SIECO narrows losses to SAR 12.8 mln in 2020

09/06/2021 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) narrowed its net loss after Zakat and tax to SAR 13.2 million for 2020, from SAR 26 million a year earlier.

 

The company attributed the decline in losses to the improvement in gross profit margins and other income.



Financials (M)

Item 2019 2020 Change‬
Revenues 68.24 32.60 (52.2 %)
Gross Income (14.15) 1.94 113.7 %
Operating Income (24.03) (12.57) 47.7 %
Net Income (26.01) (13.18) 49.3 %
Average Shares 16.31 16.31 -
EPS (Riyals) (1.60) (0.81) 49.3 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 22.33 - -
Gross Income (11.27) (0.37) 96.7 %
Operating Income (15.23) (4.63) 69.6 %
Net Income (16.13) (5.44) 66.3 %
Average Shares 16.31 16.31 -
EPS (Riyals) (0.99) (0.33) 66.3 %

In addition, the loss incurred in 2020 was driven by a 46% year-on-year decrease in revenue, because of the weak global demand for raw materials resulting from the precautionary measures taken by government to limit the spread of the coronavirus pandemic.

In Q4 2020, the company reduced its net loss to SAR 5.6 million, from SAR 16.13 million in the year-ago period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 88.59 97.9 % 7.19 123.1 % 5.83 277.4 %
Q2 2011 110.67 149.9 % 3.56 787.8 % 2.48 206.8 %
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) (104.5 %)
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 (44.7 %)
Q4 2012 105.17 4.0 % 2.33 84.6 % 1.18 741.3 %
Q1 2013 85.71 19.7 % 3.99 165.4 % 2.90 494.1 %
Q2 2013 91.66 27.3 % 3.71 109.2 % 2.43 298.2 %
Q3 2013 55.06 (37.9 %) 2.52 91.5 % 1.51 342.7 %
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 (22.4 %)
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 % 1.13 111.6 %
Q3 2015 202.10 70.8 % 3.71 156.8 % 2.35 435.8 %
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (1.00) (495.8 %)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.27) (1237.5 %)
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) (251.0 %)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.56) (471.8 %)
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) (36.2 %)
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 %
Q3 2018 51.54 343.2 % 0.97 234.1 % (0.61) 63.9 %
Q4 2018 26.51 276.6 % (2.72) 11.0 % (5.83) (4.1 %)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (1.66) (17.5 %)
Q2 2019 5.93 (81.5 %) 0.25 (87.3 %) (3.33) (1050.6 %)
Q3 2019 21.77 (57.8 %) (3.41) (451.6 %) (4.91) (706.4 %)
Q4 2019 22.33 (15.8 %) (11.27) (315.2 %) (15.23) (161.1 %)
Q1 2020 11.34 (37.8 %) 0.26 (9.9 %) (1.26) 24.2 %
Q2 2020 12.37 108.7 % 0.38 49.4 % (11.28) (238.9 %)
Q3 2020 11.31 (48.0 %) 1.68 149.2 % 4.59 193.5 %
Q4 2020 - - (0.37) 96.7 % (4.63) 69.6 %
2020 32.60 (52.2 %) 1.94 113.7 % (12.57) 47.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 5.46 429.6 % 0.41 - 5.46 0.41
Q2 2011 2.02 170.5 % 0.15 - 2.02 0.15
Q3 2011 1.62 32.4 % 0.12 - 1.62 0.12
Q4 2011 (102.96) (4.2 %) (7.66) - (2.00) (0.15)
Q1 2012 0.44 (91.9 %) 0.03 - 0.44 0.03
Q2 2012 0.51 (74.9 %) 0.04 - 0.51 0.04
Q3 2012 1.26 (22.6 %) 0.09 - 1.26 0.09
Q4 2012 (100.37) 2.5 % (7.47) - 0.59 0.04
Q1 2013 2.66 498.0 % 0.20 - 2.66 0.20
Q2 2013 2.19 331.9 % 0.16 - 2.19 0.16
Q3 2013 1.29 2.9 % 0.10 - 1.29 0.10
Q4 2013 (100.65) (0.3 %) (7.49) - 0.32 0.02
Q1 2014 1.71 (35.6 %) 0.13 - 1.71 0.13
Q2 2014 0.52 (76.4 %) 0.04 - 0.52 0.04
Q3 2014 0.27 (78.8 %) 0.02 - 0.27 0.02
Q4 2014 (100.91) (0.3 %) (7.51) - 0.06 0.00
Q1 2015 0.16 (90.5 %) 0.01 - 0.16 0.01
Q2 2015 0.79 52.8 % 0.06 - 0.79 0.06
Q3 2015 1.89 589.1 % 0.14 - 1.89 0.14
Q4 2015 (102.30) (1.4 %) (7.61) - (1.34) (0.10)
Q1 2016 (0.47) (388.3 %) (0.03) - (0.47) (0.03)
Q2 2016 (0.46) (158.0 %) (0.03) - (0.46) (0.03)
Q3 2016 (9.28) (591.3 %) (0.69) - (2.16) (0.16)
Q4 2016 (3.39) 96.7 % (0.25) - (3.39) (0.25)
Q1 2017 (1.80) (282.3 %) (0.13) - (1.80) (0.13)
Q2 2017 (13.23) (2,789.5 %) (0.98) - (2.52) (0.19)
Q3 2017 (10.63) (14.6 %) (0.79) - (2.12) (0.16)
Q4 2017 (85.33) (2,418.6 %) (6.35) - (3.60) (0.27)
Q1 2018 12.61 801.6 % 0.94 - (1.44) (0.11)
Q2 2018 0.32 102.4 % 0.02 - 0.32 0.02
Q3 2018 (0.38) 96.5 % (0.03) - (0.38) (0.03)
Q4 2018 (6.13) 92.8 % (0.38) - (5.90) (0.36)
Q1 2019 (8.53) (167.6 %) (0.52) - (1.67) (0.10)
Q2 2019 (3.28) (1122.1 %) (0.20) - (3.28) (0.20)
Q3 2019 1.98 627.1 % 0.12 - (4.88) (0.30)
Q4 2019 (16.13) (163.3 %) (0.99) - (16.13) (0.99)
Q1 2020 0.22 102.6 % 0.01 - 0.22 0.01
Q2 2020 (11.55) (252.0 %) (0.71) - (11.55) (0.71)
Q3 2020 3.59 81.0 % 0.22 - 3.59 0.22
Q4 2020 (5.44) 66.3 % (0.33) - (5.44) (0.33)
2020 (13.18) 49.3 % (0.81) - (13.18) (0.81)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % 2.00 %
Q1 2014 2.86 % 1.63 % 1.29 %
Q2 2014 2.20 % 1.10 % 0.83 %
Q3 2014 1.73 % 0.77 % 0.53 %
Q4 2014 1.30 % 0.54 % 0.45 %
Q1 2015 1.01 % 0.17 % 0.20 %
Q2 2015 1.08 % 0.28 % 0.24 %
Q3 2015 1.31 % 0.56 % 0.48 %
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 % (1066.13 %) (1038.68 %)
Q1 2017 83.71 % 1,753.35 % 1,740.63 %
Q2 2017 120.18 % 2,666.17 % 2,924.93 %
Q3 2017 (2.76 %) (86.06 %) (89.64 %)
Q4 2017 (13.12 %) (59.88 %) (52.17 %)
Q1 2018 (6.94 %) (41.88 %) (35.65 %)
Q2 2018 0.01 % (13.77 %) (11.61 %)
Q3 2018 0.69 % (7.18 %) (5.15 %)
Q4 2018 0.86 % (6.10 %) (6.25 %)
Q1 2019 0.40 % (5.82 %) (5.94 %)
Q2 2019 (1.19 %) (10.83 %) (10.98 %)
Q3 2019 (7.72 %) (21.12 %) (21.71 %)
Q4 2019 (20.73 %) (36.27 %) (38.04 %)
Q1 2020 (23.10 %) (39.57 %) (39.23 %)
Q2 2020 (20.72 %) (47.44 %) (47.69 %)
Q3 2020 (15.64 %) (39.42 %) (41.63 %)
Q4 2020 - - -
2020 5.94 % (36.38 %) (40.43 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 13.44 (7.07) 0.44 8.47
Q2 2011 13.44 (6.71) 0.81 8.58
Q3 2011 13.44 (6.68) 0.84 8.65
Q4 2011 13.44 (6.98) 0.53 8.64
Q1 2012 13.44 (7.36) 0.16 8.88
Q2 2012 13.44 (7.47) 0.04 8.31
Q3 2012 13.44 (7.50) 0.02 8.39
Q4 2012 13.44 (7.31) 0.21 8.53
Q1 2013 13.44 (7.14) 0.37 8.62
Q2 2013 13.44 (7.02) 0.50 8.96
Q3 2013 13.44 (7.01) 0.50 9.23
Q4 2013 13.44 (7.03) 0.48 9.00
Q1 2014 13.44 (7.10) 0.41 9.24
Q2 2014 13.44 (7.23) 0.29 9.64
Q3 2014 13.44 (7.30) 0.21 9.89
Q4 2014 13.44 (7.32) 0.19 9.58
Q1 2015 13.44 (7.44) 0.08 9.53
Q2 2015 13.44 (7.42) 0.10 9.53
Q3 2015 13.44 (7.30) 0.22 9.44
Q4 2015 13.44 (7.40) 0.11 9.20
Q1 2016 13.44 (7.45) 0.06 9.04
Q2 2016 13.44 (7.54) (0.03) 8.77
Q3 2016 13.44 (8.37) (0.33) 8.35
Q4 2016 13.44 (1.01) (0.48) 7.82
Q1 2017 13.44 (1.11) (0.58) 8.18
Q2 2017 13.44 (2.06) (0.73) 7.93
Q3 2017 13.44 (2.16) (0.73) 7.29
Q4 2017 13.44 (8.26) (0.75) 0.82
Q1 2018 13.44 (7.19) (0.72) 1.76
Q2 2018 13.44 (6.18) (0.51) 1.78
Q3 2018 13.44 (5.42) (0.38) 1.75
Q4 2018 16.31 0.39 (0.45) 4.14
Q1 2019 16.31 (0.90) (0.47) 3.61
Q2 2019 16.31 (1.12) (0.69) 3.37
Q3 2019 16.31 (0.98) (0.96) 3.49
Q4 2019 16.31 (1.59) (1.59) 2.51
Q1 2020 16.31 (1.06) (1.48) 3.30
Q2 2020 16.31 (1.56) (1.98) 2.63
Q3 2020 16.31 (1.46) (1.46) 2.14
Q4 2020 16.31 (0.81) (0.81) 1.70

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 15.48
Q3 2018 NEG NEG 14.24
Q4 2018 More than 100 NEG 10.14
Q1 2019 NEG NEG 10.11
Q2 2019 NEG NEG 10.13
Q3 2019 NEG NEG 8.57
Q4 2019 NEG NEG 12.37
Q1 2020 NEG NEG 6.78
Q2 2020 NEG NEG 9.93
Q3 2020 NEG NEG 18.52
Q4 2020 NEG NEG 31.09

Business Segments (Million)

Compared With The
Period Export Activities Medical Supplies Saudi for Industrial Exports - Jordan
Q3 2018 55.68 - (4.15)
Q4 2018 26.51 - -
Q3 2019 21.77 - -
Q4 2019 22.33 - -
Q1 2020 11.34 - -
Q2 2020 14.28 - -
Q3 2020 8.02 1.38 -


Financial Ratios
Current
Market Cap (M Riyal) 469.28
Enterprise Value (EV) (M) 343.88
Shares Outstanding ((M)) 19.44
EPS ( Riyal) (TTM) (0.69)
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.24
Return on Average Assets (%) (TTM) (8.30 )
Return on Average Equity (%) (TTM) (8.81 )
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Share Price

Saudi Industrial Export Co.
24.14
(0.10) (0.41 %)

Saudi Industrial Export Co. (SIECO)

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