Financial Results : STC’s 2014 net profit up 11% to SAR 10959 mln

STC’s 2014 net profit up 11% to SAR 10959 mln

19/01/2015 Argaam Exclusive

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Saudi Telecom Company (STC), the second largest listed company in Saudi market after SABIC, reported 2014 net profit of SAR 10959 million, an 11 percent increase compared to last year.

 

A net profit of SAR 2393 million was reported for Q4-2014 compared to SAR 3372 for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 45,604.63 45,825.64 0.5 %
Gross Income 27,413.24 28,155.63 2.7 %
Operating Income 12,092.26 12,030.59 (0.5 %)
Net Income 9,897.07 10,959.49 10.7 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.98 2.19 10.7 %

 

The company attributed the increase of 2014’s net profit compared to the last year to the following:

(1) The SAR 743 million increase of gross profit (2.7%) compared to the previous year, as a result of the 1% increase of revenue from services and the 1.3% decrease of cost of services compared to the previous year.


(2) The SAR 180 million increase of operating expenses (1%) during the 12 months period compared to the previous year, the details as follow:
- The decrease of selling & marketing expenses during the year by SAR 164 million (2.7%) compared to the previous year.
- The increase of general & administrative expenses during the year by SAR 398 million (13.6%) compared to last year.
- The increase of depreciation and amortization during year by SAR 652 million (10%) compared to last year.
- The booking of a one-time, non-recurring and non-cash charge of SAR 399 million provisions from impairment related to STC investments in Oger tel ltd. Resulting from Cell C (one of Oger tel ltd. Subsidiaries). The comparable numbers for the 12 months period of 2013 includes, a non-cash, non-recurring charge of SAR 1,104 million resulting from fair valuation of STC investments in Asia - Aircel of SAR 500 million and the reclassification of Axis as assets held for sale during Q2, 2013, the group re-measured the net assets related to the investment at fair value. In Q2 2013, the company booked a non-cash charge of SAR 604 million from losses resulting from assets held for sale related to Axis, Indonesia.

(3) The SAR 1,210 million increase of (Other income and expenses, net) compared to the previous year, and the main reasons are attributed to:
- The SAR 682 million (73%) decrease of (Losses from investments accounted for under equity method) compared to the previous year, as a result of STC group not consolidating its investment in Aircel Group using the equity method effective from the second quarter 2013, Which resulted in STC group reversing its share of losses from Aircel Group for the period from 1 April 2013 to 30 September 2013 amounting to SAR 795 million during the 4th quarter 2013.

- The booking of SAR 595m gains resulting from the compensation for the company land and buildings erected thereon which is located in Al Faisaliah area in Riyadh, which was booked during the 4th quarter.

(4) The SAR 545m increase in the provision for Zakat & Tax during the year compared to the previous year.

 

The decrease of Q4-2014’s net profit compared to the same period last year was attributed to:

(1) The SAR 776 million increase of operating expenses (19%) during the 4th quarter compared to the comparable quarter in the previous year, mainly due to the following:

- The booking of a one-time, non-recurring and non-cash charge of SAR 399 million provisions from impairment related to STC investments in Oger tel ltd. Resulting from Cell C (one of Oger tel ltd. Subsidiaries).
- The SAR 164 million (10%) increase of depreciation and amortization during the 4th quarter compared to the same period last year.
- The SAR 161 million (19.5%) increase of general & administrative expenses during the 4th quarter compared to the same period last year.

(2) During the 4th quarter, and despite the booking of SAR 595 million gains resulting from the compensation for the company’s land and buildings erected thereon which is located in Al Faisaliah area in Riyadh, (Other income and expenses, net) decreased by SAR 645 million (66%) compared to the same period last year, and the main reason is attributed to the booking of SAR 164 million (Losses from investments accounted for under equity method) compared to Gains of SAR 754 million in the comparable period last year as a result of STC group not consolidating its investment in Aircel Group using the equity method effective from the second quarter 2013, Which resulted in STC group reversing its share of losses from Aircel Group for the period from 1 April 2013 to 30 September 2013 amounting to SAR 795 million during the 4th quarter 2013.
 

(3) The SAR 110 million (178%) increase of the provision for Zakat & Tax during the 4th quarter compared to the same period last year.

 

Q4’s net profit decline compared to the previous period (Q3-2014) was attributed to:

 (1) During the 4th quarter, and despite the SAR 94m (1%) increase of revenue compared to the immediate prior quarter, gross profit decreased SAR 320 million (4%) compared to the previous quarter. This is attributed mainly to the SAR 414 million (10%) increase of cost of services compared to the immediate prior quarter.

 

(2) The SAR 836 million increase of operating expenses (20.5%) during the 4th quarter compared to the previous quarter, mainly due to the following:
- The booking of a one-time, non-recurring and non-cash charge of SAR 399 million provisions from impairment related to STC investments in Oger tel ltd. Resulting from Cell C (one of Oger tel ltd. Subsidiaries).

- The increase of selling & marketing expenses during the 4th quarter by SAR 276 mmillion (19%) compared to the previous quarter.
- The increase of general & administrative expenses during the 4th quarter by SAR 214million (28%) compared to the previous quarter.
 

(3) During the 4th quarter, and despite the booking of SAR 595 million gains resulting from the compensation for the company’s land and buildings erected thereon which is located in Al Faisaliah area in Riyadh, (Other income and expenses, net) increased only by SAR 191 million compared to the previous quarter, and the main reason is attributed to the increase of SAR 137 million in (Losses from investments accounted for under equity method) compared to the previous quarter.
 

(4) The SAR 35 million decrease of the provision for Zakat & Tax during the 4th quarter compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 11,270.43 11,848.40 5.1 %
Gross Income 6,991.64 7,300.50 4.4 %
Operating Income 2,801.88 2,782.99 (0.7 %)
Net Income 3,532.57 2,442.39 (30.9 %)
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.71 0.49 (30.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 7,918.23 8.2 % 6,122.17 14.6 % 3,312.44 31.1 %
Q2 2005 8,038.27 6.3 % 6,208.34 12.8 % 2,922.44 10.1 %
Q3 2005 8,105.10 3.2 % 6,074.94 7.4 % 3,715.69 39.9 %
Q4 2005 8,478.35 9.3 % 6,439.24 12.7 % 3,411.49 29.1 %
Q1 2006 8,515.11 7.5 % 6,383.40 4.3 % 3,340.80 0.9 %
Q2 2006 8,624.77 7.3 % 6,616.48 6.6 % 3,349.24 14.6 %
Q3 2006 8,405.99 3.7 % 6,099.71 0.4 % 3,009.66 (19.0 %)
Q4 2006 8,240.01 (2.8 %) 5,914.92 (8.1 %) 2,448.45 (28.2 %)
Q1 2007 8,320.06 (2.3 %) 6,049.33 (5.2 %) 2,795.36 (16.3 %)
Q2 2007 8,444.00 (2.1 %) 6,405.60 (3.2 %) 3,101.68 (7.4 %)
Q3 2007 8,058.58 (4.1 %) 5,828.60 (4.4 %) 3,203.65 6.4 %
Q4 2007 9,635.17 16.9 % 6,922.61 17.0 % 2,969.64 21.3 %
Q1 2008 9,574.71 15.1 % 7,212.79 19.2 % 3,247.65 16.2 %
Q2 2008 12,030.46 42.5 % 9,094.79 42.0 % 3,683.54 18.8 %
Q3 2008 13,537.76 68.0 % 10,392.71 78.3 % 3,955.84 23.5 %
Q4 2008 12,326.44 27.9 % 9,096.55 31.4 % 4,448.11 49.8 %
Q1 2009 12,142.78 26.8 % 7,912.55 9.7 % 3,836.49 18.1 %
Q2 2009 12,674.12 5.4 % 7,723.03 (15.1 %) 3,228.40 (12.4 %)
Q3 2009 12,934.24 (4.5 %) 7,754.81 (25.4 %) 3,111.64 (21.3 %)
Q4 2009 13,028.94 5.7 % 7,610.31 (16.3 %) 2,637.05 (40.7 %)
Q1 2010 12,519.63 3.1 % 7,159.87 (9.5 %) 2,353.28 (38.7 %)
Q2 2010 12,591.24 (0.7 %) 7,334.89 (5.0 %) 2,344.84 (27.4 %)
Q3 2010 13,232.39 2.3 % 7,884.82 1.7 % 3,254.86 4.6 %
Q4 2010 13,443.57 3.2 % 7,943.03 4.4 % 3,025.33 14.7 %
Q1 2011 13,076.30 4.4 % 7,488.43 4.6 % 2,668.75 13.4 %
Q2 2011 13,879.67 10.2 % 7,951.89 8.4 % 2,782.89 18.7 %
Q3 2011 14,015.11 5.9 % 8,073.04 2.4 % 3,000.18 (7.8 %)
Q4 2011 14,691.00 9.3 % 7,814.90 (1.6 %) 2,719.20 (10.1 %)
Q1 2012 11,067.36 (15.4 %) 6,329.04 (15.5 %) 2,675.36 0.2 %
Q2 2012 11,013.03 (20.7 %) 6,352.24 (20.1 %) 2,617.31 (6.0 %)
Q3 2012 11,429.91 (18.4 %) 6,459.29 (20.0 %) 2,470.09 (17.7 %)
Q4 2012 11,234.77 (23.5 %) 6,121.14 (21.7 %) 2,173.79 (20.1 %)
Q1 2013 11,473.88 3.7 % 6,494.46 2.6 % 2,717.94 1.6 %
Q2 2013 11,433.47 3.8 % 6,733.78 6.0 % 3,195.05 22.1 %
Q3 2013 11,426.85 0.0 % 7,193.36 11.4 % 3,377.39 36.7 %
Q4 2013 11,270.43 0.3 % 6,991.64 14.2 % 2,801.88 28.9 %
Q1 2014 10,782.89 (6.0 %) 6,211.34 (4.4 %) 2,665.78 (1.9 %)
Q2 2014 11,722.00 2.5 % 7,023.53 4.3 % 2,961.46 (7.3 %)
Q3 2014 11,754.61 2.9 % 7,620.88 5.9 % 3,540.12 4.8 %
Q4 2014 11,848.40 5.1 % 7,300.50 4.4 % 2,782.99 (0.7 %)
2014 45,825.64 0.5 % 28,155.63 2.7 % 12,030.59 (0.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 3,010.95 20.3 % 0.60 50.30 2,960.65 0.59
Q2 2005 2,903.14 10.0 % 0.58 7.26 2,895.88 0.58
Q3 2005 3,261.99 29.1 % 0.65 (415.71) 3,677.70 0.74
Q4 2005 3,270.78 98.6 % 0.65 (364.70) 3,635.48 0.73
Q1 2006 3,414.71 13.4 % 0.68 - 3,414.71 0.68
Q2 2006 3,395.80 17.0 % 0.68 2.00 3,393.80 0.68
Q3 2006 3,202.01 (1.8 %) 0.64 26.37 3,175.64 0.64
Q4 2006 2,786.39 (14.8 %) 0.56 5.84 2,780.54 0.56
Q1 2007 2,719.17 (20.4 %) 0.54 (4.57) 2,723.75 0.54
Q2 2007 3,102.76 (8.6 %) 0.62 (28.55) 3,131.31 0.63
Q3 2007 3,140.03 (1.9 %) 0.63 (3.48) 3,143.51 0.63
Q4 2007 3,059.78 9.8 % 0.61 17.36 3,042.42 0.61
Q1 2008 3,029.27 11.4 % 0.61 3.90 3,025.37 0.61
Q2 2008 3,839.88 23.8 % 0.77 (2.33) 3,842.21 0.77
Q3 2008 3,012.33 (4.1 %) 0.60 (410.57) 3,422.90 0.68
Q4 2008 1,156.37 (62.2 %) 0.23 (10.55) 1,166.92 0.23
Q1 2009 2,487.75 (17.9 %) 0.50 (138.72) 2,626.47 0.53
Q2 2009 2,990.22 (22.1 %) 0.60 21.49 2,968.73 0.59
Q3 2009 2,402.62 (20.2 %) 0.48 (12.27) 2,414.88 0.48
Q4 2009 2,982.78 157.9 % 0.60 703.68 2,279.09 0.46
Q1 2010 1,772.03 (28.8 %) 0.35 (10.07) 1,782.10 0.36
Q2 2010 2,061.99 (31.0 %) 0.41 (21.59) 2,083.58 0.42
Q3 2010 3,316.80 38.0 % 0.66 936.80 2,380.00 0.48
Q4 2010 2,285.51 (23.4 %) 0.46 763.95 1,521.56 0.30
Q1 2011 1,573.12 (11.2 %) 0.31 172.87 1,400.25 0.28
Q2 2011 2,256.37 9.4 % 0.45 (2.55) 2,258.91 0.45
Q3 2011 1,562.48 (52.9 %) 0.31 53.66 1,508.81 0.30
Q4 2011 2,336.69 2.2 % 0.47 427.98 1,908.70 0.38
Q1 2012 2,521.16 60.3 % 0.50 (3.81) 2,524.97 0.50
Q2 2012 2,407.57 6.7 % 0.48 (4.56) 2,412.13 0.48
Q3 2012 1,953.80 25.0 % 0.39 (33.58) 1,987.37 0.40
Q4 2012 393.44 (83.2 %) 0.08 (190.25) 583.68 0.12
Q1 2013 1,549.96 (38.5 %) 0.31 (226.53) 1,776.50 0.36
Q2 2013 1,428.95 (40.6 %) 0.29 (1146.75) 2,575.70 0.52
Q3 2013 3,385.59 73.3 % 0.68 39.29 3,346.30 0.67
Q4 2013 3,532.57 797.9 % 0.71 487.51 3,045.06 0.61
Q1 2014 2,390.94 54.3 % 0.48 0.64 2,390.29 0.48
Q2 2014 2,803.35 96.2 % 0.56 (50.57) 2,853.92 0.57
Q3 2014 3,371.75 (0.4 %) 0.67 2.86 3,368.89 0.67
Q4 2014 2,442.39 (30.9 %) 0.49 157.79 2,284.60 0.46
2014 10,959.49 10.7 % 2.19 110.72 10,848.77 2.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 73.96 % 49.46 % 32.82 %
Q2 2005 75.08 % 49.56 % 33.14 %
Q3 2005 75.80 % 52.15 % 36.20 %
Q4 2005 76.35 % 52.85 % 40.47 %
Q1 2006 75.76 % 51.89 % 41.11 %
Q2 2006 75.66 % 51.96 % 41.88 %
Q3 2006 75.06 % 49.38 % 40.03 %
Q4 2006 74.04 % 47.31 % 37.78 %
Q1 2007 73.47 % 46.01 % 35.94 %
Q2 2007 73.24 % 45.58 % 35.35 %
Q3 2007 73.19 % 46.72 % 35.63 %
Q4 2007 73.15 % 46.92 % 34.94 %
Q1 2008 73.84 % 47.70 % 34.56 %
Q2 2008 73.94 % 46.06 % 33.22 %
Q3 2008 75.09 % 44.13 % 29.78 %
Q4 2008 75.41 % 45.80 % 24.14 %
Q1 2009 72.94 % 45.51 % 22.10 %
Q2 2009 69.31 % 44.94 % 20.10 %
Q3 2009 64.87 % 44.00 % 18.33 %
Q4 2009 61.05 % 40.59 % 20.26 %
Q1 2010 59.13 % 38.04 % 18.46 %
Q2 2010 58.46 % 36.87 % 16.76 %
Q3 2010 58.38 % 37.29 % 16.59 %
Q4 2010 58.55 % 37.89 % 15.00 %
Q1 2011 58.56 % 38.16 % 14.11 %
Q2 2011 58.30 % 38.33 % 14.10 %
Q3 2011 57.81 % 37.38 % 12.29 %
Q4 2011 56.28 % 35.98 % 12.71 %
Q1 2012 56.23 % 36.23 % 15.29 %
Q2 2012 56.25 % 36.51 % 16.45 %
Q3 2012 55.92 % 36.12 % 18.33 %
Q4 2012 56.46 % 36.37 % 16.78 %
Q1 2013 56.32 % 36.28 % 14.97 %
Q2 2013 56.63 % 37.08 % 15.19 %
Q3 2013 58.25 % 39.08 % 18.18 %
Q4 2013 60.11 % 40.50 % 23.56 %
Q1 2014 60.41 % 41.03 % 25.29 %
Q2 2014 60.66 % 40.71 % 25.74 %
Q3 2014 61.16 % 41.37 % 25.61 %
Q4 2014 61.07 % 41.16 % 23.64 %
2014 61.44 % 41.59 % 23.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 5,000.00 1.96 2.04 5.94
Q2 2005 5,000.00 2.02 2.09 6.52
Q3 2005 5,000.00 2.16 2.30 6.34
Q4 2005 5,000.00 2.49 2.63 6.57
Q1 2006 5,000.00 2.57 2.72 7.25
Q2 2006 5,000.00 2.67 2.82 6.83
Q3 2006 5,000.00 2.66 2.72 6.87
Q4 2006 5,000.00 2.56 2.55 6.83
Q1 2007 5,000.00 2.42 2.41 6.78
Q2 2007 5,000.00 2.36 2.36 6.90
Q3 2007 5,000.00 2.35 2.36 7.02
Q4 2007 5,000.00 2.40 2.41 7.18
Q1 2008 5,000.00 2.47 2.47 7.31
Q2 2008 5,000.00 2.61 2.61 7.65
Q3 2008 5,000.00 2.59 2.67 7.78
Q4 2008 5,000.00 2.21 2.29 7.53
Q1 2009 5,000.00 2.10 2.21 7.48
Q2 2009 5,000.00 1.93 2.04 7.90
Q3 2009 5,000.00 1.81 1.84 8.13
Q4 2009 5,000.00 2.17 2.06 8.41
Q1 2010 5,000.00 2.03 1.89 8.50
Q2 2010 5,000.00 1.84 1.71 8.45
Q3 2010 5,000.00 2.03 1.70 8.94
Q4 2010 5,000.00 1.89 1.55 9.00
Q1 2011 5,000.00 1.85 1.48 9.05
Q2 2011 5,000.00 1.89 1.51 9.26
Q3 2011 5,000.00 1.54 1.34 9.15
Q4 2011 5,000.00 1.55 1.42 9.38
Q1 2012 5,000.00 1.74 1.64 9.81
Q2 2012 5,000.00 1.77 1.67 10.03
Q3 2012 5,000.00 1.84 1.77 10.34
Q4 2012 5,000.00 1.46 1.50 10.27
Q1 2013 5,000.00 1.26 1.35 10.34
Q2 2013 5,000.00 1.07 1.38 10.39
Q3 2013 5,000.00 1.35 1.66 10.81
Q4 2013 5,000.00 1.98 2.15 11.25
Q1 2014 5,000.00 2.15 2.27 11.40
Q2 2014 5,000.00 2.42 2.33 11.74
Q3 2014 5,000.00 2.42 2.33 12.04
Q4 2014 5,000.00 2.20 2.18 12.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 20.97 20.18 6.93
Q2 2005 27.24 26.26 8.42
Q3 2005 25.89 24.33 8.84
Q4 2005 22.37 21.14 8.47
Q1 2006 25.38 23.94 8.99
Q2 2006 17.76 16.78 6.94
Q3 2006 15.09 14.72 5.83
Q4 2006 12.93 12.97 4.85
Q1 2007 10.49 10.52 3.75
Q2 2007 9.86 9.86 3.38
Q3 2007 11.02 10.99 3.69
Q4 2007 13.93 13.91 4.67
Q1 2008 10.01 10.01 3.38
Q2 2008 9.26 9.27 3.16
Q3 2008 9.93 9.64 3.30
Q4 2008 8.90 8.57 2.61
Q1 2009 7.60 7.22 2.13
Q2 2009 10.68 10.11 2.61
Q3 2009 11.12 10.95 2.47
Q4 2009 8.12 8.57 2.10
Q1 2010 9.36 10.06 2.24
Q2 2010 8.18 8.81 1.78
Q3 2010 7.64 9.08 1.73
Q4 2010 9.03 10.97 1.89
Q1 2011 8.34 10.43 1.70
Q2 2011 7.72 9.63 1.57
Q3 2011 8.86 10.17 1.49
Q4 2011 8.75 9.55 1.44
Q1 2012 9.40 9.95 1.66
Q2 2012 8.95 9.46 1.57
Q3 2012 8.61 8.99 1.54
Q4 2012 11.90 11.53 1.69
Q1 2013 12.44 11.60 1.52
Q2 2013 14.98 11.53 1.54
Q3 2013 12.78 10.43 1.60
Q4 2013 10.81 9.96 1.90
Q1 2014 12.29 11.62 2.32
Q2 2014 11.02 11.47 2.27
Q3 2014 12.29 12.76 2.47
Q4 2014 11.94 12.06 2.18

Business Segments (Million)

Compared With The
Period GSM Landline DATA Un-allocated
Q1 2009 8,203.41 2,276.02 1,641.09 22.26
Q2 2009 8,078.78 2,660.90 1,889.14 45.31
Q3 2009 8,763.77 2,321.57 1,813.36 35.55
Q4 2009 9,042.06 2,027.64 1,903.96 55.28
Q1 2010 8,370.42 2,321.45 1,754.34 73.42
Q2 2010 8,274.92 2,514.25 1,744.81 57.26
Q3 2010 8,698.56 2,678.44 1,744.34 111.06
Q4 2010 8,815.84 2,641.88 1,897.42 88.43
Q1 2011 8,612.49 2,145.44 2,210.45 107.93
Q2 2011 9,300.53 2,165.08 2,279.18 134.88
Q3 2011 9,535.33 1,968.75 2,358.25 152.78
Q4 2011 10,460.75 2,030.05 2,539.65 (339.46)
Q1 2012 7,231.45 3,163.66 775.96 (103.71)
Q2 2012 5,953.44 2,773.26 2,747.33 (461.00)
Q3 2012 6,321.44 3,061.54 2,038.38 8.55
Q4 2012 6,534.06 3,295.52 1,450.81 (45.62)
Q1 2013 5,912.96 3,401.35 2,121.21 38.36
Q2 2013 6,276.02 3,413.90 1,645.45 98.11
Q3 2013 5,947.77 3,195.58 2,156.72 126.77
Q4 2013 6,048.69 3,174.74 2,296.23 (249.24)
Q1 2014 6,038.19 3,013.96 1,728.00 2.75
Q2 2014 6,352.36 3,157.29 2,215.10 (2.75)
Q3 2014 6,159.92 2,950.32 2,639.42 4.95
Q4 2014 6,070.61 3,035.10 2,471.11 (10.68)

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 2,812.00 2,442.39 (13.1 %)

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
Alistithmar Capital 2,812.00 2,442.39 (13.1) %


Financial Ratios
Current
Market Cap (M Riyal) 212,500.00
Enterprise Value (EV) (M) 206,045.01
Shares Outstanding ((M)) 5,000.00
EPS ( Riyal) (TTM) 2.70
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.54
P/E (TTM) 15.73
Price/book 2.68
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 17.1
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Share Price

Saudi Telecom Co.
42.50
0.05 0.12 %

Saudi Telecom Co. (STC)

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