Financial Results : Zoujaj’s net profit more than doubles in H1

Zoujaj’s net profit more than doubles in H1

18/07/2017 Argaam Exclusive

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The National Company for Glass Industries (Zoujaj) reported a net profit of SAR 52.8 million for the first half of 2017, more than double year-on-year (YoY), driven by a 10 percent rise in income from associates.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 66.58 62.95 (5.4 %)
Gross Income 21.58 18.27 (15.3 %)
Operating Income 15.41 11.57 (24.9 %)
Net Income 25.29 52.81 108.8 %
Average Shares 30.00 32.18 7.3 %
EPS (Riyals) 0.84 1.64 94.7 %

The second-quarter profit stood at SAR 37.6 million, compared to net profit of SAR 11.6 million in Q2-2016 and SAR 15.2 million in the first quarter of this year. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 32.85 26.49 (19.4 %)
Gross Income 9.50 7.21 (24.2 %)
Operating Income 6.42 4.29 (33.2 %)
Net Income 11.64 37.61 223.2 %
Average Shares 30.00 32.18 7.3 %
EPS (Riyals) 0.39 1.17 201.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 26.65 5.0 % 12.11 18.0 % 9.39 21.9 %
Q2 2008 27.80 0.1 % 10.24 1.2 % 7.31 (0.2 %)
Q3 2008 28.17 1.6 % 10.83 1.8 % 7.68 (5.9 %)
Q4 2008 25.89 2.0 % 9.40 (10.5 %) 6.09 (22.6 %)
Q1 2009 36.12 35.5 % 19.03 57.1 % 16.23 72.8 %
Q2 2009 31.76 14.2 % 15.76 53.9 % 13.46 84.0 %
Q3 2009 26.74 (5.1 %) 13.68 26.4 % 11.28 46.8 %
Q4 2009 27.70 7.0 % 12.65 34.5 % 10.48 72.0 %
Q1 2010 30.22 (16.3 %) 13.88 (27.0 %) 11.27 (30.6 %)
Q2 2010 28.29 (10.9 %) 12.22 (22.4 %) 9.85 (26.8 %)
Q3 2010 24.67 (7.7 %) 10.72 (21.7 %) 7.93 (29.7 %)
Q4 2010 27.62 (0.3 %) 13.15 3.9 % 11.06 5.5 %
Q1 2011 31.66 4.7 % 13.19 (5.0 %) 9.89 (12.3 %)
Q2 2011 32.76 15.8 % 12.16 (0.5 %) 9.52 (3.4 %)
Q3 2011 27.17 10.1 % 9.45 (11.9 %) 7.10 (10.5 %)
Q4 2011 26.39 (4.5 %) 8.84 (32.8 %) 6.16 (44.3 %)
Q1 2012 25.58 (19.2 %) 9.82 (25.5 %) 6.69 (32.3 %)
Q2 2012 30.06 (8.2 %) 12.14 (0.1 %) 9.14 (3.9 %)
Q3 2012 26.47 (2.6 %) 9.84 4.1 % 6.90 (2.8 %)
Q4 2012 30.65 16.1 % 10.04 13.6 % 6.80 10.5 %
Q1 2013 24.21 (5.4 %) 8.59 (12.6 %) 5.23 (21.9 %)
Q2 2013 28.96 (3.7 %) 11.56 (4.8 %) 8.35 (8.7 %)
Q3 2013 24.22 (8.5 %) 8.47 (13.9 %) 5.88 (14.7 %)
Q4 2013 24.64 (19.6 %) 8.57 (14.6 %) 5.30 (22.1 %)
Q1 2014 29.88 23.4 % 10.63 23.8 % 7.69 47.1 %
Q2 2014 21.24 (26.7 %) 6.39 (44.8 %) 3.10 (62.9 %)
Q3 2014 23.66 (2.3 %) 9.30 9.8 % 6.44 9.5 %
Q4 2014 25.25 2.5 % 10.41 21.4 % 7.25 36.8 %
Q1 2015 27.81 (6.9 %) 10.68 0.5 % 7.62 (1.0 %)
Q2 2015 23.17 9.1 % 8.48 32.8 % 5.48 76.9 %
Q3 2015 20.24 (14.5 %) 5.14 (44.8 %) 2.13 (66.9 %)
Q4 2015 32.67 29.4 % 11.40 9.5 % 7.06 (2.6 %)
Q1 2016 33.73 21.3 % 12.08 13.1 % 8.99 18.0 %
Q2 2016 32.85 41.8 % 9.50 12.0 % 6.42 17.2 %
Q3 2016 17.01 (16.0 %) 2.34 (54.4 %) (0.41) (119.4 %)
Q4 2016 17.24 (47.2 %) 3.06 (73.2 %) 0.21 (97.0 %)
Q1 2017 36.47 8.1 % 11.06 (8.4 %) 7.28 (19.0 %)
Q2 2017 26.49 (19.4 %) 7.21 (24.2 %) 4.29 (33.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 25.34 20.4 % 0.84 - 25.34 0.84
Q2 2008 19.77 2.5 % 0.66 - 19.77 0.66
Q3 2008 22.07 4.2 % 0.74 - 22.07 0.74
Q4 2008 0.52 (97.2 %) 0.02 - 0.52 0.02
Q1 2009 20.61 (18.7 %) 0.69 - 20.61 0.69
Q2 2009 10.35 (47.6 %) 0.35 - 10.35 0.35
Q3 2009 9.95 (54.9 %) 0.33 - 9.95 0.33
Q4 2009 4.60 780.3 % 0.15 - 4.60 0.15
Q1 2010 17.43 (15.4 %) 0.58 - 17.43 0.58
Q2 2010 18.96 83.2 % 0.63 - 18.96 0.63
Q3 2010 20.20 102.9 % 0.67 - 20.20 0.67
Q4 2010 14.46 214.1 % 0.48 - 14.46 0.48
Q1 2011 24.96 43.2 % 0.83 - 24.96 0.83
Q2 2011 29.70 56.7 % 0.99 - 29.70 0.99
Q3 2011 21.15 4.7 % 0.70 - 21.15 0.70
Q4 2011 5.32 (63.3 %) 0.18 - 5.32 0.18
Q1 2012 17.71 (29.1 %) 0.59 - 17.71 0.59
Q2 2012 15.86 (46.6 %) 0.53 - 15.86 0.53
Q3 2012 11.67 (44.8 %) 0.39 - 11.67 0.39
Q4 2012 (1.58) (129.7 %) (0.05) - (1.58) (0.05)
Q1 2013 8.62 (51.3 %) 0.29 - 8.62 0.29
Q2 2013 13.08 (17.5 %) 0.44 - 13.08 0.44
Q3 2013 13.40 14.8 % 0.45 - 13.40 0.45
Q4 2013 9.82 722.4 % 0.33 - 9.82 0.33
Q1 2014 14.83 72.0 % 0.49 - 14.83 0.49
Q2 2014 14.09 7.7 % 0.47 - 14.09 0.47
Q3 2014 16.86 25.8 % 0.56 - 16.86 0.56
Q4 2014 15.74 60.2 % 0.52 - 15.74 0.52
Q1 2015 18.64 25.7 % 0.62 - 18.64 0.62
Q2 2015 16.62 18.0 % 0.55 - 16.62 0.55
Q3 2015 6.30 (62.6 %) 0.21 - 6.30 0.21
Q4 2015 3.54 (77.5 %) 0.12 - 3.54 0.12
Q1 2016 13.66 (26.7 %) 0.46 - 13.66 0.46
Q2 2016 11.64 (30.0 %) 0.39 - 11.64 0.39
Q3 2016 4.70 (25.4 %) 0.16 - 4.70 0.16
Q4 2016 (7.82) (320.7 %) (0.26) (9.00) 1.19 0.04
Q1 2017 15.20 11.3 % 0.47 - 15.20 0.47
Q2 2017 37.61 223.2 % 1.17 26.75 10.85 0.34

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 40.32 % 43.64 % 78.74 %
Q2 2008 40.42 % 42.88 % 79.16 %
Q3 2008 40.44 % 42.01 % 79.68 %
Q4 2008 39.24 % 40.58 % 62.38 %
Q1 2009 41.95 % 43.47 % 53.37 %
Q2 2009 45.11 % 47.00 % 43.91 %
Q3 2009 48.02 % 50.27 % 34.38 %
Q4 2009 49.96 % 53.12 % 37.21 %
Q1 2010 48.08 % 51.21 % 36.37 %
Q2 2010 46.43 % 49.59 % 45.10 %
Q3 2010 44.62 % 47.25 % 55.19 %
Q4 2010 45.10 % 47.36 % 64.12 %
Q1 2011 43.90 % 45.40 % 70.02 %
Q2 2011 42.16 % 43.31 % 76.54 %
Q3 2011 40.21 % 41.73 % 75.73 %
Q4 2011 36.98 % 38.01 % 68.76 %
Q1 2012 35.98 % 37.57 % 66.02 %
Q2 2012 36.86 % 38.30 % 54.97 %
Q3 2012 37.46 % 38.40 % 46.60 %
Q4 2012 37.10 % 37.23 % 38.72 %
Q1 2013 36.45 % 36.00 % 31.04 %
Q2 2013 36.29 % 35.14 % 28.84 %
Q3 2013 35.78 % 34.67 % 31.03 %
Q4 2013 36.46 % 35.04 % 44.04 %
Q1 2014 36.43 % 35.32 % 47.48 %
Q2 2014 34.07 % 32.67 % 52.15 %
Q3 2014 35.10 % 32.17 % 55.92 %
Q4 2014 36.72 % 32.85 % 61.49 %
Q1 2015 37.55 % 31.98 % 66.68 %
Q2 2015 38.92 % 32.33 % 67.93 %
Q3 2015 35.98 % 29.97 % 59.40 %
Q4 2015 34.37 % 31.29 % 43.42 %
Q1 2016 33.79 % 34.71 % 36.54 %
Q2 2016 31.90 % 36.13 % 29.41 %
Q3 2016 30.38 % 37.26 % 28.85 %
Q4 2016 26.76 % 36.55 % 30.93 %
Q1 2017 25.07 % 35.55 % 31.60 %
Q2 2017 24.35 % 37.55 % 32.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 30.00 2.82 2.82 14.69
Q2 2008 30.00 2.84 2.84 14.14
Q3 2008 30.00 2.87 2.87 14.52
Q4 2008 30.00 2.26 2.26 14.27
Q1 2009 30.00 2.10 2.10 14.87
Q2 2009 30.00 1.79 1.79 14.36
Q3 2009 30.00 1.38 1.38 14.80
Q4 2009 30.00 1.52 1.52 15.15
Q1 2010 30.00 1.41 1.41 15.94
Q2 2010 30.00 1.70 1.70 15.78
Q3 2010 30.00 2.04 2.04 16.58
Q4 2010 30.00 2.37 2.37 17.50
Q1 2011 30.00 2.62 2.62 18.66
Q2 2011 30.00 2.98 2.98 18.06
Q3 2011 30.00 3.01 3.01 18.60
Q4 2011 30.00 2.70 2.70 19.12
Q1 2012 30.00 2.46 2.46 20.12
Q2 2012 30.00 2.00 2.00 18.25
Q3 2012 30.00 1.69 1.69 18.51
Q4 2012 30.00 1.46 1.46 18.81
Q1 2013 30.00 1.15 1.15 19.08
Q2 2013 30.00 1.06 1.06 18.35
Q3 2013 30.00 1.12 1.12 19.03
Q4 2013 30.00 1.50 1.50 19.69
Q1 2014 30.00 1.70 1.70 20.41
Q2 2014 30.00 1.74 1.74 19.49
Q3 2014 30.00 1.85 1.85 20.04
Q4 2014 30.00 2.05 2.05 20.56
Q1 2015 30.00 2.18 2.18 21.18
Q2 2015 30.00 2.26 2.26 19.98
Q3 2015 30.00 1.91 1.91 19.19
Q4 2015 30.00 1.50 1.50 19.31
Q1 2016 30.00 1.34 1.34 19.73
Q2 2016 30.00 1.17 1.17 19.55
Q3 2016 30.00 1.12 1.12 18.93
Q4 2016 30.00 0.74 1.04 18.50
Q1 2017 32.18 0.74 1.02 19.06
Q2 2017 32.18 1.54 0.99 19.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 19.02 19.02 3.65
Q2 2008 23.66 23.66 4.75
Q3 2008 17.12 17.12 3.38
Q4 2008 11.75 11.75 1.86
Q1 2009 12.32 12.32 1.74
Q2 2009 17.00 17.00 2.11
Q3 2009 21.77 21.77 2.03
Q4 2009 18.37 18.37 1.84
Q1 2010 20.40 20.40 1.81
Q2 2010 14.53 14.53 1.56
Q3 2010 13.44 13.44 1.65
Q4 2010 12.87 12.87 1.74
Q1 2011 12.48 12.48 1.75
Q2 2011 12.41 12.41 2.05
Q3 2011 12.83 12.83 2.08
Q4 2011 14.48 14.48 2.05
Q1 2012 18.13 18.13 2.22
Q2 2012 15.35 15.35 1.68
Q3 2012 18.42 18.42 1.68
Q4 2012 19.29 19.29 1.49
Q1 2013 24.93 24.93 1.51
Q2 2013 25.66 25.66 1.48
Q3 2013 30.42 30.42 1.79
Q4 2013 21.97 21.97 1.67
Q1 2014 20.33 20.33 1.70
Q2 2014 23.97 23.97 2.14
Q3 2014 27.13 27.13 2.51
Q4 2014 17.51 17.51 1.75
Q1 2015 19.66 19.66 2.02
Q2 2015 19.84 19.84 2.25
Q3 2015 17.33 17.33 1.73
Q4 2015 19.19 19.19 1.49
Q1 2016 16.87 16.87 1.14
Q2 2016 19.52 19.52 1.17
Q3 2016 15.41 15.41 0.91
Q4 2016 29.51 20.99 1.18
Q1 2017 26.07 18.90 1.08
Q2 2017 13.15 20.46 1.03

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 12.00 37.61 213.38 %

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
Riyad Capital 12.00 37.61 213.4 %

Current
Market Cap (M Riyal) 1,875.30
Enterprise Value (EV) (M) 1,866.73
Shares Outstanding ((M)) 32.90
EPS ( Riyal) (TTM) 3.07
Book Value (BV) ( Riyal) 23.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.56
P/E (TTM) 18.56
Price/book 2.47
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 13.9

Share Price

The National Company for Glass Industries (ZOUJAJ)


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