Ash-Sharqiyah Development widens losses in H1

17/08/2017 Argaam Exclusive

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Share Price

20.24
(0.90) (4.26 %)

Ash-Sharqiyah Development Co. (SHARQIYAH DEV)

 

Ash-Sharqiyah Development Co. reported a net loss of SAR 7.47 million for the first half of 2017, compared to a net loss of SAR 6.1 million in the same period last year on lower sales driven by slowing milk production.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 3.75 0.85 (77.2 %)
Gross Income (4.43) (4.08) 7.8 %
Operating Income (6.80) (5.98) 12.1 %
Net Income (6.06) (7.47) (23.2 %)
Average Shares 19.65 19.65 -
EPS (Riyals) (0.31) (0.38) (23.2 %)

The company reported a net loss of SAR 3.87 million for the second quarter of 2017 compared to a loss of SAR 1.98 million for the same period last year and a loss of SAR 3.6 million for the previous quarter on lower sales which was partially offset by lower general & administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 2.69 0.40 (85.0 %)
Gross Income (1.56) (2.04) (30.5 %)
Operating Income (2.59) (2.89) (11.8 %)
Net Income (1.99) (3.87) (94.8 %)
Average Shares 19.65 19.65 -
EPS (Riyals) (0.10) (0.20) (94.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 13.43 45.1 % (1.05) 51.7 % (2.48) 18.9 % (0.13)
Q2 2008 10.58 4.3 % 3.06 93.7 % (0.89) (966.3 %) (0.05)
Q3 2008 14.29 35.4 % 1.74 (49.1 %) (0.43) (119.9 %) (0.02)
Q4 2008 13.03 (46.5 %) (6.06) (198.5 %) (8.65) (344.8 %) (0.44)
Q1 2009 8.93 (33.5 %) 0.63 160.0 % (0.80) 67.9 % (0.04)
Q2 2009 8.99 (15.0 %) 1.69 (44.5 %) (0.10) 88.2 % (0.01)
Q3 2009 7.49 (47.6 %) (0.40) (122.9 %) (1.97) (359.0 %) (0.10)
Q4 2009 6.83 (47.6 %) (0.37) 93.9 % (1.94) 77.6 % (0.10)
Q1 2010 8.61 (3.6 %) (1.71) (371.9 %) (3.02) (279.6 %) (0.15)
Q2 2010 9.66 7.5 % 0.86 (49.2 %) (0.27) (163.5 %) (0.01)
Q3 2010 7.60 1.4 % 1.51 479.4 % 0.31 115.5 % 0.02
Q4 2010 9.56 40.1 % (0.66) (77.8 %) (2.10) (8.3 %) (0.11)
Q1 2011 9.05 5.1 % 0.67 139.2 % 0.27 109.0 % 0.01
Q2 2011 9.98 3.3 % 0.15 (82.8 %) (1.07) (291.6 %) (0.05)
Q3 2011 4.44 (41.6 %) (1.38) (191.1 %) (2.46) (906.6 %) (0.13)
Q4 2011 5.72 (40.2 %) (2.13) (223.9 %) (5.95) (182.8 %) (0.30)
Q1 2012 7.79 (13.9 %) (2.51) (474.0 %) 2.59 848.4 % 0.13
Q2 2012 7.32 (26.7 %) (0.86) (680.4 %) (2.39) (122.7 %) (0.12)
Q3 2012 4.72 6.3 % (0.92) 33.5 % (1.85) 24.6 % (0.09)
Q4 2012 0.72 (87.3 %) 0.69 132.1 % (1.71) 71.2 % (0.09)
Q1 2013 5.22 (33.0 %) (1.79) 28.5 % (1.76) (168.0 %) (0.09)
Q2 2013 4.81 (34.3 %) (0.02) 97.6 % (1.35) 43.5 % (0.07)
Q3 2013 3.85 (18.4 %) (0.05) 94.4 % (1.52) 18.2 % (0.08)
Q4 2013 3.76 419.1 % (0.82) (219.0 %) (0.94) 44.9 % (0.05)
Q1 2014 4.25 (18.5 %) (0.26) 85.7 % (1.53) 12.9 % (0.08)
Q2 2014 4.36 (9.3 %) (0.38) (1,709.5 %) (0.96) 29.2 % (0.05)
Q3 2014 4.00 3.9 % 0.36 798.0 % (0.20) 87.1 % (0.01)
Q4 2014 6.80 81.0 % 1.11 236.7 % 0.22 122.8 % 0.01
Q1 2015 5.38 26.4 % 1.62 732.4 % 0.67 144.0 % 0.03
Q2 2015 6.06 38.9 % 2.70 809.5 % 7.00 832.3 % 0.36
Q3 2015 6.15 53.6 % 2.43 582.3 % 0.56 386.7 % 0.03
Q4 2015 5.70 (16.3 %) 1.66 49.0 % 0.77 258.6 % 0.04
Q1 2016 1.06 (80.2 %) (2.86) (276.8 %) (4.08) (704.9 %) (0.21)
Q2 2016 2.69 (55.6 %) (1.56) (158.0 %) (1.99) (128.4 %) (0.10)
Q3 2016 2.30 (62.6 %) (1.40) (157.5 %) (5.70) (1113.9 %) (0.29)
Q4 2016 0.48 (91.5 %) (5.24) (415.8 %) (5.70) (839.0 %) (0.29)
Q1 2017 0.45 (57.7 %) (2.04) 28.8 % (3.60) 11.7 % (0.18)
Q2 2017 0.40 (85.0 %) (2.04) (30.5 %) (3.87) (94.8 %) (0.20)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 17.26 % 42.08 % 5.34 %
Q2 2008 19.65 % 27.78 % 3.94 %
Q3 2008 15.79 % 27.39 % (0.42 %)
Q4 2008 (4.50 %) 40.90 % (24.25 %)
Q1 2009 (1.35 %) 51.07 % (22.98 %)
Q2 2009 (4.40 %) 53.86 % (22.06 %)
Q3 2009 (10.75 %) 53.10 % (29.97 %)
Q4 2009 4.82 % 20.29 % (14.92 %)
Q1 2010 (2.46 %) 15.69 % (22.05 %)
Q2 2010 (4.97 %) 12.26 % (22.11 %)
Q3 2010 0.90 % 17.50 % (15.08 %)
Q4 2010 0.02 % 18.31 % (14.38 %)
Q1 2011 6.66 % 23.05 % (5.02 %)
Q2 2011 4.63 % 23.66 % (7.18 %)
Q3 2011 (3.69 %) 15.39 % (16.24 %)
Q4 2011 (9.23 %) 8.39 % (31.54 %)
Q1 2012 (21.01 %) (3.09 %) (24.67 %)
Q2 2012 (27.22 %) (12.99 %) (32.49 %)
Q3 2012 (25.11 %) (7.97 %) (29.76 %)
Q4 2012 (17.51 %) 3.30 % (42.11 %)
Q1 2013 (16.04 %) 8.30 % (72.32 %)
Q2 2013 (13.22 %) 10.41 % (76.86 %)
Q3 2013 (8.07 %) 19.66 % (79.13 %)
Q4 2013 (15.19 %) 8.06 % (27.29 %)
Q1 2014 (6.86 %) 13.52 % (27.51 %)
Q2 2014 (9.26 %) 16.90 % (26.28 %)
Q3 2014 (6.69 %) 6.58 % (19.15 %)
Q4 2014 4.29 % 19.21 % (16.44 %)
Q1 2015 13.19 % 24.91 % (7.55 %)
Q2 2015 26.01 % 31.22 % 0.41 %
Q3 2015 32.23 % 39.77 % 4.28 %
Q4 2015 36.11 % 43.07 % 8.40 %
Q1 2016 20.69 % 28.17 % (11.77 %)
Q2 2016 (2.16 %) 7.03 % (31.44 %)
Q3 2016 (35.43 %) (10.38 %) (61.16 %)
Q4 2016 (169.28 %) (186.32 %) (206.23 %)
Q1 2017 (172.90 %) (192.99 %) (219.53 %)
Q2 2017 (294.61 %) (325.48 %) (409.15 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 19.65 0.16 0.16 5.78
Q2 2008 19.65 0.12 0.12 5.74
Q3 2008 19.65 (0.01) (0.01) 5.71
Q4 2008 19.65 (0.63) (0.63) 5.27
Q1 2009 19.65 (0.55) (0.55) 4.51
Q2 2009 19.65 (0.51) (0.51) 4.51
Q3 2009 19.65 (0.59) (0.59) 4.41
Q4 2009 19.65 (0.24) (0.24) 4.31
Q1 2010 19.65 (0.36) (0.36) 4.15
Q2 2010 19.65 (0.37) (0.37) 4.14
Q3 2010 19.65 (0.25) (0.25) 4.16
Q4 2010 19.65 (0.26) (0.26) 4.05
Q1 2011 19.65 (0.09) (0.09) 4.06
Q2 2011 19.65 (0.13) (0.13) 4.01
Q3 2011 19.65 (0.27) (0.27) 3.88
Q4 2011 19.65 (0.47) (0.47) 3.58
Q1 2012 19.65 (0.35) (0.35) 3.71
Q2 2012 19.65 (0.42) (0.42) 3.59
Q3 2012 19.65 (0.39) (0.39) 3.50
Q4 2012 19.65 (0.17) (0.44) 3.41
Q1 2013 19.65 (0.39) (0.66) 3.32
Q2 2013 19.65 (0.34) (0.61) 3.25
Q3 2013 19.65 (0.32) (0.59) 3.17
Q4 2013 19.65 (0.28) (0.24) 3.12
Q1 2014 19.65 (0.27) (0.23) 3.05
Q2 2014 19.65 (0.25) (0.22) 3.00
Q3 2014 19.65 (0.18) (0.16) 2.99
Q4 2014 19.65 (0.13) (0.16) 3.00
Q1 2015 19.65 (0.01) (0.08) 3.03
Q2 2015 19.65 0.39 0.00 3.39
Q3 2015 19.65 0.43 0.05 3.42
Q4 2015 19.65 0.46 0.10 3.45
Q1 2016 19.65 0.22 (0.11) 3.28
Q2 2016 19.65 (0.24) (0.25) 1.53
Q3 2016 19.65 (0.56) (0.37) 1.45
Q4 2016 19.65 (0.89) (0.69) 11.99
Q1 2017 19.65 (0.86) (0.66) 11.83
Q2 2017 19.65 (0.96) (0.76) 11.63

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 More than 50 More than 50 3.98
Q2 2008 More than 50 More than 50 3.91
Q3 2008 NEG NEG 1.87
Q4 2008 NEG NEG 1.97
Q1 2009 NEG NEG 3.00
Q2 2009 NEG NEG 6.89
Q3 2009 NEG NEG 6.51
Q4 2009 NEG NEG 5.13
Q1 2010 NEG NEG 4.95
Q2 2010 NEG NEG 4.91
Q3 2010 NEG NEG 5.01
Q4 2010 NEG NEG 5.74
Q1 2011 NEG NEG 5.62
Q2 2011 NEG NEG 5.29
Q3 2011 NEG NEG 6.40
Q4 2011 NEG NEG 13.31
Q1 2012 NEG NEG 8.91
Q2 2012 NEG NEG 7.01
Q3 2012 NEG NEG 8.55
Q4 2012 NEG NEG 9.92
Q1 2013 NEG NEG 9.84
Q2 2013 NEG NEG 10.58
Q3 2013 NEG NEG 11.99
Q4 2013 NEG NEG 10.31
Q1 2014 NEG NEG 12.20
Q2 2014 NEG NEG 15.45
Q3 2014 NEG NEG 21.44
Q4 2014 NEG NEG 14.15
Q1 2015 NEG NEG 13.54
Q2 2015 More than 50 More than 50 13.72
Q3 2015 More than 50 More than 50 9.53
Q4 2015 More than 50 More than 50 9.30
Q1 2016 More than 50 NEG 7.24
Q2 2016 NEG NEG 14.48
Q3 2016 NEG NEG 10.86
Q4 2016 NEG NEG 2.15
Q1 2017 NEG NEG 1.84
Q2 2017 NEG NEG 1.86

Current
Market Cap (M Riyal) 607.20
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.09
Book Value (BV) ( Riyal) 4.67
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 1.65
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 0.7

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