Financial Results : Saudi Fisheries widens losses to SAR 51.2 mln in 2015

Saudi Fisheries widens losses to SAR 51.2 mln in 2015

07/01/2016 Argaam Exclusive

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Saudi Fisheries Co. widened its net losses by 10.4 percent year-on-year (YOY) to SAR 51.24 million for the 2015 fiscal year.



Financials (M)

Item 2014 2015 Change‬
Revenues 79.91 83.37 4.3 %
Gross Income (2.81) (7.51) (167.7 %)
Operating Income (41.95) (43.50) (3.7 %)
Net Income (46.43) (51.24) (10.4 %)
Average Shares 21.54 21.54 -
EPS (Riyals) (2.16) (2.38) (10.4 %)

 

Fourth quarter net losses increased 15.7 percent YoY to SAR 13.56 million. The company added that its accumulated losses reached SAR 331.4 million by the end of Dec. 31, 2015, representing 61.9 percent of its capital.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 21.43 19.26 (10.1 %)
Gross Income 0.37 (2.08) (667.6 %)
Operating Income (11.78) (11.49) 2.4 %
Net Income (11.72) (13.56) (15.7 %)
Average Shares 21.54 21.54 -
EPS (Riyals) (0.54) (0.63) (15.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 22.25 26.8 % 5.61 218.4 % (4.00) 25.1 %
Q2 2006 23.20 (5.6 %) 3.44 230.6 % (7.52) 28.1 %
Q3 2006 24.23 27.7 % 8.33 1978.3 % (3.62) 68.0 %
Q4 2006 28.47 53.5 % 4.94 (49.4 %) (9.69) (304.3 %)
Q1 2007 26.29 18.1 % 2.47 (56.0 %) (10.16) (153.9 %)
Q2 2007 30.49 31.4 % 3.09 (10.0 %) (8.89) (18.3 %)
Q3 2007 23.41 (3.4 %) 3.66 (56.0 %) (7.34) (102.6 %)
Q4 2007 25.63 (10.0 %) 5.04 1.9 % (7.72) 20.3 %
Q1 2008 36.23 37.8 % 7.56 206.4 % (4.10) 59.7 %
Q2 2008 36.17 18.6 % 5.94 92.2 % (5.30) 40.4 %
Q3 2008 23.86 1.9 % 4.32 18.0 % (8.02) (9.4 %)
Q4 2008 26.43 3.1 % 6.65 32.0 % (7.62) 1.4 %
Q1 2009 34.11 (5.9 %) 7.15 (5.4 %) (3.60) 12.1 %
Q2 2009 34.22 (5.4 %) 6.79 14.3 % (4.46) 15.8 %
Q3 2009 24.34 2.0 % 2.51 (42.0 %) (8.45) (5.3 %)
Q4 2009 25.36 (4.1 %) 3.80 (42.9 %) (9.25) (21.5 %)
Q1 2010 25.75 (24.5 %) 5.32 (25.7 %) (5.08) (41.1 %)
Q2 2010 30.35 (11.3 %) 4.74 (30.3 %) (5.46) (22.4 %)
Q3 2010 20.19 (17.0 %) 3.13 24.7 % (6.50) 23.1 %
Q4 2010 21.60 (14.8 %) 4.53 19.3 % (6.92) 25.3 %
Q1 2011 26.70 3.7 % 4.59 (13.6 %) (4.52) 11.0 %
Q2 2011 27.59 (9.1 %) 4.87 2.8 % (4.60) 15.7 %
Q3 2011 15.53 (23.1 %) 3.36 7.6 % (5.50) 15.5 %
Q4 2011 16.71 (22.6 %) (15.15) (434.7 %) (24.74) (257.8 %)
Q1 2012 18.45 (30.9 %) 1.03 (77.5 %) (7.43) (64.4 %)
Q2 2012 19.50 (29.3 %) 0.81 (83.3 %) (7.89) (71.6 %)
Q3 2012 14.03 (9.7 %) (0.48) (114.2 %) (9.76) (77.6 %)
Q4 2012 18.37 10.0 % (1.25) 91.7 % (11.18) 54.8 %
Q1 2013 21.00 13.9 % 4.07 294.1 % (8.07) (8.5 %)
Q2 2013 18.47 (5.3 %) (4.00) (592.8 %) (11.84) (50.1 %)
Q3 2013 17.62 25.6 % (2.35) (392.5 %) (8.93) 8.6 %
Q4 2013 20.45 11.3 % 2.64 310.9 % (14.24) (27.3 %)
Q1 2014 22.74 8.3 % (0.01) (100.2 %) (8.59) (6.4 %)
Q2 2014 18.43 (0.2 %) (4.11) (2.9 %) (13.04) (10.1 %)
Q3 2014 17.31 (1.7 %) 0.95 140.2 % (8.55) 4.2 %
Q4 2014 21.43 4.8 % 0.37 (86.1 %) (11.78) 17.3 %
Q1 2015 24.43 7.5 % 0.32 4075.0 % (9.02) (5.0 %)
Q2 2015 21.00 13.9 % 0.78 118.9 % (8.03) 38.4 %
Q3 2015 18.69 7.9 % (6.53) (789.7 %) (14.96) (75.0 %)
Q4 2015 19.26 (10.1 %) (2.08) (667.6 %) (11.49) 2.4 %
2015 83.37 4.3 % (7.51) (167.7 %) (43.50) (3.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 (3.66) 24.0 % (0.23) - (3.66) (0.23)
Q2 2006 (6.18) 43.4 % (0.39) - (6.18) (0.39)
Q3 2006 (2.37) 78.8 % (0.15) - (2.37) (0.15)
Q4 2006 (16.70) (44.5 %) (1.05) - (16.70) (1.05)
Q1 2007 (9.37) (155.7 %) (0.59) - (9.37) (0.59)
Q2 2007 (6.92) (11.9 %) (0.43) - (6.92) (0.43)
Q3 2007 (6.77) (186.0 %) (0.42) - (6.77) (0.42)
Q4 2007 (7.62) 54.4 % (0.48) - (7.62) (0.48)
Q1 2008 (4.16) 55.6 % (0.26) - (4.16) (0.26)
Q2 2008 (5.60) 19.1 % (0.35) - (5.60) (0.35)
Q3 2008 (8.62) (27.4 %) (0.54) - (8.62) (0.54)
Q4 2008 (7.47) 1.9 % (0.47) - (7.47) (0.47)
Q1 2009 (3.98) 4.3 % (0.25) - (3.98) (0.25)
Q2 2009 (4.99) 10.8 % (0.31) - (4.99) (0.31)
Q3 2009 (7.43) 13.8 % (0.47) - (7.43) (0.47)
Q4 2009 (12.28) (64.3 %) (0.77) - (12.28) (0.77)
Q1 2010 (5.51) (38.4 %) (0.35) - (5.51) (0.35)
Q2 2010 (6.48) (29.9 %) (0.41) - (6.48) (0.41)
Q3 2010 (7.76) (4.4 %) (0.49) - (7.76) (0.49)
Q4 2010 (7.15) 41.8 % (0.45) - (7.15) (0.45)
Q1 2011 (4.59) 16.6 % (0.29) - (4.59) (0.29)
Q2 2011 (4.95) 23.6 % (0.31) - (4.95) (0.31)
Q3 2011 (12.21) (57.4 %) (0.77) (5.91) (6.30) (0.40)
Q4 2011 (24.32) (240.3 %) (1.13) - (24.32) (1.13)
Q1 2012 (7.77) (69.2 %) (0.36) - (7.77) (0.36)
Q2 2012 (7.90) (59.6 %) (0.37) - (7.90) (0.37)
Q3 2012 (10.06) 17.6 % (0.47) - (10.06) (0.47)
Q4 2012 (14.17) 41.7 % (0.66) - (14.17) (0.66)
Q1 2013 (8.73) (12.4 %) (0.41) - (8.73) (0.41)
Q2 2013 (14.04) (77.7 %) (0.65) - (14.04) (0.65)
Q3 2013 (9.79) 2.7 % (0.45) - (9.79) (0.45)
Q4 2013 (16.42) (15.9 %) (0.76) - (16.42) (0.76)
Q1 2014 (10.32) (18.2 %) (0.48) - (10.32) (0.48)
Q2 2014 (13.77) 1.9 % (0.64) - (13.77) (0.64)
Q3 2014 (10.62) (8.5 %) (0.49) - (10.62) (0.49)
Q4 2014 (11.72) 28.6 % (0.54) - (11.72) (0.54)
Q1 2015 (10.99) (6.5 %) (0.51) - (10.99) (0.51)
Q2 2015 (9.82) 28.7 % (0.46) - (9.82) (0.46)
Q3 2015 (16.88) (58.9 %) (0.78) - (16.88) (0.78)
Q4 2015 (13.56) (15.7 %) (0.63) - (13.56) (0.63)
2015 (51.24) (10.4 %) (2.38) - (51.24) (2.38)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 19.94 % (23.75 %) (44.20 %)
Q2 2006 23.16 % (20.26 %) (39.21 %)
Q3 2006 30.78 % (9.77 %) (26.94 %)
Q4 2006 22.74 % (16.91 %) (29.46 %)
Q1 2007 18.77 % (21.85 %) (33.88 %)
Q2 2007 17.21 % (21.26 %) (32.30 %)
Q3 2007 13.04 % (24.46 %) (36.59 %)
Q4 2007 13.48 % (22.83 %) (28.99 %)
Q1 2008 16.72 % (15.43 %) (21.99 %)
Q2 2008 18.29 % (11.55 %) (19.87 %)
Q3 2008 18.76 % (11.90 %) (21.32 %)
Q4 2008 19.95 % (11.41 %) (21.06 %)
Q1 2009 19.96 % (11.31 %) (21.29 %)
Q2 2009 21.00 % (10.92 %) (21.13 %)
Q3 2009 19.39 % (11.33 %) (20.04 %)
Q4 2009 17.15 % (10.78 %) (24.30 %)
Q1 2010 16.79 % (13.10 %) (27.54 %)
Q2 2010 15.46 % (13.23 %) (29.96 %)
Q3 2010 16.70 % (12.36 %) (31.50 %)
Q4 2010 18.09 % (11.72 %) (27.47 %)
Q1 2011 17.18 % (11.38 %) (26.28 %)
Q2 2011 17.81 % (12.81 %) (25.44 %)
Q3 2011 18.98 % (12.43 %) (25.15 %)
Q4 2011 (2.69 %) (35.88 %) (46.41 %)
Q1 2012 (7.52 %) (43.37 %) (55.36 %)
Q2 2012 (14.17 %) (54.57 %) (65.95 %)
Q3 2012 (20.07 %) (61.27 %) (72.86 %)
Q4 2012 0.16 % (35.78 %) (56.71 %)
Q1 2013 4.32 % (35.96 %) (56.04 %)
Q2 2013 (2.31 %) (38.97 %) (65.38 %)
Q3 2013 (4.68 %) (35.95 %) (61.92 %)
Q4 2013 0.47 % (42.73 %) (63.17 %)
Q1 2014 (4.69 %) (41.36 %) (63.79 %)
Q2 2014 (4.84 %) (43.80 %) (63.49 %)
Q3 2014 (0.67 %) (43.80 %) (64.78 %)
Q4 2014 (3.51 %) (40.45 %) (58.11 %)
Q1 2015 (3.04 %) (40.58 %) (57.73 %)
Q2 2015 2.86 % (33.65 %) (51.27 %)
Q3 2015 (5.92 %) (40.68 %) (57.76 %)
Q4 2015 (9.01 %) (41.39 %) (61.46 %)
2015 (9.01 %) (41.39 %) (61.46 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 15.95 (2.34) (2.34) 15.43
Q2 2006 15.95 (2.04) (2.04) 15.05
Q3 2006 15.95 (1.49) (1.49) 14.90
Q4 2006 15.95 (1.81) (1.81) 13.85
Q1 2007 15.95 (2.17) (2.17) 13.26
Q2 2007 15.95 (2.22) (2.22) 12.83
Q3 2007 15.95 (2.49) (2.49) 12.40
Q4 2007 15.95 (1.92) (1.92) 11.93
Q1 2008 15.95 (1.60) (1.60) 11.67
Q2 2008 15.95 (1.51) (1.51) 11.32
Q3 2008 15.95 (1.63) (1.63) 10.78
Q4 2008 15.95 (1.62) (1.62) 10.31
Q1 2009 15.95 (1.61) (1.61) 10.06
Q2 2009 15.95 (1.57) (1.57) 9.74
Q3 2009 15.95 (1.50) (1.50) 9.28
Q4 2009 15.95 (1.80) (1.80) 8.51
Q1 2010 15.95 (1.89) (1.89) 8.16
Q2 2010 15.95 (1.99) (1.99) 7.76
Q3 2010 15.95 (2.01) (2.01) 7.27
Q4 2010 15.95 (1.69) (1.69) 6.82
Q1 2011 15.95 (1.63) (1.63) 6.53
Q2 2011 15.95 (1.53) (1.53) 6.22
Q3 2011 15.95 (1.81) (1.44) 5.46
Q4 2011 21.54 (2.14) (1.86) 18.13
Q1 2012 21.54 (2.29) (2.01) 17.77
Q2 2012 21.54 (2.42) (2.15) 17.75
Q3 2012 21.54 (2.32) (2.32) 17.29
Q4 2012 21.54 (1.85) (1.85) 16.28
Q1 2013 21.54 (1.90) (1.90) 15.87
Q2 2013 21.54 (2.18) (2.18) 15.22
Q3 2013 21.54 (2.17) (2.17) 14.76
Q4 2013 21.54 (2.27) (2.27) 14.00
Q1 2014 21.54 (2.35) (2.35) 13.52
Q2 2014 21.54 (2.34) (2.34) 12.88
Q3 2014 21.54 (2.37) (2.37) 12.39
Q4 2014 21.54 (2.16) (2.16) 11.85
Q1 2015 21.54 (2.19) (2.19) 11.34
Q2 2015 21.54 (2.00) (2.00) 10.88
Q3 2015 21.54 (2.29) (2.29) 10.10
Q4 2015 21.54 (2.38) (2.38) 9.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 NEG NEG 9.30
Q2 2006 NEG NEG 16.94
Q3 2006 NEG NEG 84.57
Q4 2006 NEG NEG 18.07
Q1 2007 NEG NEG 22.19
Q2 2007 NEG NEG 17.42
Q3 2007 NEG NEG 18.90
Q4 2007 NEG NEG 17.35
Q1 2008 NEG NEG 13.96
Q2 2008 NEG NEG 13.98
Q3 2008 NEG NEG 8.06
Q4 2008 NEG NEG 7.57
Q1 2009 NEG NEG 11.08
Q2 2009 NEG NEG 16.31
Q3 2009 NEG NEG 18.91
Q4 2009 NEG NEG 19.42
Q1 2010 NEG NEG 20.34
Q2 2010 NEG NEG 18.10
Q3 2010 NEG NEG 17.54
Q4 2010 NEG NEG 24.22
Q1 2011 NEG NEG 23.07
Q2 2011 NEG NEG 24.03
Q3 2011 NEG NEG 46.75
Q4 2011 NEG NEG 8.94
Q1 2012 NEG NEG 10.08
Q2 2012 NEG NEG 7.10
Q3 2012 NEG NEG 8.04
Q4 2012 NEG NEG 8.65
Q1 2013 NEG NEG 9.05
Q2 2013 NEG NEG 9.44
Q3 2013 NEG NEG 9.29
Q4 2013 NEG NEG 10.19
Q1 2014 NEG NEG 11.13
Q2 2014 NEG NEG 13.82
Q3 2014 NEG NEG 15.24
Q4 2014 NEG NEG 10.76
Q1 2015 NEG NEG 10.89
Q2 2015 NEG NEG 9.14
Q3 2015 NEG NEG 7.77
Q4 2015 NEG NEG 7.90

Business Segments (Million)

Compared With The
Period Fishes Shrimp Shrimp Farm Others
Q1 2009 16.46 14.07 - 3.58
Q2 2009 16.00 14.27 - 3.94
Q3 2009 14.41 7.05 - 2.87
Q4 2009 16.34 5.51 - 3.51
Q1 2010 15.49 6.94 - 3.32
Q2 2010 15.41 11.49 - 3.45
Q3 2010 11.46 6.34 - 2.39
Q4 2010 13.34 5.02 - 3.24
Q1 2011 14.94 9.22 - 2.53
Q2 2011 14.14 10.53 - 2.92
Q3 2011 10.85 3.09 - 1.60
Q4 2011 13.37 1.61 - 1.73
Q1 2012 13.84 2.85 - 1.75
Q2 2012 15.04 0.55 - 3.91
Q3 2012 10.60 4.44 - -
Q4 2012 14.04 2.60 - 1.74
Q1 2013 14.87 1.75 - 4.38
Q2 2013 13.38 6.17 - -
Q3 2013 11.56 4.87 - 1.19
Q4 2013 14.64 1.52 2.49 1.80
Q1 2014 15.94 5.04 - 1.75
Q2 2014 14.68 2.09 - 1.66
Q3 2014 13.78 2.05 - 1.49
Q4 2014 14.87 4.85 - 1.71
Q1 2015 16.78 1.84 4.21 1.60
Q2 2015 14.94 4.60 - 1.46
Q3 2015 13.99 3.31 - 1.38
Q4 2015 13.31 4.33 - 1.62


Financial Ratios
Current
Market Cap (M Riyal) 909.60
Enterprise Value (EV) (M) 918.02
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (2.34)
Book Value (BV) ( Riyal) 1.70
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 13.42
Return on Average Assets (%) (TTM) (37.60 )
Return on Average Equity (%) (TTM) (73.00 )
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Share Price

Saudi Fisheries Co.
22.74
0.20 0.89 %

Saudi Fisheries Co. (SFICO)

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