Financial Results : Red Sea’s Q1 profit rose 7% to SAR 32.1 mln

Red Sea’s Q1 profit rose 7% to SAR 32.1 mln

20/04/2016 Argaam Exclusive

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Red Sea Housing Services Company reported a net profit of SAR 32.1 million for the first quarter of 2016, a 6.8 percent rise compared to the same quarter last year. The company attributed higher gross profit margin as a result of higher rental and paint revenues, as well as lower cost of sales for rental and paint business.

 

When compared to previous quarter’s net profit of SAR 27.1 million; the increase of 18.4 percent in Q1 net profit was driven by lower total operating expenditure resulting from a drop in employee cost and reduction in consultancy and professional expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 275.44 271.78 (1.3 %)
Gross Income 67.16 74.95 11.6 %
Operating Income 34.43 39.13 13.6 %
Net Income 30.04 31.77 5.8 %
Average Shares 30.23 30.23 -
Earnings Per Share before unusual items (Riyals) 0.99 1.05 5.8 %
EPS (Riyals) 0.99 1.05 5.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 145.89 23.3 % 48.09 46.4 % 28.85 42.6 %
Q2 2007 141.46 9.7 % 29.88 (27.5 %) 25.41 (12.6 %)
Q3 2007 256.07 105.6 % 55.61 60.8 % 42.87 86.7 %
Q4 2007 146.80 789.6 % 42.93 55.4 % 28.84 23.1 %
Q1 2008 279.80 91.8 % 81.82 70.1 % 64.35 123.0 %
Q2 2008 317.56 124.5 % 95.05 218.1 % 71.98 183.3 %
Q3 2008 259.69 1.4 % 76.45 37.5 % 50.64 18.1 %
Q4 2008 281.84 92.0 % 52.32 21.9 % 40.60 40.8 %
Q1 2009 307.63 9.9 % 81.83 0.0 % 62.38 (3.1 %)
Q2 2009 155.53 (51.0 %) 41.50 (56.3 %) 18.93 (73.7 %)
Q3 2009 169.73 (34.6 %) 35.92 (53.0 %) 25.67 (49.3 %)
Q4 2009 218.67 (22.4 %) 47.05 (10.1 %) 24.54 (39.5 %)
Q1 2010 147.00 (52.2 %) 46.64 (43.0 %) 30.83 (50.6 %)
Q2 2010 162.97 4.8 % 34.84 (16.0 %) 23.26 22.9 %
Q3 2010 173.14 2.0 % 42.15 17.4 % 29.57 15.2 %
Q4 2010 261.60 19.6 % 65.32 38.8 % 37.48 52.7 %
Q1 2011 205.27 39.6 % 51.53 10.5 % 35.65 15.6 %
Q2 2011 188.78 15.8 % 37.52 7.7 % 25.18 8.2 %
Q3 2011 189.04 9.2 % 24.07 (42.9 %) 12.44 (57.9 %)
Q4 2011 192.49 (26.4 %) 35.07 (46.3 %) 12.05 (67.9 %)
Q1 2012 221.00 7.7 % 51.72 0.4 % 36.72 3.0 %
Q2 2012 196.45 4.1 % 46.11 22.9 % 31.48 25.1 %
Q3 2012 244.47 29.3 % 62.13 158.1 % 28.68 130.5 %
Q4 2012 202.92 5.4 % 63.70 81.6 % 37.81 213.9 %
Q1 2013 205.42 (7.0 %) 53.67 3.8 % 33.99 (7.4 %)
Q2 2013 223.45 13.7 % 55.04 19.4 % 35.34 12.2 %
Q3 2013 271.60 11.1 % 80.29 29.2 % 46.55 62.3 %
Q4 2013 270.94 33.5 % 87.24 37.0 % 50.75 34.2 %
Q1 2014 268.97 30.9 % 72.41 34.9 % 46.09 35.6 %
Q2 2014 267.63 19.8 % 67.50 22.7 % 41.59 17.7 %
Q3 2014 283.60 4.4 % 75.60 (5.8 %) 45.67 (1.9 %)
Q4 2014 284.75 5.1 % 79.64 (8.7 %) 40.02 (21.1 %)
Q1 2015 275.44 2.4 % 67.16 (7.3 %) 34.43 (25.3 %)
Q2 2015 237.15 (11.4 %) 58.82 (12.9 %) 22.53 (45.8 %)
Q3 2015 228.40 (19.5 %) 48.40 (36.0 %) 7.35 (83.9 %)
Q4 2015 286.90 0.8 % 80.13 0.6 % 33.62 (16.0 %)
Q1 2016 271.78 (1.3 %) 74.95 11.6 % 39.13 13.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 27.06 19.2 % 0.90 - 27.06 0.90
Q2 2007 23.08 (13.5 %) 0.76 - 23.08 0.76
Q3 2007 38.26 76.0 % 1.27 - 38.26 1.27
Q4 2007 28.91 56.0 % 0.96 - 28.91 0.96
Q1 2008 56.27 107.9 % 1.86 - 56.27 1.86
Q2 2008 67.30 191.6 % 2.23 - 67.30 2.23
Q3 2008 49.20 28.6 % 1.63 - 49.20 1.63
Q4 2008 41.27 42.8 % 1.37 - 41.27 1.37
Q1 2009 57.95 3.0 % 1.92 - 57.95 1.92
Q2 2009 18.61 (72.4 %) 0.62 - 18.61 0.62
Q3 2009 24.43 (50.3 %) 0.81 - 24.43 0.81
Q4 2009 22.72 (44.9 %) 0.75 - 22.72 0.75
Q1 2010 24.15 (58.3 %) 0.80 - 24.15 0.80
Q2 2010 14.52 (22.0 %) 0.48 - 14.52 0.48
Q3 2010 (2.30) (109.4 %) (0.08) - (2.30) (0.08)
Q4 2010 24.67 8.6 % 0.82 (40.73) 65.40 2.16
Q1 2011 32.23 33.5 % 1.07 - 32.23 1.07
Q2 2011 21.38 47.3 % 0.71 - 21.38 0.71
Q3 2011 12.75 653.4 % 0.42 - 12.75 0.42
Q4 2011 11.53 (53.3 %) 0.38 - 11.53 0.38
Q1 2012 31.56 (2.1 %) 1.04 - 31.56 1.04
Q2 2012 30.72 43.7 % 1.02 - 30.72 1.02
Q3 2012 25.28 98.2 % 0.84 - 25.28 0.84
Q4 2012 33.07 186.8 % 1.09 - 33.07 1.09
Q1 2013 31.72 0.5 % 1.05 - 31.72 1.05
Q2 2013 33.12 7.8 % 1.10 - 33.12 1.10
Q3 2013 44.42 75.7 % 1.47 - 44.42 1.47
Q4 2013 43.52 31.6 % 1.44 - 43.52 1.44
Q1 2014 43.52 37.2 % 1.44 - 43.52 1.44
Q2 2014 40.78 23.1 % 1.35 - 40.78 1.35
Q3 2014 43.12 (2.9 %) 1.43 - 43.12 1.43
Q4 2014 29.27 (32.7 %) 0.97 - 29.27 0.97
Q1 2015 30.04 (31.0 %) 0.99 - 30.04 0.99
Q2 2015 17.02 (58.3 %) 0.56 - 17.02 0.56
Q3 2015 1.95 (95.5 %) 0.06 - 1.95 0.06
Q4 2015 27.10 (7.4 %) 0.90 - 27.10 0.90
Q1 2016 31.77 5.8 % 1.05 - 31.77 1.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 36.43 % 27.41 % 22.60 %
Q2 2007 32.72 % 27.15 % 21.10 %
Q3 2007 28.79 % 25.88 % 19.10 %
Q4 2007 25.57 % 22.96 % 17.00 %
Q1 2008 25.51 % 24.52 % 17.78 %
Q2 2008 27.53 % 25.03 % 19.07 %
Q3 2008 29.51 % 26.38 % 20.09 %
Q4 2008 26.84 % 24.48 % 18.79 %
Q1 2009 26.20 % 23.82 % 18.49 %
Q2 2009 25.09 % 22.18 % 16.63 %
Q3 2009 23.13 % 21.26 % 15.55 %
Q4 2009 24.23 % 20.94 % 14.53 %
Q1 2010 24.76 % 20.68 % 13.01 %
Q2 2010 23.55 % 20.77 % 12.29 %
Q3 2010 24.32 % 20.64 % 8.42 %
Q4 2010 25.37 % 20.80 % 13.66 %
Q1 2011 24.14 % 19.95 % 13.68 %
Q2 2011 23.71 % 19.80 % 14.08 %
Q3 2011 21.12 % 18.17 % 15.60 %
Q4 2011 19.11 % 17.38 % 10.04 %
Q1 2012 18.75 % 18.31 % 9.76 %
Q2 2012 19.65 % 20.12 % 10.83 %
Q3 2012 22.83 % 21.20 % 11.60 %
Q4 2012 25.86 % 24.17 % 13.95 %
Q1 2013 26.57 % 24.38 % 14.22 %
Q2 2013 26.77 % 24.06 % 14.06 %
Q3 2013 27.97 % 25.56 % 15.75 %
Q4 2013 28.44 % 25.00 % 15.73 %
Q1 2014 28.50 % 24.75 % 15.90 %
Q2 2014 28.49 % 25.28 % 15.96 %
Q3 2014 27.75 % 26.09 % 15.67 %
Q4 2014 26.71 % 26.19 % 14.18 %
Q1 2015 26.08 % 25.83 % 12.89 %
Q2 2015 26.02 % 24.40 % 11.05 %
Q3 2015 24.76 % 21.56 % 7.63 %
Q4 2015 24.76 % 20.33 % 7.40 %
Q1 2016 25.61 % 20.64 % 7.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 30.23 3.11 3.11 15.99
Q2 2007 30.23 2.99 2.99 15.26
Q3 2007 30.23 3.54 3.54 16.53
Q4 2007 30.23 3.88 3.88 17.48
Q1 2008 30.23 4.85 4.85 19.35
Q2 2008 30.23 6.31 6.31 19.55
Q3 2008 30.23 6.67 6.67 21.19
Q4 2008 30.23 7.08 7.08 22.54
Q1 2009 30.23 7.14 7.14 24.48
Q2 2009 30.23 5.52 5.52 21.63
Q3 2009 30.23 4.71 4.71 22.44
Q4 2009 30.23 4.09 4.09 23.20
Q1 2010 30.23 2.97 2.97 23.99
Q2 2010 30.23 2.84 2.84 22.49
Q3 2010 30.23 1.95 1.95 22.41
Q4 2010 30.23 2.02 3.37 23.21
Q1 2011 30.23 2.29 3.63 24.28
Q2 2011 30.23 2.51 3.86 24.01
Q3 2011 30.23 3.01 4.36 24.33
Q4 2011 30.23 2.58 2.58 24.54
Q1 2012 30.23 2.55 2.55 25.48
Q2 2012 30.23 2.86 2.86 25.13
Q3 2012 30.23 3.28 3.28 25.99
Q4 2012 30.23 3.99 3.99 27.21
Q1 2013 30.23 3.99 3.99 28.30
Q2 2013 30.23 4.07 4.07 27.54
Q3 2013 30.23 4.71 4.71 28.21
Q4 2013 30.23 5.05 5.05 29.59
Q1 2014 30.23 5.44 5.44 31.03
Q2 2014 30.23 5.70 5.70 29.90
Q3 2014 30.23 5.65 5.65 31.25
Q4 2014 30.23 5.18 5.18 32.11
Q1 2015 30.23 4.74 4.74 32.79
Q2 2015 30.23 3.95 3.95 31.31
Q3 2015 30.23 2.59 2.59 31.31
Q4 2015 30.23 2.52 2.52 32.05
Q1 2016 30.23 2.57 2.57 30.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 21.22 21.23 4.13
Q2 2007 18.75 18.75 3.67
Q3 2007 16.62 16.62 3.56
Q4 2007 17.58 17.58 3.90
Q1 2008 12.95 12.95 3.24
Q2 2008 15.14 15.14 4.88
Q3 2008 13.31 13.31 4.19
Q4 2008 10.48 10.48 3.29
Q1 2009 8.45 8.45 2.46
Q2 2009 12.03 12.03 3.07
Q3 2009 13.13 13.13 2.75
Q4 2009 14.85 14.85 2.62
Q1 2010 20.19 20.19 2.50
Q2 2010 18.71 18.71 2.36
Q3 2010 20.51 20.51 1.79
Q4 2010 26.67 15.99 2.32
Q1 2011 23.33 14.68 2.20
Q2 2011 20.43 13.30 2.14
Q3 2011 14.46 9.99 1.79
Q4 2011 16.83 16.83 1.77
Q1 2012 20.69 20.69 2.07
Q2 2012 13.03 13.03 1.48
Q3 2012 12.55 12.55 1.58
Q4 2012 10.34 10.34 1.52
Q1 2013 11.72 11.72 1.65
Q2 2013 12.14 12.14 1.80
Q3 2013 12.59 12.59 2.10
Q4 2013 14.33 14.33 2.45
Q1 2014 20.60 20.60 3.61
Q2 2014 20.56 20.56 3.92
Q3 2014 21.22 21.22 3.84
Q4 2014 13.85 13.85 2.24
Q1 2015 16.63 16.63 2.40
Q2 2015 19.69 19.69 2.49
Q3 2015 18.17 18.17 1.50
Q4 2015 19.25 19.25 1.51
Q1 2016 18.59 18.59 1.56

Business Segments (Million)

Compared With The
Period Manufacture & sale property Leasing Paints
Q1 2007 136.80 9.09 -
Q2 2007 118.17 23.28 -
Q3 2007 224.35 31.72 -
Q4 2007 110.79 36.01 -
Q1 2008 236.09 43.70 -
Q2 2008 276.44 41.12 -
Q3 2008 211.20 48.50 -
Q4 2008 236.08 45.76 -
Q1 2009 268.12 39.51 -
Q2 2009 125.81 29.72 -
Q3 2009 142.97 26.76 -
Q4 2009 194.03 24.64 -
Q1 2010 123.13 23.86 -
Q2 2010 138.04 24.94 -
Q3 2010 147.60 25.54 -
Q4 2010 232.96 28.64 -
Q1 2011 174.05 31.22 -
Q2 2011 147.47 41.30 -
Q3 2011 137.09 51.95 -
Q4 2011 126.68 65.81 -
Q1 2012 158.87 62.12 -
Q2 2012 124.75 71.70 -
Q3 2012 172.46 72.02 -
Q4 2012 124.61 78.31 -
Q1 2013 133.49 71.86 0.07
Q2 2013 144.10 78.09 1.27
Q3 2013 198.44 70.55 2.61
Q4 2013 187.31 81.05 2.57
Q1 2014 177.96 87.55 3.46
Q2 2014 161.40 101.21 5.02
Q3 2014 190.82 85.23 7.56
Q4 2014 193.96 86.47 4.32
Q1 2015 165.59 101.37 8.48
Q2 2015 125.78 99.86 11.52
Q3 2015 109.04 107.64 11.72
Q4 2015 144.92 129.91 12.08
Q1 2016 144.90 109.31 17.57


Financial Ratios
Current
Market Cap (M Riyal) 1,100.37
Enterprise Value (EV) (M) 1,733.03
Shares Outstanding ((M)) 30.23
EPS ( Riyal) (TTM) (2.07)
Book Value (BV) ( Riyal) 0.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) NEG
Price/book 151.34
Return on Average Assets (%) (TTM) (2.28 )
Return on Average Equity (%) (TTM) (160.49 )
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Share Price

Red Sea International Co.
36.40
1.10 3.12 %

Red Sea International Co. (RED SEA)

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