Financial Results : Shaker net profit drops 65% in FY16

Shaker net profit drops 65% in FY16

19/01/2017 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a net profit of SAR 47.5 million for the fiscal year 2016, a 65.2 percent year-on-year (YoY) drop attributed to lower sales and an increase in sales and distribution expenses.

 

In addition, there was a decline in income from associates by SAR 34 million, and an increase in the financial charges by SAR 13.6 million, despite an increase in other incomes by SAR 4.4 million.



Financials (M)

Item 2015 2016 Change‬
Revenues 1,886.53 1,654.41 (12.3 %)
Gross Income 434.86 388.93 (10.6 %)
Operating Income 91.45 55.19 (39.7 %)
Net Income 136.54 48.82 (64.2 %)
Average Shares 55.50 55.50 -
EPS (Riyals) 2.46 0.88 (64.2 %)

The company widened its net loss in the fourth to SAR 29.9 million, from SAR 17.8 million in Q4 2015 as sales decreased due to a slowdown in some sectors of the economy. The company also noted an increase in operating expenses, along with losses from associates and higher financial charges.

 

Shaker had reported a net profit of SAR 2.4 million in Q3 2016.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 374.72 324.20 (13.5 %)
Gross Income 60.00 60.46 0.8 %
Operating Income (22.24) (19.37) 12.9 %
Net Income (17.84) (30.21) (69.3 %)
Average Shares 55.50 55.50 -
EPS (Riyals) (0.32) (0.54) (69.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2015 374.72 6.4 % 60.00 (18.6 %) (22.24) (850.9 %)
Q1 2016 395.07 (7.4 %) 98.66 0.3 % 22.63 (7.6 %)
Q2 2016 533.76 (17.0 %) 135.40 (15.8 %) 37.88 (38.5 %)
Q3 2016 401.38 (9.2 %) 94.41 (18.5 %) 14.04 (49.1 %)
Q4 2016 324.20 (13.5 %) 60.46 0.8 % (19.37) 12.9 %
2016 1,654.41 (12.3 %) 388.93 (10.6 %) 55.19 (39.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2015 (17.84) (79.4 %) (0.32) - (17.84) (0.32)
Q1 2016 27.98 7.0 % 0.50 - 27.98 0.50
Q2 2016 47.00 (42.7 %) 0.85 2.80 44.20 0.80
Q3 2016 4.04 (91.3 %) 0.07 - 4.04 0.07
Q4 2016 (30.21) (69.3 %) (0.54) - (30.21) (0.54)
2016 48.82 (64.2 %) 0.88 2.80 46.02 0.83

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2015 23.05 % 5.56 % 7.28 %
Q1 2016 23.46 % 5.60 % 7.46 %
Q2 2016 23.48 % 4.67 % 5.76 %
Q3 2016 22.78 % 3.99 % 3.42 %
Q4 2016 23.51 % 4.30 % 2.78 %
2016 23.51 % 4.30 % 2.78 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 55.50 2.46 2.48 18.95
Q1 2016 55.50 2.49 2.49 19.28
Q2 2016 55.50 1.86 1.81 20.13
Q3 2016 55.50 1.10 1.05 20.20
Q4 2016 55.50 0.88 0.83 18.81

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 - - -
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
Q4 2015 13.07 12.99 1.70
Q1 2016 10.80 10.80 1.40
Q2 2016 14.86 15.28 1.38
Q3 2016 14.31 15.00 0.78
Q4 2016 21.68 23.00 1.01

Business Segments (Million)

Compared With The
Period HVAC Solutions Home appliances Other segments 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
Q4 2015 - - - 278.73 95.99
Q1 2016 273.05 118.40 3.63 - -
Q2 2016 389.18 139.57 5.01 - -
Q3 2016 275.31 119.57 6.50 - -
Q4 2016 228.19 87.40 8.61 - -

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average (22.50) (30.21) (34.3 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
Al Rajhi Capital (23.00) (30.21) (31.3) %
SNB Capital (22.00) (30.21) (37.3) %


Financial Ratios
Current
Market Cap (M Riyal) 1,379.73
Enterprise Value (EV) (M) 1,625.70
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 1.27
Book Value (BV) ( Riyal) 14.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.60
P/E (TTM) 19.60
Price/book 1.76
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 9.4
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Share Price

Al Hassan Ghazi Ibrahim Shaker Co.
24.86
0.28 1.14 %

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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