Financial Results : Saudi Catering profit drops 14% in 9M 2016 on restructuring provision

Saudi Catering profit drops 14% in 9M 2016 on restructuring provision

17/10/2016 Argaam Exclusive

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Saudi Airlines Catering Co.’s net income fell 14.1 percent to SAR 436.3 million in the first nine months of 2016. The company attributed the drop to a release of a provision for restructuring during Q2-2015.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,704.44 1,721.62 1.0 %
Gross Income 596.18 598.73 0.4 %
Operating Income 484.91 435.00 (10.3 %)
Net Income 507.76 411.39 (19.0 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 6.19 5.02 (19.0 %)

Third-quarter profit fell 9 percent to SAR 149.6 million because of the increase in payroll costs and the allowance for bad debts during the period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 578.88 592.01 2.3 %
Gross Income 203.26 213.55 5.1 %
Operating Income 159.97 149.82 (6.3 %)
Net Income 164.50 139.24 (15.4 %)
Average Shares 82.00 82.00 -
EPS (Riyals) 2.01 1.70 (15.4 %)


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 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 291.44 - 119.72 - 87.39 -
Q2 2011 367.89 - 142.32 - 102.45 -
Q3 2011 390.62 - 149.44 - 120.72 -
Q4 2011 415.32 - 146.99 - 108.09 -
Q1 2012 383.78 31.7 % 141.44 18.1 % 104.69 19.8 %
Q2 2012 414.28 12.6 % 176.80 24.2 % 142.42 39.0 %
Q3 2012 442.45 13.3 % 156.70 4.9 % 132.87 10.1 %
Q4 2012 446.89 7.6 % 153.06 4.1 % 126.80 17.3 %
Q1 2013 451.52 17.7 % 169.80 20.0 % 139.05 32.8 %
Q2 2013 475.08 14.7 % 188.40 6.6 % 157.36 10.5 %
Q3 2013 460.52 4.1 % 156.18 (0.3 %) 126.55 (4.8 %)
Q4 2013 480.37 7.5 % 177.54 16.0 % 122.86 (3.1 %)
Q1 2014 496.69 10.0 % 195.56 15.2 % 155.75 12.0 %
Q2 2014 551.34 16.1 % 207.65 10.2 % 160.75 2.2 %
Q3 2014 552.54 20.0 % 188.03 20.4 % 152.15 20.2 %
Q4 2014 535.38 11.4 % 183.34 3.3 % 164.68 34.0 %
Q1 2015 560.35 12.8 % 194.73 (0.4 %) 162.11 4.1 %
Q2 2015 565.21 2.5 % 198.19 (4.6 %) 162.82 1.3 %
Q3 2015 578.88 4.8 % 203.26 8.1 % 159.97 5.1 %
Q4 2015 556.36 3.9 % 228.36 24.6 % 184.01 11.7 %
Q1 2016 559.17 (0.2 %) 192.09 (1.4 %) 140.62 (13.3 %)
Q2 2016 570.45 0.9 % 193.09 (2.6 %) 144.56 (11.2 %)
Q3 2016 592.01 2.3 % 213.55 5.1 % 149.82 (6.3 %)


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 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 87.44 - 1.07 - 87.44 1.07
Q2 2011 102.75 - 1.25 - 102.75 1.25
Q3 2011 121.12 - 1.48 - 121.12 1.48
Q4 2011 109.25 - 1.33 - 109.25 1.33
Q1 2012 105.92 21.1 % 1.29 - 105.92 1.29
Q2 2012 143.12 39.3 % 1.75 - 143.12 1.75
Q3 2012 134.18 10.8 % 1.64 - 134.18 1.64
Q4 2012 103.83 (5.0 %) 1.27 (22.80) 126.63 1.54
Q1 2013 140.75 32.9 % 1.72 - 140.75 1.72
Q2 2013 167.99 17.4 % 2.05 - 167.99 2.05
Q3 2013 133.43 (0.6 %) 1.63 - 133.43 1.63
Q4 2013 127.19 22.5 % 1.55 - 127.19 1.55
Q1 2014 161.78 14.9 % 1.97 - 161.78 1.97
Q2 2014 164.35 (2.2 %) 2.00 - 164.35 2.00
Q3 2014 154.98 16.1 % 1.89 - 154.98 1.89
Q4 2014 172.83 35.9 % 2.11 - 172.83 2.11
Q1 2015 167.44 3.5 % 2.04 - 167.44 2.04
Q2 2015 175.82 7.0 % 2.14 - 175.82 2.14
Q3 2015 164.50 6.1 % 2.01 - 164.50 2.01
Q4 2015 190.75 10.4 % 2.33 - 190.75 2.33
Q1 2016 130.39 (22.1 %) 1.59 - 130.39 1.59
Q2 2016 141.76 (19.4 %) 1.73 - 141.76 1.73
Q3 2016 139.24 (15.4 %) 1.70 - 139.24 1.70

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 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 38.11 % 29.12 % 28.70 %
Q1 2012 37.25 % 28.79 % 28.19 %
Q2 2012 38.32 % 30.72 % 29.89 %
Q3 2012 37.56 % 30.51 % 29.74 %
Q4 2012 37.22 % 30.97 % 30.22 %
Q1 2013 37.40 % 31.70 % 31.03 %
Q2 2013 36.78 % 31.44 % 31.36 %
Q3 2013 36.39 % 30.76 % 31.01 %
Q4 2013 37.05 % 30.06 % 30.49 %
Q1 2014 37.52 % 30.23 % 30.87 %
Q2 2014 37.05 % 29.28 % 29.50 %
Q3 2014 36.94 % 29.26 % 29.23 %
Q4 2014 36.26 % 30.52 % 30.62 %
Q1 2015 35.18 % 29.98 % 29.99 %
Q2 2015 34.53 % 29.94 % 30.32 %
Q3 2015 34.80 % 30.00 % 30.39 %
Q4 2015 36.47 % 30.68 % 30.90 %
Q1 2016 36.37 % 29.86 % 29.27 %
Q2 2016 36.06 % 29.11 % 27.70 %
Q3 2016 36.31 % 28.69 % 26.43 %


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 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 82.00 - - -
Q2 2011 82.00 - - 11.27
Q3 2011 82.00 - - 11.72
Q4 2011 82.00 5.13 5.13 11.96
Q1 2012 82.00 5.35 5.35 11.71
Q2 2012 82.00 5.85 5.85 13.29
Q3 2012 82.00 6.01 6.01 12.81
Q4 2012 82.00 5.94 6.22 12.95
Q1 2013 82.00 6.36 6.64 14.51
Q2 2013 82.00 6.67 6.95 13.71
Q3 2013 82.00 6.66 6.94 13.95
Q4 2013 82.00 6.94 6.94 14.13
Q1 2014 82.00 7.20 7.20 14.27
Q2 2014 82.00 7.16 7.16 14.65
Q3 2014 82.00 7.42 7.42 14.67
Q4 2014 82.00 7.97 7.97 14.95
Q1 2015 82.00 8.04 8.04 16.84
Q2 2015 82.00 8.18 8.18 15.39
Q3 2015 82.00 8.30 8.30 15.58
Q4 2015 82.00 8.52 8.52 16.08
Q1 2016 82.00 8.07 8.07 15.93
Q2 2016 82.00 7.65 7.65 15.92
Q3 2016 82.00 7.34 7.34 15.92

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 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 12.15 12.15 5.70
Q4 2012 13.13 12.54 6.02
Q1 2013 14.22 13.62 6.24
Q2 2013 17.51 16.81 8.51
Q3 2013 19.45 18.67 9.28
Q4 2013 20.38 20.38 10.01
Q1 2014 21.88 21.88 11.03
Q2 2014 24.03 24.03 11.74
Q3 2014 25.61 25.61 12.95
Q4 2014 23.31 23.31 12.44
Q1 2015 21.30 21.30 10.18
Q2 2015 20.01 20.01 10.64
Q3 2015 16.74 16.74 8.92
Q4 2015 14.45 14.45 7.65
Q1 2016 13.00 13.00 6.59
Q2 2016 12.84 12.84 6.17
Q3 2016 11.48 11.48 5.30

Business Segments (Million)

Compared With The
Period Inflight Catering and Facility management Retail Other activities Catering services sky sales
Q3 2011 - - - - 350.94 39.69
Q4 2011 - - - - 376.62 38.70
Q1 2012 - - - - 341.57 42.21
Q2 2012 - - - - 370.97 43.32
Q3 2012 - - - - 397.83 44.62
Q4 2012 - - - - 400.15 46.74
Q1 2013 - - - - 404.18 47.34
Q2 2013 - - - - 427.16 47.92
Q3 2013 - - - - 414.59 45.93
Q4 2013 - - - - 432.60 47.77
Q1 2014 - - - - 447.67 49.02
Q2 2014 - - - - 498.34 53.00
Q3 2014 - - - - 500.86 51.68
Q4 2014 - - - - 479.68 55.70
Q1 2015 - - - - 505.05 55.30
Q2 2015 - - - - 508.42 56.79
Q3 2015 - - - - 517.90 60.98
Q4 2015 - - - - 490.09 66.27
Q1 2016 408.51 75.24 66.49 8.92 - -
Q2 2016 493.86 - 68.56 9.02 - -
Q3 2016 479.12 38.70 61.53 12.66 - -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 156.70 139.24 (11.1 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Al Rajhi Capital 152.00 139.24 (8.4) %
Albilad Capital 154.00 139.24 (9.6) %
OSOOL AND BAKHEET 155.30 139.24 (10.3) %
AlJazira Capital 165.50 139.24 (15.9) %


Financial Ratios
Current
Market Cap (M Riyal) 10,217.20
Enterprise Value (EV) (M) 9,869.90
Shares Outstanding ((M)) 82.00
EPS ( Riyal) (TTM) 3.94
Book Value (BV) ( Riyal) 16.53
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.08
P/E (TTM) 31.58
Price/book 7.54
Return on Average Assets (%) (TTM) 14.2
Return on Average Equity (%) (TTM) 25.2
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Share Price

CATRION Catering Holding Co.
124.60
(1.20) (0.95 %)

CATRION Catering Holding Co. (CATRION)

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