Financial Results : Saudi Telecom’s H1 net profit up 3% to SAR 5 bln

Saudi Telecom’s H1 net profit up 3% to SAR 5 bln

26/07/2018 Argaam Exclusive

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Saudi Telecom Co. (STC), the Kingdom's second-largest listed company, reported a net profit of SAR 5.03 billion in the first half of 2018, a 2.8 percent rise year-on-year (YoY), due to decline in cost of revenues and operating expenses.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 25,565.28 25,428.47 (0.5 %)
Gross Income 13,834.92 14,102.03 1.9 %
Operating Income 5,198.75 5,533.27 6.4 %
Net Income 4,891.23 5,031.58 2.9 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.98 1.01 2.9 %

The telco’s net profit for Q2 stood at SAR 2.44 billion, up 3.74 percent YoY, as consolidated revenues increased while operating expenses declined.

 

On a sequential basis, the net profit was down 5.56 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 13,041.18 13,079.39 0.3 %
Gross Income 6,911.04 7,167.18 3.7 %
Operating Income 2,583.68 2,900.92 12.3 %
Net Income 2,356.48 2,444.05 3.7 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.47 0.49 3.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2015 12,473.48 15.7 % 7,543.92 21.5 % 3,379.74 26.8 %
Q2 2015 12,222.15 4.3 % 7,164.16 2.0 % 2,963.44 0.1 %
Q3 2015 12,894.71 9.7 % 7,624.10 0.0 % 3,038.06 (14.2 %)
Q4 2015 13,246.19 11.8 % 8,010.86 9.7 % 2,554.39 (8.2 %)
Q1 2016 13,228.62 6.1 % 7,076.10 (6.2 %) 2,856.43 (15.5 %)
Q2 2016 13,412.97 9.7 % 7,470.82 4.3 % 2,863.30 (3.4 %)
Q3 2016 14,025.79 8.8 % 7,117.39 (6.6 %) 2,402.82 (20.9 %)
Q4 2016 13,010.95 (1.8 %) 7,023.48 (12.3 %) 1,828.54 (28.4 %)
Q1 2017 12,524.11 (5.3 %) 6,923.88 (2.2 %) 2,615.07 (8.4 %)
Q2 2017 13,041.18 (2.8 %) 6,911.04 (7.5 %) 2,583.68 (9.8 %)
Q3 2017 12,621.35 (10.0 %) 7,400.59 4.0 % 2,906.90 21.0 %
Q4 2017 12,502.72 (3.9 %) 7,347.91 4.6 % 2,880.37 57.5 %
Q1 2018 12,349.08 (1.4 %) 6,934.85 0.2 % 2,632.35 0.7 %
Q2 2018 13,079.39 0.3 % 7,167.18 3.7 % 2,900.92 12.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2015 2,503.58 4.7 % 0.50 (45.68) 2,549.25 0.51
Q2 2015 2,558.33 (8.7 %) 0.51 (55.28) 2,613.61 0.52
Q3 2015 2,322.15 (31.1 %) 0.46 (88.53) 2,410.68 0.48
Q4 2015 1,950.49 (20.1 %) 0.39 98.04 1,852.45 0.37
Q1 2016 2,396.58 (4.3 %) 0.48 (79.24) 2,475.82 0.50
Q2 2016 2,202.19 (13.9 %) 0.44 6.48 2,195.70 0.44
Q3 2016 2,216.94 (4.5 %) 0.44 (40.79) 2,257.72 0.45
Q4 2016 2,083.16 6.8 % 0.42 103.34 1,979.82 0.40
Q1 2017 2,534.75 5.8 % 0.51 - 2,534.75 0.51
Q2 2017 2,356.48 7.0 % 0.47 - 2,356.48 0.47
Q3 2017 2,569.37 15.9 % 0.51 - 2,569.37 0.51
Q4 2017 2,554.98 22.6 % 0.51 - 2,554.98 0.51
Q1 2018 2,587.53 2.1 % 0.52 - 2,587.53 0.52
Q2 2018 2,444.05 3.7 % 0.49 - 2,444.05 0.49

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 61.69 % 41.53 % 23.13 %
Q2 2015 61.35 % 41.33 % 22.39 %
Q3 2015 59.94 % 39.46 % 19.94 %
Q4 2015 59.69 % 38.10 % 18.54 %
Q1 2016 57.91 % 36.88 % 18.13 %
Q2 2016 57.18 % 36.19 % 16.93 %
Q3 2016 55.04 % 34.38 % 16.29 %
Q4 2016 53.44 % 33.59 % 16.60 %
Q1 2017 53.87 % 33.53 % 16.93 %
Q2 2017 53.18 % 32.69 % 17.35 %
Q3 2017 55.20 % 34.28 % 18.44 %
Q4 2017 56.39 % 37.24 % 19.76 %
Q1 2018 56.61 % 37.32 % 19.93 %
Q2 2018 57.07 % 38.25 % 20.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 5,000.00 2.22 2.21 12.06
Q2 2015 5,000.00 2.18 2.16 12.13
Q3 2015 5,000.00 1.97 1.97 12.07
Q4 2015 5,000.00 1.87 1.89 12.11
Q1 2016 5,000.00 1.85 1.87 11.94
Q2 2016 5,000.00 1.77 1.79 11.88
Q3 2016 5,000.00 1.75 1.76 11.90
Q4 2016 5,000.00 1.78 1.78 11.99
Q1 2017 5,000.00 1.81 1.79 12.11
Q2 2017 5,000.00 1.84 1.83 12.21
Q3 2017 5,000.00 1.91 1.89 12.33
Q4 2017 5,000.00 2.00 2.00 12.57
Q1 2018 5,000.00 2.01 2.01 12.69
Q2 2018 5,000.00 2.03 2.03 12.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 11.29 11.35 2.08
Q2 2015 12.41 12.48 2.23
Q3 2015 12.47 12.43 2.03
Q4 2015 14.66 14.52 2.26
Q1 2016 13.92 13.74 2.15
Q2 2016 14.52 14.41 2.17
Q3 2016 12.69 12.67 1.87
Q4 2016 16.31 16.29 2.42
Q1 2017 14.80 14.91 2.21
Q2 2017 16.76 16.88 2.52
Q3 2017 14.83 14.99 2.30
Q4 2017 13.70 13.70 2.18
Q1 2018 16.46 16.46 2.61
Q2 2018 17.66 17.66 2.81

Business Segments (Million)

Compared With The
Period STC (Saudi arabia) STC channels Company Other operating segments Consolidation adjustments & eliminations 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)
Q1 2015 - - - - 8,440.66 3,066.91 967.15 (1.23)
Q2 2015 - - - - 7,996.74 3,171.23 1,057.86 (3.68)
Q3 2015 - - - - 8,401.59 2,981.61 1,511.66 (0.15)
Q4 2015 - - - - 8,640.52 3,050.16 1,273.82 95.77
Q1 2016 11,140.70 864.25 1,976.63 (752.96) - - - -
Q2 2016 11,759.92 814.10 2,092.28 (1253.32) - - - -
Q3 2016 11,578.66 694.60 2,148.24 (395.70) - - - -
Q4 2016 11,718.75 655.71 1,988.92 (2357.10) - - - -
Q1 2017 10,797.74 666.17 1,613.10 (552.90) - - - -
Q2 2017 11,131.56 742.11 2,239.26 (1071.76) - - - -
Q3 2017 9,839.32 467.79 2,071.73 242.50 - - - -
Q4 2017 9,676.60 1,179.03 2,425.11 (806.03) - - - -
Q1 2018 9,698.95 1,252.37 2,042.44 (644.69) - - - -
Q2 2018 9,897.49 1,647.03 2,430.66 (895.78) - - - -

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 2,517.17 2,444.05 (2.9 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Sico 2,470.00 2,444.05 (1.1) %
Albilad Capital 2,484.00 2,444.05 (1.6) %
OSOOL AND BAKHEET 2,353.20 2,444.05 3.9 %
SNB Capital 2,304.00 2,444.05 6.1 %
AlJazira Capital 2,625.00 2,444.05 (6.9) %
Riyad Capital 2,675.00 2,444.05 (8.6) %
Al Rajhi Capital 2,709.00 2,444.05 (9.8) %


Financial Ratios
Current
Market Cap (M Riyal) 199,750.00
Enterprise Value (EV) (M) 193,295.01
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) 16.49
P/E (TTM) 14.79
Price/book 2.52
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 17.1
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Share Price

Saudi Telecom Co.
39.95
0.15 0.38 %

Saudi Telecom Co. (STC)

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