Saudi Airlines Catering Q1-2015 net profit up 3% to SAR 167 mln

21/04/2015 Argaam Exclusive

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Share Price

CATRION Catering Holding Co.
115.20
(1.00) (0.86 %)

CATRION Catering Holding Co. (CATRION)

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Saudi Airlines Catering Co., an in-flight catering provider, reported a net profit of SAR 167.4 million for first quarter, 3% higher compared to the same period in 2014.

 

The year-on-year increase in first quarter was mainly attributed to a 13% rise in total revenue, an 0.4% drop in gross profit, and an 18% fall in general and administrative expenses.
 
The 3.12% profit drop on a quarterly basis was attributed to 
​a surge in
 general and administrative expenses.


Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 496.69 560.35 12.8 %
Gross Income 195.56 194.73 (0.4 %)
Operating Income 155.75 162.11 4.1 %
Net Income 161.78 167.44 3.5 %
Average Shares 82.00 82.00 -
EPS (Riyals) 1.97 2.04 3.5 %


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 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 291.44 - 119.72 - 87.44 - 1.07
Q2 2011 367.89 - 142.32 - 102.75 - 1.25
Q3 2011 390.62 - 149.44 - 121.12 - 1.48
Q4 2011 415.32 - 146.99 - 109.25 - 1.33
Q1 2012 383.78 31.7 % 141.44 18.1 % 105.92 21.1 % 1.29
Q2 2012 414.28 12.6 % 176.80 24.2 % 143.12 39.3 % 1.75
Q3 2012 442.45 13.3 % 156.70 4.9 % 134.18 10.8 % 1.64
Q4 2012 446.89 7.6 % 153.06 4.1 % 103.83 (5.0 %) 1.27
Q1 2013 451.52 17.7 % 169.80 20.0 % 140.75 32.9 % 1.72
Q2 2013 475.08 14.7 % 188.40 6.6 % 167.99 17.4 % 2.05
Q3 2013 460.52 4.1 % 156.18 (0.3 %) 133.43 (0.6 %) 1.63
Q4 2013 480.37 7.5 % 177.54 16.0 % 127.19 22.5 % 1.55
Q1 2014 496.69 10.0 % 195.56 15.2 % 161.78 14.9 % 1.97
Q2 2014 551.34 16.1 % 207.65 10.2 % 164.35 (2.2 %) 2.00
Q3 2014 552.54 20.0 % 188.03 20.4 % 154.98 16.1 % 1.89
Q4 2014 535.38 11.4 % 183.34 3.3 % 172.83 35.9 % 2.11
Q1 2015 560.35 12.8 % 194.73 (0.4 %) 167.44 3.5 % 2.04

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 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 38.11 % 29.12 % 28.70 %
Q1 2012 37.25 % 28.79 % 28.19 %
Q2 2012 38.32 % 30.72 % 29.89 %
Q3 2012 37.56 % 30.51 % 29.74 %
Q4 2012 37.22 % 30.97 % 30.22 %
Q1 2013 37.40 % 31.70 % 31.03 %
Q2 2013 36.78 % 31.44 % 31.36 %
Q3 2013 36.39 % 30.76 % 31.01 %
Q4 2013 37.05 % 30.06 % 30.49 %
Q1 2014 37.52 % 30.23 % 30.87 %
Q2 2014 37.05 % 29.28 % 29.50 %
Q3 2014 36.94 % 29.26 % 29.23 %
Q4 2014 36.26 % 30.52 % 30.62 %
Q1 2015 35.18 % 29.98 % 29.99 %


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 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 82.00 - - -
Q2 2011 82.00 - - 11.27
Q3 2011 82.00 - - 11.72
Q4 2011 82.00 5.13 5.13 11.96
Q1 2012 82.00 5.35 5.35 11.71
Q2 2012 82.00 5.85 5.85 13.29
Q3 2012 82.00 6.01 6.01 12.81
Q4 2012 82.00 5.94 6.22 12.95
Q1 2013 82.00 6.36 6.64 14.51
Q2 2013 82.00 6.67 6.95 13.71
Q3 2013 82.00 6.66 6.94 13.95
Q4 2013 82.00 6.94 6.94 14.13
Q1 2014 82.00 7.20 7.20 14.27
Q2 2014 82.00 7.16 7.16 14.65
Q3 2014 82.00 7.42 7.42 14.67
Q4 2014 82.00 7.97 7.97 14.95
Q1 2015 82.00 8.04 8.04 16.84

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 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 12.15 12.15 5.70
Q4 2012 13.13 12.54 6.02
Q1 2013 14.22 13.62 6.24
Q2 2013 17.51 16.81 8.51
Q3 2013 19.45 18.67 9.28
Q4 2013 20.38 20.38 10.01
Q1 2014 21.88 21.88 11.03
Q2 2014 24.03 24.03 11.74
Q3 2014 25.61 25.61 12.95
Q4 2014 23.31 23.31 12.44
Q1 2015 21.30 21.30 10.18

Business Segments (Million)

Compared With The
Period Catering services sky sales
Q3 2011 350.94 39.69
Q4 2011 376.62 38.70
Q1 2012 341.57 42.21
Q2 2012 370.97 43.32
Q3 2012 397.83 44.62
Q4 2012 400.15 46.74
Q1 2013 404.18 47.34
Q2 2013 427.16 47.92
Q3 2013 414.59 45.93
Q4 2013 432.60 47.77
Q1 2014 447.67 49.02
Q2 2014 498.34 53.00
Q3 2014 500.86 51.68
Q4 2014 479.68 55.70
Q1 2015 505.05 55.30

Analysts Estimates (Million)

Item Q1 2015 (e) Q1 2015 (a) Change‬
Average 184.46 167.44 (9.2 %)

Estimates vs Actual (Million)

Item Q1 2015 (e) Q1 2015 (a) Change
AlJazira Capital 168.00 167.44 (0.3) %
Al Rajhi Capital 171.00 167.44 (2.1) %
OSOOL AND BAKHEET 183.10 167.44 (8.6) %
Albilad Capital 185.00 167.44 (9.5) %
Alistithmar Capital 215.20 167.44 (22.2) %


Financial Ratios
Current
Market Cap (M Riyal) 9,495.60
Enterprise Value (EV) (M) 8,940.98
Shares Outstanding ((M)) 82.00
EPS ( Riyal) (TTM) 3.62
Book Value (BV) ( Riyal) 15.45
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.44
P/E (TTM) 32.00
Price/book 7.49
Return on Average Assets (%) (TTM) 13.4
Return on Average Equity (%) (TTM) 24.7
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