Red Sea’s net profit jumps 35% in H1

21/07/2016 Argaam Exclusive

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Red Sea International Company (RED SEA)

Red Sea Housing Services Co., a manufacturer of modular buildings, reported a net profit of SAR 63.6 million for the first half of 2016, a 35 percent year-on-year (YoY) jump supported by higher gross profit margins, in addition to lower general and administrative expenses.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	512.59	539.10	5.2 %
Gross Income	125.98	144.97	15.1 %
Operating Income	57.72	78.09	35.3 %
Net Income	47.06	62.93	33.7 %
Average Shares	30.23	30.23	-
EPS (Riyals)	1.56	2.08	33.7 %

The company’s Q2 net profit surged 85 percent YoY to SAR 31.5 million on an increase in building and rental revenues, as well as lower sales costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	237.15	267.32	12.7 %
Gross Income	58.82	70.01	19.0 %
Operating Income	22.53	38.96	73.0 %
Net Income	17.02	31.16	83.1 %
Average Shares	30.23	30.23	-
EPS (Riyals)	0.56	1.03	83.1 %

Item	Q1 2016	Q2 2016	Change‬
Revenues	271.78	267.32	(1.6 %)
Gross Income	74.95	70.01	(6.6 %)
Operating Income	39.13	38.96	(0.4 %)
Net Income	31.77	31.16	(1.9 %)
Average Shares	30.23	30.23	-
EPS (Riyals)	1.05	1.03	(1.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	145.89	23.3 %	48.09	46.4 %	27.06	19.2 %	0.90
Q2 2007	141.46	9.7 %	29.88	(27.5 %)	23.08	(13.5 %)	0.76
Q3 2007	256.07	105.6 %	55.61	60.8 %	38.26	76.0 %	1.27
Q4 2007	146.80	789.6 %	42.93	55.4 %	28.91	56.0 %	0.96
2007	690.22	77.7 %	176.52	29.5 %	117.31	30.8 %	3.88
Q1 2008	279.80	91.8 %	81.82	70.1 %	56.27	107.9 %	1.86
Q2 2008	317.56	124.5 %	95.05	218.1 %	67.30	191.6 %	2.23
Q3 2008	259.69	1.4 %	76.45	37.5 %	49.20	28.6 %	1.63
Q4 2008	281.84	92.0 %	52.32	21.9 %	41.27	42.8 %	1.37
2008	1,138.89	65.0 %	305.64	73.1 %	214.04	82.5 %	7.08
Q1 2009	307.63	9.9 %	81.83	0.0 %	57.95	3.0 %	1.92
Q2 2009	155.53	(51.0 %)	41.50	(56.3 %)	18.61	(72.4 %)	0.62
Q3 2009	169.73	(34.6 %)	35.92	(53.0 %)	24.43	(50.3 %)	0.81
Q4 2009	218.67	(22.4 %)	47.05	(10.1 %)	22.72	(44.9 %)	0.75
2009	851.55	(25.2 %)	198.98	(34.9 %)	123.52	(42.3 %)	4.09
Q1 2010	147.00	(52.2 %)	46.64	(43.0 %)	24.15	(58.3 %)	0.80
Q2 2010	162.97	4.8 %	34.84	(16.0 %)	14.52	(22.0 %)	0.48
Q3 2010	173.14	2.0 %	42.15	17.4 %	(2.30)	(109.4 %)	(0.08)
Q4 2010	261.60	19.6 %	65.32	38.8 %	24.67	8.6 %	0.82
2010	744.70	(12.5 %)	188.95	(5.0 %)	61.03	(50.6 %)	2.02
Q1 2011	205.27	39.6 %	51.53	10.5 %	32.23	33.5 %	1.07
Q2 2011	188.78	15.8 %	37.52	7.7 %	21.38	47.3 %	0.71
Q3 2011	189.04	9.2 %	24.07	(42.9 %)	12.75	653.4 %	0.42
Q4 2011	192.49	(26.4 %)	35.07	(46.3 %)	11.53	(53.3 %)	0.38
2011	775.58	4.1 %	148.19	(21.6 %)	77.90	27.6 %	2.58
Q1 2012	221.00	7.7 %	51.72	0.4 %	31.56	(2.1 %)	1.04
Q2 2012	196.45	4.1 %	46.11	22.9 %	30.72	43.7 %	1.02
Q3 2012	244.47	29.3 %	62.13	158.1 %	25.28	98.2 %	0.84
Q4 2012	202.92	5.4 %	63.70	81.6 %	33.07	186.8 %	1.09
2012	864.85	11.5 %	223.66	50.9 %	120.62	54.8 %	3.99
Q1 2013	205.42	(7.0 %)	53.67	3.8 %	31.72	0.5 %	1.05
Q2 2013	223.45	13.7 %	55.04	19.4 %	33.12	7.8 %	1.10
Q3 2013	271.60	11.1 %	80.29	29.2 %	44.42	75.7 %	1.47
Q4 2013	270.94	33.5 %	87.24	37.0 %	43.52	31.6 %	1.44
2013	971.41	12.3 %	276.24	23.5 %	152.77	26.7 %	5.05
Q1 2014	268.97	30.9 %	72.41	34.9 %	43.52	37.2 %	1.44
Q2 2014	267.63	19.8 %	67.50	22.7 %	40.78	23.1 %	1.35
Q3 2014	283.60	4.4 %	75.60	(5.8 %)	43.12	(2.9 %)	1.43
Q4 2014	284.75	5.1 %	79.64	(8.7 %)	29.27	(32.7 %)	0.97
2014	1,104.95	13.7 %	295.15	6.8 %	156.69	2.6 %	5.18
Q1 2015	275.44	2.4 %	67.16	(7.3 %)	30.04	(31.0 %)	0.99
Q2 2015	237.15	(11.4 %)	58.82	(12.9 %)	17.02	(58.3 %)	0.56
Q3 2015	228.40	(19.5 %)	48.40	(36.0 %)	1.95	(95.5 %)	0.06
Q4 2015	286.90	0.8 %	80.13	0.6 %	27.10	(7.4 %)	0.90
2015	1,027.89	(7.0 %)	256.80	(13.0 %)	76.10	(51.4 %)	2.52
Q1 2016	271.78	(1.3 %)	74.95	11.6 %	31.77	5.8 %	1.05
Q2 2016	267.32	12.7 %	70.01	19.0 %	31.16	83.1 %	1.03

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	388.37	-	136.27	-	89.66	-	2.97
2007	690.22	77.7 %	176.52	29.5 %	117.31	30.8 %	3.88
2008	1,138.89	65.0 %	305.64	73.1 %	214.04	82.5 %	7.08
2009	851.55	(25.2 %)	198.98	(34.9 %)	123.52	(42.3 %)	4.09
2010	744.70	(12.5 %)	188.95	(5.0 %)	61.03	(50.6 %)	2.02
2011	775.58	4.1 %	148.19	(21.6 %)	77.90	27.6 %	2.58
2012	864.85	11.5 %	223.66	50.9 %	120.62	54.8 %	3.99
2013	971.41	12.3 %	276.24	23.5 %	152.77	26.7 %	5.05
2014	1,104.95	13.7 %	295.15	6.8 %	156.69	2.6 %	5.18
2015	1,027.89	(7.0 %)	256.80	(13.0 %)	76.10	(51.4 %)	2.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	36.43 %	27.41 %	22.60 %
Q2 2007	32.72 %	27.15 %	21.10 %
Q3 2007	28.79 %	25.88 %	19.10 %
Q4 2007	25.57 %	22.96 %	17.00 %
2007	25.57 %	22.96 %	17.00 %
Q1 2008	25.51 %	24.52 %	17.78 %
Q2 2008	27.53 %	25.03 %	19.07 %
Q3 2008	29.51 %	26.38 %	20.09 %
Q4 2008	26.84 %	24.48 %	18.79 %
2008	26.84 %	24.48 %	18.79 %
Q1 2009	26.20 %	23.82 %	18.49 %
Q2 2009	25.09 %	22.18 %	16.63 %
Q3 2009	23.13 %	21.26 %	15.55 %
Q4 2009	24.23 %	20.94 %	14.53 %
2009	23.37 %	20.94 %	14.50 %
Q1 2010	24.76 %	20.68 %	13.01 %
Q2 2010	23.55 %	20.77 %	12.29 %
Q3 2010	24.32 %	20.64 %	8.42 %
Q4 2010	25.37 %	20.80 %	13.66 %
2010	25.37 %	20.80 %	13.66 %
Q1 2011	24.14 %	19.95 %	13.68 %
Q2 2011	23.71 %	19.80 %	14.08 %
Q3 2011	21.12 %	18.17 %	15.60 %
Q4 2011	19.11 %	17.38 %	10.04 %
2011	19.11 %	17.38 %	10.04 %
Q1 2012	18.75 %	18.31 %	9.76 %
Q2 2012	19.65 %	20.12 %	10.83 %
Q3 2012	22.83 %	21.20 %	11.60 %
Q4 2012	25.86 %	24.17 %	13.95 %
2012	25.86 %	24.17 %	13.95 %
Q1 2013	26.57 %	24.38 %	14.22 %
Q2 2013	26.77 %	24.06 %	14.06 %
Q3 2013	27.97 %	25.56 %	15.75 %
Q4 2013	28.44 %	25.00 %	15.73 %
2013	28.44 %	25.00 %	15.73 %
Q1 2014	28.50 %	24.75 %	15.90 %
Q2 2014	28.49 %	25.28 %	15.96 %
Q3 2014	27.75 %	26.09 %	15.67 %
Q4 2014	26.71 %	26.19 %	14.18 %
2014	26.71 %	26.19 %	14.18 %
Q1 2015	26.08 %	25.83 %	12.89 %
Q2 2015	26.02 %	24.40 %	11.05 %
Q3 2015	24.76 %	21.56 %	7.63 %
Q4 2015	24.76 %	20.33 %	7.40 %
2015	24.98 %	20.18 %	7.40 %
Q1 2016	25.61 %	20.64 %	7.60 %
Q2 2016	25.94 %	21.75 %	8.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	35.09 %	26.50 %	23.09 %
2007	25.57 %	22.96 %	17.00 %
2008	26.84 %	24.48 %	18.79 %
2009	23.37 %	20.94 %	14.50 %
2010	25.37 %	20.80 %	13.66 %
2011	19.11 %	17.38 %	10.04 %
2012	25.86 %	24.17 %	13.95 %
2013	28.44 %	25.00 %	15.73 %
2014	26.71 %	26.19 %	14.18 %
2015	24.98 %	20.18 %	7.40 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	32.97 %	22.12 %	18.55 %
Q2 2007	21.13 %	24.93 %	16.32 %
Q3 2007	21.72 %	19.79 %	14.94 %
Q4 2007	29.25 %	27.40 %	19.69 %
Q1 2008	29.24 %	27.13 %	20.11 %
Q2 2008	29.93 %	26.31 %	21.19 %
Q3 2008	29.44 %	25.08 %	18.94 %
Q4 2008	18.56 %	19.25 %	14.64 %
Q1 2009	26.60 %	24.36 %	18.84 %
Q2 2009	26.68 %	18.32 %	11.96 %
Q3 2009	21.16 %	21.70 %	14.39 %
Q4 2009	21.52 %	17.42 %	10.39 %
Q1 2010	31.73 %	26.84 %	16.43 %
Q2 2010	21.38 %	18.82 %	8.91 %
Q3 2010	24.34 %	21.18 %	(1.33 %)
Q4 2010	24.97 %	18.40 %	25.00 %
Q1 2011	25.10 %	21.79 %	15.70 %
Q2 2011	19.87 %	18.31 %	11.33 %
Q3 2011	12.73 %	13.80 %	6.75 %
Q4 2011	18.22 %	15.27 %	5.99 %
Q1 2012	23.40 %	24.80 %	14.28 %
Q2 2012	23.47 %	25.69 %	15.64 %
Q3 2012	25.41 %	19.00 %	10.34 %
Q4 2012	31.39 %	28.25 %	16.30 %
Q1 2013	26.13 %	25.72 %	15.44 %
Q2 2013	24.63 %	24.26 %	14.82 %
Q3 2013	29.56 %	24.49 %	16.35 %
Q4 2013	32.20 %	25.57 %	16.06 %
Q1 2014	26.92 %	24.57 %	16.18 %
Q2 2014	25.22 %	26.51 %	15.24 %
Q3 2014	26.66 %	27.64 %	15.20 %
Q4 2014	27.97 %	25.98 %	10.28 %
Q1 2015	24.38 %	23.14 %	10.91 %
Q2 2015	24.80 %	20.10 %	7.18 %
Q3 2015	21.19 %	15.67 %	0.85 %
Q4 2015	27.93 %	21.54 %	9.44 %
Q1 2016	27.58 %	24.33 %	11.69 %
Q2 2016	26.19 %	24.54 %	11.66 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	30.23	3.11	3.11	15.99
Q2 2007	30.23	2.99	2.99	15.26
Q3 2007	30.23	3.54	3.54	16.53
Q4 2007	30.23	3.88	3.88	17.48
Q1 2008	30.23	4.85	4.85	19.35
Q2 2008	30.23	6.31	6.31	19.55
Q3 2008	30.23	6.67	6.67	21.19
Q4 2008	30.23	7.08	7.08	22.54
Q1 2009	30.23	7.14	7.14	24.48
Q2 2009	30.23	5.52	5.52	21.63
Q3 2009	30.23	4.71	4.71	22.44
Q4 2009	30.23	4.09	4.09	23.20
Q1 2010	30.23	2.97	2.97	23.99
Q2 2010	30.23	2.84	2.84	22.49
Q3 2010	30.23	1.95	1.95	22.41
Q4 2010	30.23	2.02	3.37	23.21
Q1 2011	30.23	2.29	3.63	24.28
Q2 2011	30.23	2.51	3.86	24.01
Q3 2011	30.23	3.01	4.36	24.33
Q4 2011	30.23	2.58	2.58	24.54
Q1 2012	30.23	2.55	2.55	25.48
Q2 2012	30.23	2.86	2.86	25.13
Q3 2012	30.23	3.28	3.28	25.99
Q4 2012	30.23	3.99	3.99	27.21
Q1 2013	30.23	3.99	3.99	28.30
Q2 2013	30.23	4.07	4.07	27.54
Q3 2013	30.23	4.71	4.71	28.21
Q4 2013	30.23	5.05	5.05	29.59
Q1 2014	30.23	5.44	5.44	31.03
Q2 2014	30.23	5.70	5.70	29.90
Q3 2014	30.23	5.65	5.65	31.25
Q4 2014	30.23	5.18	5.18	32.11
Q1 2015	30.23	4.74	4.74	32.79
Q2 2015	30.23	3.95	3.95	31.31
Q3 2015	30.23	2.59	2.59	31.31
Q4 2015	30.23	2.52	2.52	32.05
Q1 2016	30.23	2.57	2.57	30.61
Q2 2016	30.23	3.04	3.04	30.07

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	30.23	2.97	2.97	15.09
2007	30.23	3.88	3.88	17.48
2008	30.23	7.08	7.08	22.54
2009	30.23	4.09	4.09	23.20
2010	30.23	2.02	3.37	23.21
2011	30.23	2.58	2.58	24.54
2012	30.23	3.99	3.99	27.21
2013	30.23	5.05	5.05	29.59
2014	30.23	5.18	5.18	32.11
2015	30.23	2.52	2.52	32.05

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	21.22	21.23	4.13
Q2 2007	18.75	18.75	3.67
Q3 2007	16.62	16.62	3.56
Q4 2007	17.58	17.58	3.90
Q1 2008	12.95	12.95	3.24
Q2 2008	15.14	15.14	4.88
Q3 2008	13.31	13.31	4.19
Q4 2008	10.48	10.48	3.29
Q1 2009	8.45	8.45	2.46
Q2 2009	12.03	12.03	3.07
Q3 2009	13.13	13.13	2.75
Q4 2009	14.85	14.85	2.62
Q1 2010	20.19	20.19	2.50
Q2 2010	18.71	18.71	2.36
Q3 2010	20.51	20.51	1.79
Q4 2010	26.67	15.99	2.32
Q1 2011	23.33	14.68	2.20
Q2 2011	20.43	13.30	2.14
Q3 2011	14.46	9.99	1.79
Q4 2011	16.83	16.83	1.77
Q1 2012	20.69	20.69	2.07
Q2 2012	13.03	13.03	1.48
Q3 2012	12.55	12.55	1.58
Q4 2012	10.34	10.34	1.52
Q1 2013	11.72	11.72	1.65
Q2 2013	12.14	12.14	1.80
Q3 2013	12.59	12.59	2.10
Q4 2013	14.33	14.33	2.45
Q1 2014	20.60	20.60	3.61
Q2 2014	20.56	20.56	3.92
Q3 2014	21.22	21.22	3.84
Q4 2014	13.85	13.85	2.24
Q1 2015	16.63	16.63	2.40
Q2 2015	19.69	19.69	2.49
Q3 2015	18.17	18.17	1.50
Q4 2015	19.25	19.25	1.51
Q1 2016	18.59	18.59	1.56
Q2 2016	16.51	16.51	1.67

Period	P/E	Adjusted P/E	Price/book
2006	19.07	19.07	3.75
2007	17.58	17.58	3.90
2008	10.48	10.48	3.29
2009	14.88	14.88	2.62
2010	26.67	15.99	2.32
2011	16.83	16.83	1.77
2012	10.34	10.34	1.52
2013	14.33	14.33	2.45
2014	13.85	13.85	2.24
2015	19.25	19.25	1.51

Business Segments (Million)

Compared With The

Period	Manufacture & sale	property Leasing	Paints
Q1 2007	136.80	9.09	-
Q2 2007	118.17	23.28	-
Q3 2007	224.35	31.72	-
Q4 2007	110.79	36.01	-
Q1 2008	236.09	43.70	-
Q2 2008	276.44	41.12	-
Q3 2008	211.20	48.50	-
Q4 2008	236.08	45.76	-
Q1 2009	268.12	39.51	-
Q2 2009	125.81	29.72	-
Q3 2009	142.97	26.76	-
Q4 2009	194.03	24.64	-
Q1 2010	123.13	23.86	-
Q2 2010	138.04	24.94	-
Q3 2010	147.60	25.54	-
Q4 2010	232.96	28.64	-
Q1 2011	174.05	31.22	-
Q2 2011	147.47	41.30	-
Q3 2011	137.09	51.95	-
Q4 2011	126.68	65.81	-
Q1 2012	158.87	62.12	-
Q2 2012	124.75	71.70	-
Q3 2012	172.46	72.02	-
Q4 2012	124.61	78.31	-
Q1 2013	133.49	71.86	0.07
Q2 2013	144.10	78.09	1.27
Q3 2013	198.44	70.55	2.61
Q4 2013	187.31	81.05	2.57
Q1 2014	177.96	87.55	3.46
Q2 2014	161.40	101.21	5.02
Q3 2014	190.82	85.23	7.56
Q4 2014	193.96	86.47	4.32
Q1 2015	165.59	101.37	8.48
Q2 2015	125.78	99.86	11.52
Q3 2015	109.04	107.64	11.72
Q4 2015	144.92	129.91	12.08
Q1 2016	144.90	109.31	17.57
Q2 2016	142.61	106.14	18.57

Period	Manufacture & sale	property Leasing	Paints
2006	372.29	16.08	-
2007	590.12	100.10	-
2008	959.81	179.08	-
2009	730.93	120.62	-
2010	641.73	102.97	-
2011	585.30	190.28	-
2012	580.69	284.15	-
2013	663.34	301.55	6.52
2014	724.13	360.46	20.35
2015	545.33	438.77	43.79

Financial Ratios

	Current
Market Cap (M Riyal)	944.69
Enterprise Value (EV) (M)	1,129.45
Shares Outstanding ((M))	30.23
EPS ( Riyal) (TTM)	(0.75)
Book Value (BV) ( Riyal)	2.57
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	12.16
Return on Average Assets (%) (TTM)	(1.41 )
Return on Average Equity (%) (TTM)	(25.50 )

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Red Sea’s net profit jumps 35% in H1

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Share Price

Red Sea International Company (RED SEA)

Financials (M)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q2

Financial Ratios

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Red Sea’s net profit jumps 35% in H1

View other reports

Share Price

Red Sea International Company (RED SEA)

Financials (M)

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

Business Segments (Million) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Financial Ratios

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Business Segments (Million)