Financial Results : Shaker Group's net profit drops 65% in nine-months 2015

Shaker Group's net profit drops 65% in nine-months 2015

18/10/2015 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit of SAR 154.4 million for the first nine months of 2015; a 65 percent drop it mainly attributed to a re-evalution of shareholders' equity rights, which took place in the same period last year and included earnings of SAR 304.5 million.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 1,204.63 1,511.81 25.5 %
Gross Income 312.27 374.86 20.0 %
Operating Income 112.58 113.70 1.0 %
Net Income 446.85 154.38 (65.5 %)
Average Shares 55.50 55.50 -
Earnings Per Share before unusual items (Riyals) 1.22 2.80 129.0 %
EPS (Riyals) 8.05 2.78 (65.5 %)

 

The company reported a net profit of SAR 46.2 million in Q3-2015, marking a six percent year-on-year increase due to an 8.4 percent rise in sales revenue.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 408.05 442.12 8.4 %
Gross Income 110.81 115.78 4.5 %
Operating Income 39.38 27.60 (29.9 %)
Net Income 43.78 46.22 5.6 %
Average Shares 55.50 55.50 -
Earnings Per Share before unusual items (Riyals) 0.79 0.83 5.6 %
EPS (Riyals) 0.79 0.83 5.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 295.04 - 107.56 - 64.25 -
Q4 2009 182.11 - 55.64 - 13.48 -
Q1 2010 224.35 - 69.71 - 30.85 -
Q2 2010 350.76 - 125.41 - 70.47 -
Q3 2010 336.54 14.1 % 108.56 0.9 % 52.52 (18.3 %)
Q4 2010 244.09 34.0 % 83.14 49.4 % 26.51 96.6 %
Q1 2011 323.04 44.0 % 94.51 35.6 % 39.86 29.2 %
Q2 2011 556.37 58.6 % 166.27 32.6 % 88.08 25.0 %
Q3 2011 413.68 22.9 % 130.54 20.2 % 65.92 25.5 %
Q4 2011 273.08 11.9 % 75.31 (9.4 %) 20.67 (22.0 %)
Q1 2012 375.87 16.4 % 114.07 20.7 % 51.83 30.0 %
Q2 2012 590.87 6.2 % 184.87 11.2 % 103.55 17.6 %
Q3 2012 455.98 10.2 % 138.15 5.8 % 72.29 9.7 %
Q4 2012 315.19 15.4 % 82.60 9.7 % 11.86 (42.6 %)
Q1 2013 458.30 21.9 % 147.64 29.4 % 74.17 43.1 %
Q2 2013 526.79 (10.8 %) 138.03 (25.3 %) 66.00 (36.3 %)
Q3 2013 393.82 (13.6 %) 92.95 (32.7 %) 25.23 (65.1 %)
Q4 2013 318.44 1.0 % 26.53 (67.9 %) (32.97) (377.9 %)
Q1 2014 312.18 (31.9 %) 70.03 (52.6 %) 14.41 (80.6 %)
Q2 2014 484.41 (8.0 %) 131.43 (4.8 %) 58.79 (10.9 %)
Q3 2014 408.05 3.6 % 110.81 19.2 % 39.38 56.1 %
Q4 2014 352.02 10.5 % 73.75 178.0 % (2.34) 92.9 %
Q1 2015 426.44 36.6 % 98.32 40.4 % 24.51 70.1 %
Q2 2015 643.25 32.8 % 160.77 22.3 % 61.59 4.8 %
Q3 2015 442.12 8.4 % 115.78 4.5 % 27.60 (29.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 53.86 - 0.97 - 53.86 0.97
Q4 2009 11.66 - 0.21 - 11.66 0.21
Q1 2010 19.29 - 0.35 - 19.29 0.35
Q2 2010 58.33 - 1.05 - 58.33 1.05
Q3 2010 46.57 (13.5 %) 0.84 - 46.57 0.84
Q4 2010 21.04 80.5 % 0.38 - 21.04 0.38
Q1 2011 33.61 74.2 % 0.61 - 33.61 0.61
Q2 2011 73.63 26.2 % 1.33 - 73.63 1.33
Q3 2011 54.98 18.0 % 0.99 - 54.98 0.99
Q4 2011 18.00 (14.5 %) 0.32 - 18.00 0.32
Q1 2012 40.03 19.1 % 0.72 - 40.03 0.72
Q2 2012 82.96 12.7 % 1.49 - 82.96 1.49
Q3 2012 58.41 6.2 % 1.05 - 58.41 1.05
Q4 2012 6.24 (65.3 %) 0.11 - 6.24 0.11
Q1 2013 49.79 24.4 % 0.90 - 49.79 0.90
Q2 2013 74.94 (9.7 %) 1.35 35.09 39.85 0.72
Q3 2013 31.35 (46.3 %) 0.56 11.34 20.00 0.36
Q4 2013 (30.98) (596.3 %) (0.56) 13.47 (44.45) (0.80)
Q1 2014 20.62 (58.6 %) 0.37 28.31 (7.70) (0.14)
Q2 2014 382.45 410.4 % 6.89 350.75 31.70 0.57
Q3 2014 43.78 39.7 % 0.79 - 43.78 0.79
Q4 2014 (9.95) 67.9 % (0.18) (18.50) 8.55 0.15
Q1 2015 26.16 26.9 % 0.47 (0.86) 27.01 0.49
Q2 2015 82.01 (78.6 %) 1.48 - 82.01 1.48
Q3 2015 46.22 5.6 % 0.83 - 46.22 0.83

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 34.05 % 18.02 % 13.60 %
Q3 2010 32.85 % 16.68 % 12.42 %
Q4 2010 33.47 % 17.08 % 12.57 %
Q1 2011 32.81 % 16.63 % 12.72 %
Q2 2011 30.99 % 15.60 % 11.98 %
Q3 2011 30.87 % 15.80 % 11.92 %
Q4 2011 29.79 % 15.28 % 11.51 %
Q1 2012 30.03 % 15.61 % 11.53 %
Q2 2012 30.53 % 16.33 % 11.85 %
Q3 2012 30.22 % 16.41 % 11.76 %
Q4 2012 29.90 % 15.56 % 10.80 %
Q1 2013 30.39 % 16.12 % 10.84 %
Q2 2013 28.83 % 14.07 % 8.79 %
Q3 2013 27.22 % 11.54 % 6.84 %
Q4 2013 23.87 % 8.62 % 3.84 %
Q1 2014 21.12 % 5.30 % 0.50 %
Q2 2014 21.27 % 5.27 % (0.03 %)
Q3 2014 22.24 % 6.12 % 1.53 %
Q4 2014 24.80 % 7.85 % 4.90 %
Q1 2015 24.80 % 7.89 % 6.65 %
Q2 2015 24.25 % 7.33 % 8.82 %
Q3 2015 24.07 % 6.57 % 8.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 55.50 - - 6.69
Q4 2009 55.50 - - 6.90
Q1 2010 55.50 - - 7.25
Q2 2010 55.50 2.58 2.58 8.30
Q3 2010 55.50 2.45 2.45 9.14
Q4 2010 55.50 2.62 2.62 7.62
Q1 2011 55.50 2.87 2.87 8.23
Q2 2011 55.50 3.15 3.15 9.56
Q3 2011 55.50 3.30 3.30 10.55
Q4 2011 55.50 3.25 3.25 8.66
Q1 2012 55.50 3.36 3.36 9.38
Q2 2012 55.50 3.53 3.53 10.88
Q3 2012 55.50 3.59 3.59 11.93
Q4 2012 55.50 3.38 3.38 9.52
Q1 2013 55.50 3.56 3.56 10.42
Q2 2013 55.50 3.41 2.78 11.77
Q3 2013 55.50 2.92 2.09 12.33
Q4 2013 55.50 2.25 1.17 11.78
Q1 2014 55.50 1.73 0.14 12.15
Q2 2014 55.50 7.27 (0.01) 17.46
Q3 2014 55.50 7.49 0.42 18.25
Q4 2014 55.50 7.87 1.38 16.49
Q1 2015 55.50 7.97 2.00 16.78
Q2 2015 55.50 2.56 2.91 18.44
Q3 2015 55.50 2.60 2.95 19.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 14.18 14.18 4.41
Q3 2010 17.91 17.91 4.80
Q4 2010 14.64 14.64 5.03
Q1 2011 11.79 11.79 4.12
Q2 2011 13.47 13.47 4.44
Q3 2011 12.23 12.23 3.83
Q4 2011 11.90 11.90 4.46
Q1 2012 13.08 13.08 4.69
Q2 2012 12.77 12.77 4.15
Q3 2012 12.20 12.20 3.67
Q4 2012 12.04 12.04 4.27
Q1 2013 12.50 12.50 4.27
Q2 2013 14.97 18.38 4.34
Q3 2013 17.47 24.47 4.14
Q4 2013 19.52 37.45 3.74
Q1 2014 30.20 More than 100 4.30
Q2 2014 6.61 NEG 2.75
Q3 2014 7.36 More than 100 3.02
Q4 2014 4.80 27.44 2.29
Q1 2015 6.26 24.94 2.97
Q2 2015 18.47 16.25 2.56
Q3 2015 14.86 13.10 2.01

Business Segments (Million)

Compared With The
Period LG Air Conditioners and Home Appliances Conditioners and products from the non-LG production
Q1 2010 178.77 45.58
Q2 2010 298.73 52.03
Q3 2010 277.14 59.40
Q4 2010 200.83 43.26
Q1 2011 269.90 53.13
Q2 2011 468.10 88.27
Q3 2011 344.15 69.53
Q4 2011 215.53 57.56
Q1 2012 291.10 84.77
Q2 2012 499.14 91.73
Q3 2012 375.26 80.72
Q4 2012 247.69 67.51
Q1 2013 379.58 78.72
Q2 2013 355.32 109.30
Q3 2013 314.42 79.40
Q4 2013 240.71 77.73
Q1 2014 246.01 66.17
Q2 2014 417.85 66.56
Q3 2014 348.47 59.58
Q4 2014 117.32 234.71
Q1 2015 341.04 85.39
Q2 2015 523.13 120.12
Q3 2015 359.40 82.73

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (net income) Change‬ Q3 2015 (before unusual items) Change‬
Average 48.55 46.22 (4.8 %) 46.22 (4.8 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (net income) Change Q3 2015 (before unusual items) Change‬
SNB Capital 46.60 46.22 (0.8) % 46.22 (0.8) %
AlJazira Capital 50.50 46.22 (8.5) % 46.22 (8.5) %


Financial Ratios
Current
Market Cap (M Riyal) 1,573.43
Enterprise Value (EV) (M) 1,810.80
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 1.47
Book Value (BV) ( Riyal) 14.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.29
P/E (TTM) 19.29
Price/book 1.97
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 10.8
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Share Price

Al Hassan Ghazi Ibrahim Shaker Co.
28.35
(0.50) (1.73 %)

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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