Electrical Industries’ FY17 net profit jumps 16%
21/03/2018
Argaam Exclusive
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Electrical Industries Co. (EIC) reported a net profit of SAR 57.3 million for the fiscal year 2017, an increase of 16 percent year-on-year (YoY), thanks to a decline in the cost of goods sold, lower financial charges and leverage, along with a rise in other income.
The annual profit also included EIC’s SAR 5.5 million profit share from the Saudi transformer plant, compared to a net loss of SAR 8.4 million in 2016.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 884.76 | 869.82 | (1.7 %) |
| Gross Income | 142.27 | 161.18 | 13.3 % |
| Operating Income | 63.34 | 67.24 | 6.2 % |
| Net Income | 49.38 | 57.32 | 16.1 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 4.39 | 5.10 | 16.1 % |
Net profit for the fourth quarter jumped 24 percent YoY to SAR 24.3 million.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 223.75 | 223.03 | (0.3 %) |
| Gross Income | 40.73 | 42.33 | 3.9 % |
| Operating Income | 24.20 | 23.83 | (1.6 %) |
| Net Income | 19.67 | 24.32 | 23.6 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.75 | 2.16 | 23.6 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 189.11 | (14.4 %) | 38.17 | 6.8 % | 13.10 | (13.2 %) |
| Q2 2017 | 230.29 | (1.5 %) | 41.52 | 43.7 % | 17.21 | 103.3 % |
| Q3 2017 | 227.39 | 10.2 % | 39.15 | 6.1 % | 13.11 | (15.9 %) |
| Q4 2017 | 223.03 | (0.3 %) | 42.33 | 3.9 % | 23.83 | (1.6 %) |
| 2017 | 869.82 | (1.7 %) | 161.18 | 13.3 % | 67.24 | 6.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2017 | 10.65 | 12.7 % | 0.95 | - | 10.65 | 0.01 |
| Q2 2017 | 10.92 | 11.7 % | 0.97 | - | 10.92 | 0.01 |
| Q3 2017 | 11.44 | 9.1 % | 1.02 | - | 11.44 | 0.01 |
| Q4 2017 | 24.32 | 23.6 % | 2.16 | - | 24.32 | 0.02 |
| 2017 | 57.32 | 16.1 % | 5.10 | - | 57.32 | 0.05 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 16.96 % | 10.50 % | 5.93 % |
| Q2 2017 | 18.52 % | 11.82 % | 6.09 % |
| Q3 2017 | 18.33 % | 11.78 % | 6.05 % |
| Q4 2017 | 18.53 % | 11.40 % | 6.59 % |
| 2017 | 18.53 % | 11.40 % | 6.59 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 1,125.00 | 4.50 | 4.50 | 0.58 |
| Q2 2017 | 1,125.00 | 4.60 | 4.60 | 0.56 |
| Q3 2017 | 1,125.00 | 4.68 | 4.68 | 0.57 |
| Q4 2017 | 1,125.00 | 5.10 | 5.10 | 0.56 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 22.18 | 22.18 | 1.71 |
| Q2 2017 | 17.28 | 17.28 | 1.43 |
| Q3 2017 | 17.66 | 17.66 | 1.46 |
| Q4 2017 | 16.62 | 16.62 | 1.50 |
Business Segments (Million)
Q4 2017
| Period | Manufacturing sector | services segment |
|---|---|---|
| Q1 2017 | 176.34 | 12.77 |
| Q2 2017 | 216.57 | 13.72 |
| Q3 2017 | 213.68 | 13.71 |
| Q4 2017 | 206.09 | 16.94 |
| Current | |
| Market Cap (M Riyal) | 8,988.75 |
| Enterprise Value (EV) (M) | 9,206.11 |
| Shares Outstanding ((M)) | 1,125.00 |
| EPS (Halala) (TTM) | 31.70 |
| Book Value (BV) ( Riyal) | 0.75 |
| Par Value ( Halala) | 50.00 |
| Adjusted P/E (Last12) | 23.24 |
| P/E (TTM) | 25.20 |
| Price/book | 10.64 |
| Return on Average Assets (%) (TTM) | 17.7 |
| Return on Average Equity (%) (TTM) | 46.6 |
Share Price
Electrical Industries Co. (EIC)
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