Zamil Industrial posts higher net profit at SAR 62.7m in I1 of 2013

31/03/2013 Argaam Exclusive

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Zamil Industrial Investment Co. (ZAMIL INDUST)

Zamil Industrial Investment Co., specialized in manufacturing air conditioners and steel structures, reported SAR 62.7m net profit at the end of the first quarter of 2013, a 67% increase compared to the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 1,102.10 1,242.94 12.8 %
Gross Income 240.61 299.76 24.6 %
Operating Income 70.81 97.17 37.2 %
Net Income 37.51 62.69 67.1 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.63 1.04 67.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 390.76 28.5 % 80.23 20.3 % 8.18 30.2 % 0.14
Q2 2004 542.14 17.0 % 110.58 13.3 % 26.83 7.2 % 0.45
Q3 2004 526.89 19.2 % 104.43 15.3 % 24.48 75.1 % 0.41
Q4 2004 506.87 44.1 % 109.68 50.3 % 10.67 116.8 % 0.18
Q1 2005 537.86 37.6 % 115.64 44.1 % 21.81 166.8 % 0.36
Q2 2005 654.16 20.7 % 127.07 14.9 % 31.10 15.9 % 0.52
Q3 2005 642.43 21.9 % 129.15 23.7 % 35.01 43.0 % 0.58
Q4 2005 535.04 5.6 % 130.92 19.4 % 18.43 72.8 % 0.31
Q1 2006 594.71 10.6 % 122.83 6.2 % 44.13 102.3 % 0.74
Q2 2006 740.43 13.2 % 160.66 26.4 % 52.81 69.8 % 0.88
Q3 2006 778.49 21.2 % 166.42 28.9 % 57.77 65.0 % 0.96
Q4 2006 753.97 40.9 % 183.25 40.0 % 36.94 100.4 % 0.62
Q1 2007 815.46 37.1 % 160.71 30.8 % 44.85 1.6 % 0.75
Q2 2007 958.15 29.4 % 200.42 24.7 % 57.79 9.4 % 0.96
Q3 2007 1,006.68 29.3 % 194.62 16.9 % 58.69 1.6 % 0.98
Q4 2007 900.97 19.5 % 179.15 (2.2 %) 45.16 22.3 % 0.75
Q1 2008 1,007.87 23.6 % 196.12 22.0 % 50.36 12.3 % 0.84
Q2 2008 1,285.95 34.2 % 264.00 31.7 % 73.06 26.4 % 1.22
Q3 2008 1,306.70 29.8 % 269.09 38.3 % 81.69 39.2 % 1.36
Q4 2008 949.08 5.3 % 236.37 31.9 % 20.03 (55.7 %) 0.33
Q1 2009 1,141.18 13.2 % 234.34 19.5 % 52.47 4.2 % 0.87
Q2 2009 1,148.58 (10.7 %) 224.21 (15.1 %) 59.84 (18.1 %) 1.00
Q3 2009 944.65 (27.7 %) 218.84 (18.7 %) 53.83 (34.1 %) 0.90
Q4 2009 970.00 2.2 % 274.38 16.1 % 64.01 219.6 % 1.07
Q1 2010 927.09 (18.8 %) 221.50 (5.5 %) 55.05 4.9 % 0.92
Q2 2010 1,078.27 (6.1 %) 242.72 8.3 % 63.01 5.3 % 1.05
Q3 2010 963.43 2.0 % 212.14 (3.1 %) 31.74 (41.0 %) 0.53
Q4 2010 1,049.63 8.2 % 319.07 16.3 % 61.33 (4.2 %) 1.02
Q1 2011 966.72 4.3 % 220.82 (0.3 %) 36.76 (33.2 %) 0.61
Q2 2011 1,325.21 22.9 % 281.04 15.8 % 47.93 (23.9 %) 0.80
Q3 2011 1,167.19 21.1 % 259.49 22.3 % 33.55 5.7 % 0.56
Q4 2011 1,268.58 20.9 % 289.88 (9.1 %) 35.95 (41.4 %) 0.60
Q1 2012 1,102.10 14.0 % 240.61 9.0 % 37.51 2.1 % 0.63
Q2 2012 1,344.79 1.5 % 283.54 0.9 % 55.77 16.4 % 0.93
Q3 2012 1,281.54 9.8 % 273.15 5.3 % 46.79 39.4 % 0.78
Q4 2012 1,626.45 28.2 % 367.82 26.9 % 61.39 70.7 % 1.02
Q1 2013 1,242.94 12.8 % 299.76 24.6 % 62.69 67.1 % 1.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 20.72 % 7.37 % 3.16 %
Q2 2004 20.52 % 7.13 % 3.12 %
Q3 2004 20.32 % 7.38 % 3.56 %
Q4 2004 20.59 % 7.67 % 3.57 %
Q1 2005 20.83 % 8.02 % 3.96 %
Q2 2005 20.52 % 8.11 % 3.96 %
Q3 2005 20.57 % 8.53 % 4.21 %
Q4 2005 21.22 % 8.79 % 4.49 %
Q1 2006 21.02 % 8.93 % 5.30 %
Q2 2006 21.63 % 9.69 % 5.99 %
Q3 2006 21.93 % 10.28 % 6.54 %
Q4 2006 22.08 % 10.20 % 6.68 %
Q1 2007 21.73 % 10.26 % 6.23 %
Q2 2007 21.50 % 10.07 % 5.97 %
Q3 2007 20.91 % 9.71 % 5.61 %
Q4 2007 19.96 % 9.80 % 5.61 %
Q1 2008 19.89 % 9.82 % 5.47 %
Q2 2008 19.85 % 9.68 % 5.41 %
Q3 2008 20.18 % 9.87 % 5.56 %
Q4 2008 21.22 % 9.98 % 4.95 %
Q1 2009 21.44 % 10.06 % 4.85 %
Q2 2009 21.21 % 9.94 % 4.71 %
Q3 2009 21.84 % 10.06 % 4.45 %
Q4 2009 22.64 % 11.43 % 5.47 %
Q1 2010 23.53 % 11.80 % 5.83 %
Q2 2010 24.42 % 11.94 % 6.02 %
Q3 2010 24.14 % 11.15 % 5.43 %
Q4 2010 24.77 % 10.10 % 5.25 %
Q1 2011 24.51 % 9.65 % 4.75 %
Q2 2011 24.00 % 9.48 % 4.13 %
Q3 2011 23.96 % 9.63 % 3.98 %
Q4 2011 22.24 % 8.46 % 3.26 %
Q1 2012 22.02 % 8.53 % 3.19 %
Q2 2012 21.99 % 8.65 % 3.33 %
Q3 2012 21.76 % 8.72 % 3.52 %
Q4 2012 21.76 % 9.60 % 3.76 %
Q1 2013 22.28 % 9.83 % 4.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 60.00 0.87 0.87 7.13
Q2 2004 60.00 0.90 0.90 7.56
Q3 2004 60.00 1.07 1.07 8.01
Q4 2004 60.00 1.17 1.17 8.25
Q1 2005 60.00 1.40 1.40 8.11
Q2 2005 60.00 1.47 1.47 8.81
Q3 2005 60.00 1.64 1.64 9.51
Q4 2005 60.00 1.77 1.77 9.79
Q1 2006 60.00 2.14 2.14 10.31
Q2 2006 60.00 2.51 2.51 10.96
Q3 2006 60.00 2.89 2.89 11.82
Q4 2006 60.00 3.19 3.19 12.36
Q1 2007 60.00 3.21 3.21 11.92
Q2 2007 60.00 3.29 3.29 12.90
Q3 2007 60.00 3.30 3.30 13.94
Q4 2007 60.00 3.44 3.44 14.87
Q1 2008 60.00 3.53 3.53 14.41
Q2 2008 60.00 3.79 3.79 15.59
Q3 2008 60.00 4.17 4.17 16.77
Q4 2008 60.00 3.75 3.75 17.14
Q1 2009 60.00 3.79 3.79 16.82
Q2 2009 60.00 3.57 3.57 17.93
Q3 2009 60.00 3.10 3.10 18.83
Q4 2009 60.00 3.84 3.84 19.92
Q1 2010 60.00 3.88 3.88 19.82
Q2 2010 60.00 3.93 3.93 20.71
Q3 2010 60.00 3.56 3.56 20.56
Q4 2010 60.00 3.52 3.52 21.48
Q1 2011 60.00 3.21 3.21 22.04
Q2 2011 60.00 2.96 2.96 22.08
Q3 2011 60.00 2.99 2.99 21.72
Q4 2011 60.00 2.57 2.57 22.49
Q1 2012 60.00 2.58 2.58 23.22
Q2 2012 60.00 2.71 2.71 23.14
Q3 2012 60.00 2.93 2.93 23.25
Q4 2012 60.00 3.36 3.36 24.15
Q1 2013 60.00 3.78 3.78 25.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 28.86 28.86 3.52
Q2 2004 27.89 27.89 3.31
Q3 2004 28.57 28.57 3.83
Q4 2004 24.40 24.40 3.46
Q1 2005 20.54 20.54 3.53
Q2 2005 35.86 35.86 5.97
Q3 2005 40.92 40.92 7.07
Q4 2005 More than 50 More than 50 10.63
Q1 2006 31.95 31.95 6.65
Q2 2006 35.47 35.47 8.11
Q3 2006 32.31 32.31 7.89
Q4 2006 16.95 16.95 4.38
Q1 2007 17.35 17.35 4.67
Q2 2007 16.12 16.12 4.11
Q3 2007 19.06 19.06 4.52
Q4 2007 19.99 19.99 4.63
Q1 2008 16.38 16.38 4.02
Q2 2008 20.89 20.89 5.08
Q3 2008 17.76 17.76 4.42
Q4 2008 11.42 11.42 2.50
Q1 2009 8.83 8.83 1.99
Q2 2009 12.70 12.70 2.53
Q3 2009 15.45 15.45 2.54
Q4 2009 10.93 10.93 2.10
Q1 2010 12.99 12.99 2.54
Q2 2010 11.09 11.09 2.11
Q3 2010 12.85 12.85 2.23
Q4 2010 9.95 9.95 1.63
Q1 2011 10.64 10.64 1.55
Q2 2011 10.63 10.63 1.43
Q3 2011 9.12 9.12 1.26
Q4 2011 11.36 11.36 1.30
Q1 2012 13.01 13.01 1.45
Q2 2012 10.43 10.43 1.22
Q3 2012 10.06 10.06 1.27
Q4 2012 9.38 9.38 1.30
Q1 2013 8.87 8.87 1.33

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry concrete Headquarters & Others
Q1 2009 345.25 754.86 41.08 - -
Q2 2009 485.30 622.54 40.74 - -
Q3 2009 399.97 501.99 42.70 - -
Q4 2009 345.99 571.96 52.06 - -
Q1 2010 337.70 545.52 43.87 - -
Q2 2010 460.85 572.51 44.91 - -
Q3 2010 397.27 524.28 41.88 - -
Q4 2010 440.40 566.99 42.24 - -
Q1 2011 348.74 531.70 45.03 41.25 -
Q2 2011 547.89 611.56 125.18 40.58 -
Q3 2011 448.14 606.75 76.96 35.34 -
Q4 2011 491.57 666.96 77.81 32.24 -
Q1 2012 349.88 628.69 95.40 28.13 -
Q2 2012 537.38 681.91 85.93 39.57 -
Q3 2012 508.89 660.32 70.70 41.48 0.15
Q4 2012 788.41 718.44 70.93 47.27 1.39
Q1 2013 474.88 647.71 71.77 - 48.58

Current
Market Cap (M Riyal) 1,323.60
Enterprise Value (EV) (M) 3,223.99
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (4.64)
Book Value (BV) ( Riyal) 7.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.03
Return on Average Assets (%) (TTM) (4.56 )
Return on Average Equity (%) (TTM) (47.02 )

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