Financial Results : Alujain incurs SAR 150 mln losses in H1 2019

Alujain incurs SAR 150 mln losses in H1 2019

17/10/2019 Argaam Exclusive

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Alujain Corp. incurred net loss after zakat and tax of SAR 149.7 million in H1 2019, versus net profit of SAR 126.5 million in year-earlier period.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 12.11 11.31 (6.6 %)
Gross Income 1.65 2.56 55.4 %
Operating Income (9.23) (3.42) 63.0 %
Net Income 126.45 (149.72) (218.4 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 1.83 (2.16) (218.4 %)

The company was hit by losses from NATPET due to production halt in Q4 2018.

 

Additionally, the first half zakat provision worth SAR 14.31 million included the additional differences issued by GAZT for the period from 2003 to 2016.

 

NATPET’s recorded total losses of SAR 162.07 million in H1, compared to total profit of SAR 345.1 million a year earlier.

 

In Q2 2019, the company sustained net losses after zakat and tax of SAR 71 million, against net profit of SAR 63.9 million a year earlier, due to NATPET losses.

 

When compared to the previous quarter, net losses narrowed by 9.8 percent, as the company allocated a provision for the additional differences issued by GAZT for the period from 2003 to 2016.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 7.05 6.56 (6.9 %)
Gross Income 1.76 1.75 (1.0 %)
Operating Income (2.14) (1.03) 51.7 %
Net Income 63.99 (71.01) (211.0 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 0.92 (1.03) (211.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 - - - - (11.72) 32.6 %
Q2 2010 - - - - (21.92) (21.8 %)
Q3 2010 313.42 - 64.14 - 43.94 390.0 %
Q4 2010 538.71 - 114.88 - 95.15 652.0 %
Q1 2011 375.03 - 57.22 - 40.32 443.9 %
Q2 2011 304.45 - 15.06 - (2.37) 89.2 %
Q3 2011 477.44 52.3 % 84.34 31.5 % 67.36 53.3 %
Q4 2011 314.95 (41.5 %) 2.20 (98.1 %) (10.78) (111.3 %)
Q1 2012 561.81 49.8 % 63.15 10.4 % 44.99 11.6 %
Q2 2012 490.50 61.1 % 78.12 418.9 % 58.77 2576.4 %
Q3 2012 522.58 9.5 % 64.47 (23.6 %) 46.38 (31.1 %)
Q4 2012 537.05 70.5 % 86.67 3846.9 % 64.88 701.8 %
Q1 2013 271.41 (51.7 %) 19.34 (69.4 %) 0.14 (99.7 %)
Q2 2013 521.09 6.2 % 102.07 30.7 % 83.61 42.3 %
Q3 2013 496.85 (4.9 %) 110.98 72.1 % 90.76 95.7 %
Q4 2013 586.85 9.3 % 111.46 28.6 % 85.19 31.3 %
Q1 2014 452.75 66.8 % 68.61 254.8 % 50.78 36432.4 %
Q2 2014 559.46 7.4 % 87.52 (14.3 %) 67.82 (18.9 %)
Q3 2014 547.50 10.2 % 114.55 3.2 % 95.20 4.9 %
Q4 2014 572.98 (2.4 %) 163.48 46.7 % 142.19 66.9 %
Q1 2015 220.70 (51.3 %) 15.04 (78.1 %) (3.29) (106.5 %)
Q2 2015 426.38 (23.8 %) 136.74 56.2 % 117.20 72.8 %
Q3 2015 412.62 (24.6 %) 129.69 13.2 % 109.62 15.1 %
Q4 2015 400.80 (30.0 %) 92.03 (43.7 %) 72.28 (49.2 %)
Q1 2016 305.60 38.5 % 51.56 242.8 % 28.94 980.3 %
Q2 2016 355.75 (16.6 %) 113.66 (16.9 %) 89.41 (23.7 %)
Q3 2016 - - - - (2.24) (102.0 %)
Q4 2016 441.61 10.2 % 106.39 15.6 % 83.43 15.4 %
Q1 2017 6.42 (97.9 %) 1.64 (96.8 %) (3.12) (110.8 %)
Q2 2017 7.96 (97.8 %) 2.52 (97.8 %) (2.46) (102.7 %)
Q3 2017 7.05 - 1.79 - (2.81) (25.3 %)
Q4 2017 6.90 (98.4 %) 1.38 (98.7 %) (3.99) (104.8 %)
Q1 2018 5.07 (21.0 %) (0.11) (106.9 %) (7.10) (127.7 %)
Q2 2018 7.05 (11.5 %) 1.76 (30.2 %) (2.14) 13.1 %
Q3 2018 6.74 (4.4 %) 1.42 (20.8 %) (2.34) 16.7 %
Q4 2018 7.02 1.8 % 1.57 14.2 % (3.69) 7.3 %
Q1 2019 4.75 (6.2 %) 0.82 823.0 % (2.39) 66.4 %
Q2 2019 6.56 (6.9 %) 1.75 (1.0 %) (1.03) 51.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 (6.67) 38.4 % (0.10) - (6.67) (0.10)
Q2 2010 (7.28) 19.5 % (0.11) 11.30 (18.58) (0.27)
Q3 2010 16.44 265.5 % 0.24 - 16.44 0.24
Q4 2010 39.69 1471.8 % 0.57 - 39.69 0.57
Q1 2011 11.39 270.8 % 0.16 - 11.39 0.16
Q2 2011 (19.33) (165.6 %) (0.28) - (19.33) (0.28)
Q3 2011 22.80 38.7 % 0.33 - 22.80 0.33
Q4 2011 (24.82) (162.5 %) (0.36) - (24.82) (0.36)
Q1 2012 9.60 (15.8 %) 0.14 - 9.60 0.14
Q2 2012 14.36 174.3 % 0.21 - 14.36 0.21
Q3 2012 10.61 (53.5 %) 0.15 - 10.61 0.15
Q4 2012 17.12 169.0 % 0.25 - 17.12 0.25
Q1 2013 (15.89) (265.6 %) (0.23) - (15.89) (0.23)
Q2 2013 34.94 143.3 % 0.50 - 34.94 0.50
Q3 2013 56.96 437.1 % 0.82 17.73 39.23 0.57
Q4 2013 33.82 97.5 % 0.49 - 33.82 0.49
Q1 2014 14.77 193.0 % 0.21 - 14.77 0.21
Q2 2014 52.57 50.5 % 0.76 29.32 23.25 0.34
Q3 2014 34.85 (38.8 %) 0.50 - 34.85 0.50
Q4 2014 65.19 92.8 % 0.94 - 65.19 0.94
Q1 2015 (16.83) (213.9 %) (0.24) - (16.83) (0.24)
Q2 2015 50.18 (4.5 %) 0.73 - 50.18 0.73
Q3 2015 45.56 30.7 % 0.66 - 45.56 0.66
Q4 2015 27.47 (57.9 %) 0.40 - 27.47 0.40
Q1 2016 2.76 116.4 % 0.04 - 2.76 0.04
Q2 2016 38.61 (23.1 %) 0.56 - 38.61 0.56
Q3 2016 36.82 (19.2 %) 0.53 - 36.82 0.53
Q4 2016 35.75 30.1 % 0.52 - 35.75 0.52
Q1 2017 28.85 945.0 % 0.42 - 28.85 0.42
Q2 2017 12.49 (67.6 %) 0.18 - 12.49 0.18
Q3 2017 36.12 (1.9 %) 0.52 - 36.12 0.52
Q4 2017 58.73 64.3 % 0.85 15.98 42.75 0.62
Q1 2018 62.46 116.5 % 0.90 - 62.46 0.90
Q2 2018 63.99 412.2 % 0.92 - 63.99 0.92
Q3 2018 27.59 (23.6 %) 0.40 - 27.59 0.40
Q4 2018 (49.29) (183.9 %) (0.71) - (49.29) (0.71)
Q1 2019 (78.72) (226.0 %) (1.14) - (78.72) (1.14)
Q2 2019 (71.01) (211.0 %) (1.03) - (71.01) (1.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 20.46 % 6.33 % (2.00 %)
Q4 2010 21.01 % 19.94 % 3.62 %
Q1 2011 19.25 % 21.11 % 3.99 %
Q2 2011 16.41 % 20.65 % 3.15 %
Q3 2011 16.01 % 20.87 % 3.22 %
Q4 2011 10.79 % 16.82 % (0.68 %)
Q1 2012 9.93 % 15.21 % (0.71 %)
Q2 2012 12.35 % 16.96 % 1.19 %
Q3 2012 11.00 % 15.44 % 0.52 %
Q4 2012 13.85 % 19.00 % 2.45 %
Q1 2013 13.65 % 20.08 % 1.44 %
Q2 2013 14.72 % 21.57 % 2.53 %
Q3 2013 17.47 % 24.82 % 4.13 %
Q4 2013 18.33 % 24.00 % 4.91 %
Q1 2014 19.11 % 24.32 % 5.97 %
Q2 2014 18.06 % 23.20 % 5.30 %
Q3 2014 17.80 % 22.74 % 4.97 %
Q4 2014 20.36 % 25.29 % 6.47 %
Q1 2015 20.02 % 25.57 % 5.60 %
Q2 2015 24.32 % 30.57 % 7.55 %
Q3 2015 27.25 % 34.52 % 8.83 %
Q4 2015 25.57 % 34.60 % 7.28 %
Q1 2016 26.53 % 34.30 % 8.15 %
Q2 2016 26.24 % 34.67 % 7.76 %
Q3 2016 24.22 % 22.88 % 9.95 %
Q4 2016 24.63 % 37.91 % 10.33 %
Q1 2017 27.58 % 43.11 % 17.42 %
Q2 2017 24.24 % 42.30 % 24.98 %
Q3 2017 24.26 % 63.98 % 24.45 %
Q4 2017 25.86 % (32.42 %) 424.48 %
Q1 2018 20.67 % (48.29 %) 570.29 %
Q2 2018 18.47 % (49.39 %) 787.98 %
Q3 2018 17.25 % (45.68 %) 764.27 %
Q4 2018 17.92 % (46.65 %) 404.89 %
Q1 2019 21.78 % (28.23 %) (142.52 %)
Q2 2019 22.14 % (23.78 %) (683.83 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 69.20 (0.33) (0.33) 7.32
Q2 2010 69.20 (0.31) (0.47) 7.17
Q3 2010 69.20 0.07 (0.09) 7.25
Q4 2010 69.20 0.61 0.45 8.01
Q1 2011 69.20 0.87 0.71 8.30
Q2 2011 69.20 0.70 0.70 8.02
Q3 2011 69.20 0.79 0.79 8.27
Q4 2011 69.20 (0.14) (0.14) 8.05
Q1 2012 69.20 (0.17) (0.17) 8.19
Q2 2012 69.20 0.32 0.32 8.47
Q3 2012 69.20 0.14 0.14 8.62
Q4 2012 69.20 0.75 0.75 8.98
Q1 2013 69.20 0.38 0.38 8.78
Q2 2013 69.20 0.68 0.68 9.39
Q3 2013 69.20 1.35 1.09 10.23
Q4 2013 69.20 1.59 1.33 10.81
Q1 2014 69.20 2.03 1.77 10.99
Q2 2014 69.20 2.28 1.61 11.78
Q3 2014 69.20 1.97 1.54 12.32
Q4 2014 69.20 2.42 2.00 13.26
Q1 2015 69.20 1.96 1.54 12.97
Q2 2015 69.20 1.93 1.93 13.78
Q3 2015 69.20 2.08 2.08 14.44
Q4 2015 69.20 1.54 1.54 14.99
Q1 2016 69.20 1.82 1.82 15.03
Q2 2016 69.20 1.65 1.65 15.67
Q3 2016 69.20 1.53 1.53 16.25
Q4 2016 69.20 1.65 1.65 16.75
Q1 2017 69.20 2.02 2.02 17.16
Q2 2017 69.20 1.65 1.65 16.33
Q3 2017 69.20 1.64 1.64 16.83
Q4 2017 69.20 1.97 1.74 17.59
Q1 2018 69.20 2.45 2.22 18.49
Q2 2018 69.20 3.20 2.97 19.44
Q3 2018 69.20 3.07 2.84 19.82
Q4 2018 69.20 1.51 1.51 18.85
Q1 2019 69.20 (0.53) (0.53) 17.70
Q2 2019 69.20 (2.48) (2.48) 16.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 2.39
Q2 2010 NEG NEG 1.81
Q3 2010 More than 100 NEG 2.24
Q4 2010 36.58 49.97 2.78
Q1 2011 24.41 30.05 2.56
Q2 2011 30.37 30.37 2.64
Q3 2011 23.72 23.72 2.26
Q4 2011 NEG NEG 2.17
Q1 2012 NEG NEG 2.74
Q2 2012 45.89 45.89 1.72
Q3 2012 More than 100 More than 100 1.98
Q4 2012 18.48 18.48 1.54
Q1 2013 38.44 38.44 1.66
Q2 2013 21.82 21.82 1.57
Q3 2013 13.60 16.80 1.79
Q4 2013 15.88 18.94 2.33
Q1 2014 12.76 14.60 2.36
Q2 2014 10.38 14.78 2.01
Q3 2014 14.00 17.85 2.23
Q4 2014 6.70 8.12 1.22
Q1 2015 10.18 12.99 1.54
Q2 2015 10.93 10.93 1.53
Q3 2015 7.63 7.63 1.10
Q4 2015 9.37 9.37 0.96
Q1 2016 7.84 7.84 0.95
Q2 2016 7.88 7.88 0.83
Q3 2016 8.08 8.08 0.76
Q4 2016 11.94 11.94 1.17
Q1 2017 10.13 10.13 1.19
Q2 2017 13.36 13.36 1.35
Q3 2017 13.48 13.48 1.31
Q4 2017 10.82 12.25 1.21
Q1 2018 10.05 11.09 1.33
Q2 2018 9.72 10.48 1.60
Q3 2018 10.20 11.02 1.58
Q4 2018 12.86 12.86 1.03
Q1 2019 NEG NEG 1.28
Q2 2019 NEG NEG 1.32

Business Segments (Million)

Compared With The
Period Manufacturing home care products
Q1 2017 6.42
Q2 2017 7.96
Q3 2017 7.05
Q4 2017 6.90
Q1 2018 5.07
Q2 2018 7.05
Q3 2018 6.74
Q4 2018 7.02
Q1 2019 4.75
Q2 2019 6.56


Financial Ratios
Current
Market Cap (M Riyal) 2,556.94
Enterprise Value (EV) (M) 2,896.03
Shares Outstanding ((M)) 69.20
EPS ( Riyal) (TTM) (0.01)
Book Value (BV) ( Riyal) 52.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 0.71
Return on Average Assets (%) (TTM) (0.01 )
Return on Average Equity (%) (TTM) (0.02 )
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Share Price

Alujain Corp.
36.95
(0.70) (1.86 %)

Alujain Corp. (ALUJAIN)

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