Financial Results : Taiba posts net profit at SAR 136.6m in I2 of 2013

Taiba posts net profit at SAR 136.6m in I2 of 2013

30/06/2013 Argaam Exclusive

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Taiba Holding Co., Which owns and manages Taiba residential complex adjacent to the campus of the Prophet (through its affiliate company Aqeeq) and a number of hotels in Yanbu and Ola and other real estate activities in Medina, reported SAR 136.6m net profit at the end of the first half of 2013, compared to SAR 311.9m net profit in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 276.39 182.93 (33.8 %)
Gross Income 173.62 124.83 (28.1 %)
Operating Income 148.17 102.91 (30.5 %)
Net Income 311.89 136.62 (56.2 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 2.08 0.91 (56.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 77.33 88.73 14.7 %
Gross Income 63.74 58.08 (8.9 %)
Operating Income 54.35 48.07 (11.6 %)
Net Income 44.02 63.56 44.4 %
Average Shares 150.00 150.00 -
EPS (Riyals) 0.29 0.42 44.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 40.05 7.0 % 23.20 (0.9 %) 19.54 (3.7 %)
Q2 2004 22.43 0.0 % 8.56 0.1 % 5.46 (0.4 %)
Q3 2004 29.30 (6.1 %) 12.97 (8.9 %) 10.28 (8.1 %)
Q4 2004 34.27 (33.5 %) 12.98 (63.0 %) 8.40 (74.5 %)
Q1 2005 38.36 (4.2 %) 22.44 (3.3 %) 19.16 (2.0 %)
Q2 2005 27.96 24.6 % 11.48 34.1 % 5.75 5.2 %
Q3 2005 43.49 48.4 % 23.51 81.3 % 18.54 80.4 %
Q4 2005 43.13 25.8 % 23.12 78.1 % 18.09 115.3 %
Q1 2006 40.62 5.9 % 23.50 4.7 % 18.52 (3.3 %)
Q2 2006 34.28 22.6 % 16.56 44.2 % 11.67 103.1 %
Q3 2006 45.69 5.1 % 23.75 1.0 % 18.98 2.4 %
Q4 2006 53.31 23.6 % 31.53 36.3 % 26.21 44.9 %
Q1 2007 47.35 16.5 % 27.67 17.8 % 22.69 22.5 %
Q2 2007 42.28 23.3 % 24.05 45.3 % 15.22 30.4 %
Q3 2007 354.17 675.2 % 326.83 1276.1 % 321.81 1595.4 %
Q4 2007 60.10 12.7 % 34.01 7.9 % 27.08 3.3 %
Q1 2008 67.79 43.2 % 48.70 76.0 % 42.15 85.7 %
Q2 2008 75.21 77.9 % 53.11 120.8 % 40.79 168.0 %
Q3 2008 61.38 (82.7 %) 37.37 (88.6 %) 29.33 (90.9 %)
Q4 2008 72.82 21.2 % 43.77 28.7 % 31.22 15.3 %
Q1 2009 48.52 (28.4 %) 23.20 (52.4 %) 13.21 (68.7 %)
Q2 2009 49.22 (34.6 %) 21.42 (59.7 %) 11.28 (72.3 %)
Q3 2009 48.08 (21.7 %) 20.36 (45.5 %) 9.55 (67.4 %)
Q4 2009 79.70 9.4 % 49.72 13.6 % 18.99 (39.2 %)
Q1 2010 40.12 (17.3 %) 19.51 (15.9 %) 10.36 (21.6 %)
Q2 2010 44.93 (8.7 %) 20.24 (5.5 %) 8.60 (23.8 %)
Q3 2010 64.31 33.8 % 31.64 55.4 % 24.25 153.9 %
Q4 2010 98.31 23.3 % 64.33 29.4 % 38.83 104.4 %
Q1 2011 63.16 57.4 % 36.42 86.7 % 22.73 119.5 %
Q2 2011 65.48 45.7 % 46.07 127.6 % 35.05 307.4 %
Q3 2011 151.81 136.0 % 117.77 272.2 % 104.99 333.0 %
Q4 2011 113.33 15.3 % 85.92 33.6 % 74.44 91.7 %
Q1 2012 199.06 215.2 % 109.88 201.7 % 93.81 312.8 %
Q2 2012 77.33 18.1 % 63.74 38.4 % 54.35 55.1 %
Q3 2012 83.66 (44.9 %) 54.53 (53.7 %) 44.89 (57.2 %)
Q4 2012 86.54 (23.6 %) 59.06 (31.3 %) 47.39 (36.3 %)
Q1 2013 94.20 (52.7 %) 66.75 (39.3 %) 54.84 (41.5 %)
Q2 2013 88.73 14.7 % 58.08 (8.9 %) 48.07 (11.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 20.82 4.7 % 0.21 - 20.82 0.21
Q2 2004 10.57 (2.5 %) 0.11 - 10.57 0.11
Q3 2004 12.88 14.6 % 0.13 - 12.88 0.13
Q4 2004 18.28 (50.9 %) 0.18 - 18.28 0.18
Q1 2005 19.09 (8.3 %) 0.19 - 19.09 0.19
Q2 2005 39.61 274.6 % 0.40 - 39.61 0.40
Q3 2005 40.53 214.6 % 0.40 - 40.53 0.40
Q4 2005 37.00 102.4 % 0.37 - 37.00 0.37
Q1 2006 23.55 23.4 % 0.24 - 23.55 0.24
Q2 2006 13.65 (65.5 %) 0.09 - 13.65 0.09
Q3 2006 33.94 (16.3 %) 0.23 - 33.94 0.23
Q4 2006 34.97 (5.5 %) 0.23 - 34.97 0.23
Q1 2007 31.01 31.7 % 0.21 - 31.01 0.21
Q2 2007 19.33 41.6 % 0.13 - 19.33 0.13
Q3 2007 312.97 822.3 % 2.09 - 312.97 2.09
Q4 2007 29.70 (15.1 %) 0.20 - 29.70 0.20
Q1 2008 48.06 55.0 % 0.32 - 48.06 0.32
Q2 2008 48.78 152.4 % 0.33 - 48.78 0.33
Q3 2008 29.43 (90.6 %) 0.20 - 29.43 0.20
Q4 2008 32.01 7.8 % 0.21 - 32.01 0.21
Q1 2009 13.90 (71.1 %) 0.09 - 13.90 0.09
Q2 2009 17.37 (64.4 %) 0.12 - 17.37 0.12
Q3 2009 15.10 (48.7 %) 0.10 - 15.10 0.10
Q4 2009 14.75 (53.9 %) 0.10 - 14.75 0.10
Q1 2010 14.34 3.2 % 0.10 - 14.34 0.10
Q2 2010 16.54 (4.8 %) 0.11 - 16.54 0.11
Q3 2010 19.26 27.5 % 0.13 - 19.26 0.13
Q4 2010 41.97 184.5 % 0.28 - 41.97 0.28
Q1 2011 38.90 171.3 % 0.26 19.00 19.90 0.13
Q2 2011 32.24 95.0 % 0.21 - 32.24 0.21
Q3 2011 88.72 360.7 % 0.59 (18.81) 107.53 0.72
Q4 2011 76.88 83.2 % 0.51 - 76.88 0.51
Q1 2012 267.87 588.6 % 1.79 158.65 109.22 0.73
Q2 2012 44.02 36.5 % 0.29 2.14 41.88 0.28
Q3 2012 55.04 (38.0 %) 0.37 (0.01) 55.05 0.37
Q4 2012 39.51 (48.6 %) 0.26 39.74 (0.23) 0.00
Q1 2013 73.06 (72.7 %) 0.49 - 73.06 0.49
Q2 2013 63.56 44.4 % 0.42 - 63.56 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 55.80 % 58.33 % 54.88 %
Q2 2004 55.80 % 56.84 % 54.69 %
Q3 2004 55.66 % 57.85 % 56.56 %
Q4 2004 45.78 % 46.49 % 49.62 %
Q1 2005 45.79 % 48.56 % 48.91 %
Q2 2005 46.09 % 48.69 % 69.18 %
Q3 2005 48.87 % 46.98 % 81.56 %
Q4 2005 52.67 % 51.03 % 89.08 %
Q1 2006 52.59 % 48.87 % 90.65 %
Q2 2006 53.67 % 53.10 % 71.03 %
Q3 2006 53.10 % 54.72 % 66.05 %
Q4 2006 54.82 % 56.28 % 61.01 %
Q1 2007 55.09 % 56.41 % 62.87 %
Q2 2007 56.73 % 53.80 % 63.21 %
Q3 2007 82.49 % 81.86 % 80.12 %
Q4 2007 81.87 % 81.17 % 77.99 %
Q1 2008 82.69 % 81.89 % 78.20 %
Q2 2008 83.02 % 81.59 % 78.87 %
Q3 2008 65.48 % 60.57 % 58.97 %
Q4 2008 66.00 % 59.28 % 57.10 %
Q1 2009 61.04 % 52.99 % 48.12 %
Q2 2009 54.22 % 50.90 % 39.97 %
Q3 2009 49.74 % 45.61 % 35.85 %
Q4 2009 50.86 % 38.16 % 27.10 %
Q1 2010 51.13 % 39.58 % 28.35 %
Q2 2010 51.60 % 34.38 % 28.53 %
Q3 2010 52.87 % 37.76 % 28.33 %
Q4 2010 54.80 % 44.50 % 37.19 %
Q1 2011 56.38 % 45.01 % 36.08 %
Q2 2011 61.27 % 51.92 % 38.92 %
Q3 2011 69.86 % 63.57 % 53.24 %
Q4 2011 72.68 % 68.27 % 60.07 %
Q1 2012 67.90 % 65.78 % 61.52 %
Q2 2012 69.68 % 67.60 % 61.96 %
Q3 2012 66.35 % 63.04 % 59.79 %
Q4 2012 64.31 % 60.44 % 46.11 %
Q1 2013 71.43 % 64.48 % 49.68 %
Q2 2013 67.52 % 60.76 % 54.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 100.16 0.80 0.80 11.72
Q2 2004 100.16 0.80 0.79 11.81
Q3 2004 100.16 0.81 0.81 11.94
Q4 2004 100.16 0.62 0.62 11.50
Q1 2005 100.16 0.61 0.61 11.70
Q2 2005 100.16 0.90 0.90 12.09
Q3 2005 100.16 1.17 1.17 12.50
Q4 2005 100.16 1.36 1.36 11.95
Q1 2006 100.16 1.40 1.40 12.18
Q2 2006 150.00 0.76 0.76 18.56
Q3 2006 150.00 0.72 0.72 18.78
Q4 2006 150.00 0.71 0.71 18.99
Q1 2007 150.00 0.76 0.76 19.20
Q2 2007 150.00 0.79 0.79 18.49
Q3 2007 150.00 2.66 2.66 27.47
Q4 2007 150.00 2.62 2.62 19.87
Q1 2008 150.00 2.73 2.73 20.18
Q2 2008 150.00 2.93 2.93 19.50
Q3 2008 150.00 1.04 1.04 19.41
Q4 2008 150.00 1.06 1.06 19.31
Q1 2009 150.00 0.83 0.83 19.40
Q2 2009 150.00 0.62 0.62 19.01
Q3 2009 150.00 0.52 0.52 18.81
Q4 2009 150.00 0.41 0.41 18.78
Q1 2010 150.00 0.41 0.41 18.76
Q2 2010 150.00 0.40 0.40 18.27
Q3 2010 150.00 0.43 0.43 18.39
Q4 2010 150.00 0.61 0.61 19.17
Q1 2011 150.00 0.78 0.65 19.53
Q2 2011 150.00 0.88 0.76 19.10
Q3 2011 150.00 1.35 1.34 19.55
Q4 2011 150.00 1.58 1.58 20.23
Q1 2012 150.00 3.10 2.17 22.59
Q2 2012 150.00 3.18 2.24 21.67
Q3 2012 150.00 2.96 1.89 22.01
Q4 2012 150.00 2.71 1.37 22.42
Q1 2013 150.00 1.41 1.13 22.50
Q2 2013 150.00 1.54 1.28 22.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 64.52 64.87 4.40
Q2 2004 62.33 62.67 4.21
Q3 2004 65.71 66.06 4.48
Q4 2004 75.36 75.36 4.09
Q1 2005 70.96 70.96 3.68
Q2 2005 More than 100 More than 100 8.19
Q3 2005 More than 100 More than 100 10.02
Q4 2005 More than 100 More than 100 14.88
Q1 2006 More than 100 More than 100 12.32
Q2 2006 More than 100 More than 100 4.45
Q3 2006 98.71 98.71 3.79
Q4 2006 48.29 48.29 1.80
Q1 2007 47.48 47.48 1.87
Q2 2007 52.43 52.43 2.25
Q3 2007 19.13 19.13 1.85
Q4 2007 23.69 23.69 3.12
Q1 2008 17.47 17.47 2.37
Q2 2008 17.93 17.93 2.69
Q3 2008 41.75 41.75 2.24
Q4 2008 29.04 29.04 1.59
Q1 2009 34.62 34.62 1.48
Q2 2009 49.73 49.73 1.62
Q3 2009 59.65 59.65 1.66
Q4 2009 71.60 71.60 1.55
Q1 2010 74.05 74.05 1.62
Q2 2010 68.63 68.63 1.52
Q3 2010 63.23 63.23 1.49
Q4 2010 43.69 43.69 1.40
Q1 2011 39.74 47.47 1.58
Q2 2011 31.78 37.10 1.47
Q3 2011 21.81 21.83 1.50
Q4 2011 21.18 21.20 1.65
Q1 2012 14.21 20.30 1.95
Q2 2012 10.50 14.94 1.54
Q3 2012 13.79 21.63 1.85
Q4 2012 15.92 31.43 1.92
Q1 2013 37.41 46.64 2.35
Q2 2013 38.31 46.26 2.62

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Agricultural Activity Consultancy , Training & Information System


Financial Ratios
Current
Market Cap (M Riyal) 9,832.37
Enterprise Value (EV) (M) 11,157.79
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 25.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 30.00
P/E (TTM) 43.98
Price/book 1.47
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.2
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Share Price

Taiba Investments Co.
37.75
(0.10) (0.26 %)

Taiba Investments Co. (TAIBA)

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