Al Tayyar’s FY17 net profit slumps 39% on lower revenue

11/02/2018 Argaam Exclusive

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Al Tayyar Travel Group Holding Co. (Al Tayyar) reported a net profit of SAR 497 million for fiscal year 2017, down 39 percent year-on-year (YoY) due to lower revenue as the company resorted to competitive pricing for some services to protect and increase its market share, leading on an impact on Al Tayyar’s margins.

 

The firm also noted an increase in general and administrative expenses due to the consolidation of Portman Group and start of commercial operation of hospitality assets.



Financials (M)

Item 2016 2017 Change‬
Revenues 2,144.47 2,107.02 (1.7 %)
Gross Income 1,670.60 1,603.08 (4.0 %)
Operating Income 995.11 775.43 (22.1 %)
Net Income 813.77 496.80 (39.0 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 2.71 1.66 (39.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 464.67 577.87 24.4 %
Gross Income 358.07 466.87 30.4 %
Operating Income 153.74 186.52 21.3 %
Net Income 139.03 16.36 (88.2 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.46 0.05 (88.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 1,103.48 - 249.93 - 175.61 -
Q4 2011 1,254.91 - 217.35 - 118.11 -
Q1 2012 1,352.82 - 241.76 - 152.52 -
Q2 2012 1,407.64 - 370.46 - 262.09 -
Q3 2012 1,300.42 17.8 % 289.76 15.9 % 206.63 17.7 %
Q4 2012 1,329.07 5.9 % 246.57 13.4 % 154.08 30.5 %
Q1 2013 1,554.96 14.9 % 301.55 24.7 % 204.66 34.2 %
Q2 2013 1,670.42 18.7 % 402.69 8.7 % 289.32 10.4 %
Q3 2013 1,441.91 10.9 % 298.39 3.0 % 201.67 (2.4 %)
Q4 2013 1,592.99 19.9 % 338.79 37.4 % 199.36 29.4 %
Q1 2014 1,790.31 15.1 % 363.26 20.5 % 242.13 18.3 %
Q2 2014 1,977.95 18.4 % 476.19 18.3 % 345.56 19.4 %
Q3 2014 1,759.46 22.0 % 375.62 25.9 % 234.90 16.5 %
Q4 2014 2,185.93 37.2 % 408.06 20.4 % 247.17 24.0 %
Q1 2015 2,152.58 20.2 % 441.08 21.4 % 284.32 17.4 %
Q2 2015 2,386.89 20.7 % 545.42 14.5 % 383.61 11.0 %
Q3 2015 1,906.81 8.4 % 387.72 3.2 % 223.28 (4.9 %)
Q4 2015 2,184.77 (0.1 %) 416.77 2.1 % 216.72 (12.3 %)
Q1 2016 534.96 (75.1 %) 402.93 (8.6 %) 241.23 (15.2 %)
Q2 2016 621.39 (74.0 %) 525.22 (3.7 %) 362.71 (5.4 %)
Q3 2016 523.45 (72.5 %) 384.37 (0.9 %) 237.42 6.3 %
Q4 2016 464.67 (78.7 %) 358.07 (14.1 %) 153.74 (29.1 %)
Q1 2017 466.62 (12.8 %) 346.59 (14.0 %) 169.37 (29.8 %)
Q2 2017 573.51 (7.7 %) 435.40 (17.1 %) 249.21 (31.3 %)
Q3 2017 489.02 (6.6 %) 354.22 (7.8 %) 170.33 (28.3 %)
Q4 2017 577.87 24.4 % 466.87 30.4 % 186.52 21.3 %
2017 2,107.02 (1.7 %) 1,603.08 (4.0 %) 775.43 (22.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 174.23 - 0.61 - 174.23 0.61
Q4 2011 113.07 - 0.40 - 113.07 0.40
Q1 2012 152.87 - 0.53 - 152.87 0.53
Q2 2012 243.96 - 0.85 - 243.96 0.85
Q3 2012 201.34 15.6 % 0.70 - 201.34 0.70
Q4 2012 157.21 39.0 % 0.55 - 157.21 0.55
Q1 2013 217.90 42.5 % 0.76 2.17 215.73 0.75
Q2 2013 336.18 37.8 % 1.17 34.71 301.47 1.05
Q3 2013 214.87 6.7 % 0.75 (1.60) 216.46 0.76
Q4 2013 208.27 32.5 % 0.73 3.24 205.03 0.72
Q1 2014 280.00 28.5 % 0.98 29.12 250.88 0.88
Q2 2014 363.69 8.2 % 1.27 (0.20) 363.89 1.27
Q3 2014 243.77 13.5 % 0.85 0.95 242.82 0.85
Q4 2014 231.47 11.1 % 0.81 (31.69) 263.16 0.92
Q1 2015 285.63 2.0 % 1.00 - 285.63 1.00
Q2 2015 395.55 8.8 % 1.38 (20.00) 415.55 1.45
Q3 2015 265.12 8.8 % 0.93 (10.00) 275.12 0.96
Q4 2015 215.26 (7.0 %) 0.75 (37.10) 252.36 0.88
Q1 2016 191.05 (33.1 %) 0.64 (24.87) 215.91 0.72
Q2 2016 296.85 (25.0 %) 0.99 (48.67) 345.52 1.15
Q3 2016 186.84 (29.5 %) 0.62 (7.74) 194.58 0.65
Q4 2016 139.03 (35.4 %) 0.46 10.12 128.91 0.43
Q1 2017 136.73 (28.4 %) 0.46 - 136.73 0.46
Q2 2017 211.94 (28.6 %) 0.71 - 211.94 0.71
Q3 2017 131.77 (29.5 %) 0.44 - 131.77 0.44
Q4 2017 16.36 (88.2 %) 0.05 (74.40) 90.76 0.30
2017 496.80 (39.0 %) 1.66 (74.40) 571.19 1.90

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 21.09 % 14.53 % 13.36 %
Q3 2012 21.06 % 14.61 % 13.38 %
Q4 2012 21.31 % 15.13 % 14.01 %
Q1 2013 21.61 % 15.53 % 14.63 %
Q2 2013 21.19 % 15.31 % 14.96 %
Q3 2013 20.83 % 14.88 % 14.86 %
Q4 2013 21.43 % 15.01 % 14.99 %
Q1 2014 21.60 % 15.06 % 14.99 %
Q2 2014 21.71 % 15.24 % 15.23 %
Q3 2014 21.82 % 15.06 % 14.92 %
Q4 2014 21.04 % 14.66 % 14.53 %
Q1 2015 21.06 % 14.63 % 14.31 %
Q2 2015 20.86 % 14.45 % 14.23 %
Q3 2015 20.65 % 14.19 % 14.36 %
Q4 2015 20.75 % 13.90 % 14.24 %
Q1 2016 24.99 % 16.54 % 16.52 %
Q2 2016 33.02 % 21.81 % 20.75 %
Q3 2016 44.75 % 29.96 % 26.09 %
Q4 2016 77.90 % 51.05 % 41.27 %
Q1 2017 77.75 % 49.56 % 38.81 %
Q2 2017 75.16 % 45.21 % 33.14 %
Q3 2017 74.95 % 42.99 % 30.56 %
Q4 2017 76.08 % 42.76 % 27.11 %
2017 76.08 % 42.76 % 27.11 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 286.19 - - 4.39
Q4 2011 286.19 - - 4.09
Q1 2012 286.19 - - 4.62
Q2 2012 286.19 2.39 2.39 5.48
Q3 2012 286.19 2.49 2.49 5.48
Q4 2012 286.19 2.64 2.64 6.02
Q1 2013 286.19 2.87 2.86 6.05
Q2 2013 286.19 3.19 3.06 7.22
Q3 2013 286.19 3.24 3.11 7.13
Q4 2013 286.19 3.41 3.28 7.86
Q1 2014 286.19 3.63 3.40 7.88
Q2 2014 286.19 3.73 3.62 9.26
Q3 2014 286.19 3.83 3.71 9.12
Q4 2014 286.19 3.91 3.92 9.93
Q1 2015 286.19 3.93 4.04 10.83
Q2 2015 286.19 4.04 4.22 12.25
Q3 2015 286.19 4.12 4.33 13.14
Q4 2015 286.19 4.06 4.29 13.88
Q1 2016 300.00 3.56 3.86 16.80
Q2 2016 300.00 3.23 3.63 17.77
Q3 2016 300.00 2.97 3.36 18.39
Q4 2016 300.00 2.71 2.95 18.67
Q1 2017 300.00 2.53 2.69 19.17
Q2 2017 300.00 2.25 2.24 19.90
Q3 2017 300.00 2.06 2.03 20.03
Q4 2017 300.00 1.66 1.90 20.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 7.97 7.97 3.48
Q3 2012 7.52 7.52 3.41
Q4 2012 7.03 7.03 3.08
Q1 2013 9.26 9.28 4.39
Q2 2013 9.07 9.45 4.01
Q3 2013 12.30 12.79 5.58
Q4 2013 13.78 14.35 5.99
Q1 2014 17.26 18.42 7.96
Q2 2014 17.68 18.20 7.12
Q3 2014 20.73 21.37 8.70
Q4 2014 16.73 16.71 6.59
Q1 2015 18.82 18.32 6.83
Q2 2015 17.93 17.18 5.91
Q3 2015 13.59 12.91 4.25
Q4 2015 13.06 12.35 3.82
Q1 2016 6.89 6.34 1.46
Q2 2016 7.81 6.94 1.42
Q3 2016 6.53 5.77 1.05
Q4 2016 9.45 8.69 1.37
Q1 2017 8.50 8.01 1.12
Q2 2017 9.65 9.68 1.09
Q3 2017 11.73 11.92 1.21
Q4 2017 11.41 9.93 0.94

Business Segments (Million)

Compared With The
Period Tourism Transportation Ticketing Hospitality sector Other sectors Property rentals Airline tickets / Travel and Tourism Reservations Shipping Transportation and other Eliminations
Q3 2011 - - - - - - 1,044.47 47.70 11.32 -
Q4 2011 - - - - - - 1,189.54 46.23 19.15 -
Q1 2012 - - - - - - 1,320.08 21.04 11.69 -
Q2 2012 - - - - - - 1,368.45 27.20 12.00 -
Q3 2012 - - - - - - 1,246.42 33.22 20.78 -
Q4 2012 - - - - - - 1,273.55 35.14 20.38 -
Q1 2013 - - - - - - 1,520.17 22.99 11.80 -
Q2 2013 - - - - - - 1,619.05 34.37 16.99 -
Q3 2013 - - - - - - 1,388.81 34.46 18.64 -
Q4 2013 - - - - - - 1,537.72 37.37 17.90 -
Q1 2014 - - - - - - 1,742.78 33.01 14.52 -
Q2 2014 - - - - - - 1,925.79 39.55 12.62 -
Q3 2014 - - - - - - 1,690.47 49.80 19.19 -
Q4 2014 - - - - - - 2,098.82 39.06 45.78 -
Q1 2015 - - - - - - 2,046.43 32.89 73.26 -
Q2 2015 - - - - - - 2,257.11 51.89 77.88 -
Q3 2015 - - - - - - 1,787.27 38.38 81.06 -
Q4 2015 - - - - - - 2,055.07 36.69 93.11 -
Q1 2016 149.27 23.18 357.28 - 4.34 8.72 - - - (7.83)
Q2 2016 120.62 26.28 467.13 - 4.97 10.29 - - - (7.91)
Q3 2016 156.10 25.72 333.85 - 4.83 12.15 - - - (9.20)
Q4 2016 96.70 32.27 315.63 - 4.27 18.86 - - - (3.06)
Q1 2017 145.68 25.85 282.25 8.95 2.93 0.97 - - - -
Q2 2017 136.84 36.13 366.27 14.15 19.78 14.97 - - - (14.62)
Q3 2017 154.44 53.65 258.80 19.68 - 26.23 - - - (17.88)
Q4 2017 145.68 44.29 555.26 - 6.66 21.31 - - - (195.33)

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 125.26 16.36 (86.9 %)

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Alistithmar Capital 101.35 16.36 (83.9) %
SNB Capital 113.00 16.36 (85.5) %
AlJazira Capital 116.50 16.36 (86.0) %
OSOOL AND BAKHEET 170.20 16.36 (90.4) %


Financial Ratios
Current
Market Cap (M Riyal) 7,224.00
Enterprise Value (EV) (M) 8,608.30
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.78
Book Value (BV) ( Riyal) 22.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 48.93
P/E (TTM) 31.00
Price/book 1.07
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.8
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Share Price

Seera Group Holding
24.08
(0.08) (0.33 %)

Seera Group Holding (SEERA)

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