Financial Results : SIEC posts lower net profit at SAR 2.6m at the end of 2014

SIEC posts lower net profit at SAR 2.6m at the end of 2014

18/01/2015 Argaam Exclusive

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Financials (M)

Item 2013 2014 Change‬
Revenues 323.15 571.67 76.9 %
Gross Income 12.76 7.45 (41.6 %)
Operating Income 7.64 3.06 (60.0 %)
Net Income (94.32) (98.79) (4.7 %)
Average Shares 134.37 134.37 -
EPS (Riyals) (0.70) (0.74) (4.7 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 90.72 135.40 49.2 %
Gross Income 2.55 0.87 (65.8 %)
Operating Income 0.80 (0.17) (121.0 %)
Net Income (100.47) (101.29) (0.8 %)
Average Shares 134.37 134.37 -
EPS (Riyals) (0.75) (0.75) (0.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 53.64 (13.3 %) 2.58 63.6 % 1.43 141.6 %
Q2 2005 51.56 (17.6 %) 2.35 155.4 % 1.06 1171.1 %
Q3 2005 78.43 46.1 % 4.07 195.7 % 3.09 563.7 %
Q4 2005 44.87 (48.5 %) 2.55 9.4 % 0.90 23.6 %
Q1 2006 39.95 (25.5 %) 1.19 (53.8 %) 0.13 (91.0 %)
Q2 2006 67.97 31.8 % 1.69 (28.0 %) 0.28 (73.8 %)
Q3 2006 50.20 (36.0 %) 1.04 (74.4 %) (0.11) (103.5 %)
Q4 2006 61.49 37.0 % 2.60 2.0 % 1.22 36.4 %
Q1 2007 46.13 15.5 % 1.29 8.3 % (0.11) (183.1 %)
Q2 2007 20.17 (70.3 %) (0.74) (143.8 %) (2.08) (847.8 %)
Q3 2007 70.32 40.1 % 5.03 383.2 % 3.83 3681.4 %
Q4 2007 83.16 35.2 % 4.95 90.3 % 2.80 129.0 %
Q1 2008 207.26 349.3 % 5.33 313.2 % 3.48 3352.6 %
Q2 2008 365.01 1709.6 % 13.10 1868.3 % 11.48 652.0 %
Q3 2008 103.51 47.2 % 9.96 98.1 % 8.37 118.6 %
Q4 2008 33.31 (59.9 %) 1.47 (70.4 %) (1.87) (167.0 %)
Q1 2009 23.75 (88.5 %) 0.24 (95.5 %) (1.09) (131.4 %)
Q2 2009 26.79 (92.7 %) 1.77 (86.5 %) 0.32 (97.2 %)
Q3 2009 23.86 (76.9 %) 0.89 (91.1 %) (0.35) (104.2 %)
Q4 2009 26.96 (19.1 %) (0.07) (104.8 %) (1.49) 20.8 %
Q1 2010 44.77 88.5 % 3.22 1242.1 % 1.55 241.8 %
Q2 2010 44.28 65.2 % (0.52) (129.2 %) (2.32) (829.5 %)
Q3 2010 21.24 (11.0 %) 0.65 (27.0 %) (0.50) (44.4 %)
Q4 2010 76.40 183.4 % 5.47 7798.6 % 4.13 378.2 %
Q1 2011 88.59 97.9 % 7.19 123.1 % 5.83 277.3 %
Q2 2011 110.67 149.9 % 3.56 787.8 % 2.48 206.7 %
Q3 2011 99.95 370.6 % 1.52 134.7 % 0.62 222.8 %
Q4 2011 101.13 32.4 % 1.26 (76.9 %) (0.18) (104.4 %)
Q1 2012 71.59 (19.2 %) 1.50 (79.1 %) 0.49 (91.6 %)
Q2 2012 71.98 (35.0 %) 1.77 (50.2 %) 0.61 (75.4 %)
Q3 2012 88.62 (11.3 %) 1.32 (13.7 %) 0.34 (44.8 %)
Q4 2012 105.17 4.0 % 2.33 84.6 % 1.18 742.5 %
Q1 2013 85.71 19.7 % 3.99 165.4 % 2.90 494.0 %
Q2 2013 91.66 27.3 % 3.71 109.2 % 2.42 297.9 %
Q3 2013 55.06 (37.9 %) 2.52 91.5 % 1.51 343.3 %
Q4 2013 90.72 (13.7 %) 2.55 9.4 % 0.80 (32.2 %)
Q1 2014 190.78 122.6 % 3.47 (12.9 %) 2.25 (22.3 %)
Q2 2014 127.19 38.8 % 1.66 (55.1 %) 0.53 (78.0 %)
Q3 2014 118.30 114.9 % 1.44 (42.7 %) 0.44 (71.0 %)
Q4 2014 135.40 49.2 % 0.87 (65.8 %) (0.17) (121.0 %)
2014 571.67 76.9 % 7.45 (41.6 %) 3.06 (60.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 5.04 360.6 % 0.04 - 5.04 0.04
Q2 2005 16.13 1246.7 % 0.12 - 16.13 0.12
Q3 2005 9.00 190.1 % 0.07 - 9.00 0.07
Q4 2005 (125.02) (19.6 %) (0.93) (100.96) (24.05) (0.18)
Q1 2006 11.02 118.8 % 0.08 - 11.02 0.08
Q2 2006 0.25 (98.5 %) 0.00 - 0.25 0.00
Q3 2006 0.38 (95.8 %) 0.00 - 0.38 0.00
Q4 2006 (112.09) 10.3 % (0.83) (100.96) (11.13) (0.08)
Q1 2007 1.05 (90.5 %) 0.01 - 1.05 0.01
Q2 2007 (0.92) (469.9 %) (0.01) - (0.92) (0.01)
Q3 2007 3.86 922.3 % 0.03 - 3.86 0.03
Q4 2007 (102.42) 8.6 % (0.76) (100.96) (1.46) (0.01)
Q1 2008 3.13 198.7 % 0.02 - 3.13 0.02
Q2 2008 10.37 1231.2 % 0.08 - 10.37 0.08
Q3 2008 7.60 96.8 % 0.06 - 7.60 0.06
Q4 2008 (103.72) (1.3 %) (0.77) (100.96) (2.76) (0.02)
Q1 2009 (1.43) (145.6 %) (0.01) - (1.43) (0.01)
Q2 2009 (0.40) (103.8 %) 0.00 - (0.40) 0.00
Q3 2009 (1.50) (119.7 %) (0.01) - (1.50) (0.01)
Q4 2009 (101.55) 2.1 % (0.76) (100.96) (0.59) 0.00
Q1 2010 1.03 172.3 % 0.01 - 1.03 0.01
Q2 2010 (2.87) (625.8 %) (0.02) - (2.87) (0.02)
Q3 2010 1.23 182.1 % 0.01 - 1.23 0.01
Q4 2010 (98.82) 2.7 % (0.74) (100.96) 2.14 0.02
Q1 2011 5.46 429.5 % 0.04 - 5.46 0.04
Q2 2011 2.02 170.5 % 0.02 - 2.02 0.02
Q3 2011 1.62 32.4 % 0.01 - 1.62 0.01
Q4 2011 (102.96) (4.2 %) (0.77) (100.96) (2.00) (0.01)
Q1 2012 0.44 (91.9 %) 0.00 - 0.44 0.00
Q2 2012 0.51 (74.9 %) 0.00 - 0.51 0.00
Q3 2012 1.26 (22.6 %) 0.01 - 1.26 0.01
Q4 2012 (100.37) 2.5 % (0.75) (100.96) 0.59 0.00
Q1 2013 2.66 497.8 % 0.02 - 2.66 0.02
Q2 2013 2.19 332.4 % 0.02 - 2.19 0.02
Q3 2013 1.29 2.9 % 0.01 - 1.29 0.01
Q4 2013 (100.47) (0.1 %) (0.75) (100.96) 0.50 0.00
Q1 2014 1.71 (35.5 %) 0.01 - 1.71 0.01
Q2 2014 0.52 (76.5 %) 0.00 - 0.52 0.00
Q3 2014 0.27 (78.8 %) 0.00 - 0.27 0.00
Q4 2014 (101.29) (0.8 %) (0.75) (100.96) (0.33) 0.00
2014 (98.79) (4.7 %) (0.74) (100.96) 2.17 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 2.80 % 1.00 % 2.26 %
Q2 2005 3.51 % 1.52 % 8.43 %
Q3 2005 4.18 % 2.35 % 9.84 %
Q4 2005 5.05 % 2.85 % 2.67 %
Q1 2006 4.73 % 2.42 % 5.63 %
Q2 2006 4.11 % 1.91 % (1.64 %)
Q3 2006 3.19 % 0.60 % (6.11 %)
Q4 2006 2.97 % 0.71 % 0.24 %
Q1 2007 2.93 % 0.58 % (4.19 %)
Q2 2007 2.36 % (0.58 %) (5.97 %)
Q3 2007 4.13 % 1.47 % (3.60 %)
Q4 2007 4.79 % 2.04 % 1.15 %
Q1 2008 3.83 % 2.12 % 1.21 %
Q2 2008 3.92 % 2.98 % 2.19 %
Q3 2008 4.39 % 3.45 % 2.59 %
Q4 2008 4.21 % 3.03 % 2.59 %
Q1 2009 4.71 % 3.22 % 2.62 %
Q2 2009 7.17 % 3.08 % 1.61 %
Q3 2009 4.05 % (2.74 %) (5.64 %)
Q4 2009 2.79 % (2.52 %) (3.85 %)
Q1 2010 4.75 % 0.07 % (1.18 %)
Q2 2010 2.52 % (1.83 %) (2.80 %)
Q3 2010 2.39 % (1.97 %) (0.87 %)
Q4 2010 4.72 % 1.55 % 0.82 %
Q1 2011 5.55 % 3.12 % 2.58 %
Q2 2011 5.68 % 4.03 % 3.65 %
Q3 2011 4.72 % 3.48 % 2.99 %
Q4 2011 3.38 % 2.19 % 1.78 %
Q1 2012 2.05 % 0.89 % 0.55 %
Q2 2012 1.76 % 0.45 % 0.17 %
Q3 2012 1.76 % 0.38 % 0.06 %
Q4 2012 2.05 % 0.78 % 0.83 %
Q1 2013 2.68 % 1.43 % 1.43 %
Q2 2013 3.05 % 1.85 % 1.80 %
Q3 2013 3.71 % 2.38 % 1.99 %
Q4 2013 3.95 % 2.37 % 2.05 %
Q1 2014 2.86 % 1.63 % 1.33 %
Q2 2014 2.20 % 1.10 % 0.87 %
Q3 2014 1.73 % 0.77 % 0.57 %
Q4 2014 1.30 % 0.54 % 0.38 %
2014 1.30 % 0.54 % 0.38 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 134.37 (0.71) 0.04 0.81
Q2 2005 134.37 (0.60) 0.15 0.84
Q3 2005 134.37 (0.55) 0.20 0.91
Q4 2005 134.37 (0.71) 0.05 0.97
Q1 2006 134.37 (0.66) 0.09 0.99
Q2 2006 134.37 (0.78) (0.03) 0.96
Q3 2006 134.37 (0.84) (0.09) 0.92
Q4 2006 134.37 (0.75) 0.00 0.88
Q1 2007 134.37 (0.82) (0.07) 0.85
Q2 2007 134.37 (0.83) (0.08) 0.77
Q3 2007 134.37 (0.80) (0.05) 0.80
Q4 2007 134.37 (0.73) 0.02 0.90
Q1 2008 134.37 (0.72) 0.03 0.87
Q2 2008 134.37 (0.63) 0.12 0.94
Q3 2008 134.37 (0.61) 0.15 0.98
Q4 2008 134.37 (0.61) 0.14 0.89
Q1 2009 134.37 (0.65) 0.10 0.78
Q2 2009 134.37 (0.73) 0.02 0.79
Q3 2009 134.37 (0.80) (0.05) 0.79
Q4 2009 134.37 (0.78) (0.03) 0.76
Q1 2010 134.37 (0.76) (0.01) 0.78
Q2 2010 134.37 (0.78) (0.03) 0.76
Q3 2010 134.37 (0.76) (0.01) 0.77
Q4 2010 134.37 (0.74) 0.01 0.80
Q1 2011 134.37 (0.71) 0.04 0.85
Q2 2011 134.37 (0.67) 0.08 0.86
Q3 2011 134.37 (0.67) 0.08 0.87
Q4 2011 134.37 (0.70) 0.05 0.86
Q1 2012 134.37 (0.74) 0.02 0.89
Q2 2012 134.37 (0.75) 0.00 0.83
Q3 2012 134.37 (0.75) 0.00 0.84
Q4 2012 134.37 (0.73) 0.02 0.85
Q1 2013 134.37 (0.71) 0.04 0.86
Q2 2013 134.37 (0.70) 0.05 0.90
Q3 2013 134.37 (0.70) 0.05 0.92
Q4 2013 134.37 (0.70) 0.05 0.90
Q1 2014 134.37 (0.71) 0.04 0.92
Q2 2014 134.37 (0.72) 0.03 0.96
Q3 2014 134.37 (0.73) 0.02 0.99
Q4 2014 134.37 (0.74) 0.02 0.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 NEG 62.92 3.36
Q2 2005 NEG 37.87 7.00
Q3 2005 NEG 55.43 12.11
Q4 2005 NEG More than 100 12.62
Q1 2006 NEG More than 100 14.47
Q2 2006 NEG NEG 15.92
Q3 2006 NEG NEG 14.97
Q4 2006 NEG More than 100 5.40
Q1 2007 NEG NEG 5.95
Q2 2007 NEG NEG 10.22
Q3 2007 NEG NEG 9.84
Q4 2007 NEG More than 100 8.68
Q1 2008 NEG More than 100 4.99
Q2 2008 NEG 38.33 4.84
Q3 2008 NEG 21.64 3.23
Q4 2008 NEG 19.56 3.01
Q1 2009 NEG 29.59 3.89
Q2 2009 NEG More than 100 5.64
Q3 2009 NEG NEG 5.56
Q4 2009 NEG NEG 5.53
Q1 2010 NEG NEG 4.94
Q2 2010 NEG NEG 4.10
Q3 2010 NEG NEG 3.77
Q4 2010 NEG More than 100 3.60
Q1 2011 NEG 61.36 3.21
Q2 2011 NEG 40.32 3.79
Q3 2011 NEG 35.98 3.48
Q4 2011 NEG 84.61 5.18
Q1 2012 NEG More than 100 5.51
Q2 2012 NEG More than 100 6.51
Q3 2012 NEG More than 100 8.38
Q4 2012 NEG More than 100 10.16
Q1 2013 NEG More than 100 13.59
Q2 2013 NEG More than 100 6.03
Q3 2013 NEG More than 100 5.78
Q4 2013 NEG More than 100 5.93
Q1 2014 NEG More than 100 7.43
Q2 2014 NEG More than 100 7.49
Q3 2014 NEG More than 100 8.11
Q4 2014 NEG More than 100 4.65

Current
Market Cap (M Riyal) 489.89
Enterprise Value (EV) (M) 364.48
Shares Outstanding ((M)) 194.40
EPS ( Riyal) (TTM) (0.09)
Book Value (BV) ( Riyal) 0.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.71
Return on Average Assets (%) (TTM) (10.96 )
Return on Average Equity (%) (TTM) (12.12 )

Share Price

Saudi Industrial Export Co. (SIECO)


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