Saudi Fisheries cuts losses by 7% in H1 2017

08/08/2017 Argaam Exclusive

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Share Price

22.90
(0.10) (0.43 %)

Saudi Fisheries Co. (SFICO)

 

Saudi Fisheries Company narrowed net losses by 7 percent year-on-year (YoY) to SAR 18.5 million in H1 2017, on a decline in zakat provisions, along with lower marketing and administrative expenses. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 36.36 18.70 (48.6 %)
Gross Income 1.02 (0.71) (169.2 %)
Operating Income (16.61) (15.78) 5.0 %
Net Income (19.88) (18.51) 6.9 %
Average Shares 21.54 21.54 -
EPS (Riyals) (0.92) (0.86) 6.9 %

The company’s losses eased 4 percent YoY in Q2 to SAR 9.3 million in Q2, helped by a drop in zakat provisions.

 

When compared to Q1 2017, however, Q2 net losses edged up 0.54 percent on lower sales.  



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 16.88 7.74 (54.2 %)
Gross Income 0.68 (0.75) (209.2 %)
Operating Income (8.17) (8.16) 0.1 %
Net Income (9.66) (9.28) 3.9 %
Average Shares 21.54 21.54 -
EPS (Riyals) (0.45) (0.43) 3.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 36.23 37.8 % 7.56 206.4 % (4.16) 55.6 % (0.26)
Q2 2008 36.17 18.6 % 5.94 92.2 % (5.60) 19.1 % (0.35)
Q3 2008 23.86 1.9 % 4.32 18.0 % (8.62) (27.4 %) (0.54)
Q4 2008 26.43 3.1 % 6.65 32.0 % (7.47) 1.9 % (0.47)
Q1 2009 34.11 (5.9 %) 7.15 (5.4 %) (3.98) 4.3 % (0.25)
Q2 2009 34.22 (5.4 %) 6.79 14.3 % (4.99) 10.8 % (0.31)
Q3 2009 24.34 2.0 % 2.51 (42.0 %) (7.43) 13.8 % (0.47)
Q4 2009 25.36 (4.1 %) 3.80 (42.9 %) (12.28) (64.3 %) (0.77)
Q1 2010 25.75 (24.5 %) 5.32 (25.7 %) (5.51) (38.4 %) (0.35)
Q2 2010 30.35 (11.3 %) 4.74 (30.3 %) (6.48) (29.9 %) (0.41)
Q3 2010 20.19 (17.0 %) 3.13 24.7 % (7.76) (4.4 %) (0.49)
Q4 2010 21.60 (14.8 %) 4.53 19.3 % (7.15) 41.8 % (0.45)
Q1 2011 26.70 3.7 % 4.59 (13.6 %) (4.59) 16.6 % (0.29)
Q2 2011 27.59 (9.1 %) 4.87 2.8 % (4.95) 23.6 % (0.31)
Q3 2011 15.53 (23.1 %) 3.36 7.6 % (12.21) (57.4 %) (0.77)
Q4 2011 16.71 (22.6 %) (15.15) (434.7 %) (24.32) (240.3 %) (1.13)
Q1 2012 18.45 (30.9 %) 1.03 (77.5 %) (7.77) (69.2 %) (0.36)
Q2 2012 19.50 (29.3 %) 0.81 (83.3 %) (7.90) (59.6 %) (0.37)
Q3 2012 14.03 (9.7 %) (0.48) (114.2 %) (10.06) 17.6 % (0.47)
Q4 2012 18.37 10.0 % (1.25) 91.7 % (14.17) 41.7 % (0.66)
Q1 2013 21.00 13.9 % 4.07 294.1 % (8.73) (12.4 %) (0.41)
Q2 2013 18.47 (5.3 %) (4.00) (592.8 %) (14.04) (77.7 %) (0.65)
Q3 2013 17.62 25.6 % (2.35) (392.5 %) (9.79) 2.7 % (0.45)
Q4 2013 20.45 11.3 % 2.64 310.9 % (16.42) (15.9 %) (0.76)
Q1 2014 22.74 8.3 % (0.01) (100.2 %) (10.32) (18.2 %) (0.48)
Q2 2014 18.43 (0.2 %) (4.11) (2.9 %) (13.77) 1.9 % (0.64)
Q3 2014 17.31 (1.7 %) 0.95 140.2 % (10.62) (8.5 %) (0.49)
Q4 2014 21.43 4.8 % 0.37 (86.1 %) (11.72) 28.6 % (0.54)
Q1 2015 24.43 7.5 % 0.32 4075.0 % (10.99) (6.5 %) (0.51)
Q2 2015 21.00 13.9 % 0.78 118.9 % (9.82) 28.7 % (0.46)
Q3 2015 18.69 7.9 % (6.53) (789.7 %) (16.88) (58.9 %) (0.78)
Q4 2015 19.26 (10.1 %) (2.08) (667.6 %) (13.56) (15.7 %) (0.63)
Q1 2016 19.48 (20.3 %) 0.34 6.0 % (10.22) 7.0 % (0.47)
Q2 2016 16.88 (19.6 %) 0.68 (12.5 %) (9.66) 1.6 % (0.45)
Q3 2016 12.73 (31.9 %) (0.15) 97.7 % (9.89) 41.4 % (0.46)
Q4 2016 11.17 (42.0 %) (2.21) (6.1 %) (12.32) 9.2 % (0.57)
Q1 2017 10.97 (43.7 %) 0.04 (88.1 %) (9.23) 9.8 % (0.43)
Q2 2017 7.74 (54.2 %) (0.75) (209.2 %) (9.28) 3.9 % (0.43)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 16.72 % (15.43 %) (21.99 %)
Q2 2008 18.29 % (11.55 %) (19.87 %)
Q3 2008 18.76 % (11.90 %) (21.32 %)
Q4 2008 19.95 % (11.41 %) (21.06 %)
Q1 2009 19.96 % (11.31 %) (21.29 %)
Q2 2009 21.00 % (10.92 %) (21.13 %)
Q3 2009 19.39 % (11.33 %) (20.04 %)
Q4 2009 17.15 % (10.78 %) (24.30 %)
Q1 2010 16.79 % (13.10 %) (27.54 %)
Q2 2010 15.46 % (13.23 %) (29.96 %)
Q3 2010 16.70 % (12.36 %) (31.50 %)
Q4 2010 18.09 % (11.72 %) (27.47 %)
Q1 2011 17.18 % (11.38 %) (26.28 %)
Q2 2011 17.81 % (12.81 %) (25.44 %)
Q3 2011 18.98 % (12.43 %) (25.15 %)
Q4 2011 (2.69 %) (35.88 %) (46.41 %)
Q1 2012 (7.52 %) (43.37 %) (55.36 %)
Q2 2012 (14.17 %) (54.57 %) (65.95 %)
Q3 2012 (20.07 %) (61.27 %) (72.86 %)
Q4 2012 0.16 % (35.78 %) (56.71 %)
Q1 2013 4.32 % (35.96 %) (56.04 %)
Q2 2013 (2.31 %) (38.97 %) (65.38 %)
Q3 2013 (4.68 %) (35.95 %) (61.92 %)
Q4 2013 0.47 % (42.73 %) (63.17 %)
Q1 2014 (4.69 %) (41.36 %) (63.79 %)
Q2 2014 (4.84 %) (43.80 %) (63.49 %)
Q3 2014 (0.67 %) (43.80 %) (64.78 %)
Q4 2014 (3.51 %) (40.45 %) (58.11 %)
Q1 2015 (3.04 %) (40.58 %) (57.73 %)
Q2 2015 2.86 % (33.65 %) (51.27 %)
Q3 2015 (5.92 %) (40.68 %) (57.76 %)
Q4 2015 (9.01 %) (41.39 %) (61.46 %)
Q1 2016 (9.55 %) (43.18 %) (64.36 %)
Q2 2016 (10.21 %) (45.79 %) (67.72 %)
Q3 2016 (1.78 %) (41.15 %) (63.40 %)
Q4 2016 (2.23 %) (45.46 %) (69.85 %)
Q1 2017 (3.17 %) (51.49 %) (79.40 %)
Q2 2017 (7.20 %) (62.73 %) (95.56 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 15.95 (1.60) (1.60) 11.67
Q2 2008 15.95 (1.51) (1.51) 11.32
Q3 2008 15.95 (1.63) (1.63) 10.78
Q4 2008 15.95 (1.62) (1.62) 10.31
Q1 2009 15.95 (1.61) (1.61) 10.06
Q2 2009 15.95 (1.57) (1.57) 9.74
Q3 2009 15.95 (1.50) (1.50) 9.28
Q4 2009 15.95 (1.80) (1.80) 8.51
Q1 2010 15.95 (1.89) (1.89) 8.16
Q2 2010 15.95 (1.99) (1.99) 7.76
Q3 2010 15.95 (2.01) (2.01) 7.27
Q4 2010 15.95 (1.69) (1.69) 6.82
Q1 2011 15.95 (1.63) (1.63) 6.53
Q2 2011 15.95 (1.53) (1.53) 6.22
Q3 2011 15.95 (1.81) (1.44) 5.46
Q4 2011 21.54 (2.14) (1.86) 18.13
Q1 2012 21.54 (2.29) (2.01) 17.77
Q2 2012 21.54 (2.42) (2.15) 17.75
Q3 2012 21.54 (2.32) (2.32) 17.29
Q4 2012 21.54 (1.85) (1.85) 16.28
Q1 2013 21.54 (1.90) (1.90) 15.87
Q2 2013 21.54 (2.18) (2.18) 15.22
Q3 2013 21.54 (2.17) (2.17) 14.76
Q4 2013 21.54 (2.27) (2.27) 14.00
Q1 2014 21.54 (2.35) (2.35) 13.52
Q2 2014 21.54 (2.34) (2.34) 12.88
Q3 2014 21.54 (2.37) (2.37) 12.39
Q4 2014 21.54 (2.16) (2.16) 11.85
Q1 2015 21.54 (2.19) (2.19) 11.34
Q2 2015 21.54 (2.00) (2.00) 10.88
Q3 2015 21.54 (2.29) (2.29) 10.10
Q4 2015 21.54 (2.38) (2.38) 9.47
Q1 2016 21.54 (2.34) (2.34) 8.99
Q2 2016 21.54 (2.34) (2.34) 8.54
Q3 2016 21.54 (2.01) (2.01) 8.09
Q4 2016 21.54 (1.95) (1.95) 7.42
Q1 2017 21.54 (1.91) (1.91) 7.00
Q2 2017 21.54 (1.89) (1.89) 6.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 NEG NEG 13.96
Q2 2008 NEG NEG 13.98
Q3 2008 NEG NEG 8.06
Q4 2008 NEG NEG 7.57
Q1 2009 NEG NEG 11.08
Q2 2009 NEG NEG 16.31
Q3 2009 NEG NEG 18.91
Q4 2009 NEG NEG 19.42
Q1 2010 NEG NEG 20.34
Q2 2010 NEG NEG 18.10
Q3 2010 NEG NEG 17.54
Q4 2010 NEG NEG 24.22
Q1 2011 NEG NEG 23.07
Q2 2011 NEG NEG 24.03
Q3 2011 NEG NEG 46.75
Q4 2011 NEG NEG 8.94
Q1 2012 NEG NEG 10.08
Q2 2012 NEG NEG 7.10
Q3 2012 NEG NEG 8.04
Q4 2012 NEG NEG 8.65
Q1 2013 NEG NEG 9.05
Q2 2013 NEG NEG 9.44
Q3 2013 NEG NEG 9.29
Q4 2013 NEG NEG 10.19
Q1 2014 NEG NEG 11.13
Q2 2014 NEG NEG 13.82
Q3 2014 NEG NEG 15.24
Q4 2014 NEG NEG 10.76
Q1 2015 NEG NEG 10.89
Q2 2015 NEG NEG 9.14
Q3 2015 NEG NEG 7.77
Q4 2015 NEG NEG 7.90
Q1 2016 NEG NEG 6.55
Q2 2016 NEG NEG 7.07
Q3 2016 NEG NEG 5.60
Q4 2016 NEG NEG 8.68
Q1 2017 NEG NEG 7.39
Q2 2017 NEG NEG 6.71

Business Segments (Million)

Compared With The
Period Fishes Shrimp Shrimp Farm Others..
Q1 2009 16.46 14.07 - 3.58
Q2 2009 16.00 14.27 - 3.94
Q3 2009 14.41 7.05 - 2.87
Q4 2009 16.34 5.51 - 3.51
Q1 2010 15.49 6.94 - 3.32
Q2 2010 15.41 11.49 - 3.45
Q3 2010 11.46 6.34 - 2.39
Q4 2010 13.34 5.02 - 3.24
Q1 2011 14.94 9.22 - 2.53
Q2 2011 14.14 10.53 - 2.92
Q3 2011 10.85 3.09 - 1.60
Q4 2011 13.37 1.61 - 1.73
Q1 2012 13.84 2.85 - 1.75
Q2 2012 15.04 0.55 - 3.91
Q3 2012 10.60 4.44 - -
Q4 2012 14.04 2.60 - 1.74
Q1 2013 14.87 1.75 - 4.38
Q2 2013 13.38 6.17 - -
Q3 2013 11.56 4.87 - 1.19
Q4 2013 14.64 1.52 2.49 1.80
Q1 2014 15.94 5.04 - 1.75
Q2 2014 14.68 2.09 - 1.66
Q3 2014 13.78 2.05 - 1.49
Q4 2014 14.87 4.85 - 1.71
Q1 2015 16.78 1.84 4.21 1.60
Q2 2015 14.94 4.60 - 1.46
Q3 2015 13.99 3.31 - 1.38
Q4 2015 13.31 4.33 - 1.62
Q1 2016 12.28 2.41 3.27 1.53
Q2 2016 10.14 8.76 (3.27) 1.25
Q3 2016 8.37 2.99 - 1.36
Q4 2016 8.12 2.02 - 1.03
Q1 2017 7.89 2.15 - 0.92
Q2 2017 5.63 1.30 - 0.81

Current
Market Cap (M Riyal) 916.80
Enterprise Value (EV) (M) 958.21
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (2.85)
Book Value (BV) ( Riyal) 3.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.75
Return on Average Assets (%) (TTM) (36.68 )
Return on Average Equity (%) (TTM) (67.15 )

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