Financial Results : Taiba Holding H1 profit down 28% on lower operating revenue

Taiba Holding H1 profit down 28% on lower operating revenue

02/08/2018 Argaam Exclusive

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Taiba Holding Co. reported a net profit of SAR 73.69 million for the first half of 2018, declining 27.55 percent year-on-year (YoY), driven by decreased operating revenue and higher zakat provisions, despite higher yields from short term investments.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 224.45 209.84 (6.5 %)
Gross Income 130.87 125.49 (4.1 %)
Operating Income 105.84 98.18 (7.2 %)
Net Income 101.71 73.69 (27.5 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.68 0.49 (27.5 %)

The company’s net profit for the second quarter fell 5.49 percent YoY to SAR 46.48 million due to lower operating revenue, higher borrowing costs, higher zakat provisions, and losses recorded from investee companies. 

 

On a sequential basis, the profit for the current period surged 70.82 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 118.26 107.58 (9.0 %)
Gross Income 67.68 64.53 (4.6 %)
Operating Income 57.35 48.50 (15.4 %)
Net Income 49.18 46.48 (5.5 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.33 0.31 (5.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2013 90.47 8.1 % 56.12 2.9 % 48.32 7.6 %
Q4 2013 104.91 21.2 % 67.12 13.6 % 55.50 17.1 %
Q1 2014 115.88 23.0 % 75.86 13.6 % 58.88 7.4 %
Q2 2014 116.76 31.6 % 58.90 1.4 % 47.83 (0.5 %)
Q3 2014 157.34 73.9 % 95.10 69.4 % 86.86 79.8 %
Q4 2014 111.08 5.9 % 50.42 (24.9 %) 37.40 (32.6 %)
Q1 2015 118.58 2.3 % 73.91 (2.6 %) 62.19 5.6 %
Q2 2015 115.00 (1.5 %) 63.96 8.6 % 53.99 12.9 %
Q3 2015 136.45 (13.3 %) 82.86 (12.9 %) 71.18 (18.1 %)
Q4 2015 106.12 (4.5 %) 59.60 18.2 % 47.08 25.9 %
Q1 2016 118.12 (0.4 %) 69.94 (5.4 %) 52.71 (15.2 %)
Q2 2016 156.21 35.8 % 71.54 11.9 % 61.09 13.1 %
Q3 2016 138.80 1.7 % 85.27 2.9 % 74.94 5.3 %
Q4 2016 110.08 3.7 % 60.81 2.0 % 48.99 4.1 %
Q1 2017 106.19 (10.1 %) 63.20 (9.6 %) 50.97 (3.3 %)
Q2 2017 118.26 (24.3 %) 67.68 (5.4 %) 57.35 (6.1 %)
Q3 2017 131.40 (5.3 %) 82.10 (3.7 %) 65.12 (13.1 %)
Q4 2017 101.21 (8.1 %) 59.09 (2.8 %) 43.51 (11.2 %)
Q1 2018 102.26 (3.7 %) 60.96 (3.5 %) 49.69 (2.5 %)
Q2 2018 107.58 (9.0 %) 64.53 (4.6 %) 48.50 (15.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2013 62.93 14.3 % 0.42 - 62.93 0.42
Q4 2013 64.47 63.2 % 0.43 - 64.47 0.43
Q1 2014 59.50 (18.6 %) 0.40 - 59.50 0.40
Q2 2014 59.18 (6.9 %) 0.39 - 59.18 0.39
Q3 2014 817.17 1198.5 % 5.45 826.15 (8.98) (0.06)
Q4 2014 278.38 331.8 % 1.86 263.09 15.29 0.10
Q1 2015 202.30 240.0 % 1.35 130.58 71.73 0.48
Q2 2015 57.00 (3.7 %) 0.38 2.74 54.26 0.36
Q3 2015 102.14 (87.5 %) 0.68 - 102.14 0.68
Q4 2015 75.48 (72.9 %) 0.50 - 75.48 0.50
Q1 2016 49.22 (75.7 %) 0.33 - 49.22 0.33
Q2 2016 68.02 19.3 % 0.45 - 68.02 0.45
Q3 2016 74.98 (26.6 %) 0.50 - 74.98 0.50
Q4 2016 54.95 (27.2 %) 0.37 - 54.95 0.37
Q1 2017 52.53 6.7 % 0.35 - 52.53 0.35
Q2 2017 49.18 (27.7 %) 0.33 - 49.18 0.33
Q3 2017 61.99 (17.3 %) 0.41 - 61.99 0.41
Q4 2017 (17.67) (132.1 %) (0.12) - (17.67) (0.12)
Q1 2018 27.21 (48.2 %) 0.18 (4.00) 31.21 0.21
Q2 2018 46.48 (5.5 %) 0.31 - 46.48 0.31

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2013 66.68 % 60.74 % 55.38 %
Q4 2013 65.57 % 62.76 % 69.79 %
Q1 2014 64.30 % 61.26 % 62.62 %
Q2 2014 60.28 % 59.24 % 57.49 %
Q3 2014 60.01 % 59.16 % 35.20 %
Q4 2014 55.94 % 56.98 % 24.95 %
Q1 2015 55.25 % 57.44 % 27.24 %
Q2 2015 56.45 % 57.78 % 26.35 %
Q3 2015 56.36 % 57.51 % 50.60 %
Q4 2015 58.88 % 57.89 % 63.76 %
Q1 2016 58.10 % 55.83 % 59.09 %
Q2 2016 54.93 % 52.81 % 57.05 %
Q3 2016 55.15 % 53.30 % 51.56 %
Q4 2016 54.96 % 52.77 % 47.24 %
Q1 2017 54.92 % 53.82 % 48.99 %
Q2 2017 58.51 % 57.27 % 48.94 %
Q3 2017 58.76 % 55.99 % 46.93 %
Q4 2017 59.52 % 56.18 % 31.95 %
Q1 2018 59.55 % 56.16 % 27.52 %
Q2 2018 60.27 % 55.30 % 27.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 150.00 1.59 1.33 22.38
Q4 2013 150.00 1.76 1.76 23.24
Q1 2014 150.00 1.67 1.67 23.58
Q2 2014 150.00 1.64 1.64 23.15
Q3 2014 150.00 6.67 1.16 27.49
Q4 2014 150.00 8.09 0.83 26.65
Q1 2015 150.00 9.05 0.91 28.77
Q2 2015 150.00 9.03 0.88 28.21
Q3 2015 150.00 4.27 1.62 25.82
Q4 2015 150.00 2.91 2.02 25.68
Q1 2016 150.00 1.89 1.87 24.02
Q2 2016 150.00 1.97 1.97 23.59
Q3 2016 150.00 1.78 1.78 23.91
Q4 2016 150.00 1.65 1.65 25.37
Q1 2017 150.00 1.67 1.67 25.53
Q2 2017 150.00 1.54 1.54 24.74
Q3 2017 150.00 1.46 1.46 24.08
Q4 2017 150.00 0.97 0.97 23.90
Q1 2018 150.00 0.80 0.83 24.30
Q2 2018 150.00 0.79 0.81 24.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2013 46.52 55.80 3.31
Q4 2013 38.87 38.87 2.94
Q1 2014 46.17 46.17 3.27
Q2 2014 45.23 45.23 3.21
Q3 2014 12.05 69.22 2.92
Q4 2014 8.73 84.81 2.65
Q1 2015 8.21 81.14 2.58
Q2 2015 8.50 87.09 2.72
Q3 2015 14.50 38.11 2.40
Q4 2015 22.06 31.75 2.50
Q1 2016 30.91 31.22 2.44
Q2 2016 29.33 29.33 2.44
Q3 2016 33.63 33.63 2.51
Q4 2016 42.34 42.34 2.75
Q1 2017 46.14 46.14 3.02
Q2 2017 47.64 47.64 2.97
Q3 2017 49.66 49.66 3.01
Q4 2017 62.03 62.03 2.53
Q1 2018 66.85 64.70 2.21
Q2 2018 69.41 67.14 2.26

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Real Estate Management Adjustments Agricultural Activity Marketing Consultancy , Training & Information System
Q1 2016 13.64 96.46 - - 0.84 - -
Q2 2016 44.59 122.26 - (4.57) 1.11 - -
Q3 2016 14.38 127.34 - (3.29) 0.38 - -
Q4 2016 9.71 100.26 - - 0.10 - -
Q1 2017 7.25 96.93 - - 2.01 - -
Q2 2017 10.57 107.65 - (1.63) 1.67 - -
Q3 2017 11.79 118.72 - - 0.89 - -
Q4 2017 2.86 95.81 - - 0.91 - -
Q1 2018 28.88 63.66 13.16 (4.32) 0.88 - -
Q2 2018 32.36 65.61 13.86 (5.46) 1.21 - -

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 49.00 46.48 (5.1 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
SNB Capital 49.00 46.48 (5.1) %


Financial Ratios
Current
Market Cap (M Riyal) 10,288.17
Enterprise Value (EV) (M) 11,613.60
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) 31.39
P/E (TTM) 46.02
Price/book 1.53
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.2
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Share Price

Taiba Investments Co.
39.50
(0.15) (0.38 %)

Taiba Investments Co. (TAIBA)

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