Electrical Industries’ FY16 net profit drops 27%
18/01/2017
Argaam Exclusive
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Electrical Industries Co. (EIC) reported a net profit of SAR 51.2 million for the fiscal year 2016, a year-on-year (YoY) fall of 27 percent, hurt by higher sales and distribution expenses, and an increase in general and administrative expenses. Higher financing charges and a decline in other income also impacted.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 829.24 | 884.76 | 6.7 % |
| Gross Income | 143.84 | 142.27 | (1.1 %) |
| Operating Income | 72.94 | 63.34 | (13.2 %) |
| Net Income | 70.36 | 49.38 | (29.8 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 6.25 | 4.39 | (29.8 %) |
The company’s Q4 net profit jumped 70 percent YoY to SAR 20.6 million, driven by a decrease in the cost of goods sold and a rise in high-margin product sales. Compared with the previous quarter, the profit for the period doubled.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 240.95 | 223.75 | (7.1 %) |
| Gross Income | 33.81 | 40.73 | 20.5 % |
| Operating Income | 12.70 | 24.20 | 90.5 % |
| Net Income | 12.14 | 19.67 | 62.0 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.08 | 1.75 | 62.0 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 220.84 | 10.2 % | 35.73 | (9.1 %) | 15.08 | (33.7 %) |
| Q2 2016 | 233.85 | 18.9 % | 28.90 | (24.8 %) | 8.46 | (64.0 %) |
| Q3 2016 | 206.32 | 7.9 % | 36.91 | 12.4 % | 15.59 | 9.6 % |
| Q4 2016 | 223.75 | (7.1 %) | 40.73 | 20.5 % | 24.20 | 90.5 % |
| 2016 | 884.76 | 6.7 % | 142.27 | (1.1 %) | 63.34 | (13.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 9.44 | (67.2 %) | 0.84 | - | 9.44 | 0.01 |
| Q2 2016 | 9.78 | (51.0 %) | 0.87 | - | 9.78 | 0.01 |
| Q3 2016 | 10.49 | 10.8 % | 0.93 | - | 10.49 | 0.01 |
| Q4 2016 | 19.67 | 62.0 % | 1.75 | - | 19.67 | 0.02 |
| 2016 | 49.38 | (29.8 %) | 4.39 | - | 49.38 | 0.04 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 16.58 % | 11.26 % | 5.51 % |
| Q2 2016 | 14.80 % | 9.00 % | 4.47 % |
| Q3 2016 | 15.01 % | 8.63 % | 4.47 % |
| Q4 2016 | 16.08 % | 10.44 % | 5.58 % |
| 2016 | 16.08 % | 10.44 % | 5.58 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 1,125.00 | 4.53 | 4.16 | 0.54 |
| Q2 2016 | 1,125.00 | 3.63 | 3.52 | 0.55 |
| Q3 2016 | 1,125.00 | 3.72 | 3.59 | 0.56 |
| Q4 2016 | 1,125.00 | 4.39 | 4.39 | 0.57 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 21.72 | 23.67 | 1.83 |
| Q2 2016 | 28.18 | 29.05 | 1.87 |
| Q3 2016 | 19.31 | 20.02 | 1.29 |
| Q4 2016 | 22.05 | 22.05 | 1.69 |
Business Segments (Million)
Q4 2016
| Period | Manufacturing sector | services segment |
|---|---|---|
| Q1 2016 | 206.90 | 13.93 |
| Q2 2016 | 219.92 | 13.94 |
| Q3 2016 | 193.20 | 13.12 |
| Q4 2016 | 211.01 | 12.74 |
| Current | |
| Market Cap (M Riyal) | 7,458.75 |
| Enterprise Value (EV) (M) | 7,624.10 |
| Shares Outstanding ((M)) | 1,125.00 |
| EPS (Halala) (TTM) | 25.93 |
| Book Value (BV) ( Riyal) | 0.74 |
| Par Value ( Halala) | 50.00 |
| Adjusted P/E (Last12) | 22.98 |
| P/E (TTM) | 25.57 |
| Price/book | 8.94 |
| Return on Average Assets (%) (TTM) | 15.1 |
| Return on Average Equity (%) (TTM) | 37.6 |
Share Price
Electrical Industries Co. (EIC)
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