Financial Results : SGS reports 12% profit jump in 9M 2019

SGS reports 12% profit jump in 9M 2019

03/11/2019 Argaam Exclusive

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Saudi Ground Services Co. (SGS) reported a net profit of SAR 348.2 million for the first 9 months of 2019, a rise of 11.57 percent year-on-year (YoY), driven by a slump in operating expenses and general and administrative (G&A) expenses.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 1,982.39 1,940.44 (2.1 %)
Gross Income 536.74 558.89 4.1 %
Operating Income 304.38 344.63 13.2 %
Net Income 312.06 348.19 11.6 %
Average Shares 188.00 188.00 -
EPS (Riyals) 1.66 1.85 11.6 %

SGS’s net profit after zakat and tax for Q3 2019 increased 29.7 percent YoY to SAR 120.2 million, due to lower operating cost, and decreased G&As.

 

On a sequential basis, Q3 2019 net profit declined 2.9 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 700.67 683.34 (2.5 %)
Gross Income 166.49 191.44 15.0 %
Operating Income 85.50 113.75 33.0 %
Net Income 92.68 120.21 29.7 %
Average Shares 188.00 188.00 -
EPS (Riyals) 0.49 0.64 29.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2018 700.67 0.5 % 166.49 (26.9 %) 85.50 (46.2 %)
Q4 2018 571.66 (2.3 %) 147.70 (16.8 %) 66.72 5.0 %
Q1 2019 609.07 (2.0 %) 173.15 (4.2 %) 105.77 (1.1 %)
Q2 2019 648.02 (1.8 %) 194.30 2.6 % 125.11 11.8 %
Q3 2019 683.34 (2.5 %) 191.44 15.0 % 113.75 33.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2018 92.68 (42.1 %) 0.49 - 92.68 0.49
Q4 2018 56.37 (12.0 %) 0.30 - 56.37 0.30
Q1 2019 104.12 (2.4 %) 0.55 - 104.12 0.55
Q2 2019 123.86 9.9 % 0.66 - 123.86 0.66
Q3 2019 120.21 29.7 % 0.64 - 120.21 0.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2018 27.82 % 19.65 % 14.65 %
Q4 2018 26.80 % 20.04 % 14.43 %
Q1 2019 26.63 % 20.94 % 14.40 %
Q2 2019 26.95 % 22.05 % 14.91 %
Q3 2019 28.13 % 24.05 % 16.10 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2018 188.00 2.00 2.00 14.99
Q4 2018 188.00 1.96 1.96 15.30
Q1 2019 188.00 1.95 1.95 15.78
Q2 2019 188.00 2.01 2.01 15.64
Q3 2019 188.00 2.15 2.15 15.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2018 17.59 17.59 2.35
Q4 2018 15.77 15.77 2.02
Q1 2019 14.95 14.95 1.84
Q2 2019 14.36 14.36 1.84
Q3 2019 15.29 15.29 2.15

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 113.90 120.21 5.54 %

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 117.90 120.21 2.0 %
SNB Capital 125.00 120.21 (3.8) %
AlJazira Capital 98.80 120.21 21.7 %


Financial Ratios
Current
Market Cap (M Riyal) 9,494.00
Enterprise Value (EV) (M) 8,841.83
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) 33.50
P/E (TTM) 32.41
Price/book 3.99
Return on Average Assets (%) (TTM) 6.9
Return on Average Equity (%) (TTM) 12.7
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Share Price

Saudi Ground Services Co.
50.50
1.25 2.54 %

Saudi Ground Services Co. (SGS)

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