Saudi Ground Services H1 profit falls 21% on higher expenses

02/08/2018 Argaam Exclusive

Saudi Ground Services Co. (SGS) reported a net profit of SAR 219.38 million for the first half of 2018, a drop of 20.92 percent year-on-year (YoY), driven by a SAR 21.3 million decline in revenue, lower prices of some services, and higher operating expenses.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 1,303.05 1,281.72 (1.6 %)
Gross Income 469.23 370.25 (21.1 %)
Operating Income 269.42 218.88 (18.8 %)
Net Income 277.40 219.38 (20.9 %)
Average Shares 188.00 188.00 -
EPS (Riyals) 1.48 1.17 (20.9 %)

The company’s net profit for the second quarter fell 7.8 percent YoY to SAR 112.7 million due to a 57.8 percent rise in operating expenses, a SAR 3 million decline in profit share from associate company and a fall of SAR 1.5 million in investment yields.

 

On a sequential basis, net profit for the period rose 5.68 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 659.26 659.90 0.1 %
Gross Income 246.56 189.43 (23.2 %)
Operating Income 120.25 111.95 (6.9 %)
Net Income 122.28 112.72 (7.8 %)
Average Shares 188.00 188.00 -
EPS (Riyals) 0.65 0.60 (7.8 %)

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Share Price

Saudi Ground Services Co.
49.30
0.05 0.10 %

Saudi Ground Services Co. (SGS)

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Financial Ratios
Current
Market Cap (M Riyal) 9,268.40
Enterprise Value (EV) (M) 8,616.23
Shares Outstanding ((M)) 188.00
EPS ( Riyal) (TTM) 1.56
Book Value (BV) ( Riyal) 12.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.70
P/E (TTM) 31.64
Price/book 3.90
Return on Average Assets (%) (TTM) 6.9
Return on Average Equity (%) (TTM) 12.7
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 500.10 - 198.45 - 156.82 -
Q3 2014 625.52 - 246.84 - 180.72 -
Q4 2014 597.88 - 172.57 - 121.65 -
Q1 2015 622.53 - 156.14 - 92.78 -
Q2 2015 610.80 22.1 % 224.24 13.0 % 172.85 10.2 %
Q3 2015 661.14 5.7 % 220.77 (10.6 %) 165.80 (8.3 %)
Q4 2015 646.04 8.1 % 236.03 36.8 % 164.20 35.0 %
Q1 2016 685.76 10.2 % 257.00 64.6 % 195.75 111.0 %
Q2 2016 692.45 13.4 % 252.28 12.5 % 192.66 11.5 %
Q3 2016 741.27 12.1 % 251.31 13.8 % 190.80 15.1 %
Q4 2016 607.19 (6.0 %) 163.66 (30.7 %) 96.20 (41.4 %)
Q1 2017 643.79 (6.1 %) 222.66 (13.4 %) 149.17 (23.8 %)
Q2 2017 659.26 (4.8 %) 246.56 (2.3 %) 120.25 (37.6 %)
Q3 2017 697.26 (5.9 %) 227.75 (9.4 %) 159.06 (16.6 %)
Q4 2017 585.23 (3.6 %) 177.46 8.4 % 63.54 (34.0 %)
Q1 2018 621.81 (3.4 %) 180.82 (18.8 %) 106.93 (28.3 %)
Q2 2018 659.90 0.1 % 189.43 (23.2 %) 111.95 (6.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 151.55 - 0.81 - 151.55 0.81
Q3 2014 176.83 - 0.94 - 176.83 0.94
Q4 2014 168.10 - 0.89 22.23 145.87 0.78
Q1 2015 110.82 - 0.59 (98.00) 208.82 1.11
Q2 2015 174.28 15.0 % 0.93 - 174.28 0.93
Q3 2015 167.08 (5.5 %) 0.89 (31.50) 198.58 1.06
Q4 2015 168.88 0.5 % 0.90 12.46 156.42 0.83
Q1 2016 192.14 73.4 % 1.02 - 192.14 1.02
Q2 2016 195.82 12.4 % 1.04 - 195.82 1.04
Q3 2016 193.71 15.9 % 1.03 - 193.71 1.03
Q4 2016 104.10 (38.4 %) 0.55 - 104.10 0.55
Q1 2017 155.12 (19.3 %) 0.83 - 155.12 0.83
Q2 2017 122.28 (37.6 %) 0.65 - 122.28 0.65
Q3 2017 160.05 (17.4 %) 0.85 - 160.05 0.85
Q4 2017 64.05 (38.5 %) 0.34 - 64.05 0.34
Q1 2018 106.66 (31.2 %) 0.57 - 106.66 0.57
Q2 2018 112.72 (7.8 %) 0.60 - 112.72 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 32.99 % 29.56 % 29.12 %
Q2 2015 32.56 % 30.41 % 28.73 %
Q3 2015 31.04 % 29.51 % 29.19 %
Q4 2015 32.95 % 29.33 % 29.05 %
Q1 2016 36.03 % 32.29 % 27.71 %
Q2 2016 35.98 % 31.76 % 27.67 %
Q3 2016 36.04 % 31.48 % 26.69 %
Q4 2016 33.90 % 29.16 % 25.15 %
Q1 2017 33.15 % 27.84 % 24.16 %
Q2 2017 33.35 % 25.45 % 21.69 %
Q3 2017 33.01 % 24.68 % 20.77 %
Q4 2017 33.82 % 23.73 % 19.40 %
Q1 2018 32.48 % 22.47 % 17.67 %
Q2 2018 30.24 % 22.34 % 17.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 188.00 - - 12.63
Q3 2014 188.00 - - 12.96
Q4 2014 188.00 - - 13.22
Q1 2015 188.00 3.23 3.63 13.20
Q2 2015 188.00 3.35 3.75 14.13
Q3 2015 188.00 3.30 3.87 15.02
Q4 2015 188.00 3.30 3.93 14.38
Q1 2016 188.00 3.74 3.84 14.51
Q2 2016 188.00 3.85 3.95 14.90
Q3 2016 188.00 3.99 3.93 15.28
Q4 2016 188.00 3.65 3.65 15.83
Q1 2017 188.00 3.45 3.45 15.36
Q2 2017 188.00 3.06 3.06 15.36
Q3 2017 188.00 2.88 2.88 15.56
Q4 2017 188.00 2.67 2.67 15.28
Q1 2018 188.00 2.41 2.41 15.84
Q2 2018 188.00 2.36 2.36 15.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 21.78 19.44 5.17
Q3 2015 18.59 15.85 4.08
Q4 2015 13.70 11.53 3.15
Q1 2016 10.90 10.61 2.81
Q2 2016 12.55 12.23 3.24
Q3 2016 10.15 10.32 2.65
Q4 2016 18.14 18.14 4.18
Q1 2017 14.87 14.87 3.34
Q2 2017 14.71 14.71 2.93
Q3 2017 15.01 15.01 2.78
Q4 2017 14.74 14.74 2.57
Q1 2018 15.28 15.28 2.32
Q2 2018 15.30 15.30 2.29

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 116.30 112.72 (3.1 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Arbah Capital 108.80 112.72 3.6 %
AlJazira Capital 104.20 112.72 8.2 %
Sico 102.00 112.72 10.5 %
SNB Capital 127.00 112.72 (11.2) %
OSOOL AND BAKHEET 139.50 112.72 (19.2) %

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