Financial Results : Electrical Industries’ FY16 net profit drops 27%

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 -
Earnings Per Share before unusual items (Halala) 5.30 4.39 (17.1 %)
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.



Current Quarter Comparison (M)

Compared With The
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 -
Earnings Per Share before unusual items (Halala) 0.95 1.75 84.8 %
EPS (Halala) 1.08 1.75 62.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 305.08 - 75.09 - 54.71 -
Q2 2013 338.91 - 53.30 - 32.19 -
Q3 2013 269.85 - 44.06 - 26.29 -
Q4 2013 371.41 - 93.81 - 67.98 -
Q1 2014 346.75 13.7 % 79.63 6.0 % 55.64 1.7 %
Q2 2014 305.29 (9.9 %) 72.48 36.0 % 50.89 58.1 %
Q3 2014 164.51 (39.0 %) 32.38 (26.5 %) 15.64 (40.5 %)
Q4 2014 230.30 (38.0 %) 67.16 (28.4 %) 50.16 (26.2 %)
Q1 2015 200.41 (42.2 %) 39.30 (50.6 %) 22.74 (59.1 %)
Q2 2015 196.60 (35.6 %) 38.45 (47.0 %) 23.49 (53.8 %)
Q3 2015 191.27 16.3 % 32.86 1.5 % 14.23 (9.0 %)
Q4 2015 240.95 4.6 % 33.81 (49.7 %) 12.70 (74.7 %)
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(Halala)
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 50.37 - 4.48 - 50.37 4.48
Q2 2013 27.13 - 2.41 - 27.13 2.41
Q3 2013 22.35 - 1.99 - 22.35 1.99
Q4 2013 66.11 - 5.88 - 66.11 5.88
Q1 2014 55.49 10.2 % 4.93 0.71 54.78 4.87
Q2 2014 44.67 64.7 % 3.97 2.28 42.39 3.77
Q3 2014 12.71 (43.1 %) 1.13 (9.26) 21.97 1.95
Q4 2014 58.99 (10.8 %) 5.24 12.90 46.09 4.10
Q1 2015 28.79 (48.1 %) 2.56 6.58 22.22 1.98
Q2 2015 19.96 (55.3 %) 1.77 2.96 17.00 1.51
Q3 2015 9.47 (25.5 %) 0.84 (0.27) 9.74 0.87
Q4 2015 12.14 (79.4 %) 1.08 1.50 10.64 0.95
Q1 2016 9.44 (67.2 %) 0.84 - 9.44 0.84
Q2 2016 9.78 (51.0 %) 0.87 - 9.78 0.87
Q3 2016 10.49 10.8 % 0.93 - 10.49 0.93
Q4 2016 19.67 62.0 % 1.75 - 19.67 1.75
2016 49.38 (29.8 %) 4.39 - 49.38 4.39

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 20.72 % 15.68 % 12.91 %
Q1 2014 20.41 % 15.37 % 12.84 %
Q2 2014 22.42 % 17.41 % 14.35 %
Q3 2014 23.43 % 17.69 % 15.59 %
Q4 2014 24.04 % 18.85 % 15.78 %
Q1 2015 23.47 % 18.36 % 14.73 %
Q2 2015 22.39 % 17.56 % 13.55 %
Q3 2015 21.72 % 16.86 % 11.61 %
Q4 2015 17.41 % 12.27 % 7.19 %
2015 17.35 % 12.25 % 7.19 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Earnings Per Share before unusual items (Halala) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 1,125.00 - - 0.48
Q2 2013 1,125.00 - - 0.46
Q3 2013 1,125.00 - - 0.48
Q4 2013 1,125.00 14.75 14.75 0.48
Q1 2014 1,125.00 15.21 15.14 0.53
Q2 2014 1,125.00 16.77 16.50 0.49
Q3 2014 1,125.00 15.91 16.47 0.50
Q4 2014 1,125.00 15.28 14.69 0.56
Q1 2015 1,125.00 12.90 11.79 0.58
Q2 2015 1,125.00 10.71 9.54 0.54
Q3 2015 1,125.00 10.42 8.45 0.55
Q4 2015 1,125.00 6.25 5.30 0.54
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)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 14.57 15.16 4.00
Q1 2015 17.70 19.36 3.92
Q2 2015 20.77 23.32 4.12
Q3 2015 15.94 19.65 3.03
Q4 2015 21.69 25.60 2.52
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)

Compared With The
Period Manufacturing, assembly & supply sector services segment
Q1 2013 293.58 11.50
Q4 2013 353.76 17.65
Q1 2014 330.07 16.68
Q2 2014 290.20 15.09
Q3 2014 149.70 14.82
Q4 2014 208.78 21.52
Q1 2015 179.38 21.03
Q2 2015 182.40 14.20
Q3 2015 181.75 9.53
Q4 2015 221.18 19.77
Q1 2016 206.90 13.93
Q2 2016 219.92 13.94
Q3 2016 193.20 13.12
Q4 2016 211.01 12.74


Financial Ratios
Current
Market Cap (M Riyal) 12,746.26
Enterprise Value (EV) (M Riyal) 12,483.70
Shares Outstanding ((M)) 1,125.00
EPS (Halala) (TTM) 46.73
Book Value (BV) ( Riyal) 0.97
Par Value ( Halala) 50.00
Recurring P/E 24.46
P/E (TTM) 24.24
Price/book 11.66
Return on Average Assets (%) (TTM) 23.4
Return on Average Equity (%) (TTM) 54.3
EV/adj EBITDA 20.68
EV/Revenues 6.11
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Share Price

Electrical Industries Co.
11.34
(0.08) (0.70 %)

Electrical Industries Co. (EIC)

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