Saudi Ground Services net profit up 29% in 9M 2016
19/10/2016
Argaam Exclusive
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Saudi Ground Services Co. (SGS) reported a net profit of SAR 585.1 million for the first nine months of 2016, a 29 percent year-on-year (YoY) increase due to a rise in sales. In addition, expenses last year included an exceptional non-recurring item of SAR 98 million for bonus under royal decree.
Financials (M)
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Revenues | 1,894.47 | 2,119.49 | 11.9 % |
| Gross Income | 601.15 | 760.58 | 26.5 % |
| Operating Income | 431.43 | 579.21 | 34.3 % |
| Net Income | 452.19 | 581.67 | 28.6 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 2.41 | 3.09 | 28.6 % |
Net profit for the third quarter rose 15.6 percent YoY to SAR 193.2 million as an increase in the number of flights led to higher revenue. The Q3 profit was lower by 2 percent compared to the previous quarter due to seasonal expenses incurred, particularly for Hajj.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 661.14 | 741.27 | 12.1 % |
| Gross Income | 220.77 | 251.31 | 13.8 % |
| Operating Income | 165.80 | 190.80 | 15.1 % |
| Net Income | 167.08 | 193.71 | 15.9 % |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.89 | 1.03 | 15.9 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 685.76 | 10.2 % | 257.00 | 64.6 % | 195.75 | 111.0 % |
| Q2 2016 | 692.45 | 13.4 % | 252.28 | 12.5 % | 192.66 | 11.5 % |
| Q3 2016 | 741.27 | 12.1 % | 251.31 | 13.8 % | 190.80 | 15.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 192.14 | 73.4 % | 1.02 | - | 192.14 | 1.02 |
| Q2 2016 | 195.82 | 12.4 % | 1.04 | - | 195.82 | 1.04 |
| Q3 2016 | 193.71 | 15.9 % | 1.03 | - | 193.71 | 1.03 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 36.03 % | 32.29 % | 27.71 % |
| Q2 2016 | 35.98 % | 31.76 % | 27.67 % |
| Q3 2016 | 36.04 % | 31.48 % | 26.69 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 188.00 | 3.74 | 3.84 | 14.51 |
| Q2 2016 | 188.00 | 3.85 | 3.95 | 14.90 |
| Q3 2016 | 188.00 | 3.99 | 3.93 | 15.28 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 10.90 | 10.61 | 2.81 |
| Q2 2016 | 12.55 | 12.23 | 3.24 |
| Q3 2016 | 10.15 | 10.32 | 2.65 |
Analysts Estimates (Million)
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Average | 197.05 | 193.71 | (1.7 %) |
Estimates vs Actual (Million)
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Sico | 190.00 | 193.71 | 2.0 % |
| OSOOL AND BAKHEET | 204.10 | 193.71 | (5.1) % |
| Current | |
| Market Cap (M Riyal) | 9,926.40 |
| Enterprise Value (EV) (M) | 9,035.36 |
| Shares Outstanding ((M)) | 188.00 |
| EPS ( Riyal) (TTM) | 1.44 |
| Book Value (BV) ( Riyal) | 13.20 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 37.95 |
| P/E (TTM) | 36.62 |
| Price/book | 4.00 |
| Return on Average Assets (%) (TTM) | 6.3 |
| Return on Average Equity (%) (TTM) | 11.6 |
Share Price
Saudi Ground Services Co. (SGS)
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