Financial Results : SISCO posts lower net profit at SAR 12.4m in Q1 of 2014

SISCO posts lower net profit at SAR 12.4m in Q1 of 2014

21/04/2014 Argaam Exclusive

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Saudi Industrial Services Company, reported SAR 124m net profit at the end of the first quarter of 2014, a 7% decrease compared to the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 123.55 121.44 (1.7 %)
Gross Income 61.47 56.32 (8.4 %)
Operating Income 34.75 27.05 (22.2 %)
Net Income 13.44 12.37 (8.0 %)
Average Shares 81.60 81.60 -
EPS (Riyals) 0.16 0.15 (8.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 12.20 (2.6 %) 0.88 (30.1 %) (2.66) (41.2 %)
Q2 2005 12.67 (1.0 %) 0.99 (19.4 %) (3.08) (73.8 %)
Q3 2005 30.34 144.2 % 10.44 1138.4 % 1.47 170.1 %
Q4 2005 18.95 53.4 % 4.79 494.0 % (2.07) 32.1 %
Q1 2006 18.58 52.3 % 4.52 415.8 % (0.98) 63.1 %
Q2 2006 17.68 39.5 % 5.10 412.7 % (0.42) 86.4 %
Q3 2006 16.20 (46.6 %) 5.41 (48.2 %) 0.60 (59.4 %)
Q4 2006 21.60 14.0 % 9.54 99.3 % 3.13 250.9 %
Q1 2007 22.50 21.1 % 8.02 77.2 % 1.36 238.4 %
Q2 2007 26.96 52.5 % 11.50 125.6 % 5.78 1478.8 %
Q3 2007 29.61 82.7 % 12.75 135.7 % 6.94 1065.1 %
Q4 2007 28.74 33.1 % 10.89 14.2 % 0.79 (74.7 %)
Q1 2008 31.49 40.0 % 13.12 63.7 % 3.57 162.2 %
Q2 2008 34.04 26.3 % 15.35 33.5 % 4.20 (27.2 %)
Q3 2008 34.65 17.0 % 15.34 20.3 % 4.58 (34.0 %)
Q4 2008 35.07 22.0 % 16.37 50.3 % 0.40 (49.2 %)
Q1 2009 35.07 11.4 % 16.45 25.4 % 4.45 24.8 %
Q2 2009 37.19 9.3 % 17.62 14.8 % (0.23) (105.4 %)
Q3 2009 36.15 4.3 % 16.96 10.5 % 2.05 (55.4 %)
Q4 2009 30.48 (13.1 %) 13.89 (15.2 %) 2.87 614.9 %
Q1 2010 55.16 57.3 % 20.58 25.1 % 6.39 43.6 %
Q2 2010 67.11 80.5 % 28.08 59.3 % 7.15 3248.5 %
Q3 2010 77.23 113.6 % 31.46 85.5 % 14.90 628.8 %
Q4 2010 82.34 170.1 % 28.37 104.2 % 6.68 132.3 %
Q1 2011 79.19 43.6 % 31.46 52.8 % 9.48 48.4 %
Q2 2011 96.20 43.3 % 39.31 40.0 % 17.56 145.8 %
Q3 2011 110.78 43.4 % 52.49 66.8 % 26.92 80.6 %
Q4 2011 112.09 36.1 % 40.08 41.3 % 5.22 (21.9 %)
Q1 2012 107.73 36.0 % 47.39 50.6 % 17.06 79.9 %
Q2 2012 121.48 26.3 % 51.84 31.9 % 28.58 62.7 %
Q3 2012 122.98 11.0 % 54.91 4.6 % 33.72 25.2 %
Q4 2012 121.25 8.2 % 61.64 53.8 % 32.04 514.3 %
Q1 2013 123.55 14.7 % 61.47 29.7 % 34.75 103.7 %
Q2 2013 142.55 17.3 % 76.21 47.0 % 44.07 54.2 %
Q3 2013 128.33 4.3 % 62.64 14.1 % 31.20 (7.5 %)
Q4 2013 125.60 3.6 % 59.30 (3.8 %) 33.37 4.2 %
Q1 2014 121.44 (1.7 %) 56.32 (8.4 %) 27.05 (22.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 (0.73) (108.3 %) (0.01) - (0.73) (0.01)
Q2 2005 (1.83) (148.9 %) (0.03) - (1.83) (0.03)
Q3 2005 10.05 1043.0 % 0.16 - 10.05 0.16
Q4 2005 5.43 305.3 % 0.09 - 5.43 0.09
Q1 2006 0.97 234.2 % 0.02 - 0.97 0.02
Q2 2006 0.78 142.9 % 0.01 - 0.78 0.01
Q3 2006 0.67 (93.3 %) 0.01 - 0.67 0.01
Q4 2006 2.67 (50.9 %) 0.04 - 2.67 0.04
Q1 2007 1.07 10.2 % 0.02 - 1.07 0.02
Q2 2007 2.72 247.3 % 0.04 - 2.72 0.04
Q3 2007 2.42 260.0 % 0.04 - 2.42 0.04
Q4 2007 (11.53) (532.3 %) (0.19) 2.21 (13.74) (0.22)
Q1 2008 (0.26) (124.0 %) 0.00 - (0.26) 0.00
Q2 2008 0.90 (67.0 %) 0.01 - 0.90 0.01
Q3 2008 1.04 (57.2 %) 0.01 - 1.04 0.01
Q4 2008 (25.88) (124.5 %) (0.32) - (25.88) (0.32)
Q1 2009 0.70 369.4 % 0.01 - 0.70 0.01
Q2 2009 (1.99) (322.3 %) (0.02) - (1.99) (0.02)
Q3 2009 0.77 (25.3 %) 0.01 - 0.77 0.01
Q4 2009 1.77 106.8 % 0.02 - 1.77 0.02
Q1 2010 2.10 201.7 % 0.03 - 2.10 0.03
Q2 2010 2.21 211.1 % 0.03 - 2.21 0.03
Q3 2010 0.23 (70.0 %) 0.00 - 0.23 0.00
Q4 2010 (2.42) (236.4 %) (0.03) - (2.42) (0.03)
Q1 2011 (0.78) (137.4 %) (0.01) - (0.78) (0.01)
Q2 2011 5.35 141.5 % 0.07 - 5.35 0.07
Q3 2011 7.00 2915.1 % 0.09 - 7.00 0.09
Q4 2011 (0.51) 78.7 % (0.01) - (0.51) (0.01)
Q1 2012 6.49 927.4 % 0.08 10.00 (3.51) (0.04)
Q2 2012 10.97 105.1 % 0.13 - 10.97 0.13
Q3 2012 11.92 70.4 % 0.15 - 11.92 0.15
Q4 2012 8.86 1823.0 % 0.11 (0.17) 9.03 0.11
Q1 2013 13.44 107.2 % 0.16 (0.05) 13.49 0.17
Q2 2013 19.59 78.7 % 0.24 (0.19) 19.79 0.24
Q3 2013 11.25 (5.7 %) 0.14 (0.12) 11.37 0.14
Q4 2013 11.76 32.8 % 0.14 (1.12) 12.88 0.16
Q1 2014 12.37 (8.0 %) 0.15 5.74 6.63 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 7.55 % (6.76 %) (10.39 %)
Q2 2005 7.09 % (8.66 %) (12.62 %)
Q3 2005 19.41 % 4.77 % 7.18 %
Q4 2005 23.06 % 8.22 % 17.44 %
Q1 2006 25.76 % 11.14 % 18.16 %
Q2 2006 29.04 % 15.10 % 20.15 %
Q3 2006 27.75 % 13.99 % 11.01 %
Q4 2006 33.18 % 21.22 % 6.88 %
Q1 2007 35.99 % 26.24 % 6.66 %
Q2 2007 39.50 % 33.13 % 8.17 %
Q3 2007 41.53 % 37.18 % 8.82 %
Q4 2007 40.04 % 33.95 % (6.98 %)
Q1 2008 41.33 % 33.19 % (7.58 %)
Q2 2008 42.08 % 30.05 % (8.62 %)
Q3 2008 42.44 % 24.71 % (9.36 %)
Q4 2008 44.51 % 25.43 % (17.90 %)
Q1 2009 45.76 % 25.53 % (16.75 %)
Q2 2009 46.34 % 21.50 % (18.41 %)
Q3 2009 46.98 % 23.08 % (18.40 %)
Q4 2009 46.74 % 24.33 % 0.90 %
Q1 2010 43.44 % 28.07 % 1.67 %
Q2 2010 42.09 % 33.58 % 3.63 %
Q3 2010 40.88 % 37.29 % 2.74 %
Q4 2010 38.50 % 38.46 % 0.76 %
Q1 2011 39.03 % 39.26 % (0.25 %)
Q2 2011 38.99 % 40.90 % 0.71 %
Q3 2011 41.15 % 42.44 % 2.48 %
Q4 2011 41.01 % 39.13 % 2.77 %
Q1 2012 42.00 % 38.90 % 1.95 %
Q2 2012 42.43 % 39.65 % 3.08 %
Q3 2012 41.83 % 40.81 % 4.06 %
Q4 2012 45.58 % 45.44 % 6.00 %
Q1 2013 46.98 % 47.60 % 9.28 %
Q2 2013 49.82 % 48.95 % 10.63 %
Q3 2013 50.80 % 47.87 % 10.41 %
Q4 2013 49.93 % 47.92 % 11.06 %
Q1 2014 49.13 % 46.89 % 9.78 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 61.11 (0.08) (0.08) 6.70
Q2 2005 61.11 (0.10) (0.10) 6.67
Q3 2005 61.11 0.08 0.08 7.27
Q4 2005 61.11 0.21 0.21 7.43
Q1 2006 61.11 0.24 0.24 7.43
Q2 2006 61.11 0.28 0.28 7.27
Q3 2006 61.11 0.13 0.13 7.19
Q4 2006 61.11 0.08 0.08 7.04
Q1 2007 61.11 0.09 0.09 7.06
Q2 2007 61.11 0.12 0.12 7.08
Q3 2007 61.11 0.15 0.15 7.18
Q4 2007 61.11 (0.09) (0.12) 6.97
Q1 2008 61.11 (0.11) (0.14) 6.89
Q2 2008 61.11 (0.14) (0.17) 6.95
Q3 2008 81.60 (0.12) (0.15) 9.00
Q4 2008 81.60 (0.30) (0.30) 8.84
Q1 2009 81.60 (0.28) (0.28) 8.85
Q2 2009 81.60 (0.32) (0.32) 8.87
Q3 2009 81.60 (0.32) (0.32) 8.92
Q4 2009 81.60 0.02 0.02 8.94
Q1 2010 81.60 0.03 0.03 9.02
Q2 2010 81.60 0.08 0.08 9.02
Q3 2010 81.60 0.08 0.08 9.04
Q4 2010 81.60 0.03 0.03 8.89
Q1 2011 81.60 (0.01) (0.01) 8.88
Q2 2011 81.60 0.03 0.03 8.94
Q3 2011 81.60 0.11 0.11 9.03
Q4 2011 81.60 0.14 0.14 9.02
Q1 2012 81.60 0.22 0.10 9.06
Q2 2012 81.60 0.29 0.17 9.14
Q3 2012 81.60 0.35 0.23 9.21
Q4 2012 81.60 0.47 0.35 9.39
Q1 2013 81.60 0.55 0.56 9.51
Q2 2013 81.60 0.66 0.66 9.83
Q3 2013 81.60 0.65 0.66 9.93
Q4 2013 81.60 0.69 0.70 10.13
Q1 2014 81.60 0.67 0.62 10.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 NEG NEG 2.90
Q2 2005 NEG NEG 4.14
Q3 2005 More than 100 More than 100 6.67
Q4 2005 More than 100 More than 100 8.82
Q1 2006 More than 100 More than 100 7.51
Q2 2006 More than 100 More than 100 7.47
Q3 2006 More than 100 More than 100 16.19
Q4 2006 More than 100 More than 100 4.07
Q1 2007 More than 100 More than 100 3.88
Q2 2007 More than 100 More than 100 3.10
Q3 2007 More than 100 More than 100 3.69
Q4 2007 NEG NEG 4.33
Q1 2008 NEG NEG 3.00
Q2 2008 NEG NEG 3.32
Q3 2008 NEG NEG 1.23
Q4 2008 NEG NEG 0.89
Q1 2009 NEG NEG 0.88
Q2 2009 NEG NEG 1.20
Q3 2009 NEG NEG 1.50
Q4 2009 More than 100 More than 100 1.38
Q1 2010 More than 100 More than 100 1.47
Q2 2010 More than 100 More than 100 1.15
Q3 2010 More than 100 More than 100 1.52
Q4 2010 More than 100 More than 100 1.41
Q1 2011 NEG NEG 1.23
Q2 2011 More than 100 More than 100 1.36
Q3 2011 89.96 89.96 1.12
Q4 2011 81.57 81.57 1.22
Q1 2012 71.82 More than 100 1.78
Q2 2012 37.06 63.66 1.19
Q3 2012 35.46 54.26 1.36
Q4 2012 24.27 32.67 1.21
Q1 2013 22.34 22.23 1.30
Q2 2013 17.24 17.11 1.16
Q3 2013 19.26 19.06 1.26
Q4 2013 20.44 19.92 1.39
Q1 2014 22.01 23.89 1.45

Business Segments (Million)

Compared With The
Period Port development and operation Logistics spaces and support services Water desalination and distriution Industrial support service
Q1 2007 - 3.04 12.30 7.16
Q2 2007 - 3.74 15.54 7.68
Q3 2007 - 3.94 17.41 8.26
Q4 2007 - 4.01 17.01 7.72
Q1 2008 - 6.39 16.26 8.83
Q2 2008 - 6.89 17.75 9.40
Q3 2008 - 7.07 18.43 9.14
Q4 2008 - 8.51 17.65 8.92
Q1 2009 - 9.51 16.53 9.03
Q2 2009 - 10.31 17.91 8.97
Q3 2009 - 10.26 17.64 8.26
Q4 2009 0.71 2.41 18.60 8.76
Q1 2010 17.07 9.62 19.02 9.46
Q2 2010 26.99 9.43 20.87 9.82
Q3 2010 38.43 10.26 19.19 9.34
Q4 2010 38.80 14.44 19.58 9.53
Q1 2011 41.06 10.72 17.98 9.44
Q2 2011 56.92 11.02 18.08 10.18
Q3 2011 71.30 10.80 18.94 9.73
Q4 2011 70.48 12.27 18.92 10.43
Q1 2012 65.58 13.96 18.05 10.15
Q2 2012 77.66 15.32 17.82 10.67
Q3 2012 80.89 17.25 15.26 9.57
Q4 2012 81.33 18.56 14.56 6.81
Q1 2013 81.71 17.89 17.10 6.86
Q2 2013 97.91 17.70 19.94 7.00
Q3 2013 90.45 18.80 12.11 6.97
Q4 2013 82.45 21.26 18.56 3.32
Q1 2014 74.88 22.26 19.29 5.01


Financial Ratios
Current
Market Cap (M Riyal) 2,386.80
Enterprise Value (EV) (M) 3,651.97
Shares Outstanding ((M)) 81.60
EPS ( Riyal) (TTM) (0.16)
Book Value (BV) ( Riyal) 17.76
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 44.41
P/E (TTM) NEG
Price/book 1.65
Return on Average Assets (%) (TTM) (0.23 )
Return on Average Equity (%) (TTM) (0.89 )
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Share Price

Sustained Infrastructure Holding Co.
29.25
(0.10) (0.34 %)

Sustained Infrastructure Holding Co. (SISCO HOLDING)

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