Financial Results : SACO reports 6% profit decline in 9M 2019

SACO reports 6% profit decline in 9M 2019

31/10/2019 Argaam Exclusive

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Saudi Company for Hardware (SACO) reported a net profit of SAR 55.6 million for the first 9 months of 2019, a fall of 6.4 percent year-on-year (YoY), driven by higher zakat expenses, higher cost of finance and increased general and administrative expenses (G&As).



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 1,004.86 1,065.68 6.1 %
Gross Income 173.19 195.82 13.1 %
Operating Income 69.49 89.19 28.3 %
Net Income 59.40 55.58 (6.4 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 1.65 1.54 (6.4 %)

SACO’s net profit after zakat and tax for Q3 2019 dropped 40.07 percent YoY to SAR 14.6 million, due to higher G&As, higher cost of finance and higher zakat expenses.

 

On a sequential basis, Q3 2019 net profit declined 32.5 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 340.17 351.61 3.4 %
Gross Income 64.44 67.13 4.2 %
Operating Income 27.80 26.45 (4.8 %)
Net Income 24.43 14.65 (40.0 %)
Average Shares 36.00 36.00 -
EPS (Riyals) 0.68 0.41 (40.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 235.95 - 51.43 - 23.47 -
Q2 2013 250.04 - 58.02 - 25.50 -
Q3 2013 247.86 - 50.19 - 25.27 -
Q4 2013 227.44 - 59.10 - 32.25 -
Q1 2014 228.78 (3.0 %) 55.47 7.8 % 28.50 21.4 %
Q2 2014 293.71 17.5 % 74.84 29.0 % 38.83 52.2 %
Q3 2014 248.61 0.3 % 55.97 11.5 % 18.87 (25.3 %)
Q4 2014 313.76 38.0 % 65.22 10.4 % 33.93 5.2 %
Q1 2015 309.45 35.3 % 66.55 20.0 % 36.28 27.3 %
Q2 2015 349.36 18.9 % 73.02 (2.4 %) 38.39 (1.1 %)
Q3 2015 265.36 6.7 % 51.73 (7.6 %) 20.93 10.9 %
Q4 2015 352.74 12.4 % 68.22 4.6 % 36.35 7.1 %
Q1 2016 303.21 (2.0 %) 60.75 (8.7 %) 31.85 (12.2 %)
Q2 2016 351.49 0.6 % 71.59 (2.0 %) 39.81 3.7 %
Q3 2016 284.97 7.4 % 52.50 1.5 % 23.54 12.4 %
Q4 2016 384.42 9.0 % 75.76 11.1 % 46.70 28.5 %
Q1 2017 326.29 7.6 % 62.01 2.1 % 33.38 4.8 %
Q2 2017 376.33 7.1 % 76.65 7.1 % 43.53 9.3 %
Q3 2017 322.91 13.3 % 61.14 16.5 % 27.25 15.8 %
Q4 2017 429.85 11.8 % 84.88 12.0 % 45.78 (2.0 %)
Q1 2018 321.67 (1.4 %) 53.81 (13.2 %) 17.55 (47.4 %)
Q2 2018 343.03 (8.8 %) 54.94 (28.3 %) 24.14 (44.5 %)
Q3 2018 340.17 5.3 % 64.44 5.4 % 27.80 2.0 %
Q4 2018 385.61 (10.3 %) 76.72 (9.6 %) 42.87 (6.4 %)
Q1 2019 370.24 15.1 % 63.85 18.6 % 29.86 70.1 %
Q2 2019 343.83 0.2 % 64.84 18.0 % 32.88 36.2 %
Q3 2019 351.61 3.4 % 67.13 4.2 % 26.45 (4.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 21.91 - 0.61 - 21.91 0.61
Q2 2013 24.09 - 0.67 - 24.09 0.67
Q3 2013 23.30 - 0.65 - 23.30 0.65
Q4 2013 33.44 - 0.93 - 33.44 0.93
Q1 2014 25.64 17.0 % 0.71 - 25.64 0.71
Q2 2014 37.67 56.4 % 1.05 - 37.67 1.05
Q3 2014 16.61 (28.7 %) 0.46 - 16.61 0.46
Q4 2014 30.10 (10.0 %) 0.84 0.30 29.80 0.83
Q1 2015 33.83 32.0 % 0.94 - 33.83 0.94
Q2 2015 35.87 (4.8 %) 1.00 - 35.87 1.00
Q3 2015 18.50 11.4 % 0.51 - 18.50 0.51
Q4 2015 37.91 26.0 % 1.05 4.49 33.42 0.93
Q1 2016 28.72 (15.1 %) 0.80 - 28.72 0.80
Q2 2016 37.05 3.3 % 1.03 - 37.05 1.03
Q3 2016 21.06 13.9 % 0.59 - 21.06 0.59
Q4 2016 42.14 11.2 % 1.17 - 42.14 1.17
Q1 2017 30.76 7.1 % 0.85 - 30.76 0.85
Q2 2017 40.36 8.9 % 1.12 - 40.36 1.12
Q3 2017 22.79 8.2 % 0.63 - 22.79 0.63
Q4 2017 40.99 (2.7 %) 1.14 - 40.99 1.14
Q1 2018 14.59 (52.6 %) 0.41 - 14.59 0.41
Q2 2018 20.38 (49.5 %) 0.57 - 20.38 0.57
Q3 2018 24.43 7.2 % 0.68 - 24.43 0.68
Q4 2018 38.48 (6.1 %) 1.07 - 38.48 1.07
Q1 2019 19.24 31.9 % 0.53 - 19.24 0.53
Q2 2019 21.69 6.4 % 0.60 - 21.69 0.60
Q3 2019 14.65 (40.0 %) 0.41 - 14.65 0.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 22.76 % 13.03 % 10.69 %
Q1 2014 23.35 % 13.76 % 11.16 %
Q2 2014 24.01 % 14.60 % 12.03 %
Q3 2014 24.57 % 14.26 % 11.35 %
Q4 2014 23.18 % 13.32 % 10.11 %
Q1 2015 22.53 % 13.19 % 10.12 %
Q2 2015 21.35 % 12.71 % 9.51 %
Q3 2015 20.72 % 12.77 % 9.53 %
Q4 2015 20.32 % 12.69 % 9.52 %
Q1 2016 19.97 % 12.41 % 9.17 %
Q2 2016 19.82 % 12.49 % 9.25 %
Q3 2016 19.58 % 12.51 % 9.30 %
Q4 2016 19.68 % 13.01 % 9.74 %
Q1 2017 19.44 % 12.97 % 9.72 %
Q2 2017 19.45 % 13.13 % 9.79 %
Q3 2017 19.54 % 13.17 % 9.65 %
Q4 2017 19.56 % 12.92 % 9.27 %
Q1 2018 19.06 % 12.03 % 8.18 %
Q2 2018 17.97 % 11.04 % 6.97 %
Q3 2018 17.99 % 11.02 % 7.00 %
Q4 2018 17.97 % 11.17 % 7.04 %
Q1 2019 18.06 % 12.83 % 7.12 %
Q2 2019 18.74 % 14.70 % 7.21 %
Q3 2019 18.78 % 15.66 % 6.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 36.00 - - 5.90
Q2 2013 36.00 - - 5.88
Q3 2013 36.00 - - 6.52
Q4 2013 36.00 2.85 2.85 7.45
Q1 2014 36.00 2.96 2.96 8.17
Q2 2014 36.00 3.33 3.33 9.21
Q3 2014 36.00 3.15 3.15 9.67
Q4 2014 36.00 3.06 3.05 10.51
Q1 2015 36.00 3.28 3.28 11.45
Q2 2015 36.00 3.23 3.23 12.45
Q3 2015 36.00 3.29 3.28 12.96
Q4 2015 36.00 3.50 3.38 12.68
Q1 2016 36.00 3.36 3.24 13.29
Q2 2016 36.00 3.39 3.27 13.32
Q3 2016 36.00 3.47 3.34 13.90
Q4 2016 36.00 3.58 3.58 14.07
Q1 2017 36.00 3.64 3.64 14.93
Q2 2017 36.00 3.73 3.73 16.05
Q3 2017 36.00 3.78 3.78 15.51
Q4 2017 36.00 3.75 3.75 16.65
Q1 2018 36.00 3.30 3.30 15.99
Q2 2018 36.00 2.74 2.74 16.55
Q3 2018 36.00 2.79 2.79 16.57
Q4 2018 36.00 2.72 2.72 17.63
Q1 2019 36.00 2.85 2.85 15.85
Q2 2019 36.00 2.88 2.88 15.45
Q3 2019 36.00 2.61 2.61 14.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
Q1 2015 - - -
Q2 2015 27.52 27.59 7.15
Q3 2015 20.09 20.14 5.09
Q4 2015 18.94 19.64 5.23
Q1 2016 17.03 17.69 4.31
Q2 2016 17.42 18.08 4.44
Q3 2016 11.62 12.06 2.90
Q4 2016 15.89 15.89 4.04
Q1 2017 16.53 16.53 4.03
Q2 2017 18.94 18.94 4.40
Q3 2017 19.09 19.09 4.65
Q4 2017 19.48 19.48 4.38
Q1 2018 26.67 26.67 5.50
Q2 2018 27.99 27.99 4.64
Q3 2018 18.62 18.62 3.13
Q4 2018 24.35 24.35 3.75
Q1 2019 25.49 25.49 4.58
Q2 2019 23.57 23.57 4.40
Q3 2019 24.30 24.30 4.27

Business Segments (Million)

Compared With The
Period Sales and Services Logistics services Retail sector Wholesale sector
Q1 2014 - - 226.13 2.65
Q2 2014 - - 289.37 4.34
Q3 2014 - - 244.04 4.57
Q4 2014 - - 309.31 4.44
Q1 2015 - - 305.27 4.18
Q2 2015 - - 345.35 4.01
Q3 2015 - - 261.48 3.89
Q4 2015 - - 349.28 3.46
Q1 2016 303.21 - - -
Q2 2016 351.49 - - -
Q3 2016 284.97 - - -
Q4 2016 382.52 - - -
Q1 2017 323.49 2.79 - -
Q2 2017 373.84 2.49 - -
Q3 2017 320.88 2.60 - -
Q4 2017 427.08 2.77 - -
Q1 2018 317.69 3.98 - -
Q2 2018 341.65 1.37 - -
Q3 2018 337.70 2.47 - -
Q4 2018 382.79 2.82 - -
Q1 2019 367.49 2.75 - -
Q2 2019 342.52 1.31 - -
Q3 2019 348.74 2.87 - -

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 28.65 14.65 (48.9 %)

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
AlJazira Capital 26.20 14.65 (44.1) %
OSOOL AND BAKHEET 31.10 14.65 (52.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,164.60
Enterprise Value (EV) (M) 1,266.92
Shares Outstanding ((M)) 36.00
EPS ( Riyal) (TTM) (1.16)
Book Value (BV) ( Riyal) 8.97
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.61
Return on Average Assets (%) (TTM) (3.46 )
Return on Average Equity (%) (TTM) (12.09 )
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Share Price

Saudi Company for Hardware
32.35
(0.25) (0.77 %)

Saudi Company for Hardware (SACO)

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