Saudi Ground Services net profit rises 10% in FY16

Saudi Ground Services Co. (SGS) reported a net profit of SAR 685.8 million for fiscal year 2016, 10 percent higher year-on-year (YoY) due to higher revenue as the number of flights increased, leading to a rise in operational costs. The company also noted an increase in zakat expenses and the introduction of a new tax for its foreign shareholder.

Financials (M)

Item	2015	2016	Change‬
Revenues	2,540.51	2,726.67	7.3 %
Gross Income	837.18	924.24	10.4 %
Operating Income	595.63	675.42	13.4 %
Net Income	621.07	685.77	10.4 %
Average Shares	188.00	188.00	-
EPS (Riyals)	3.30	3.65	10.4 %

Net profit for fourth quarter fell 40 percent YoY to SAR 100.7 million on lower revenue as Q4 2015 had corresponded with Hajj season. Additionally, some of the main airlines that operated in 2015 did not operate during the 2016 Hajj season. The firm also posted higher operational expenses due to annual increments and an increase in the Saudization ratio.

Q4 profit dropped 48 percent compared to the previous quarter mainly because the Hajj and Umrah season fell in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	646.04	607.19	(6.0 %)
Gross Income	236.03	163.66	(30.7 %)
Operating Income	164.20	96.20	(41.4 %)
Net Income	168.88	104.10	(38.4 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	0.90	0.55	(38.4 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	741.27	607.19	(18.1 %)
Gross Income	251.31	163.66	(34.9 %)
Operating Income	190.80	96.20	(49.6 %)
Net Income	193.71	104.10	(46.3 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	1.03	0.55	(46.3 %)

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Share Price

Saudi Ground Services Co. (SGS)

	Current
Market Cap (M Riyal)	9,437.60
Enterprise Value (EV) (M)	8,785.43
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)	33.30
P/E (TTM)	32.22
Price/book	3.97
Return on Average Assets (%) (TTM)	6.9
Return on Average Equity (%) (TTM)	12.7

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	555.01	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	2,007.12	12.1 %	833.23	10.1 %	604.59	8.9 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	2,143.85	6.8 %	835.22	0.2 %	625.51	3.5 %
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	-
2014	2,408.03	12.3 %	881.73	5.6 %	626.65	0.2 %
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 %
2015	2,540.51	5.5 %	837.18	(5.1 %)	595.63	(5.0 %)
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 %)
2016	2,726.67	7.3 %	924.24	10.4 %	675.42	13.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	555.01	-
2012	2,007.12	12.1 %	833.23	10.1 %	604.59	8.9 %
2013	2,143.85	6.8 %	835.22	0.2 %	625.51	3.5 %
2014	2,408.03	12.3 %	881.73	5.6 %	626.65	0.2 %
2015	2,540.51	5.5 %	837.18	(5.1 %)	595.63	(5.0 %)
2016	2,726.67	7.3 %	924.24	10.4 %	675.42	13.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	537.84	-	2.86	-	537.84	2.86
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	589.29	9.6 %	3.13	-	589.29	3.13
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	605.96	2.8 %	3.22	2.90	603.06	3.21
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
2014	656.98	8.4 %	3.49	22.23	634.75	3.38
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
2015	621.07	(5.5 %)	3.30	(117.04)	738.11	3.93
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
2016	685.77	10.4 %	3.65	-	685.77	3.65

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	537.84	-	2.86	-	537.84	2.86
2012	589.29	9.6 %	3.13	-	589.29	3.13
2013	605.96	2.8 %	3.22	2.90	603.06	3.21
2014	656.98	8.4 %	3.49	22.23	634.75	3.38
2015	621.07	(5.5 %)	3.30	(117.04)	738.11	3.93
2016	685.77	10.4 %	3.65	-	685.77	3.65

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	42.28 %	37.63 %	30.04 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	41.51 %	35.65 %	29.36 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	38.96 %	34.90 %	28.13 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	36.62 %	31.46 %	26.36 %
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 %
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 %
2016	33.90 %	29.16 %	25.15 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	42.28 %	37.63 %	30.04 %
2012	41.51 %	35.65 %	29.36 %
2013	38.96 %	34.90 %	28.13 %
2014	36.62 %	31.46 %	26.36 %
2015	32.95 %	29.33 %	29.05 %
2016	33.90 %	29.16 %	25.15 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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	39.68 %	31.36 %	30.30 %
Q3 2014	39.46 %	34.31 %	28.27 %
Q4 2014	28.86 %	32.11 %	24.40 %
Q1 2015	25.08 %	20.90 %	33.54 %
Q2 2015	36.71 %	34.43 %	28.53 %
Q3 2015	33.39 %	30.72 %	30.04 %
Q4 2015	36.53 %	31.21 %	24.21 %
Q1 2016	37.48 %	32.91 %	28.02 %
Q2 2016	36.43 %	32.14 %	28.28 %
Q3 2016	33.90 %	29.79 %	26.13 %
Q4 2016	26.95 %	20.76 %	17.14 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	188.00	2.86	2.86	10.70
2012	188.00	3.13	3.13	12.51
2013	188.00	3.22	3.21	11.48
2014	188.00	3.49	3.38	13.22
2015	188.00	3.30	3.93	14.38
2016	188.00	3.65	3.65	15.83

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	13.70	11.53	3.15
2016	18.14	18.14	4.18

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	187.35	104.10	(44.4 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
Sico	176.00	104.10	(40.9) %
OSOOL AND BAKHEET	198.70	104.10	(47.6) %

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Saudi Ground Services net profit rises 10% in FY16

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Ground Services Co. (SGS)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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