Financial Results : Shaker widens losses by 20% in 9M

Shaker widens losses by 20% in 9M

06/11/2018 Argaam Exclusive

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Al-Hassan Ghazi Ibrahim Shaker’s (Shaker) net loss after zakat and tax widened by 19.9 percent year-on-year (YoY) to SAR 102 million for the first nine months of 2018, owing to a drop in sales amid fierce competition, lower demand and spending on real estate projects. 



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 826.33 601.21 (27.2 %)
Gross Income 154.42 121.12 (21.6 %)
Operating Income (62.26) (69.15) (11.1 %)
Net Income (85.16) (102.12) (19.9 %)
Average Shares 55.50 55.50 -
EPS (Riyals) (1.53) (1.84) (19.9 %)

The third-quarter net loss before zakat and tax narrowed by 8.6 percent YoY to SAR 44.9 million, thanks to improved gross margins and lower operating expenses.

 

When compared to Q2 2018, net losses broadened by 22.6 percent on lower sales. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 202.89 173.98 (14.2 %)
Gross Income 27.34 27.29 (0.2 %)
Operating Income (33.32) (31.25) 6.2 %
Net Income (49.17) (44.92) 8.6 %
Average Shares 55.50 55.50 -
EPS (Riyals) (0.89) (0.81) 8.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2017 288.30 (27.0 %) 58.81 (40.4 %) (17.68) (178.1 %)
Q2 2017 335.15 (37.2 %) 68.27 (49.6 %) (11.27) (129.8 %)
Q3 2017 202.89 (49.5 %) 27.34 (71.0 %) (33.32) (337.3 %)
Q4 2017 212.23 (34.5 %) 21.53 (64.4 %) (50.03) (158.3 %)
Q1 2018 214.87 (25.5 %) 52.77 (10.3 %) (6.60) 62.7 %
Q2 2018 212.36 (36.6 %) 41.06 (39.8 %) (31.30) (177.7 %)
Q3 2018 173.98 (14.2 %) 27.29 (0.2 %) (31.25) 6.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2017 (14.89) (153.2 %) (0.27) - (14.89) (0.27)
Q2 2017 (21.09) (144.9 %) (0.38) - (21.09) (0.38)
Q3 2017 (49.17) (1317.4 %) (0.89) - (49.17) (0.89)
Q4 2017 (85.88) (184.3 %) (1.55) - (85.88) (1.55)
Q1 2018 (20.55) (38.0 %) (0.37) - (20.55) (0.37)
Q2 2018 (36.65) (73.7 %) (0.66) - (36.65) (0.66)
Q3 2018 (44.92) 8.6 % (0.81) - (44.92) (0.81)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2017 22.56 % 2.01 % 0.20 %
Q2 2017 20.90 % (1.36 %) (4.61 %)
Q3 2017 18.68 % (5.64 %) (10.03 %)
Q4 2017 16.94 % (9.27 %) (16.47 %)
Q1 2018 17.60 % (8.91 %) (18.31 %)
Q2 2018 16.94 % (12.50 %) (22.82 %)
Q3 2018 17.54 % (12.70 %) (23.11 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2017 55.50 0.11 0.06 18.55
Q2 2017 55.50 (1.12) (1.12) 18.17
Q3 2017 55.50 (2.08) (2.08) 17.28
Q4 2017 55.50 (3.08) (3.08) 15.75
Q1 2018 55.50 (3.18) (3.18) 15.38
Q2 2018 55.50 (3.46) (3.46) 14.72
Q3 2018 55.50 (3.39) (3.39) 13.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2017 More than 100 More than 100 0.97
Q2 2017 NEG NEG 0.82
Q3 2017 NEG NEG 0.84
Q4 2017 NEG NEG 0.84
Q1 2018 NEG NEG 0.77
Q2 2018 NEG NEG 0.87
Q3 2018 NEG NEG 0.70

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 - -
Q1 2017 193.07 92.49 2.73 - -
Q2 2017 222.43 108.78 5.26 - -
Q3 2017 123.71 62.56 10.12 - -
Q4 2017 123.20 72.23 12.19 - -
Q1 2018 113.49 81.29 20.09 - -
Q2 2018 137.99 71.09 3.28 - -
Q3 2018 106.93 64.04 3.02 - -

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average (31.00) (44.92) (44.9 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
SNB Capital (31.00) (44.92) (44.9) %


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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