Financial Results : Baazeem Trading’s H1 fell 15% on lower sales

Baazeem Trading’s H1 fell 15% on lower sales

02/09/2018 Argaam Exclusive

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Nomu-listed Baazeem Trading Co. reported a net profit of about SAR 15 million for the first half of 2018, a 15.57 percent year-on-year (YoY) drop due to lower sales driven by weak demand and new supply policies adopted by big clients.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 171.59 152.72 (11.0 %)
Gross Income 74.66 65.32 (12.5 %)
Operating Income 20.05 14.57 (27.3 %)
Net Income 17.81 11.81 (33.7 %)
Average Shares 101.25 101.25 -
EPS (Riyals) 0.18 0.12 (33.7 %)

Net profit in Q2 fell 25.16 percent YoY to SAR 8.6 million on lower sales due to weak demand and new supply policies adopted by big clients.

 

Sequentially, Q2 rose 32.5 percent compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 95.25 81.36 (14.6 %)
Gross Income 48.57 36.62 (24.6 %)
Operating Income 13.08 7.07 (45.9 %)
Net Income 11.45 5.34 (53.4 %)
Average Shares 101.25 101.25 -
EPS (Riyals) 0.11 0.05 (53.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 77.25 - 33.87 - 12.20 -
Q4 2015 104.19 - 45.12 - 9.27 -
Q1 2016 77.45 - 33.22 - 6.62 -
Q2 2016 96.96 - 41.83 - 13.51 -
Q3 2016 75.39 (2.4 %) 31.35 (7.4 %) 6.39 (47.6 %)
Q4 2016 93.68 (10.1 %) 42.49 (5.8 %) 8.53 (7.9 %)
Q1 2017 76.35 (1.4 %) 26.08 (21.5 %) 6.97 5.4 %
Q2 2017 95.25 (1.8 %) 48.57 16.1 % 13.08 (3.2 %)
Q3 2017 66.28 (12.1 %) 25.54 (18.5 %) 4.78 (25.2 %)
Q4 2017 92.66 (1.1 %) 37.10 (12.7 %) 5.53 (35.2 %)
Q1 2018 71.36 (6.5 %) 28.69 10.0 % 7.50 7.6 %
Q2 2018 81.36 (14.6 %) 36.62 (24.6 %) 7.07 (45.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 10.86 - 0.11 - 10.86 0.11
Q4 2015 9.07 - 0.09 - 9.07 0.09
Q1 2016 5.89 - 0.06 - 5.89 0.06
Q2 2016 10.70 - 0.11 - 10.70 0.11
Q3 2016 7.23 (33.5 %) 0.07 - 7.23 0.07
Q4 2016 9.38 3.4 % 0.09 - 9.38 0.09
Q1 2017 6.36 7.9 % 0.06 - 6.36 0.06
Q2 2017 11.45 7.0 % 0.11 - 11.45 0.11
Q3 2017 3.95 (45.4 %) 0.04 - 3.95 0.04
Q4 2017 2.80 (70.2 %) 0.03 - 2.80 0.03
Q1 2018 6.47 1.7 % 0.06 - 6.47 0.06
Q2 2018 5.34 (53.4 %) 0.05 - 5.34 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 43.29 % 11.98 % 10.26 %
Q3 2016 42.80 % 10.50 % 9.29 %
Q4 2016 43.35 % 10.63 % 9.67 %
Q1 2017 41.40 % 10.81 % 9.83 %
Q2 2017 43.59 % 10.79 % 10.10 %
Q3 2017 43.04 % 10.56 % 9.39 %
Q4 2017 41.54 % 9.84 % 7.43 %
Q1 2018 42.98 % 10.24 % 7.58 %
Q2 2018 41.06 % 8.70 % 5.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 101.25 - - 1.64
Q4 2015 101.25 - - 1.72
Q1 2016 101.25 - - 1.77
Q2 2016 101.25 0.36 0.36 1.67
Q3 2016 101.25 0.32 0.32 1.74
Q4 2016 101.25 0.33 0.33 1.83
Q1 2017 101.25 0.33 0.33 1.89
Q2 2017 101.25 0.34 0.34 1.80
Q3 2017 101.25 0.31 0.31 1.83
Q4 2017 101.25 0.24 0.24 1.88
Q1 2018 101.25 0.24 0.24 1.95
Q2 2018 101.25 0.18 0.18 1.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 10.46 10.46 1.84
Q2 2017 7.68 7.68 1.45
Q3 2017 8.06 8.06 1.35
Q4 2017 11.42 11.42 1.47
Q1 2018 9.81 9.81 1.23
Q2 2018 14.57 14.57 1.46


Financial Ratios
Current
Market Cap (M Riyal) 688.50
Enterprise Value (EV) (M) 674.84
Shares Outstanding ((M)) 101.25
EPS ( Riyal) (TTM) 0.22
Book Value (BV) ( Riyal) 1.92
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 30.99
P/E (TTM) 30.99
Price/book 3.55
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 11.6
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