Financial Results : Al Khaleej Training’s Q1 net profit drops 47%

Al Khaleej Training’s Q1 net profit drops 47%

18/04/2016 Argaam Exclusive

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Alkhaleej Training and Education Co. reported a net profit of SAR 8.24 million for the first quarter of 2016, a 47 percent year-on-year (YoY) decline mainly due to weak performance of its education projects and subsidiaries, as well as higher finance charges.

 

Q1 net profit was down  62 percent when compared to the previous quarter. The drop was attributed to a decline in computer sales and higher social security costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 187.25 166.17 (11.3 %)
Gross Income 42.51 35.29 (17.0 %)
Operating Income 18.81 11.18 (40.6 %)
Net Income 15.64 7.96 (49.1 %)
Average Shares 55.42 55.42 -
EPS (Riyals) 0.28 0.14 (49.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 72.37 - 21.41 - 9.49 -
Q2 2007 88.90 - 26.62 - 13.01 -
Q3 2007 60.53 - 14.10 - 1.83 -
Q4 2007 79.55 - 31.36 - 15.47 -
Q1 2008 85.97 18.8 % 27.53 28.6 % 12.90 35.9 %
Q2 2008 92.10 3.6 % 26.93 1.2 % 12.91 (0.7 %)
Q3 2008 53.26 (12.0 %) 9.29 (34.1 %) (3.38) (284.4 %)
Q4 2008 115.02 44.6 % 42.58 35.8 % 23.56 52.3 %
Q1 2009 88.66 3.1 % 24.28 (11.8 %) 10.54 (18.3 %)
Q2 2009 86.71 (5.8 %) 21.93 (18.6 %) 6.82 (47.2 %)
Q3 2009 63.24 18.8 % 13.95 50.2 % 1.46 143.3 %
Q4 2009 111.50 (3.1 %) 45.31 6.4 % 25.89 9.9 %
Q1 2010 93.26 5.2 % 26.65 9.8 % 12.40 17.7 %
Q2 2010 94.81 9.3 % 22.52 2.7 % 7.86 15.3 %
Q3 2010 83.55 32.1 % 22.74 63.0 % 7.69 425.9 %
Q4 2010 123.75 11.0 % 45.06 (0.6 %) 20.83 (19.5 %)
Q1 2011 119.10 27.7 % 33.90 27.2 % 17.88 44.1 %
Q2 2011 121.06 27.7 % 29.67 31.8 % 12.45 58.4 %
Q3 2011 118.90 42.3 % 36.74 61.6 % 12.41 61.3 %
Q4 2011 155.89 26.0 % 52.42 16.3 % 17.55 (15.7 %)
Q1 2012 129.29 8.6 % 32.97 (2.7 %) 12.62 (29.4 %)
Q2 2012 148.00 22.3 % 41.60 40.2 % 21.80 75.1 %
Q3 2012 131.68 10.8 % 40.14 9.3 % 19.34 55.9 %
Q4 2012 164.65 5.6 % 48.86 (6.8 %) 17.92 2.1 %
Q1 2013 145.85 12.8 % 33.19 0.7 % 11.93 (5.5 %)
Q2 2013 167.49 13.2 % 40.30 (3.1 %) 20.52 (5.9 %)
Q3 2013 150.64 14.4 % 43.43 8.2 % 22.38 15.7 %
Q4 2013 200.43 21.7 % 64.46 31.9 % 35.41 97.6 %
Q1 2014 176.11 20.7 % 39.52 19.1 % 16.81 41.0 %
Q2 2014 182.67 9.1 % 44.58 10.6 % 23.30 13.6 %
Q3 2014 167.34 11.1 % 45.11 3.9 % 23.70 5.9 %
Q4 2014 197.43 (1.5 %) 65.15 1.1 % 34.95 (1.3 %)
Q1 2015 187.25 6.3 % 42.51 7.6 % 18.81 11.9 %
Q2 2015 183.90 0.7 % 40.83 (8.4 %) 20.25 (13.1 %)
Q3 2015 175.01 4.6 % 41.15 (8.8 %) 18.54 (21.8 %)
Q4 2015 179.97 (8.8 %) 56.19 (13.8 %) 24.68 (29.4 %)
Q1 2016 166.17 (11.3 %) 35.29 (17.0 %) 11.18 (40.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 6.97 - 0.13 - 6.97 0.13
Q2 2007 10.45 - 0.19 - 10.45 0.19
Q3 2007 3.89 - 0.07 - 3.89 0.07
Q4 2007 16.19 - 0.29 - 16.19 0.29
Q1 2008 11.02 58.1 % 0.20 - 11.02 0.20
Q2 2008 10.73 2.7 % 0.19 - 10.73 0.19
Q3 2008 (3.93) (200.9 %) (0.07) - (3.93) (0.07)
Q4 2008 23.42 44.6 % 0.42 (0.30) 23.72 0.43
Q1 2009 10.23 (7.1 %) 0.18 - 10.23 0.18
Q2 2009 6.03 (43.8 %) 0.11 - 6.03 0.11
Q3 2009 0.74 118.8 % 0.01 - 0.74 0.01
Q4 2009 25.03 6.9 % 0.45 - 25.03 0.45
Q1 2010 11.76 15.0 % 0.21 - 11.76 0.21
Q2 2010 6.92 14.7 % 0.12 - 6.92 0.12
Q3 2010 7.21 877.1 % 0.13 - 7.21 0.13
Q4 2010 19.54 (21.9 %) 0.35 - 19.54 0.35
Q1 2011 14.50 23.2 % 0.26 - 14.50 0.26
Q2 2011 10.67 54.2 % 0.19 - 10.67 0.19
Q3 2011 10.90 51.2 % 0.20 - 10.90 0.20
Q4 2011 16.59 (15.1 %) 0.30 - 16.59 0.30
Q1 2012 11.69 (19.4 %) 0.21 - 11.69 0.21
Q2 2012 18.23 70.8 % 0.33 - 18.23 0.33
Q3 2012 16.94 55.3 % 0.31 - 16.94 0.31
Q4 2012 20.60 24.2 % 0.37 - 20.60 0.37
Q1 2013 10.44 (10.7 %) 0.19 - 10.44 0.19
Q2 2013 18.32 0.5 % 0.33 - 18.32 0.33
Q3 2013 18.60 9.8 % 0.34 - 19.04 0.34
Q4 2013 31.47 52.8 % 0.57 - 31.47 0.57
Q1 2014 15.61 49.5 % 0.28 - 15.61 0.28
Q2 2014 21.51 17.4 % 0.39 - 21.51 0.39
Q3 2014 19.94 7.2 % 0.36 - 19.94 0.36
Q4 2014 32.17 2.2 % 0.58 - 32.17 0.58
Q1 2015 15.64 0.2 % 0.28 - 15.64 0.28
Q2 2015 16.74 (22.2 %) 0.30 - 16.74 0.30
Q3 2015 16.45 (17.5 %) 0.30 - 16.45 0.30
Q4 2015 21.56 (33.0 %) 0.39 - 21.56 0.39
Q1 2016 7.96 (49.1 %) 0.14 - 7.96 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 31.02 % 19.37 % 12.45 %
Q1 2008 31.62 % 19.91 % 13.19 %
Q2 2008 31.41 % 20.45 % 13.15 %
Q3 2008 30.59 % 19.57 % 10.94 %
Q4 2008 30.70 % 19.16 % 11.99 %
Q1 2009 29.53 % 18.48 % 11.68 %
Q2 2009 28.54 % 16.91 % 10.49 %
Q3 2009 29.05 % 17.86 % 11.52 %
Q4 2009 30.12 % 18.71 % 12.01 %
Q1 2010 30.40 % 19.18 % 12.28 %
Q2 2010 29.89 % 18.87 % 12.25 %
Q3 2010 30.60 % 19.44 % 13.29 %
Q4 2010 29.59 % 17.65 % 11.49 %
Q1 2011 29.49 % 17.90 % 11.44 %
Q2 2011 29.36 % 17.72 % 11.60 %
Q3 2011 30.11 % 17.40 % 11.52 %
Q4 2011 29.66 % 16.05 % 10.23 %
Q1 2012 28.91 % 14.64 % 9.49 %
Q2 2012 29.66 % 15.29 % 10.40 %
Q3 2012 29.59 % 16.70 % 11.23 %
Q4 2012 28.52 % 15.63 % 11.76 %
Q1 2013 27.75 % 14.90 % 11.22 %
Q2 2013 26.65 % 14.64 % 10.87 %
Q3 2013 26.37 % 14.55 % 10.88 %
Q4 2013 27.30 % 16.32 % 11.93 %
Q1 2014 27.02 % 16.22 % 12.16 %
Q2 2014 27.05 % 16.20 % 12.35 %
Q3 2014 26.66 % 15.78 % 12.18 %
Q4 2014 26.86 % 15.88 % 12.33 %
Q1 2015 26.86 % 16.14 % 12.15 %
Q2 2015 26.31 % 15.74 % 11.48 %
Q3 2015 25.50 % 15.03 % 10.89 %
Q4 2015 24.88 % 14.32 % 9.69 %
Q1 2016 24.60 % 13.91 % 8.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 55.42 - - 2.20
Q2 2007 55.42 - - 2.38
Q3 2007 55.42 - - 2.45
Q4 2007 55.42 0.68 0.68 2.78
Q1 2008 55.42 0.75 0.75 2.99
Q2 2008 55.42 0.76 0.76 3.17
Q3 2008 55.42 0.61 0.61 3.09
Q4 2008 55.42 0.74 0.75 3.51
Q1 2009 55.42 0.73 0.74 3.66
Q2 2009 55.42 0.65 0.65 3.64
Q3 2009 55.42 0.73 0.73 3.66
Q4 2009 55.42 0.76 0.76 4.11
Q1 2010 55.42 0.79 0.79 4.32
Q2 2010 55.42 0.80 0.80 4.30
Q3 2010 55.42 0.92 0.92 4.41
Q4 2010 55.42 0.82 0.82 4.77
Q1 2011 55.42 0.87 0.87 5.03
Q2 2011 55.42 0.94 0.94 5.07
Q3 2011 55.42 1.00 1.00 5.26
Q4 2011 55.42 0.95 0.95 5.57
Q1 2012 55.42 0.90 0.90 5.79
Q2 2012 55.42 1.04 1.04 5.92
Q3 2012 55.42 1.14 1.14 6.32
Q4 2012 55.42 1.22 1.22 6.59
Q1 2013 55.42 1.19 1.19 6.78
Q2 2013 55.42 1.20 1.20 6.84
Q3 2013 55.42 1.23 1.23 7.20
Q4 2013 55.42 1.42 1.43 7.76
Q1 2014 55.42 1.52 1.52 8.03
Q2 2014 55.42 1.57 1.58 7.86
Q3 2014 55.42 1.60 1.60 8.22
Q4 2014 55.42 1.61 1.61 8.75
Q1 2015 55.42 1.61 1.61 9.04
Q2 2015 55.42 1.52 1.52 8.80
Q3 2015 55.42 1.46 1.46 9.11
Q4 2015 55.42 1.27 1.27 9.47
Q1 2016 55.42 1.13 1.13 9.62

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 41.26 41.26 10.05
Q1 2008 25.67 25.67 6.45
Q2 2008 26.90 26.90 6.40
Q3 2008 18.18 18.18 3.61
Q4 2008 12.77 12.68 2.71
Q1 2009 14.93 14.82 2.98
Q2 2009 23.27 23.08 4.12
Q3 2009 19.89 19.75 3.97
Q4 2009 17.12 17.12 3.16
Q1 2010 17.11 17.11 3.11
Q2 2010 15.16 15.16 2.83
Q3 2010 12.81 12.81 2.67
Q4 2010 17.34 17.34 2.98
Q1 2011 16.10 16.10 2.78
Q2 2011 16.72 16.72 3.09
Q3 2011 15.56 15.56 2.97
Q4 2011 20.26 20.26 3.46
Q1 2012 24.34 24.34 3.78
Q2 2012 17.35 17.35 3.04
Q3 2012 16.82 16.82 3.05
Q4 2012 15.68 15.68 2.90
Q1 2013 17.23 17.23 3.04
Q2 2013 18.57 18.57 3.25
Q3 2013 19.87 19.75 3.39
Q4 2013 19.90 19.79 3.65
Q1 2014 26.38 26.24 4.98
Q2 2014 28.03 27.89 5.61
Q3 2014 32.00 32.00 6.22
Q4 2014 30.21 30.21 5.56
Q1 2015 28.28 28.28 5.04
Q2 2015 30.22 30.22 5.24
Q3 2015 26.60 26.60 4.27
Q4 2015 22.98 22.98 3.08
Q1 2016 21.78 21.78 2.56

Business Segments (Million)

Compared With The
Period Call Centers Schools University Language Financial & Administrational Training Computer Others
Q1 2007 - - - 15.80 - 48.92 7.65
Q2 2007 - - - 15.78 - 44.32 28.80
Q3 2007 - - - 21.93 - 35.09 3.51
Q4 2007 - - - 9.95 - 85.58 -
Q1 2008 - - - 17.78 - 56.13 12.06
Q2 2008 - - - 20.75 - 50.62 20.73
Q3 2008 - - - 15.99 - 28.57 8.70
Q4 2008 - - - 21.83 - 84.24 8.95
Q1 2009 - - - 21.49 - 57.55 9.61
Q2 2009 16.31 - - 15.00 - 38.45 16.95
Q3 2009 9.58 - - 21.29 - 40.14 -
Q4 2009 13.75 - - 22.28 - 43.14 32.33
Q1 2010 - - - 24.29 - 59.89 9.08
Q2 2010 23.53 - - 12.90 - 39.80 18.59
Q3 2010 15.78 - - 27.34 - 46.43 -
Q4 2010 20.70 0.70 - 35.21 - 32.35 34.78
Q1 2011 21.65 1.86 - 34.26 - 45.34 15.99
Q2 2011 25.32 1.02 - 33.89 - 47.97 12.86
Q3 2011 29.96 1.20 - 32.82 - 52.31 2.61
Q4 2011 35.33 3.12 - 42.94 - 44.28 30.22
Q1 2012 36.28 3.85 - 34.40 - 41.62 13.14
Q2 2012 37.81 3.42 - 38.08 - 53.29 15.41
Q3 2012 38.79 6.31 - 35.40 - 49.49 1.70
Q4 2012 45.01 6.04 - 46.13 - 37.27 30.21
Q1 2013 41.38 6.01 32.50 18.58 13.19 34.18 -
Q2 2013 45.61 5.70 36.34 18.96 10.00 50.88 -
Q3 2013 49.01 5.66 30.19 18.85 9.53 37.40 -
Q4 2013 50.54 7.38 46.90 26.12 27.59 41.90 -
Q1 2014 46.42 7.86 47.09 19.61 14.35 40.77 -
Q2 2014 46.20 8.59 49.31 21.01 16.14 41.41 -
Q3 2014 54.77 9.58 129.35 18.06 12.32 39.66 -
Q4 2014 61.98 8.99 44.12 24.26 17.24 41.32 -
Q1 2015 57.62 11.15 44.01 20.49 14.73 39.26 -
Q2 2015 58.22 9.70 45.12 17.11 16.31 37.44 -
Q3 2015 63.42 11.49 35.92 16.86 14.45 32.86 -
Q4 2015 49.83 15.99 32.77 24.05 8.68 48.46 -
Q1 2016 61.74 15.00 29.04 15.16 16.68 28.54 -

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 13.37 7.96 (40.5 %)

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
AlJazira Capital 12.00 7.96 (33.7) %
OSOOL AND BAKHEET 13.80 7.96 (42.3) %
Value Capital 14.30 7.96 (44.3) %


Financial Ratios
Current
Market Cap (M Riyal) 1,891.50
Enterprise Value (EV) (M) 2,396.60
Shares Outstanding ((M)) 65.00
EPS ( Riyal) (TTM) 0.42
Book Value (BV) ( Riyal) 8.43
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 100
Price/book 3.45
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 5.1
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Share Price

Alkhaleej Training and Education Co.
29.10
0.45 1.57 %

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

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