Financial Results : Zain Saudi incurs SAR 115 mln losses in H1

Zain Saudi incurs SAR 115 mln losses in H1

15/07/2018 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain Saudi) swung to a net loss of SAR 115 million in the first half of 2018, compared to net profit of SAR 53 million in year-earlier period. The telecom operator was hurt by a SAR 200 million drop in gross profit, lower revenue as well as higher depreciation on acquiring spectrum and additional property equipment.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 3,783.61 3,532.40 (6.6 %)
Gross Income 2,549.54 2,279.33 (10.6 %)
Operating Income 507.71 391.47 (22.9 %)
Net Income 53.16 (114.90) (316.1 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.09 (0.20) (316.1 %)

In Q2, the telecom operator posted a net loss of SAR 38 million, compared to net profit of SAR 8 million in Q2 2017, due to a decline in revenue and gross profit.

 

When compared to the previous quarter, Zain Saudi cut net losses by 77 percent, thanks to a double digit growth in revenue and focused operational expenses management.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 1,864.57 1,846.43 (1.0 %)
Gross Income 1,258.55 1,161.96 (7.7 %)
Operating Income 235.01 211.14 (10.2 %)
Net Income 7.69 (37.57) (588.4 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.01 (0.07) (588.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 581.67 - 145.98 - (655.80) (451.6 %)
Q2 2009 701.52 - 132.59 - (706.46) (256.3 %)
Q3 2009 825.49 921.7 % 242.93 1750.0 % (668.17) (11.5 %)
Q4 2009 895.38 111.0 % 355.53 1040.2 % (436.49) 44.3 %
Q1 2010 1,094.23 88.1 % 384.34 163.3 % (435.29) 33.6 %
Q2 2010 1,450.41 106.8 % 608.03 358.6 % (314.45) 55.5 %
Q3 2010 1,661.95 101.3 % 712.13 193.1 % (235.17) 64.8 %
Q4 2010 1,727.78 93.0 % 825.94 132.3 % (178.67) 59.1 %
Q1 2011 1,484.22 35.6 % 716.02 86.3 % (233.11) 46.4 %
Q2 2011 1,704.65 17.5 % 923.22 51.8 % (143.80) 54.3 %
Q3 2011 1,794.81 8.0 % 870.12 22.2 % (221.60) 5.8 %
Q4 2011 1,715.39 (0.7 %) 690.82 (16.4 %) (212.97) (19.2 %)
Q1 2012 1,521.59 2.5 % 702.20 (1.9 %) (191.20) 18.0 %
Q2 2012 1,629.02 (4.4 %) 707.12 (23.4 %) (174.00) (21.0 %)
Q3 2012 1,529.90 (14.8 %) 711.62 (18.2 %) (304.79) (37.5 %)
Q4 2012 1,490.16 (13.1 %) 738.98 7.0 % (261.61) (22.8 %)
Q1 2013 1,719.40 13.0 % 776.23 10.5 % (232.94) (21.8 %)
Q2 2013 1,706.35 4.7 % 830.76 17.5 % (206.12) (18.5 %)
Q3 2013 1,573.32 2.8 % 760.98 6.9 % (239.00) 21.6 %
Q4 2013 1,523.52 2.2 % 766.88 3.8 % (271.26) (3.7 %)
Q1 2014 1,545.77 (10.1 %) 798.66 2.9 % (127.18) 45.4 %
Q2 2014 1,567.13 (8.2 %) 797.05 (4.1 %) (135.83) 34.1 %
Q3 2014 1,553.00 (1.3 %) 810.67 6.5 % (218.60) 8.5 %
Q4 2014 1,556.46 2.2 % 816.27 6.4 % (187.47) 30.9 %
Q1 2015 1,656.79 7.2 % 874.43 9.5 % (59.05) 53.6 %
Q2 2015 1,648.83 5.2 % 949.40 19.1 % 0.94 100.7 %
Q3 2015 1,763.73 13.6 % 1,062.18 31.0 % (0.89) 99.6 %
Q4 2015 1,672.03 7.4 % 1,065.09 30.5 % (82.42) 56.0 %
Q1 2016 1,764.88 6.5 % 1,085.55 24.1 % (32.03) 45.8 %
Q2 2016 1,727.40 4.8 % 1,112.80 17.2 % (108.29) (11620.3 %)
Q3 2016 1,633.76 (7.4 %) 1,060.63 (0.1 %) (1.97) (120.0 %)
Q4 2016 1,800.61 7.7 % 1,141.69 7.2 % 87.85 206.6 %
Q1 2017 1,919.05 8.7 % 1,290.99 18.9 % 272.70 951.5 %
Q2 2017 1,864.57 7.9 % 1,258.55 13.1 % 235.01 317.0 %
Q3 2017 1,806.56 10.6 % 1,230.87 16.1 % 228.95 11739.3 %
Q4 2017 1,715.65 (4.7 %) 1,132.61 (0.8 %) 166.58 89.6 %
Q1 2018 1,685.97 (12.1 %) 1,117.37 (13.4 %) 180.33 (33.9 %)
Q2 2018 1,846.43 (1.0 %) 1,161.96 (7.7 %) 211.14 (10.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 (765.37) (40.8 %) (3.47) - (765.37) (3.47)
Q2 2009 (856.66) (457.5 %) (3.89) - (856.66) (3.89)
Q3 2009 (819.73) (26.3 %) (3.72) - (819.73) (3.72)
Q4 2009 (657.59) 29.4 % (2.99) - (657.59) (2.99)
Q1 2010 (662.45) 13.4 % (3.01) - (662.45) (3.01)
Q2 2010 (631.59) 26.3 % (2.87) - (631.59) (2.87)
Q3 2010 (543.79) 33.7 % (2.47) - (543.79) (2.47)
Q4 2010 (520.61) 20.8 % (2.36) - (520.61) (2.36)
Q1 2011 (531.75) 19.7 % (2.41) - (531.75) (2.41)
Q2 2011 (448.18) 29.0 % (2.03) - (448.18) (2.03)
Q3 2011 (483.81) 11.0 % (2.20) - (483.81) (2.20)
Q4 2011 (461.46) 11.4 % (2.09) - (461.46) (2.09)
Q1 2012 (419.99) 21.0 % (1.91) - (419.99) (1.91)
Q2 2012 (393.64) 12.2 % (1.79) - (393.64) (1.79)
Q3 2012 (493.00) (1.9 %) (0.86) - (493.00) (0.86)
Q4 2012 (442.78) 4.0 % (0.77) - (442.78) (0.77)
Q1 2013 (397.95) 5.2 % (0.69) - (397.95) (0.69)
Q2 2013 (370.41) 5.9 % (0.65) - (370.41) (0.65)
Q3 2013 (420.81) 14.6 % (0.73) - (420.81) (0.73)
Q4 2013 (462.30) (4.4 %) (0.81) - (462.30) (0.81)
Q1 2014 (318.36) 20.0 % (0.56) - (318.36) (0.56)
Q2 2014 (328.94) 11.2 % (0.57) - (328.94) (0.57)
Q3 2014 (315.81) 25.0 % (0.55) 85.00 (400.81) (0.70)
Q4 2014 (306.46) 33.7 % (0.53) 50.47 (356.92) (0.62)
Q1 2015 (256.72) 19.4 % (0.45) - (256.72) (0.45)
Q2 2015 (201.16) 38.8 % (0.35) - (201.16) (0.35)
Q3 2015 (222.95) 29.4 % (0.39) - (222.95) (0.39)
Q4 2015 (291.11) 5.0 % (0.51) - (291.11) (0.51)
Q1 2016 (250.00) 2.6 % (0.44) - (250.00) (0.44)
Q2 2016 (328.30) (63.2 %) (0.57) - (328.30) (0.57)
Q3 2016 (266.11) (19.4 %) (0.46) - (266.11) (0.46)
Q4 2016 (134.13) 53.9 % (0.23) - (134.13) (0.23)
Q1 2017 45.47 118.2 % 0.08 - 45.47 0.08
Q2 2017 7.69 102.3 % 0.01 - 7.69 0.01
Q3 2017 3.41 101.3 % 0.01 - 3.41 0.01
Q4 2017 (45.02) 66.4 % (0.08) - (45.02) (0.08)
Q1 2018 (77.33) (270.1 %) (0.13) - (77.33) (0.13)
Q2 2018 (37.57) (588.4 %) (0.07) - (37.57) (0.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 16.50 % (92.47 %) (179.10 %)
Q3 2009 21.82 % (58.30 %) (133.18 %)
Q4 2009 29.19 % (35.71 %) (103.17 %)
Q1 2010 31.72 % (23.12 %) (85.21 %)
Q2 2010 37.30 % (8.97 %) (64.97 %)
Q3 2010 40.38 % 1.01 % (48.91 %)
Q4 2010 42.64 % 5.57 % (39.74 %)
Q1 2011 45.26 % 8.77 % (35.22 %)
Q2 2011 48.30 % 11.75 % (31.08 %)
Q3 2011 49.70 % 12.64 % (29.57 %)
Q4 2011 47.77 % 13.42 % (28.74 %)
Q1 2012 47.30 % 14.66 % (26.92 %)
Q2 2012 44.59 % 14.89 % (26.41 %)
Q3 2012 43.96 % 14.62 % (27.64 %)
Q4 2012 46.35 % 14.24 % (28.35 %)
Q1 2013 46.07 % 13.24 % (27.12 %)
Q2 2013 47.44 % 12.73 % (26.44 %)
Q3 2013 47.88 % 13.68 % (25.15 %)
Q4 2013 48.06 % 13.65 % (25.32 %)
Q1 2014 49.73 % 15.48 % (24.76 %)
Q2 2014 50.30 % 15.95 % (24.65 %)
Q3 2014 51.27 % 15.29 % (24.40 %)
Q4 2014 51.79 % 15.50 % (22.58 %)
Q1 2015 52.08 % 15.99 % (21.21 %)
Q2 2015 53.79 % 18.43 % (18.95 %)
Q3 2015 55.88 % 21.85 % (15.66 %)
Q4 2015 58.61 % 24.16 % (14.42 %)
Q1 2016 60.77 % 25.19 % (14.09 %)
Q2 2016 62.44 % 24.01 % (15.77 %)
Q3 2016 63.61 % 25.15 % (16.70 %)
Q4 2016 63.53 % 25.92 % (14.13 %)
Q1 2017 65.05 % 28.46 % (9.65 %)
Q2 2017 65.83 % 31.52 % (4.81 %)
Q3 2017 66.60 % 32.71 % (1.05 %)
Q4 2017 67.25 % 34.45 % 0.16 %
Q1 2018 67.01 % 34.79 % (1.57 %)
Q2 2018 65.81 % 35.09 % (2.22 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 220.28 (11.35) (11.35) 49.74
Q2 2009 220.28 (14.54) (14.54) 45.85
Q3 2009 220.28 (15.32) (15.32) 42.13
Q4 2009 220.28 (14.07) (14.07) 39.14
Q1 2010 220.28 (13.60) (13.60) 36.14
Q2 2010 220.28 (12.58) (12.58) 33.27
Q3 2010 220.28 (11.33) (11.33) 29.90
Q4 2010 220.28 (10.71) (10.71) 27.83
Q1 2011 220.28 (10.11) (10.11) 25.58
Q2 2011 220.28 (9.28) (9.28) 23.62
Q3 2011 220.28 (9.01) (9.01) 21.58
Q4 2011 220.28 (8.74) (8.74) 19.49
Q1 2012 220.28 (8.23) (8.23) 17.79
Q2 2012 220.28 (7.98) (7.98) 16.00
Q3 2012 573.22 (3.08) (3.08) 15.53
Q4 2012 573.22 (3.05) (3.05) 14.74
Q1 2013 573.22 (3.01) (3.01) 14.05
Q2 2013 573.22 (2.97) (2.97) 13.40
Q3 2013 573.22 (2.85) (2.85) 12.67
Q4 2013 573.22 (2.88) (2.88) 11.79
Q1 2014 573.22 (2.74) (2.74) 11.22
Q2 2014 573.22 (2.67) (2.67) 10.60
Q3 2014 573.22 (2.49) (2.63) 10.10
Q4 2014 573.22 (2.21) (2.45) 9.53
Q1 2015 573.22 (2.11) (2.34) 9.04
Q2 2015 573.22 (1.88) (2.12) 8.71
Q3 2015 573.22 (1.72) (1.81) 8.31
Q4 2015 573.22 (1.70) (1.70) 7.94
Q1 2016 573.22 (1.68) (1.68) 7.45
Q2 2016 573.22 (1.91) (1.91) 6.88
Q3 2016 573.22 (1.98) (1.98) 6.42
Q4 2016 573.22 (1.71) (1.71) 6.21
Q1 2017 573.22 (1.19) (1.19) 6.28
Q2 2017 573.22 (0.61) (0.61) 6.29
Q3 2017 573.22 (0.14) (0.14) 6.30
Q4 2017 573.22 0.02 0.02 6.22
Q1 2018 573.22 (0.19) (0.19) 6.31
Q2 2018 573.22 (0.27) (0.27) 6.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 NEG NEG 3.20
Q2 2009 NEG NEG 3.95
Q3 2009 NEG NEG 3.99
Q4 2009 NEG NEG 4.00
Q1 2010 NEG NEG 4.16
Q2 2010 NEG NEG 3.92
Q3 2010 NEG NEG 4.08
Q4 2010 NEG NEG 4.30
Q1 2011 NEG NEG 4.16
Q2 2011 NEG NEG 4.51
Q3 2011 NEG NEG 4.47
Q4 2011 NEG NEG 4.39
Q1 2012 NEG NEG 9.41
Q2 2012 NEG NEG 7.52
Q3 2012 NEG NEG 1.95
Q4 2012 NEG NEG 1.58
Q1 2013 NEG NEG 1.71
Q2 2013 NEG NEG 2.18
Q3 2013 NEG NEG 2.22
Q4 2013 NEG NEG 2.33
Q1 2014 NEG NEG 2.73
Q2 2014 NEG NEG 2.76
Q3 2014 NEG NEG 3.12
Q4 2014 NEG NEG 2.00
Q1 2015 NEG NEG 1.90
Q2 2015 NEG NEG 2.09
Q3 2015 NEG NEG 1.75
Q4 2015 NEG NEG 1.68
Q1 2016 NEG NEG 1.87
Q2 2016 NEG NEG 1.82
Q3 2016 NEG NEG 1.67
Q4 2016 NEG NEG 2.13
Q1 2017 NEG NEG 2.25
Q2 2017 NEG NEG 2.34
Q3 2017 NEG NEG 2.22
Q4 2017 More than 100 More than 100 1.88
Q1 2018 NEG NEG 1.81
Q2 2018 NEG NEG 1.71

Business Segments (Million)

Compared With The
Period Mobile Telecommunications Company
Q1 2018 1,685.97
Q2 2018 1,846.43

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average (51.90) (37.57) 27.60 %

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Riyad Capital (40.00) (37.57) 6.1 %
Albilad Capital (50.00) (37.57) 24.9 %
SNB Capital (53.00) (37.57) 29.1 %
Al Rajhi Capital (57.00) (37.57) 34.1 %
AlJazira Capital (59.50) (37.57) 36.9 %


Financial Ratios
Current
Market Cap (M Riyal) 9,400.72
Enterprise Value (EV) (M) 16,727.85
Shares Outstanding ((M)) 898.73
EPS ( Riyal) (TTM) 0.30
Book Value (BV) ( Riyal) 11.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 35.08
Price/book 0.90
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 2.6
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Share Price

Mobile Telecommunication Company Saudi Arabia
10.46
0.12 1.16 %

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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