Al-Babtain's H1 net profit edges up 1%

03/08/2017 Argaam Exclusive

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Share Price

Al-Babtain Power and Telecommunication Co. (ALBABTAIN)

 

Al-Babtain Power and Telecommunication Co. reported a net profit of SAR 80.3 million for H1 2017, a rise of 1 percent year-on-year (Y-o-Y) attributed to lower selling, general and administrative expenses as well as lower financing charges. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 678.06 630.42 (7.0 %)
Gross Income 185.13 155.80 (15.8 %)
Operating Income 93.41 82.69 (11.5 %)
Net Income 79.60 80.31 0.9 %
Average Shares 63.95 63.95 -
EPS (Riyals) 1.24 1.26 0.9 %

Al-Babtain’s net profit for the second quarter grew by 3.3 percent YoY to SAR 41.2 million due to a decline in selling, general and administrative expenses along with higher other income.

 

Profit for the quarter rose 5.4 percent compared with Q1 2017. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 339.31 340.37 0.3 %
Gross Income 95.92 79.77 (16.8 %)
Operating Income 43.62 43.23 (0.9 %)
Net Income 39.91 41.24 3.3 %
Average Shares 63.95 63.95 -
EPS (Riyals) 0.62 0.64 3.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 250.92 12.0 % 65.06 52.4 % 41.50 81.1 % 0.68
Q2 2008 219.21 0.3 % 48.47 (1.3 %) 31.34 27.0 % 0.52
Q3 2008 254.13 41.9 % 51.45 18.4 % 28.22 10.0 % 0.46
Q4 2008 288.39 34.8 % 54.74 (3.2 %) 29.96 31.4 % 0.49
Q1 2009 305.71 21.8 % 59.80 (8.1 %) 31.07 (25.1 %) 0.51
Q2 2009 255.31 16.5 % 53.77 10.9 % 25.22 (19.5 %) 0.42
Q3 2009 304.12 19.7 % 63.46 23.3 % 27.84 (1.4 %) 0.46
Q4 2009 257.49 (10.7 %) 58.09 6.1 % 25.26 (15.7 %) 0.42
Q1 2010 230.28 (24.7 %) 50.84 (15.0 %) 24.23 (22.0 %) 0.40
Q2 2010 247.50 (3.1 %) 56.81 5.7 % 25.02 (0.8 %) 0.41
Q3 2010 242.57 (20.2 %) 51.99 (18.1 %) 24.14 (13.3 %) 0.40
Q4 2010 247.54 (3.9 %) 43.10 (25.8 %) 4.94 (80.4 %) 0.08
Q1 2011 235.27 2.2 % 36.51 (28.2 %) 16.14 (33.4 %) 0.26
Q2 2011 274.84 11.0 % 38.98 (31.4 %) 19.52 (22.0 %) 0.31
Q3 2011 228.39 (5.8 %) 44.00 (15.4 %) 22.85 (5.4 %) 0.36
Q4 2011 266.54 7.7 % 36.31 (15.8 %) 18.38 271.8 % 0.29
Q1 2012 276.90 17.7 % 31.35 (14.1 %) 13.06 (19.1 %) 0.20
Q2 2012 371.19 35.1 % 43.03 10.4 % 20.12 3.1 % 0.31
Q3 2012 341.70 49.6 % 69.79 58.6 % 14.14 (38.1 %) 0.22
Q4 2012 362.76 36.1 % (10.11) (127.8 %) 31.03 68.8 % 0.49
Q1 2013 320.05 15.6 % 50.32 60.5 % 15.59 19.4 % 0.24
Q2 2013 346.45 (6.7 %) 74.14 72.3 % 50.99 153.5 % 0.80
Q3 2013 319.47 (6.5 %) 64.56 (7.5 %) 16.35 15.7 % 0.26
Q4 2013 403.00 11.1 % 52.98 624.3 % 27.69 (10.8 %) 0.43
Q1 2014 293.77 (8.2 %) 62.11 23.4 % 22.17 42.2 % 0.35
Q2 2014 309.86 (10.6 %) 72.51 (2.2 %) 38.98 (23.5 %) 0.61
Q3 2014 295.02 (7.7 %) 68.90 6.7 % 14.92 (8.7 %) 0.23
Q4 2014 335.47 (16.8 %) 96.61 82.4 % 30.31 9.5 % 0.47
Q1 2015 385.18 31.1 % 86.81 39.8 % 26.28 18.6 % 0.41
Q2 2015 394.27 27.2 % 85.39 17.8 % 39.57 1.5 % 0.62
Q3 2015 366.20 24.1 % 77.38 12.3 % 32.46 117.5 % 0.51
Q4 2015 394.00 17.4 % 105.00 8.7 % 38.41 26.7 % 0.60
Q1 2016 338.75 (12.1 %) 89.20 2.8 % 39.69 51.0 % 0.62
Q2 2016 339.31 (13.9 %) 95.92 12.3 % 39.91 0.9 % 0.62
Q3 2016 246.69 (32.6 %) 68.15 (11.9 %) 34.61 6.6 % 0.54
Q4 2016 324.03 (17.8 %) 70.35 (33.0 %) 40.71 6.0 % 0.64
Q1 2017 290.06 (14.4 %) 76.04 (14.8 %) 39.08 (1.5 %) 0.61
Q2 2017 340.37 0.3 % 79.77 (16.8 %) 41.24 3.3 % 0.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 24.83 % 19.48 % 13.29 %
Q2 2008 24.74 % 20.01 % 14.05 %
Q3 2008 23.61 % 18.57 % 13.20 %
Q4 2008 21.70 % 18.33 % 12.94 %
Q1 2009 20.09 % 17.23 % 11.30 %
Q2 2009 19.91 % 16.58 % 10.37 %
Q3 2009 20.09 % 16.71 % 9.89 %
Q4 2009 20.94 % 17.18 % 9.74 %
Q1 2010 21.60 % 17.08 % 9.79 %
Q2 2010 22.05 % 17.50 % 9.85 %
Q3 2010 22.27 % 17.92 % 10.09 %
Q4 2010 20.95 % 16.01 % 8.09 %
Q1 2011 19.37 % 14.70 % 7.22 %
Q2 2011 17.05 % 12.74 % 6.47 %
Q3 2011 16.49 % 12.25 % 6.43 %
Q4 2011 15.50 % 11.63 % 7.65 %
Q1 2012 14.39 % 10.66 % 7.05 %
Q2 2012 13.53 % 8.05 % 6.51 %
Q3 2012 14.37 % 7.68 % 5.23 %
Q4 2012 9.91 % 4.09 % (0.52 %)
Q1 2013 10.96 % 4.36 % (0.33 %)
Q2 2013 13.43 % 7.19 % 1.92 %
Q3 2013 13.26 % 7.16 % 2.12 %
Q4 2013 17.42 % 10.49 % 7.96 %
Q1 2014 18.62 % 11.22 % 8.60 %
Q2 2014 19.02 % 11.75 % 7.93 %
Q3 2014 19.71 % 13.39 % 7.97 %
Q4 2014 24.32 % 21.57 % 8.62 %
Q1 2015 24.51 % 22.20 % 8.34 %
Q2 2015 23.95 % 22.74 % 7.88 %
Q3 2015 23.37 % 21.37 % 8.68 %
Q4 2015 23.03 % 16.96 % 9.79 %
Q1 2016 23.91 % 17.66 % 11.00 %
Q2 2016 25.55 % 16.67 % 11.44 %
Q3 2016 27.17 % 17.95 % 12.64 %
Q4 2016 25.92 % 17.66 % 12.41 %
Q1 2017 25.87 % 18.52 % 12.86 %
Q2 2017 24.50 % 17.09 % 12.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 60.75 1.89 1.89 6.75
Q2 2008 60.75 2.00 2.00 7.31
Q3 2008 60.75 2.04 2.04 7.72
Q4 2008 60.75 2.16 2.16 8.21
Q1 2009 60.75 1.98 1.98 8.23
Q2 2009 60.75 1.88 1.88 8.68
Q3 2009 60.75 1.88 1.88 9.18
Q4 2009 60.75 1.80 1.80 9.56
Q1 2010 60.75 1.69 1.69 8.94
Q2 2010 60.75 1.68 1.68 9.28
Q3 2010 60.75 1.62 1.62 9.75
Q4 2010 60.75 1.29 1.29 9.92
Q1 2011 63.15 1.11 1.11 9.14
Q2 2011 63.15 1.03 1.03 9.01
Q3 2011 63.15 1.00 1.00 9.25
Q4 2011 63.15 1.22 1.22 9.52
Q1 2012 63.95 1.15 1.15 9.74
Q2 2012 63.95 1.16 1.16 8.99
Q3 2012 63.95 1.03 1.03 9.20
Q4 2012 63.95 1.23 (0.11) 9.05
Q1 2013 63.95 1.26 (0.07) 9.10
Q2 2013 63.95 1.75 0.41 9.93
Q3 2013 63.95 1.78 0.45 10.17
Q4 2013 63.95 1.73 1.73 9.50
Q1 2014 63.95 1.83 1.83 10.30
Q2 2014 63.95 1.65 1.65 10.88
Q3 2014 63.95 1.62 1.62 11.08
Q4 2014 63.95 1.66 1.66 10.17
Q1 2015 63.95 1.73 1.73 10.31
Q2 2015 63.95 1.74 1.74 10.62
Q3 2015 63.95 2.01 2.01 11.30
Q4 2015 63.95 2.14 2.36 10.95
Q1 2016 63.95 2.35 2.57 10.97
Q2 2016 63.95 2.35 2.57 11.59
Q3 2016 63.95 2.39 2.61 12.14
Q4 2016 63.95 2.42 2.42 11.59
Q1 2017 63.95 2.41 2.41 12.08
Q2 2017 63.95 2.43 2.43 11.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 17.17 17.17 4.80
Q2 2008 24.19 24.19 6.61
Q3 2008 18.36 18.36 4.84
Q4 2008 14.10 14.10 3.71
Q1 2009 14.43 14.43 3.48
Q2 2009 15.31 15.31 3.32
Q3 2009 13.94 13.94 2.85
Q4 2009 13.45 13.45 2.53
Q1 2010 16.59 16.59 3.13
Q2 2010 15.41 15.41 2.80
Q3 2010 14.61 14.61 2.43
Q4 2010 17.96 17.96 2.33
Q1 2011 17.30 17.30 2.19
Q2 2011 19.10 19.10 2.15
Q3 2011 15.12 15.12 1.62
Q4 2011 14.03 14.03 1.77
Q1 2012 18.83 18.83 2.23
Q2 2012 12.40 12.40 1.61
Q3 2012 17.07 17.07 1.91
Q4 2012 12.92 NEG 1.75
Q1 2013 12.62 NEG 1.75
Q2 2013 9.04 38.37 1.59
Q3 2013 12.90 More than 50 2.26
Q4 2013 12.33 12.33 2.25
Q1 2014 12.08 12.08 2.15
Q2 2014 13.75 13.75 2.08
Q3 2014 18.37 18.37 2.69
Q4 2014 10.90 10.90 1.78
Q1 2015 16.47 16.47 2.76
Q2 2015 18.27 18.27 2.99
Q3 2015 11.47 11.47 2.04
Q4 2015 9.58 8.68 1.87
Q1 2016 6.91 6.32 1.48
Q2 2016 7.91 7.23 1.61
Q3 2016 5.78 5.29 1.14
Q4 2016 6.97 6.97 1.46
Q1 2017 8.41 8.41 1.68
Q2 2017 7.32 7.32 1.49

Business Segments (Million)

Compared With The
Period Towers and metal structures sector Lampposts and lighting sector Design, supply and installation sector Headquarters
Q1 2008 71.52 119.25 60.15 -
Q2 2008 36.75 114.26 68.20 -
Q3 2008 67.22 105.72 81.19 -
Q4 2008 72.79 122.94 92.67 -
Q1 2009 118.66 94.40 92.64 -
Q2 2009 99.45 106.24 49.62 -
Q3 2009 64.61 106.54 132.97 -
Q4 2009 73.96 87.25 96.28 -
Q1 2010 63.85 108.85 57.59 -
Q2 2010 77.96 94.06 74.49 0.99
Q3 2010 84.22 88.87 69.47 -
Q4 2010 66.86 99.50 82.17 (0.99)
Q1 2011 69.84 106.91 58.51 -
Q2 2011 85.97 105.71 83.16 -
Q3 2011 43.26 97.47 87.66 -
Q4 2011 76.47 108.03 82.04 -
Q1 2012 86.69 115.98 74.23 -
Q2 2012 86.01 210.41 74.77 -
Q3 2012 91.08 177.94 72.68 -
Q4 2012 78.18 193.93 90.65 -
Q1 2013 58.43 195.65 65.98 -
Q2 2013 34.16 228.92 83.37 -
Q3 2013 45.82 211.23 62.42 -
Q4 2013 136.42 188.51 78.07 -
Q1 2014 107.84 112.94 73.00 -
Q2 2014 99.45 130.60 79.81 -
Q3 2014 96.74 119.85 78.43 -
Q4 2014 125.60 123.24 86.64 -
Q1 2015 112.21 180.39 92.58 -
Q2 2015 131.19 166.56 96.52 -
Q3 2015 132.12 145.50 88.58 -
Q4 2015 129.32 162.59 114.28 -
Q1 2016 92.81 159.81 86.13 -
Q2 2016 65.66 183.67 89.98 -
Q3 2016 28.67 141.09 76.94 -
Q4 2016 49.44 138.33 138.27 -
Q1 2017 110.95 112.90 66.21 -
Q2 2017 78.31 185.75 76.30 -

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 40.30 41.24 2.32 %

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
OSOOL AND BAKHEET 40.30 41.24 2.3 %

Current
Market Cap (M Riyal) 2,644.33
Enterprise Value (EV) (M) 3,724.94
Shares Outstanding ((M)) 63.95
EPS ( Riyal) (TTM) 3.28
Book Value (BV) ( Riyal) 15.43
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.65
P/E (TTM) 12.60
Price/book 2.68
Return on Average Assets (%) (TTM) 7.5
Return on Average Equity (%) (TTM) 22.5

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