Financial Results : Zamil turns to losses in Q1 2019

Zamil turns to losses in Q1 2019

25/04/2019 Argaam Exclusive

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Zamil Industrial Investment Co. reported a net loss of SAR 47.15 million for the first quarter of 2019 compared to a net profit of SAR 15.57 million in the same period last year, on higher input costs, pressure on selling prices and intensive competition. The net loss was also attributed to higher financial charges, zakat, and income tax.

When compared to the previous quarter, the company’s net losses narrowed by 49.3 percent due to higher provisions taken for expected credit loss and loss from discontinued operations booked in Q4 2018. However, gross margins dropped due to lower sales in AC and Steel sector.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 970.00 1,020.98 5.3 %
Gross Income 177.03 127.76 (27.8 %)
Operating Income 43.32 (6.00) (113.9 %)
Net Income 15.57 (47.15) (402.9 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyal) 0.26 (0.79) (402.9 %)
EPS (Riyal) 0.26 (0.79) (402.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2010 55.05 4.9 % 0.92 - 55.05 0.92
Q2 2010 63.01 5.3 % 1.05 - 63.01 1.05
Q3 2010 31.74 (41.0 %) 0.53 - 31.74 0.53
Q4 2010 61.33 (4.2 %) 1.02 - 61.33 1.02
Q1 2011 36.76 (33.2 %) 0.61 - 36.76 0.61
Q2 2011 47.93 (23.9 %) 0.80 - 47.93 0.80
Q3 2011 33.55 5.7 % 0.56 - 33.55 0.56
Q4 2011 35.95 (41.4 %) 0.60 - 35.95 0.60
Q1 2012 37.51 2.1 % 0.63 - 37.51 0.63
Q2 2012 55.77 16.4 % 0.93 - 55.77 0.93
Q3 2012 46.79 39.4 % 0.78 - 46.79 0.78
Q4 2012 61.39 70.7 % 1.02 - 61.39 1.02
Q1 2013 62.69 67.1 % 1.04 - 62.69 1.04
Q2 2013 63.60 14.0 % 1.06 - 63.60 1.06
Q3 2013 48.96 4.6 % 0.82 - 48.96 0.82
Q4 2013 60.11 (2.1 %) 1.00 - 60.11 1.00
Q1 2014 66.01 5.3 % 1.10 - 66.01 1.10
Q2 2014 73.02 14.8 % 1.22 - 73.02 1.22
Q3 2014 56.39 15.2 % 0.94 - 56.39 0.94
Q4 2014 64.92 8.0 % 1.08 (9.88) 74.80 1.25
Q1 2015 73.73 11.7 % 1.23 - 73.73 1.23
Q2 2015 74.36 1.8 % 1.24 - 74.36 1.24
Q3 2015 57.46 1.9 % 0.96 - 57.46 0.96
Q4 2015 57.45 (11.5 %) 0.96 (65.85) 123.30 2.06
Q1 2016 52.90 (28.3 %) 0.88 - 52.90 0.88
Q2 2016 51.22 (31.1 %) 0.85 - 51.22 0.85
Q3 2016 41.15 (28.4 %) 0.69 - 41.15 0.69
Q4 2016 1.11 (98.1 %) 0.02 (90.32) 91.43 1.52
Q1 2017 41.78 (21.0 %) 0.70 - 41.78 0.70
Q2 2017 36.45 (28.8 %) 0.61 - 36.45 0.61
Q3 2017 21.94 (46.7 %) 0.37 - 21.94 0.37
Q4 2017 4.85 337.1 % 0.08 (10.88) 15.73 0.26
Q1 2018 15.57 (62.7 %) 0.26 - 15.57 0.26
Q2 2018 (39.77) (209.1 %) (0.66) - (39.77) (0.66)
Q3 2018 (22.58) (202.9 %) (0.38) - (22.58) (0.38)
Q4 2018 (93.06) (2017.9 %) (1.55) (96.29) 3.23 0.05
Q1 2019 (47.15) (402.9 %) (0.79) - (47.15) (0.79)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 927.09 (18.8 %) 221.50 (5.5 %) 77.12 (8.6 %)
Q2 2010 1,078.27 (6.1 %) 242.72 8.3 % 78.60 (0.9 %)
Q3 2010 963.43 2.0 % 212.14 (3.1 %) 48.21 (37.3 %)
Q4 2010 1,049.63 8.2 % 319.07 16.3 % 83.50 (35.2 %)
Q1 2011 966.72 4.3 % 220.82 (0.3 %) 59.63 (22.7 %)
Q2 2011 1,325.21 22.9 % 281.04 15.8 % 83.53 6.3 %
Q3 2011 1,167.19 21.1 % 259.49 22.3 % 72.51 50.4 %
Q4 2011 1,268.58 20.9 % 289.88 (9.1 %) 42.65 (48.9 %)
Q1 2012 1,102.10 14.0 % 240.61 9.0 % 70.81 18.7 %
Q2 2012 1,344.79 1.5 % 283.54 0.9 % 96.81 15.9 %
Q3 2012 1,281.54 9.8 % 273.15 5.3 % 83.16 14.7 %
Q4 2012 1,626.45 28.2 % 367.82 26.9 % 114.41 168.2 %
Q1 2013 1,242.94 12.8 % 299.76 24.6 % 97.17 37.2 %
Q2 2013 1,431.03 6.4 % 314.89 11.1 % 97.85 1.1 %
Q3 2013 1,374.40 7.2 % 316.78 16.0 % 87.92 5.7 %
Q4 2013 1,365.61 (16.0 %) 375.38 2.1 % 119.75 4.7 %
Q1 2014 1,292.86 4.0 % 305.51 1.9 % 94.92 (2.3 %)
Q2 2014 1,386.01 (3.1 %) 316.09 0.4 % 101.35 3.6 %
Q3 2014 1,290.68 (6.1 %) 311.69 (1.6 %) 89.71 2.0 %
Q4 2014 1,485.87 8.8 % 400.78 6.8 % 119.90 0.1 %
Q1 2015 1,258.95 (2.6 %) 305.42 0.0 % 97.49 2.7 %
Q2 2015 1,438.81 3.8 % 317.26 0.4 % 97.25 (4.1 %)
Q3 2015 1,338.31 3.7 % 308.04 (1.2 %) 86.22 (3.9 %)
Q4 2015 1,452.53 (2.2 %) 374.57 (6.5 %) 126.56 5.6 %
Q1 2016 1,223.17 (2.8 %) 281.32 (7.9 %) 78.66 (19.3 %)
Q2 2016 1,408.33 (2.1 %) 308.91 (2.6 %) 99.53 2.3 %
Q3 2016 1,099.22 (17.9 %) 241.85 (21.5 %) 73.91 (14.3 %)
Q4 2016 1,198.51 (17.5 %) 299.84 (19.9 %) 81.45 (35.6 %)
Q1 2017 997.94 (18.4 %) 209.59 (25.5 %) 64.31 (18.2 %)
Q2 2017 1,125.43 (20.1 %) 237.43 (23.1 %) 65.17 (34.5 %)
Q3 2017 1,023.00 (6.9 %) 195.24 (19.3 %) 41.08 (44.4 %)
Q4 2017 1,257.49 4.9 % 269.35 (10.2 %) 55.99 (31.3 %)
Q1 2018 970.00 (2.8 %) 177.03 (15.5 %) 43.32 (32.6 %)
Q2 2018 1,060.89 (5.7 %) 143.21 (39.7 %) (7.02) (110.8 %)
Q3 2018 1,074.18 5.0 % 163.36 (16.3 %) 6.98 (83.0 %)
Q4 2018 1,208.58 (3.9 %) 235.35 (12.6 %) 54.65 (2.4 %)
Q1 2019 1,020.98 5.3 % 127.76 (27.8 %) (6.00) (113.9 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 23.53 % 11.80 % 5.83 %
Q2 2010 24.42 % 11.94 % 6.02 %
Q3 2010 24.14 % 11.15 % 5.43 %
Q4 2010 24.77 % 10.10 % 5.25 %
Q1 2011 24.51 % 9.65 % 4.75 %
Q2 2011 24.00 % 9.48 % 4.13 %
Q3 2011 23.96 % 9.63 % 3.98 %
Q4 2011 22.24 % 8.46 % 3.26 %
Q1 2012 22.02 % 8.53 % 3.19 %
Q2 2012 21.99 % 8.65 % 3.33 %
Q3 2012 21.76 % 8.72 % 3.52 %
Q4 2012 21.76 % 9.60 % 3.76 %
Q1 2013 22.28 % 9.83 % 4.12 %
Q2 2013 22.49 % 9.71 % 4.20 %
Q3 2013 22.90 % 9.63 % 4.17 %
Q4 2013 24.14 % 10.06 % 4.35 %
Q1 2014 24.02 % 9.98 % 4.37 %
Q2 2014 24.24 % 10.24 % 4.58 %
Q3 2014 24.53 % 10.52 % 4.79 %
Q4 2014 24.45 % 10.36 % 4.95 %
Q1 2015 24.61 % 10.47 % 5.13 %
Q2 2015 24.39 % 10.36 % 5.10 %
Q3 2015 24.11 % 10.22 % 5.08 %
Q4 2015 23.78 % 10.38 % 5.99 %
Q1 2016 23.50 % 10.08 % 5.65 %
Q2 2016 23.47 % 10.07 % 5.25 %
Q3 2016 23.28 % 10.27 % 5.18 %
Q4 2016 22.96 % 9.76 % 4.80 %
Q1 2017 22.54 % 9.89 % 4.80 %
Q2 2017 22.36 % 9.67 % 4.77 %
Q3 2017 21.68 % 8.92 % 4.41 %
Q4 2017 20.70 % 8.18 % 2.63 %
Q1 2018 20.09 % 7.67 % 2.05 %
Q2 2018 18.20 % 6.04 % 0.31 %
Q3 2018 17.26 % 5.13 % (0.71 %)
Q4 2018 16.67 % 5.05 % (1.01 %)
2018 16.58 % 5.05 % (1.01 %)
Q1 2019 15.34 % 3.98 % (2.43 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 60.00 3.88 3.88 19.82
Q2 2010 60.00 3.93 3.93 20.71
Q3 2010 60.00 3.56 3.56 20.56
Q4 2010 60.00 3.52 3.52 21.48
Q1 2011 60.00 3.21 3.21 22.04
Q2 2011 60.00 2.96 2.96 22.08
Q3 2011 60.00 2.99 2.99 21.72
Q4 2011 60.00 2.57 2.57 22.49
Q1 2012 60.00 2.58 2.58 23.22
Q2 2012 60.00 2.71 2.71 23.14
Q3 2012 60.00 2.93 2.93 23.25
Q4 2012 60.00 3.36 3.36 24.15
Q1 2013 60.00 3.78 3.78 25.12
Q2 2013 60.00 3.91 3.91 25.26
Q3 2013 60.00 3.94 3.94 25.37
Q4 2013 60.00 3.92 3.92 26.81
Q1 2014 60.00 3.98 3.98 27.95
Q2 2014 60.00 4.13 4.13 28.10
Q3 2014 60.00 4.26 4.26 28.01
Q4 2014 60.00 4.34 4.50 29.04
Q1 2015 60.00 4.47 4.63 30.27
Q2 2015 60.00 4.49 4.65 30.44
Q3 2015 60.00 4.51 4.67 30.36
Q4 2015 60.00 4.38 5.48 31.42
Q1 2016 60.00 4.04 5.13 28.75
Q2 2016 60.00 3.65 4.75 32.00
Q3 2016 60.00 3.38 4.48 31.67
Q4 2016 60.00 2.44 3.95 27.97
Q1 2017 60.00 2.25 3.76 28.79
Q2 2017 60.00 2.01 3.51 28.41
Q3 2017 60.00 1.69 3.19 27.77
Q4 2017 60.00 1.75 1.93 27.75
Q1 2018 60.00 1.31 1.49 27.81
Q2 2018 60.00 0.04 0.22 26.02
Q3 2018 60.00 (0.70) (0.52) 25.66
Q4 2018 60.00 (2.33) (0.73) 23.60
Q1 2019 60.00 (3.38) (1.77) 22.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 12.99 12.99 2.54
Q2 2010 11.09 11.09 2.11
Q3 2010 12.85 12.85 2.23
Q4 2010 9.95 9.95 1.63
Q1 2011 10.64 10.64 1.55
Q2 2011 10.63 10.63 1.43
Q3 2011 9.12 9.12 1.26
Q4 2011 11.36 11.36 1.30
Q1 2012 13.01 13.01 1.45
Q2 2012 10.43 10.43 1.22
Q3 2012 10.06 10.06 1.27
Q4 2012 9.38 9.38 1.30
Q1 2013 8.87 8.87 1.33
Q2 2013 10.47 10.47 1.62
Q3 2013 12.04 12.04 1.87
Q4 2013 11.09 11.09 1.62
Q1 2014 12.88 12.88 1.83
Q2 2014 13.81 13.81 2.03
Q3 2014 15.97 15.97 2.43
Q4 2014 10.83 10.44 1.62
Q1 2015 13.01 12.55 1.92
Q2 2015 12.58 12.14 1.86
Q3 2015 8.87 8.56 1.32
Q4 2015 7.43 5.94 1.04
Q1 2016 7.24 5.69 1.02
Q2 2016 7.70 5.92 0.88
Q3 2016 6.62 5.00 0.71
Q4 2016 12.71 7.86 1.11
Q1 2017 13.20 7.92 1.03
Q2 2017 13.97 7.99 0.99
Q3 2017 15.67 8.28 0.95
Q4 2017 15.35 13.91 0.97
Q1 2018 19.41 17.06 0.92
Q2 2018 More than 100 More than 100 0.93
Q3 2018 NEG NEG 0.78
Q4 2018 NEG NEG 0.74
Q1 2019 NEG NEG 0.78

Business Segments (Million)

Compared With The
Period Iron Industry Air conditioners Manufacture Construction Insulation materials industry Corporate & Others Eliminations Headquarters & Others
Q1 2010 545.52 337.70 - 43.87 - - -
Q2 2010 572.51 460.85 - 44.91 - - -
Q3 2010 524.28 397.27 - 41.88 - - -
Q4 2010 566.99 440.40 - 42.24 - - -
Q1 2011 531.70 348.74 41.25 45.03 - - -
Q2 2011 611.56 547.89 40.58 125.18 - - -
Q3 2011 606.75 448.14 35.34 76.96 - - -
Q4 2011 666.96 491.57 32.24 77.81 - - -
Q1 2012 628.69 349.88 28.13 95.40 - - -
Q2 2012 681.91 537.38 39.57 85.93 - - -
Q3 2012 660.32 508.89 41.48 70.70 - - 0.15
Q4 2012 718.44 788.41 47.27 70.93 - - 1.39
Q1 2013 647.71 474.88 - 71.77 - - 48.58
Q2 2013 657.97 648.27 - 75.26 - - 49.53
Q3 2013 655.39 602.72 - 74.09 - - 42.20
Q4 2013 736.22 502.51 - 77.52 - - 49.36
Q1 2014 658.11 502.69 - 73.96 - - 58.11
Q2 2014 637.54 610.58 - 78.32 - - 59.58
Q3 2014 571.21 601.45 - 74.93 - - 43.08
Q4 2014 668.66 749.08 - 65.73 - - 2.40
Q1 2015 628.68 547.19 - 81.12 - - 1.96
Q2 2015 650.62 698.85 - 87.67 - - 1.67
Q3 2015 694.71 569.05 - 73.52 - - 1.03
Q4 2015 709.80 661.12 - 79.08 - - 2.53
Q1 2016 640.12 496.61 - 85.22 6.27 (5.04) -
Q2 2016 629.07 692.41 - 85.58 6.85 (5.58) -
Q3 2016 544.81 475.69 - 77.21 6.39 (4.88) -
Q4 2016 548.25 576.34 - 98.78 8.44 (33.29) -
Q1 2017 508.55 407.19 - 84.88 7.27 (9.96) -
Q2 2017 485.96 566.05 - 74.75 2.22 (3.56) -
Q3 2017 445.42 506.96 - 71.33 3.78 (4.49) -
Q4 2017 529.71 664.59 - 68.63 5.73 (11.17) -
Q1 2018 482.42 412.20 - 77.11 3.50 (5.24) -
Q2 2018 530.63 456.20 - 75.93 4.80 (6.67) -
Q3 2018 516.27 487.31 - 69.71 3.32 (2.43) -
Q4 2018 611.40 528.46 - 79.40 4.35 (15.02) -
Q1 2019 560.36 374.14 - 87.65 2.79 (3.96) -


Financial Ratios
Current
Market Cap (M Riyal) 2,686.80
Enterprise Value (EV) (M) 4,456.67
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 0.72
Book Value (BV) ( Riyal) 7.91
Par Value ( Riyal) 10.00
Recurring P/E 62.21
P/E (TTM) 62.21
Price/book 5.66
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 9.5
EV/adj EBITDA 14.04
EV/Revenues 0.70
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Share Price

Zamil Industrial Investment Co.
44.78
0.68 1.54 %

Zamil Industrial Investment Co. (ZAMIL INDUST)

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