Financial Results : Cables posts higher net loss at SAR 41m in I1 of 2014

Cables posts higher net loss at SAR 41m in I1 of 2014

31/03/2014 Argaam Exclusive

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Saudi Cable Co., produces high pressure cables, reported SAR 41.1m net loss at the end of the first quarter of 2014, compared to SAR 15.4m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 669.34 458.56 (31.5 %)
Gross Income 49.07 16.35 (66.7 %)
Operating Income (0.71) (40.49) (5,579.2 %)
Net Income (15.41) (41.13) (166.9 %)
Average Shares 4.18 4.18 -
EPS (Riyals) (3.69) (9.84) (166.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 312.09 27.3 % 26.73 23.5 % 4.37 84.7 %
Q2 2005 274.60 21.2 % 34.17 17.6 % 9.20 57.1 %
Q3 2005 279.11 1.2 % 45.20 6.1 % 19.80 2.9 %
Q4 2005 319.15 16.8 % 42.29 25.1 % (13.50) (286.1 %)
Q1 2006 346.28 11.0 % 37.62 40.7 % 6.54 49.7 %
Q2 2006 410.16 49.4 % 57.96 69.7 % 28.64 211.4 %
Q3 2006 431.44 54.6 % 68.26 51.0 % 37.39 88.8 %
Q4 2006 407.58 27.7 % 101.03 138.9 % 62.35 561.9 %
Q1 2007 663.84 91.7 % 121.23 222.3 % 77.60 1086.5 %
Q2 2007 815.78 98.9 % 139.15 140.1 % 86.43 201.8 %
Q3 2007 787.26 82.5 % 109.92 61.0 % 75.25 101.2 %
Q4 2007 876.46 115.0 % 194.62 92.6 % 100.49 61.2 %
Q1 2008 760.18 14.5 % 157.39 29.8 % 96.73 24.7 %
Q2 2008 977.16 19.8 % 154.52 11.0 % 97.14 12.4 %
Q3 2008 1,005.19 27.7 % 170.54 55.2 % 104.12 38.4 %
Q4 2008 756.87 (13.6 %) 70.88 (63.6 %) (12.45) (112.4 %)
Q1 2009 645.07 (15.1 %) 108.10 (31.3 %) 57.93 (40.1 %)
Q2 2009 646.97 (33.8 %) 96.86 (37.3 %) 55.43 (42.9 %)
Q3 2009 557.04 (44.6 %) 66.20 (61.2 %) 18.50 (82.2 %)
Q4 2009 609.36 (19.5 %) 39.64 (44.1 %) (6.74) 45.9 %
Q1 2010 492.81 (23.6 %) 29.15 (73.0 %) (5.81) (110.0 %)
Q2 2010 500.81 (22.6 %) 13.56 (86.0 %) (27.63) (149.8 %)
Q3 2010 368.66 (33.8 %) (35.20) (153.2 %) (80.84) (537.0 %)
Q4 2010 494.83 (18.8 %) 10.90 (72.5 %) (43.85) (550.5 %)
Q1 2011 829.96 68.4 % 59.02 102.4 % 23.66 507.5 %
Q2 2011 799.29 59.6 % 60.40 345.4 % 18.01 165.2 %
Q3 2011 744.74 102.0 % 22.85 164.9 % (19.14) 76.3 %
Q4 2011 825.57 66.8 % 1.23 (88.7 %) (38.44) 12.3 %
Q1 2012 917.64 10.6 % 80.03 35.6 % 31.46 33.0 %
Q2 2012 860.71 7.7 % 77.74 28.7 % 29.08 61.5 %
Q3 2012 615.43 (17.4 %) 39.55 73.1 % (11.24) 41.3 %
Q4 2012 294.06 (64.4 %) (111.45) (9183.0 %) (169.42) (340.8 %)
Q1 2013 669.34 (27.1 %) 49.07 (38.7 %) (0.71) (102.3 %)
Q2 2013 598.42 (30.5 %) 18.51 (76.2 %) (122.72) (522.0 %)
Q3 2013 617.36 0.3 % 46.05 16.4 % (14.34) (27.6 %)
Q4 2013 562.20 91.2 % (3.75) 96.6 % (58.56) 65.4 %
Q1 2014 458.56 (31.5 %) 16.35 (66.7 %) (40.49) (5,579.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 4.72 102.0 % 1.19 - 4.72 1.19
Q2 2005 5.09 257.2 % 1.28 - 5.09 1.28
Q3 2005 12.85 (9.0 %) 3.23 - 12.85 3.23
Q4 2005 (22.50) (970.6 %) (5.65) - (22.50) (5.65)
Q1 2006 0.67 (85.8 %) 0.17 - 0.67 0.17
Q2 2006 23.52 361.9 % 5.63 - 23.52 5.63
Q3 2006 26.45 105.8 % 6.33 - 26.45 6.33
Q4 2006 49.96 322.1 % 11.95 - 49.96 11.95
Q1 2007 68.70 10153.6 % 16.44 - 68.70 16.44
Q2 2007 70.15 198.2 % 16.78 - 70.15 16.78
Q3 2007 75.48 185.3 % 18.06 - 75.48 18.06
Q4 2007 68.46 37.0 % 16.38 - 68.46 16.38
Q1 2008 84.14 22.5 % 20.13 - 84.14 20.13
Q2 2008 86.78 23.7 % 20.76 - 86.78 20.76
Q3 2008 92.26 22.2 % 22.07 - 92.26 22.07
Q4 2008 (51.13) (174.7 %) (12.23) - (51.13) (12.23)
Q1 2009 46.27 (45.0 %) 11.07 - 46.27 11.07
Q2 2009 47.20 (45.6 %) 11.29 - 47.20 11.29
Q3 2009 20.11 (78.2 %) 4.81 - 20.11 4.81
Q4 2009 (9.10) 82.2 % (2.18) - (9.10) (2.18)
Q1 2010 1.07 (97.7 %) 0.26 - 1.07 0.26
Q2 2010 (26.50) (156.1 %) (6.34) - (26.50) (6.34)
Q3 2010 (71.53) (455.7 %) (17.11) - (71.53) (17.11)
Q4 2010 9.15 200.6 % 2.19 - 9.15 2.19
Q1 2011 20.27 1801.1 % 4.85 - 20.27 4.85
Q2 2011 22.56 185.1 % 5.40 - 22.56 5.40
Q3 2011 (14.77) 79.3 % (3.53) - (14.77) (3.53)
Q4 2011 (22.95) (350.8 %) (5.49) - (22.95) (5.49)
Q1 2012 25.16 24.1 % 6.02 - 25.16 6.02
Q2 2012 20.18 (10.6 %) 4.83 - 20.18 4.83
Q3 2012 (13.68) 7.4 % (3.27) - (13.68) (3.27)
Q4 2012 (188.07) (719.5 %) (44.99) - (188.07) (44.99)
Q1 2013 (15.41) (161.2 %) (3.69) - (15.41) (3.69)
Q2 2013 (131.75) (753.0 %) (31.52) - (131.75) (31.52)
Q3 2013 (8.04) 41.2 % (1.92) - (8.04) (1.92)
Q4 2013 (73.92) 60.7 % (17.68) - (73.92) (17.68)
Q1 2014 (41.13) (166.9 %) (9.84) - (41.13) (9.84)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 12.16 % 6.68 % 2.10 %
Q2 2005 12.09 % 6.42 % 2.34 %
Q3 2005 12.28 % 6.24 % 2.22 %
Q4 2005 12.52 % 4.38 % 0.01 %
Q1 2006 13.06 % 4.44 % (0.32 %)
Q2 2006 13.51 % 5.47 % 1.07 %
Q3 2006 13.68 % 6.05 % 1.87 %
Q4 2006 16.60 % 10.30 % 6.31 %
Q1 2007 18.22 % 12.28 % 8.82 %
Q2 2007 18.53 % 12.64 % 9.28 %
Q3 2007 17.62 % 12.44 % 9.88 %
Q4 2007 17.97 % 11.92 % 9.00 %
Q1 2008 18.55 % 12.33 % 9.21 %
Q2 2008 18.12 % 12.31 % 9.26 %
Q3 2008 18.71 % 12.64 % 9.16 %
Q4 2008 15.81 % 10.10 % 6.06 %
Q1 2009 14.89 % 9.54 % 5.15 %
Q2 2009 14.62 % 9.42 % 4.41 %
Q3 2009 13.13 % 8.00 % 2.40 %
Q4 2009 12.64 % 8.95 % 4.25 %
Q1 2010 10.05 % 7.05 % 2.57 %
Q2 2010 6.88 % 3.91 % (0.67 %)
Q3 2010 2.39 % (0.52 %) (5.38 %)
Q4 2010 0.99 % (3.30 %) (4.73 %)
Q1 2011 2.20 % (1.83 %) (3.13 %)
Q2 2011 3.82 % (0.09 %) (0.78 %)
Q3 2011 5.34 % 1.72 % 1.30 %
Q4 2011 4.49 % 1.80 % 0.16 %
Q1 2012 5.00 % 2.04 % 0.30 %
Q2 2012 5.43 % 2.36 % 0.23 %
Q3 2012 6.17 % 2.85 % 0.27 %
Q4 2012 3.20 % (1.27 %) (5.82 %)
Q1 2013 2.25 % (2.58 %) (8.07 %)
Q2 2013 (0.20 %) (9.90 %) (16.02 %)
Q3 2013 0.10 % (9.84 %) (15.75 %)
Q4 2013 4.49 % (4.17 %) (9.36 %)
Q1 2014 3.45 % (6.29 %) (11.39 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 3.98 5.74 5.74 131.86
Q2 2005 3.98 6.66 6.66 131.73
Q3 2005 3.98 6.35 6.35 138.88
Q4 2005 3.98 0.04 0.04 137.41
Q1 2006 3.98 (0.97) (0.97) 150.39
Q2 2006 4.18 3.48 3.48 186.05
Q3 2006 4.18 6.73 6.73 187.58
Q4 2006 4.18 24.07 24.07 172.59
Q1 2007 4.18 40.34 40.34 210.99
Q2 2007 4.18 51.50 51.50 227.52
Q3 2007 4.18 63.23 63.23 246.94
Q4 2007 4.18 67.65 67.65 244.50
Q1 2008 4.18 71.35 71.35 273.31
Q2 2008 4.18 75.32 75.32 290.00
Q3 2008 4.18 79.34 79.34 283.05
Q4 2008 4.18 50.73 50.73 251.21
Q1 2009 4.18 41.67 41.67 262.68
Q2 2009 4.18 32.20 32.20 291.79
Q3 2009 4.18 14.94 14.94 304.80
Q4 2009 4.18 24.99 24.99 310.67
Q1 2010 4.18 14.18 14.18 306.61
Q2 2010 4.18 (3.45) (3.45) 264.76
Q3 2010 4.18 (25.37) (25.37) 275.01
Q4 2010 4.18 (21.01) (21.01) 283.16
Q1 2011 4.18 (16.42) (16.42) 280.97
Q2 2011 4.18 (4.68) (4.68) 265.98
Q3 2011 4.18 8.90 8.90 229.61
Q4 2011 4.18 1.22 1.22 241.41
Q1 2012 4.18 2.39 2.39 257.47
Q2 2012 4.18 1.82 1.82 248.95
Q3 2012 4.18 2.08 2.08 272.18
Q4 2012 4.18 (37.42) (37.42) 218.92
Q1 2013 4.18 (47.12) (47.12) 198.95
Q2 2013 4.18 (83.47) (83.47) 158.40
Q3 2013 4.18 (82.12) (82.12) 177.55
Q4 2013 4.18 (54.81) (54.81) 161.17
Q1 2014 4.18 (60.96) (60.96) 138.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 More than 100 More than 100 4.80
Q2 2005 More than 100 More than 100 8.86
Q3 2005 More than 100 More than 100 10.72
Q4 2005 More than 100 More than 100 14.92
Q1 2006 NEG NEG 8.43
Q2 2006 More than 100 More than 100 6.59
Q3 2006 More than 100 More than 100 7.38
Q4 2006 40.96 40.96 5.71
Q1 2007 24.98 24.98 4.78
Q2 2007 18.86 18.86 4.27
Q3 2007 18.00 18.00 4.61
Q4 2007 24.43 24.43 6.76
Q1 2008 31.30 31.30 8.17
Q2 2008 31.57 31.57 8.20
Q3 2008 20.19 20.19 5.66
Q4 2008 15.15 15.15 3.06
Q1 2009 13.08 13.08 2.08
Q2 2009 25.12 25.12 2.77
Q3 2009 69.69 69.69 3.42
Q4 2009 28.43 28.43 2.29
Q1 2010 47.96 47.96 2.22
Q2 2010 NEG NEG 1.85
Q3 2010 NEG NEG 1.62
Q4 2010 NEG NEG 1.43
Q1 2011 NEG NEG 1.39
Q2 2011 NEG NEG 1.56
Q3 2011 41.87 41.87 1.62
Q4 2011 More than 100 More than 100 1.68
Q1 2012 More than 100 More than 100 2.22
Q2 2012 More than 100 More than 100 1.72
Q3 2012 More than 100 More than 100 1.69
Q4 2012 NEG NEG 1.77
Q1 2013 NEG NEG 1.97
Q2 2013 NEG NEG 2.42
Q3 2013 NEG NEG 2.00
Q4 2013 NEG NEG 2.27
Q1 2014 NEG NEG 2.61

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
Q3 2012 595.12 20.32
Q4 2012 204.37 89.69
Q1 2013 576.06 93.28
Q2 2013 522.87 75.55
Q3 2013 487.52 130.39
Q4 2013 487.40 105.39
Q1 2014 393.31 65.25


Financial Ratios
Current
Market Cap (M Riyal) 655.86
Enterprise Value (EV) (M) 755.38
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) 6.79
Book Value (BV) ( Riyal) (64.15)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 37.56
P/E (TTM) 14.47
Price/book (1.53)
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) -
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Share Price

Saudi Cable Co.
98.20
0.30 0.31 %

Saudi Cable Co. (SAUDI CABLE)

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