Saudi Ground Services Q1 net profit declines 19%

10/05/2017 Argaam Exclusive

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Saudi Ground Services Co. (SGS)

Saudi Ground Services Co. (SGS) reported a net profit of SAR 155.1 million for the first quarter of 2017, a 19.3 percent year-on-year decline due to lower revenue driven by reduced prices and changes in aircraft type mix. The impact of the revenue decline was partially offset by additional income from investments.

Compared to the previous quarter, net profit rose 48.6 percent due to higher revenues as number of flights increased because of Umrah season, along with a reduction in total costs.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2016	Q1 2017	Change‬
Revenues	685.76	643.79	(6.1 %)
Gross Income	257.00	222.66	(13.4 %)
Operating Income	195.75	149.17	(23.8 %)
Net Income	192.14	155.12	(19.3 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	1.02	0.83	(19.3 %)

Item	Q4 2016	Q1 2017	Change‬
Revenues	607.19	643.79	6.0 %
Gross Income	163.66	222.66	36.1 %
Operating Income	96.20	149.17	55.1 %
Net Income	104.10	155.12	49.0 %
Average Shares	188.00	188.00	-
EPS (Riyals)	0.55	0.83	49.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	537.84	-	2.86
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	2,007.12	12.1 %	833.23	10.1 %	589.29	9.6 %	3.13
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	2,143.85	6.8 %	835.22	0.2 %	605.96	2.8 %	3.22
Q1 2014	-	-	-	-	-	-	-
Q2 2014	500.10	-	198.45	-	151.55	-	0.81
Q3 2014	625.52	-	246.84	-	176.83	-	0.94
Q4 2014	597.88	-	172.57	-	168.10	-	0.89
2014	2,408.03	12.3 %	881.73	5.6 %	656.98	8.4 %	3.49
Q1 2015	622.53	-	156.14	-	110.82	-	0.59
Q2 2015	610.80	22.1 %	224.24	13.0 %	174.28	15.0 %	0.93
Q3 2015	661.14	5.7 %	220.77	(10.6 %)	167.08	(5.5 %)	0.89
Q4 2015	646.04	8.1 %	236.03	36.8 %	168.88	0.5 %	0.90
2015	2,540.51	5.5 %	837.18	(5.1 %)	621.07	(5.5 %)	3.30
Q1 2016	685.76	10.2 %	257.00	64.6 %	192.14	73.4 %	1.02
Q2 2016	692.45	13.4 %	252.28	12.5 %	195.82	12.4 %	1.04
Q3 2016	741.27	12.1 %	251.31	13.8 %	193.71	15.9 %	1.03
Q4 2016	607.19	(6.0 %)	163.66	(30.7 %)	104.10	(38.4 %)	0.55
2016	2,726.67	7.3 %	924.24	10.4 %	685.77	10.4 %	3.65
Q1 2017	643.79	(6.1 %)	222.66	(13.4 %)	155.12	(19.3 %)	0.83

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	537.84	-	2.86
2012	2,007.12	12.1 %	833.23	10.1 %	589.29	9.6 %	3.13
2013	2,143.85	6.8 %	835.22	0.2 %	605.96	2.8 %	3.22
2014	2,408.03	12.3 %	881.73	5.6 %	656.98	8.4 %	3.49
2015	2,540.51	5.5 %	837.18	(5.1 %)	621.07	(5.5 %)	3.30
2016	2,726.67	7.3 %	924.24	10.4 %	685.77	10.4 %	3.65

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	42.28 %	37.63 %	30.04 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	41.51 %	35.65 %	29.36 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	38.96 %	34.90 %	28.13 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	36.62 %	31.46 %	26.36 %
Q1 2015	32.99 %	29.56 %	29.12 %
Q2 2015	32.56 %	30.41 %	28.73 %
Q3 2015	31.04 %	29.51 %	29.19 %
Q4 2015	32.95 %	29.33 %	29.05 %
2015	32.95 %	29.33 %	29.05 %
Q1 2016	36.03 %	32.29 %	27.71 %
Q2 2016	35.98 %	31.76 %	27.67 %
Q3 2016	36.04 %	31.48 %	26.69 %
Q4 2016	33.90 %	29.16 %	25.15 %
2016	33.90 %	29.16 %	25.15 %
Q1 2017	33.15 %	27.84 %	24.16 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	42.28 %	37.63 %	30.04 %
2012	41.51 %	35.65 %	29.36 %
2013	38.96 %	34.90 %	28.13 %
2014	36.62 %	31.46 %	26.36 %
2015	32.95 %	29.33 %	29.05 %
2016	33.90 %	29.16 %	25.15 %

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	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	39.68 %	31.36 %	30.30 %
Q3 2014	39.46 %	34.31 %	28.27 %
Q4 2014	28.86 %	32.11 %	24.40 %
Q1 2015	25.08 %	20.90 %	33.54 %
Q2 2015	36.71 %	34.43 %	28.53 %
Q3 2015	33.39 %	30.72 %	30.04 %
Q4 2015	36.53 %	31.21 %	24.21 %
Q1 2016	37.48 %	32.91 %	28.02 %
Q2 2016	36.43 %	32.14 %	28.28 %
Q3 2016	33.90 %	29.79 %	26.13 %
Q4 2016	26.95 %	20.76 %	17.14 %
Q1 2017	34.59 %	27.65 %	24.09 %

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	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	188.00	-	-	12.63
Q3 2014	188.00	-	-	12.96
Q4 2014	188.00	-	-	13.22
Q1 2015	188.00	3.23	3.63	13.20
Q2 2015	188.00	3.35	3.75	14.13
Q3 2015	188.00	3.30	3.87	15.02
Q4 2015	188.00	3.30	3.93	14.38
Q1 2016	188.00	3.74	3.84	14.51
Q2 2016	188.00	3.85	3.95	14.90
Q3 2016	188.00	3.99	3.93	15.28
Q4 2016	188.00	3.65	3.65	15.83
Q1 2017	188.00	3.45	3.45	15.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	188.00	2.86	2.86	10.70
2012	188.00	3.13	3.13	12.51
2013	188.00	3.22	3.21	11.48
2014	188.00	3.49	3.38	13.22
2015	188.00	3.30	3.93	14.38
2016	188.00	3.65	3.65	15.83

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	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	21.78	19.44	5.17
Q3 2015	18.59	15.85	4.08
Q4 2015	13.70	11.53	3.15
Q1 2016	10.90	10.61	2.81
Q2 2016	12.55	12.23	3.24
Q3 2016	10.15	10.32	2.65
Q4 2016	18.14	18.14	4.18
Q1 2017	14.87	14.87	3.34

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	13.70	11.53	3.15
2016	18.14	18.14	4.18

Analysts Estimates (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change‬
Average	81.17	155.12	91.11 %

Estimates vs Actual (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change
SNB Capital	169.00	155.12	(8.2) %
Sico	126.00	155.12	23.1 %
OSOOL AND BAKHEET	(51.50)	155.12	401.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,700.80
Enterprise Value (EV) (M)	8,932.64
Shares Outstanding ((M))	188.00
EPS ( Riyal) (TTM)	1.29
Book Value (BV) ( Riyal)	12.78
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	41.62
P/E (TTM)	39.99
Price/book	4.04
Return on Average Assets (%) (TTM)	5.6
Return on Average Equity (%) (TTM)	10.7

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Saudi Ground Services Q1 net profit declines 19%

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Share Price

Saudi Ground Services Co. (SGS)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Ground Services Q1 net profit declines 19%

View other reports

Share Price

Saudi Ground Services Co. (SGS)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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