38 (9.2 %) 94.41 (18.5 %) 4.04 (91.3 %) 0.07
Q4 2016 324.20 (13.5 %) 60.46 0.8 % (30.21) (69.3 %) (0.54)
Q1 2017 288.30 (27.0 %) 58.81 (40.4 %) (14.89) (153.2 %) (0.27)

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 - - -
Q1 2010 - - -
Q2 2010 34.05 % 18.02 % 13.60 %
Q3 2010 32.85 % 16.68 % 12.42 %
Q4 2010 33.47 % 17.08 % 12.57 %
Q1 2011 32.81 % 16.63 % 12.72 %
Q2 2011 30.99 % 15.60 % 11.98 %
Q3 2011 30.87 % 15.80 % 11.92 %
Q4 2011 29.79 % 15.28 % 11.51 %
Q1 2012 30.03 % 15.61 % 11.53 %
Q2 2012 30.53 % 16.33 % 11.85 %
Q3 2012 30.22 % 16.41 % 11.76 %
Q4 2012 29.90 % 15.56 % 10.80 %
Q1 2013 30.39 % 16.12 % 10.84 %
Q2 2013 28.83 % 14.07 % 8.79 %
Q3 2013 27.22 % 11.54 % 6.84 %
Q4 2013 23.87 % 8.62 % 3.84 %
Q1 2014 21.12 % 5.30 % 0.50 %
Q2 2014 21.27 % 5.27 % (0.03 %)
Q3 2014 22.24 % 6.12 % 1.53 %
Q4 2014 24.80 % 7.85 % 4.90 %
Q1 2015 24.80 % 7.89 % 6.65 %
Q2 2015 24.25 % 7.33 % 8.82 %
Q3 2015 24.07 % 6.57 % 8.79 %
Q4 2015 23.05 % 5.56 % 7.28 %
Q1 2016 23.46 % 5.60 % 7.46 %
Q2 2016 23.48 % 4.67 % 5.76 %
Q3 2016 22.78 % 3.99 % 3.42 %
Q4 2016 23.51 % 4.30 % 2.78 %
Q1 2017 22.56 % 2.01 % 0.20 %


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 - - - -
Q2 2009 - - - -
Q3 2009 55.50 - - 6.69
Q4 2009 55.50 - - 6.90
Q1 2010 55.50 - - 7.25
Q2 2010 55.50 2.58 2.58 8.30
Q3 2010 55.50 2.45 2.45 9.14
Q4 2010 55.50 2.62 2.62 7.62
Q1 2011 55.50 2.87 2.87 8.23
Q2 2011 55.50 3.15 3.15 9.56
Q3 2011 55.50 3.30 3.30 10.55
Q4 2011 55.50 3.25 3.25 8.66
Q1 2012 55.50 3.36 3.36 9.38
Q2 2012 55.50 3.53 3.53 10.88
Q3 2012 55.50 3.59 3.59 11.93
Q4 2012 55.50 3.38 3.38 9.52
Q1 2013 55.50 3.56 3.56 10.42
Q2 2013 55.50 3.41 2.78 11.77
Q3 2013 55.50 2.92 2.09 12.33
Q4 2013 55.50 2.25 1.17 11.78
Q1 2014 55.50 1.73 0.14 12.15
Q2 2014 55.50 7.27 (0.01) 17.46
Q3 2014 55.50 7.49 0.42 18.25
Q4 2014 55.50 7.87 1.38 16.49
Q1 2015 55.50 7.97 2.00 16.78
Q2 2015 55.50 2.56 2.91 18.44
Q3 2015 55.50 2.60 2.95 19.28
Q4 2015 55.50 2.46 2.48 18.95
Q1 2016 55.50 2.49 2.49 19.28
Q2 2016 55.50 1.86 1.81 20.13
Q3 2016 55.50 1.10 1.05 20.20
Q4 2016 55.50 0.88 0.83 18.81
Q1 2017 55.50 0.11 0.06 18.55

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 - - -
Q2 2010 14.18 14.18 4.41
Q3 2010 17.91 17.91 4.80
Q4 2010 14.64 14.64 5.03
Q1 2011 11.79 11.79 4.12
Q2 2011 13.47 13.47 4.44
Q3 2011 12.23 12.23 3.83
Q4 2011 11.90 11.90 4.46
Q1 2012 13.08 13.08 4.69
Q2 2012 12.77 12.77 4.15
Q3 2012 12.20 12.20 3.67
Q4 2012 12.04 12.04 4.27
Q1 2013 12.50 12.50 4.27
Q2 2013 14.97 18.38 4.34
Q3 2013 17.47 24.47 4.14
Q4 2013 19.52 37.45 3.74
Q1 2014 30.20 More than 100 4.30
Q2 2014 6.61 NEG 2.75
Q3 2014 7.36 More than 100 3.02
Q4 2014 4.80 27.44 2.29
Q1 2015 6.26 24.94 2.97
Q2 2015 18.47 16.25 2.56
Q3 2015 14.86 13.10 2.01
Q4 2015 13.07 12.99 1.70
Q1 2016 10.80 10.80 1.40
Q2 2016 14.86 15.28 1.38
Q3 2016 14.31 15.00 0.78
Q4 2016 21.68 23.00 1.01
Q1 2017 More than 100 More than 100 0.97

Business Segments (Million)

Compared With The
Period HVAC Solutions Home appliances Other segments LG Air Conditioners and Home Appliances Conditioners and products from the non-LG production
Q1 2010 - - - 178.77 45.58
Q2 2010 - - - 298.73 52.03
Q3 2010 - - - 277.14 59.40
Q4 2010 - - - 200.83 43.26
Q1 2011 - - - 269.90 53.13
Q2 2011 - - - 468.10 88.27
Q3 2011 - - - 344.15 69.53
Q4 2011 - - - 215.53 57.56
Q1 2012 - - - 291.10 84.77
Q2 2012 - - - 499.14 91.73
Q3 2012 - - - 375.26 80.72
Q4 2012 - - - 247.69 67.51
Q1 2013 - - - 379.58 78.72
Q2 2013 - - - 355.32 109.30
Q3 2013 - - - 314.42 79.40
Q4 2013 - - - 240.71 77.73
Q1 2014 - - - 246.01 66.17
Q2 2014 - - - 417.85 66.56
Q3 2014 - - - 348.47 59.58
Q4 2014 - - - 117.32 234.71
Q1 2015 - - - 341.04 85.39
Q2 2015 - - - 523.13 120.12
Q3 2015 - - - 359.40 82.73
Q4 2015 - - - 278.73 95.99
Q1 2016 273.05 118.40 3.63 - -
Q2 2016 389.18 139.57 5.01 - -
Q3 2016 275.31 119.57 6.50 - -
Q4 2016 228.19 87.40 8.61 - -
Q1 2017 193.07 92.49 2.73 - -

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 14.00 (14.89) (206.4 %)

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
SNB Capital 16.00 (14.89) (193.1) %
Al Rajhi Capital 12.00 (14.89) (224.1) %


Financial Ratios
Current
Market Cap (M Riyal) 1,523.48
Enterprise Value (EV) (M) 1,872.80
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 1.24
Book Value (BV) ( Riyal) 13.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.89
P/E (TTM) 22.11
Price/book 2.03
Return on Average Assets (%) (TTM) 4.0
Return on Average Equity (%) (TTM) 9.6
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