Financial Results : Saudi Industrial Export turns profitable in H1

Saudi Industrial Export turns profitable in H1

24/07/2018 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) reported a net profit of SAR 12.9 million for the first half of 2018, against net losses of SAR 15 million in year-earlier period, driven by increased exports of Sulphur, plastics and cement products.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 0.56 40.23 7122.1 %
Gross Income 0.24 2.77 1058.2 %
Operating Income (4.55) (1.06) 76.6 %
Net Income (15.03) 12.93 186.0 %
Average Shares 134.37 134.37 -
EPS (Riyals) (0.11) 0.10 186.0 %

The company’s net profit for the second quarter stood at SAR 0.32 million, versus net losses of SAR 13.2 million in year-earlier period, backed by increased Sulphur exports and lower G&A expenses.

 

On a sequential basis, Q2 profit plunged 97.45 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 0.33 32.09 9711.9 %
Gross Income 0.09 1.98 2147.7 %
Operating Income (2.97) 0.35 111.8 %
Net Income (13.23) 0.32 102.4 %
Average Shares 134.37 134.37 -
EPS (Riyals) (0.10) 0.00 102.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2015 132.16 (30.7 %) 1.18 (66.1 %) 0.02 (98.9 %)
Q2 2015 137.94 8.5 % 2.18 30.9 % 1.13 111.5 %
Q3 2015 202.10 70.8 % 3.71 156.8 % 2.35 435.5 %
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (1.00) (494.9 %)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.27) (1222.2 %)
Q2 2016 0.22 (99.8 %) 0.12 (94.6 %) (1.76) (256.3 %)
Q3 2016 0.33 (99.8 %) 0.19 (95.0 %) (1.24) (152.6 %)
Q4 2016 (1.23) (101.1 %) (0.83) (398.9 %) (3.51) (250.9 %)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.56) (472.4 %)
Q2 2017 0.33 51.4 % 0.09 (25.4 %) (2.97) (68.5 %)
Q3 2017 11.63 3381.4 % 0.29 55.1 % (1.69) (36.3 %)
Q4 2017 7.04 673.2 % (3.05) (267.3 %) (5.60) (59.4 %)
Q1 2018 8.14 3440.0 % 0.79 423.2 % (1.41) 9.5 %
Q2 2018 32.09 9711.9 % 1.98 2147.7 % 0.35 111.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2015 0.16 (90.4 %) 0.00 - 0.16 0.00
Q2 2015 0.79 52.8 % 0.01 - 0.79 0.01
Q3 2015 1.89 589.2 % 0.01 - 1.89 0.01
Q4 2015 (102.30) (1.0 %) (0.76) (100.96) (1.34) (0.01)
Q1 2016 (0.47) (387.4 %) 0.00 - (0.47) 0.00
Q2 2016 (0.46) (158.0 %) 0.00 - (0.46) 0.00
Q3 2016 (9.27) (591.2 %) (0.07) (7.12) (2.15) (0.02)
Q4 2016 (3.39) 96.7 % (0.03) - (3.39) (0.03)
Q1 2017 (1.80) (282.5 %) (0.01) - (1.80) (0.01)
Q2 2017 (13.23) (2,788.3 %) (0.10) (10.72) (2.52) (0.02)
Q3 2017 (10.63) (14.6 %) (0.08) (8.51) (2.12) (0.02)
Q4 2017 (85.33) (2,418.2 %) (0.64) (81.73) (3.59) (0.03)
Q1 2018 12.61 801.5 % 0.09 14.05 (1.44) (0.01)
Q2 2018 0.32 102.4 % 0.00 - 0.32 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 1.01 % 0.17 % 0.12 %
Q2 2015 1.08 % 0.28 % 0.17 %
Q3 2015 1.31 % 0.56 % 0.41 %
Q4 2015 1.25 % 0.43 % 0.26 %
Q1 2016 1.53 % - 0.19 %
Q2 2016 1.54 % (0.21 %) (0.12 %)
Q3 2016 1.20 % (3.53 %) (3.72 %)
Q4 2016 50.88 % (1065.92 %) (1038.76 %)
Q1 2017 83.71 % 1,753.10 % 1,740.85 %
Q2 2017 120.18 % 2,665.88 % 2,925.16 %
Q3 2017 (2.76 %) (86.06 %) (89.65 %)
Q4 2017 (13.12 %) (59.88 %) (52.17 %)
Q1 2018 (6.94 %) (41.88 %) (35.65 %)
Q2 2018 0.01 % (13.77 %) (11.61 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 134.37 (0.75) 0.00 0.95
Q2 2015 134.37 (0.74) 0.01 0.95
Q3 2015 134.37 (0.73) 0.02 0.94
Q4 2015 134.37 (0.74) 0.01 0.92
Q1 2016 134.37 (0.74) 0.01 0.90
Q2 2016 134.37 (0.75) 0.00 0.88
Q3 2016 134.37 (0.84) (0.03) 0.84
Q4 2016 134.37 (0.10) (0.05) 0.78
Q1 2017 134.37 (0.11) (0.06) 0.82
Q2 2017 134.37 (0.21) (0.07) 0.79
Q3 2017 134.37 (0.22) (0.07) 0.73
Q4 2017 134.37 (0.83) (0.07) 0.08
Q1 2018 134.37 (0.72) (0.07) 0.18
Q2 2018 134.37 (0.62) (0.05) 0.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 NEG More than 100 6.01
Q2 2015 NEG More than 100 6.30
Q3 2015 NEG More than 100 4.74
Q4 2015 NEG More than 100 5.01
Q1 2016 NEG More than 100 5.73
Q2 2016 NEG NEG 5.30
Q3 2016 NEG NEG 3.59
Q4 2016 NEG NEG 5.30
Q1 2017 NEG NEG 4.59
Q2 2017 NEG NEG 4.24
Q3 2017 NEG NEG 5.09
Q4 2017 NEG NEG 21.25
Q1 2018 NEG NEG 17.87
Q2 2018 NEG NEG 15.47

Business Segments (Million)

Compared With The
Period Export Activities Saudi for Industrial Exports - Jordan


Financial Ratios
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 )
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Share Price

Saudi Industrial Export Co.
2.52
0.00 0.00 %

Saudi Industrial Export Co. (SIECO)

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