Aseer Trading Company’s net profit up 64% to SAR 150m for the first nine months of 2014

28/10/2014 Argaam Exclusive

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Share Price

Sinad Holding Co. (SINAD HOLDING)

Aseer Trading, Tourism and Manufacturing Company, reported a net profit of SAR 150m for the nine months ended September 30,2014, a 64% increase compared to the same period last year.

A net profit of SAR 32.9m was reported for Q3-2014.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	1,715.77	1,833.52	6.9 %
Gross Income	520.37	545.91	4.9 %
Operating Income	153.54	143.21	(6.7 %)
Net Income	91.40	150.02	64.1 %
Average Shares	126.39	126.39	-
EPS (Riyals)	0.72	1.19	64.1 %

The Company attributed the increase of the first nine months of 2014’s net profit compared to the same period last year to the increase of gross & operating profits resulting from the increase of gross sales income of subsidiaries and increase of investments revenue.

The Company attributed the decline of Q3-2014’s net profit compared to the previous period (Q2-2014) to the decrease of gross & operating profits resulting from the decrease of gross sales income of subsidiaries, decrease of investments revenue and other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	561.28	607.08	8.2 %
Gross Income	157.30	173.79	10.5 %
Operating Income	43.34	46.37	7.0 %
Net Income	28.87	32.92	14.0 %
Average Shares	126.39	126.39	-
EPS (Riyals)	0.23	0.26	14.0 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	624.98	607.08	(2.9 %)
Gross Income	187.07	173.79	(7.1 %)
Operating Income	52.87	46.37	(12.3 %)
Net Income	64.37	32.92	(48.9 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.51	0.26	(48.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	278.23	(0.7 %)	72.03	(4.4 %)	65.76	222.7 %	0.52
Q2 2005	311.90	19.9 %	80.77	11.3 %	65.45	97.2 %	0.52
Q3 2005	308.02	18.1 %	86.03	19.5 %	77.92	74.0 %	0.62
Q4 2005	318.98	22.1 %	86.96	31.9 %	38.96	(3.1 %)	0.31
2005	1,217.13	14.6 %	325.78	14.0 %	248.10	79.1 %	1.96
Q1 2006	338.77	21.8 %	86.44	20.0 %	75.33	14.6 %	0.60
Q2 2006	349.67	12.1 %	95.37	18.1 %	74.66	14.1 %	0.59
Q3 2006	348.71	13.2 %	98.03	13.9 %	81.24	4.3 %	0.64
Q4 2006	340.71	6.8 %	85.57	(1.6 %)	49.42	26.8 %	0.39
2006	1,377.86	13.2 %	365.40	12.2 %	280.65	13.1 %	2.22
Q1 2007	359.38	6.1 %	91.70	6.1 %	82.90	10.0 %	0.66
Q2 2007	366.62	4.8 %	96.71	1.4 %	56.56	(24.2 %)	0.45
Q3 2007	355.39	1.9 %	91.24	(6.9 %)	96.34	18.6 %	0.76
Q4 2007	400.75	17.6 %	91.49	6.9 %	127.15	157.3 %	1.01
2007	1,482.13	7.6 %	371.13	1.6 %	362.94	29.3 %	2.87
Q1 2008	397.39	10.6 %	95.82	4.5 %	(77.18)	(193.1 %)	(0.61)
Q2 2008	472.00	28.7 %	111.63	15.4 %	17.04	(69.9 %)	0.13
Q3 2008	428.97	20.7 %	97.62	7.0 %	(158.81)	(264.8 %)	(1.26)
Q4 2008	428.66	7.0 %	113.21	23.7 %	(215.05)	(269.1 %)	(1.70)
2008	1,727.03	16.5 %	418.28	12.7 %	(433.99)	(219.6 %)	(3.43)
Q1 2009	439.73	10.7 %	109.19	14.0 %	12.88	116.7 %	0.10
Q2 2009	438.15	(7.2 %)	128.67	15.3 %	21.17	24.2 %	0.17
Q3 2009	384.21	(10.4 %)	109.69	12.4 %	15.14	109.5 %	0.12
Q4 2009	450.76	5.2 %	128.99	13.9 %	30.59	114.2 %	0.24
2009	1,712.85	(0.8 %)	476.54	13.9 %	79.78	118.4 %	0.63
Q1 2010	491.37	11.7 %	135.70	24.3 %	20.38	58.2 %	0.16
Q2 2010	492.03	12.3 %	150.32	16.8 %	25.57	20.8 %	0.20
Q3 2010	442.40	15.1 %	133.16	21.4 %	15.10	(0.2 %)	0.12
Q4 2010	502.15	11.4 %	145.57	12.9 %	23.80	(22.2 %)	0.19
2010	1,927.96	12.6 %	564.75	18.5 %	84.85	6.3 %	0.67
Q1 2011	480.90	(2.1 %)	135.78	0.1 %	24.68	21.1 %	0.20
Q2 2011	523.09	6.3 %	149.94	(0.3 %)	30.57	19.6 %	0.24
Q3 2011	494.99	11.9 %	130.29	(2.2 %)	20.25	34.1 %	0.16
Q4 2011	505.24	0.6 %	154.29	6.0 %	23.28	(2.2 %)	0.18
2011	2,004.21	4.0 %	570.30	1.0 %	97.93	15.4 %	0.77
Q1 2012	522.07	8.6 %	150.73	11.0 %	29.99	21.5 %	0.24
Q2 2012	532.01	1.7 %	160.59	7.1 %	22.13	(27.6 %)	0.18
Q3 2012	536.54	8.4 %	157.11	20.6 %	25.10	23.9 %	0.20
Q4 2012	530.27	5.0 %	169.41	9.8 %	33.85	45.4 %	0.27
2012	2,120.90	5.8 %	639.33	12.1 %	110.95	13.3 %	0.88
Q1 2013	576.88	10.5 %	186.60	23.8 %	33.39	11.3 %	0.26
Q2 2013	577.62	8.6 %	176.47	9.9 %	29.14	31.6 %	0.23
Q3 2013	561.28	4.6 %	157.30	0.1 %	28.87	15.0 %	0.23
Q4 2013	571.16	7.7 %	163.70	(3.4 %)	40.57	19.9 %	0.32
2013	2,286.93	7.8 %	684.07	7.0 %	131.97	18.9 %	1.04
Q1 2014	601.46	4.3 %	185.05	(0.8 %)	52.73	57.9 %	0.42
Q2 2014	624.98	8.2 %	187.07	6.0 %	64.37	120.9 %	0.51
Q3 2014	607.08	8.2 %	173.79	10.5 %	32.92	14.0 %	0.26

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	1,062.42	1541.8 %	285.79	3364.1 %	138.54	806.1 %	1.10
2005	1,217.13	14.6 %	325.78	14.0 %	248.10	79.1 %	1.96
2006	1,377.86	13.2 %	365.40	12.2 %	280.65	13.1 %	2.22
2007	1,482.13	7.6 %	371.13	1.6 %	362.94	29.3 %	2.87
2008	1,727.03	16.5 %	418.28	12.7 %	(433.99)	(219.6 %)	(3.43)
2009	1,712.85	(0.8 %)	476.54	13.9 %	79.78	118.4 %	0.63
2010	1,927.96	12.6 %	564.75	18.5 %	84.85	6.3 %	0.67
2011	2,004.21	4.0 %	570.30	1.0 %	97.93	15.4 %	0.77
2012	2,120.90	5.8 %	639.33	12.1 %	110.95	13.3 %	0.88
2013	2,286.93	7.8 %	684.07	7.0 %	131.97	18.9 %	1.04

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	26.64 %	7.52 %	17.34 %
Q2 2005	26.14 %	8.10 %	19.43 %
Q3 2005	26.28 %	9.65 %	21.50 %
Q4 2005	26.77 %	10.12 %	20.38 %
2005	26.77 %	10.12 %	20.38 %
Q1 2006	26.63 %	9.71 %	20.17 %
Q2 2006	26.97 %	10.39 %	20.29 %
Q3 2006	27.05 %	10.00 %	19.92 %
Q4 2006	26.52 %	8.90 %	20.37 %
2006	26.52 %	8.90 %	20.37 %
Q1 2007	26.50 %	8.66 %	20.61 %
Q2 2007	26.28 %	8.81 %	19.08 %
Q3 2007	25.68 %	8.36 %	20.06 %
Q4 2007	25.04 %	8.27 %	24.49 %
2007	25.04 %	8.27 %	24.49 %
Q1 2008	24.69 %	8.47 %	13.35 %
Q2 2008	24.00 %	7.99 %	10.05 %
Q3 2008	23.34 %	7.85 %	(5.40 %)
Q4 2008	24.22 %	8.52 %	(25.13 %)
2008	24.22 %	8.52 %	(25.13 %)
Q1 2009	24.40 %	8.59 %	(19.44 %)
Q2 2009	25.85 %	9.44 %	(19.58 %)
Q3 2009	27.25 %	10.23 %	(9.81 %)
Q4 2009	27.82 %	10.12 %	4.66 %
2009	27.82 %	10.12 %	4.66 %
Q1 2010	28.51 %	10.72 %	4.95 %
Q2 2010	28.86 %	10.93 %	5.04 %
Q3 2010	29.21 %	11.01 %	4.88 %
Q4 2010	29.29 %	11.52 %	4.40 %
2010	29.29 %	11.52 %	4.40 %
Q1 2011	29.46 %	11.31 %	4.65 %
Q2 2011	28.97 %	10.77 %	4.83 %
Q3 2011	28.06 %	10.32 %	4.96 %
Q4 2011	28.45 %	9.83 %	4.93 %
2011	28.45 %	9.82 %	4.89 %
Q1 2012	28.61 %	9.75 %	5.09 %
Q2 2012	29.01 %	10.19 %	4.66 %
Q3 2012	29.71 %	10.87 %	4.80 %
Q4 2012	30.07 %	11.68 %	5.24 %
2012	30.14 %	11.55 %	5.23 %
Q1 2013	30.96 %	12.33 %	5.26 %
Q2 2013	31.04 %	12.37 %	5.47 %
Q3 2013	30.71 %	11.85 %	5.58 %
Q4 2013	29.91 %	11.74 %	5.77 %
2013	29.91 %	11.74 %	5.77 %
Q1 2014	29.53 %	11.22 %	6.55 %
Q2 2014	29.38 %	10.99 %	7.91 %
Q3 2014	29.51 %	11.11 %	7.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	26.90 %	10.47 %	13.04 %
2005	26.77 %	10.12 %	20.38 %
2006	26.52 %	8.90 %	20.37 %
2007	25.04 %	8.27 %	24.49 %
2008	24.22 %	8.52 %	(25.13 %)
2009	27.82 %	10.12 %	4.66 %
2010	29.29 %	11.52 %	4.40 %
2011	28.45 %	9.82 %	4.89 %
2012	30.14 %	11.55 %	5.23 %
2013	29.91 %	11.74 %	5.77 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	25.89 %	10.34 %	23.64 %
Q2 2005	25.89 %	7.63 %	20.98 %
Q3 2005	27.93 %	12.25 %	25.30 %
Q4 2005	27.26 %	10.31 %	12.22 %
Q1 2006	25.51 %	8.76 %	22.24 %
Q2 2006	27.27 %	10.40 %	21.35 %
Q3 2006	28.11 %	10.54 %	23.30 %
Q4 2006	25.11 %	5.83 %	14.50 %
Q1 2007	25.52 %	7.82 %	23.07 %
Q2 2007	26.38 %	10.90 %	15.43 %
Q3 2007	25.67 %	8.72 %	27.11 %
Q4 2007	22.83 %	5.87 %	31.73 %
Q1 2008	24.11 %	8.62 %	(19.42 %)
Q2 2008	23.65 %	8.72 %	3.61 %
Q3 2008	22.76 %	8.03 %	(37.02 %)
Q4 2008	26.41 %	8.70 %	(50.17 %)
Q1 2009	24.83 %	8.89 %	2.93 %
Q2 2009	29.37 %	12.10 %	4.83 %
Q3 2009	28.55 %	11.34 %	3.94 %
Q4 2009	28.62 %	8.37 %	6.79 %
Q1 2010	27.62 %	11.16 %	4.15 %
Q2 2010	30.55 %	12.74 %	5.20 %
Q3 2010	30.10 %	11.60 %	3.41 %
Q4 2010	28.99 %	10.60 %	4.74 %
Q1 2011	28.23 %	10.32 %	5.13 %
Q2 2011	28.66 %	10.67 %	5.84 %
Q3 2011	26.32 %	9.68 %	4.09 %
Q4 2011	30.54 %	8.64 %	4.61 %
Q1 2012	28.87 %	9.98 %	5.75 %
Q2 2012	30.19 %	12.35 %	4.16 %
Q3 2012	29.28 %	12.37 %	4.68 %
Q4 2012	31.95 %	11.98 %	6.38 %
Q1 2013	32.35 %	12.61 %	5.79 %
Q2 2013	30.55 %	12.50 %	5.04 %
Q3 2013	28.03 %	10.29 %	5.14 %
Q4 2013	28.66 %	11.51 %	7.10 %
Q1 2014	30.77 %	10.57 %	8.77 %
Q2 2014	29.93 %	11.54 %	10.30 %
Q3 2014	28.63 %	10.84 %	5.42 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	126.39	1.46	1.46	9.85
Q2 2005	126.39	1.71	1.71	11.74
Q3 2005	126.39	1.97	1.97	12.78
Q4 2005	126.39	1.96	1.96	15.56
Q1 2006	126.39	2.04	2.04	15.03
Q2 2006	126.39	2.11	2.11	17.90
Q3 2006	126.39	2.14	2.14	18.41
Q4 2006	126.39	2.22	2.22	13.44
Q1 2007	126.39	2.28	2.28	13.33
Q2 2007	126.39	2.14	2.14	22.55
Q3 2007	126.39	2.26	2.26	23.60
Q4 2007	126.39	2.87	2.87	26.55
Q1 2008	126.39	1.61	1.61	24.55
Q2 2008	126.39	1.29	1.29	24.82
Q3 2008	126.39	(0.73)	(0.73)	21.53
Q4 2008	126.39	(3.43)	(3.43)	18.30
Q1 2009	126.39	(2.72)	(2.72)	18.28
Q2 2009	126.39	(2.69)	(2.69)	19.01
Q3 2009	126.39	(1.31)	(1.31)	19.21
Q4 2009	126.39	0.63	0.63	19.11
Q1 2010	126.39	0.69	0.69	19.40
Q2 2010	126.39	0.73	0.73	18.19
Q3 2010	126.39	0.73	0.73	18.16
Q4 2010	126.39	0.67	0.67	18.12
Q1 2011	126.39	0.71	0.71	18.21
Q2 2011	126.39	0.74	0.74	18.03
Q3 2011	126.39	0.79	0.79	17.55
Q4 2011	126.39	0.78	0.78	17.93
Q1 2012	126.39	0.82	0.82	20.62
Q2 2012	126.39	0.76	0.76	18.39
Q3 2012	126.39	0.80	0.80	18.82
Q4 2012	126.39	0.88	0.88	19.08
Q1 2013	126.39	0.91	0.91	19.55
Q2 2013	126.39	0.96	0.96	18.92
Q3 2013	126.39	0.99	0.99	19.61
Q4 2013	126.39	1.04	1.04	20.37
Q1 2014	126.39	1.20	1.20	22.05
Q2 2014	126.39	1.48	1.48	21.10
Q3 2014	126.39	1.51	1.51	22.42

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	126.39	1.10	1.10	8.40
2005	126.39	1.96	1.96	15.56
2006	126.39	2.22	2.22	13.44
2007	126.39	2.87	2.87	26.55
2008	126.39	(3.43)	(3.43)	18.30
2009	126.39	0.63	0.63	19.11
2010	126.39	0.67	0.67	18.12
2011	126.39	0.77	0.77	17.93
2012	126.39	0.88	0.88	19.08
2013	126.39	1.04	1.04	20.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	25.98	25.98	3.84
Q2 2005	32.74	32.74	4.77
Q3 2005	49.76	49.76	7.68
Q4 2005	More than 100	More than 100	12.72
Q1 2006	66.11	66.11	8.97
Q2 2006	66.67	66.67	7.86
Q3 2006	60.30	60.30	7.00
Q4 2006	18.95	18.95	3.13
Q1 2007	17.35	17.35	2.97
Q2 2007	14.15	14.15	1.34
Q3 2007	14.40	14.40	1.38
Q4 2007	14.71	14.71	1.59
Q1 2008	21.96	21.96	1.44
Q2 2008	24.57	24.57	1.28
Q3 2008	NEG	NEG	0.83
Q4 2008	NEG	NEG	0.54
Q1 2009	NEG	NEG	0.63
Q2 2009	NEG	NEG	0.78
Q3 2009	NEG	NEG	0.84
Q4 2009	24.08	24.08	0.80
Q1 2010	22.88	22.88	0.81
Q2 2010	17.92	17.92	0.71
Q3 2010	18.13	18.13	0.72
Q4 2010	20.18	20.18	0.75
Q1 2011	18.71	18.71	0.72
Q2 2011	18.06	18.06	0.75
Q3 2011	15.34	15.34	0.69
Q4 2011	19.96	19.96	0.87
Q1 2012	27.14	27.14	1.08
Q2 2012	20.41	20.41	0.84
Q3 2012	20.81	20.81	0.88
Q4 2012	18.83	18.83	0.87
Q1 2013	19.16	19.16	0.89
Q2 2013	18.47	18.47	0.94
Q3 2013	19.27	19.27	0.97
Q4 2013	22.27	22.27	1.14
Q1 2014	21.30	21.30	1.16
Q2 2014	20.60	20.60	1.44
Q3 2014	23.36	23.36	1.57

Period	P/E	Adjusted P/E	Price/book
2004	33.32	33.32	4.35
2005	More than 100	More than 100	12.72
2006	18.95	18.95	3.13
2007	14.71	14.71	1.59
2008	NEG	NEG	0.54
2009	24.08	24.08	0.80
2010	20.18	20.18	0.75
2011	20.13	20.13	0.87
2012	18.85	18.85	0.87
2013	22.27	22.27	1.14

Financial Ratios

	Current
Market Cap (M Riyal)	1,612.72
Enterprise Value (EV) (M)	2,416.26
Shares Outstanding ((M))	126.39
EPS ( Riyal) (TTM)	(0.99)
Book Value (BV) ( Riyal)	8.27
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.54
Return on Average Assets (%) (TTM)	(4.82 )
Return on Average Equity (%) (TTM)	(11.18 )

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Aseer Trading Company’s net profit up 64% to SAR 150m for the first nine months of 2014

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Share Price

Sinad Holding Co. (SINAD HOLDING)

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

Financial Ratios

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Aseer Trading Company’s net profit up 64% to SAR 150m for the first nine months of 2014

View other reports

Share Price

Sinad Holding Co. (SINAD HOLDING)

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

Financial Ratios

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