Financial Results : Al-Babtain's net profit slumps 56% in 9M 2018

Al-Babtain's net profit slumps 56% in 9M 2018

07/11/2018 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co.’s net profit tumbled 55.57 percent year-on-year (YoY) to SAR 49 million in the first nine months of 2018, attributed to lower revenue and an increase in cost of sales.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 959.97 796.94 (17.0 %)
Gross Income 232.51 140.23 (39.7 %)
Operating Income 123.82 47.01 (62.0 %)
Net Income 110.28 49.00 (55.6 %)
Average Shares 63.95 63.95 -
EPS (Riyals) 1.72 0.77 (55.6 %)

Net profit dropped 69.3 percent YoY in Q3 to SAR 9.2 million due to higher financing costs, increased zakat expenses and lower revenue.

 

When compared to the previous quarter, net profit in Q3 plummeted 55.1 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 329.55 269.05 (18.4 %)
Gross Income 76.71 36.44 (52.5 %)
Operating Income 41.13 15.45 (62.4 %)
Net Income 29.97 9.15 (69.5 %)
Average Shares 63.95 63.95 -
EPS (Riyals) 0.47 0.14 (69.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 305.71 21.8 % 59.80 (8.1 %) 43.91 (5.9 %)
Q2 2009 255.31 16.5 % 53.77 10.9 % 33.63 (4.1 %)
Q3 2009 304.12 19.7 % 63.46 23.3 % 41.92 38.3 %
Q4 2009 257.49 (10.7 %) 58.09 6.1 % 37.89 (8.9 %)
Q1 2010 230.28 (24.7 %) 50.84 (15.0 %) 28.76 (34.5 %)
Q2 2010 247.50 (3.1 %) 56.81 5.7 % 35.40 5.3 %
Q3 2010 242.57 (20.2 %) 51.99 (18.1 %) 31.59 (24.6 %)
Q4 2010 247.54 (3.9 %) 43.10 (25.8 %) 20.36 (46.3 %)
Q1 2011 235.27 2.2 % 36.51 (28.2 %) 16.79 (41.6 %)
Q2 2011 274.84 11.0 % 38.98 (31.4 %) 19.79 (44.1 %)
Q3 2011 228.39 (5.8 %) 44.00 (15.4 %) 25.78 (18.4 %)
Q4 2011 266.54 7.7 % 36.31 (15.8 %) 16.62 (18.4 %)
Q1 2012 276.90 17.7 % 31.35 (14.1 %) 12.61 (24.9 %)
Q2 2012 371.19 35.1 % 43.03 10.4 % 18.46 (6.7 %)
Q3 2012 341.70 49.6 % 69.79 58.6 % 11.36 (56.0 %)
Q4 2012 362.76 36.1 % (10.11) (127.8 %) (32.69) (296.7 %)
Q1 2013 320.05 15.6 % 50.32 60.5 % 14.77 17.1 %
Q2 2013 346.45 (6.7 %) 74.14 72.3 % 39.28 112.8 %
Q3 2013 319.47 (6.5 %) 64.56 (7.5 %) 20.98 84.7 %
Q4 2013 403.00 11.1 % 52.98 624.3 % 20.88 163.9 %
Q1 2014 293.77 (8.2 %) 62.11 23.4 % 25.17 70.4 %
Q2 2014 309.86 (10.6 %) 72.51 (2.2 %) 41.97 6.9 %
Q3 2014 295.02 (7.7 %) 68.90 6.7 % 47.95 128.6 %
Q4 2014 335.47 (16.8 %) 96.61 82.4 % 72.45 247.0 %
Q1 2015 385.18 31.1 % 86.81 39.8 % 31.49 25.1 %
Q2 2015 394.27 27.2 % 85.39 17.8 % 65.58 56.2 %
Q3 2015 366.20 24.1 % 77.38 12.3 % 41.80 (12.8 %)
Q4 2015 394.00 17.4 % 105.00 8.7 % 51.28 (29.2 %)
Q1 2016 338.75 (12.1 %) 89.20 2.8 % 49.80 58.1 %
Q2 2016 339.31 (13.9 %) 95.92 12.3 % 43.62 (33.5 %)
Q3 2016 246.69 (32.6 %) 68.15 (11.9 %) 37.18 (11.1 %)
Q4 2016 324.03 (17.8 %) 70.35 (33.0 %) 42.88 (16.4 %)
Q1 2017 290.06 (14.4 %) 76.04 (14.8 %) 39.47 (20.7 %)
Q2 2017 340.37 0.3 % 79.77 (16.8 %) 43.23 (0.9 %)
Q3 2017 329.55 33.6 % 76.71 12.6 % 41.13 10.6 %
Q4 2017 315.92 (2.5 %) 51.72 (26.5 %) 18.34 (57.2 %)
Q1 2018 284.46 (1.9 %) 61.28 (19.4 %) 28.89 (26.8 %)
Q2 2018 243.43 (28.5 %) 42.51 (46.7 %) 2.67 (93.8 %)
Q3 2018 269.05 (18.4 %) 36.44 (52.5 %) 15.45 (62.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 31.07 (25.1 %) 0.51 - 31.07 0.51
Q2 2009 25.22 (19.5 %) 0.42 - 25.22 0.42
Q3 2009 27.84 (1.4 %) 0.46 - 27.84 0.46
Q4 2009 25.26 (15.7 %) 0.42 - 25.26 0.42
Q1 2010 24.23 (22.0 %) 0.40 - 24.23 0.40
Q2 2010 25.02 (0.8 %) 0.41 - 25.02 0.41
Q3 2010 24.14 (13.3 %) 0.40 - 24.14 0.40
Q4 2010 4.94 (80.4 %) 0.08 - 4.94 0.08
Q1 2011 16.14 (33.4 %) 0.26 - 16.14 0.26
Q2 2011 19.52 (22.0 %) 0.31 - 19.52 0.31
Q3 2011 22.85 (5.4 %) 0.36 - 22.85 0.36
Q4 2011 18.38 271.8 % 0.29 - 18.38 0.29
Q1 2012 13.06 (19.1 %) 0.20 - 13.06 0.20
Q2 2012 20.12 3.1 % 0.31 - 20.12 0.31
Q3 2012 14.14 (38.1 %) 0.22 - 14.14 0.22
Q4 2012 31.03 68.8 % 0.49 85.42 (54.39) (0.85)
Q1 2013 15.59 19.4 % 0.24 - 15.59 0.24
Q2 2013 50.99 153.5 % 0.80 - 50.99 0.80
Q3 2013 16.35 15.7 % 0.26 - 16.35 0.26
Q4 2013 27.69 (10.8 %) 0.43 - 27.69 0.43
Q1 2014 22.17 42.2 % 0.35 - 22.17 0.35
Q2 2014 38.98 (23.5 %) 0.61 - 38.98 0.61
Q3 2014 14.92 (8.7 %) 0.23 - 14.92 0.23
Q4 2014 30.31 9.5 % 0.47 - 30.31 0.47
Q1 2015 26.28 18.6 % 0.41 - 26.28 0.41
Q2 2015 39.57 1.5 % 0.62 - 39.57 0.62
Q3 2015 32.46 117.5 % 0.51 - 32.46 0.51
Q4 2015 38.41 26.7 % 0.60 (14.07) 52.48 0.82
Q1 2016 39.69 51.0 % 0.62 - 39.69 0.62
Q2 2016 39.91 0.9 % 0.62 - 39.91 0.62
Q3 2016 34.61 6.6 % 0.54 - 34.61 0.54
Q4 2016 40.71 6.0 % 0.64 - 40.71 0.64
Q1 2017 39.08 (1.5 %) 0.61 - 39.08 0.61
Q2 2017 41.24 3.3 % 0.64 - 41.24 0.64
Q3 2017 29.97 (13.4 %) 0.47 - 29.97 0.47
Q4 2017 36.88 (9.4 %) 0.58 - 36.88 0.58
Q1 2018 19.36 (50.5 %) 0.30 - 19.36 0.30
Q2 2018 20.49 (50.3 %) 0.32 - 20.49 0.32
Q3 2018 9.15 (69.5 %) 0.14 5.96 3.19 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 20.09 % 17.23 % 11.30 %
Q2 2009 19.91 % 16.58 % 10.37 %
Q3 2009 20.09 % 16.71 % 9.89 %
Q4 2009 20.94 % 17.18 % 9.74 %
Q1 2010 21.60 % 17.08 % 9.79 %
Q2 2010 22.05 % 17.50 % 9.85 %
Q3 2010 22.27 % 17.92 % 10.09 %
Q4 2010 20.95 % 16.01 % 8.09 %
Q1 2011 19.37 % 14.70 % 7.22 %
Q2 2011 17.05 % 12.74 % 6.47 %
Q3 2011 16.49 % 12.25 % 6.43 %
Q4 2011 15.50 % 11.63 % 7.65 %
Q1 2012 14.39 % 10.66 % 7.05 %
Q2 2012 13.53 % 8.05 % 6.51 %
Q3 2012 14.37 % 7.68 % 5.23 %
Q4 2012 9.91 % 4.09 % (0.52 %)
Q1 2013 10.96 % 4.36 % (0.33 %)
Q2 2013 13.43 % 7.19 % 1.92 %
Q3 2013 13.26 % 7.16 % 2.12 %
Q4 2013 17.42 % 10.49 % 7.96 %
Q1 2014 18.62 % 11.22 % 8.60 %
Q2 2014 19.02 % 11.75 % 7.93 %
Q3 2014 19.71 % 13.39 % 7.97 %
Q4 2014 24.32 % 21.57 % 8.62 %
Q1 2015 24.51 % 22.20 % 8.34 %
Q2 2015 23.95 % 22.74 % 7.88 %
Q3 2015 23.37 % 21.37 % 8.68 %
Q4 2015 23.03 % 16.96 % 9.79 %
Q1 2016 23.91 % 17.66 % 11.00 %
Q2 2016 25.55 % 16.67 % 11.44 %
Q3 2016 27.17 % 17.95 % 12.64 %
Q4 2016 25.92 % 17.66 % 12.41 %
Q1 2017 25.87 % 18.52 % 12.86 %
Q2 2017 24.50 % 17.09 % 12.96 %
Q3 2017 23.59 % 16.11 % 11.76 %
Q4 2017 22.28 % 13.82 % 11.53 %
Q1 2018 21.21 % 11.61 % 10.03 %
Q2 2018 19.79 % 10.40 % 9.09 %
Q3 2018 17.25 % 8.46 % 7.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 60.75 1.98 1.98 8.23
Q2 2009 60.75 1.88 1.88 8.68
Q3 2009 60.75 1.88 1.88 9.18
Q4 2009 60.75 1.80 1.80 9.56
Q1 2010 60.75 1.69 1.69 8.94
Q2 2010 60.75 1.68 1.68 9.28
Q3 2010 60.75 1.62 1.62 9.75
Q4 2010 60.75 1.29 1.29 9.92
Q1 2011 63.15 1.11 1.11 9.14
Q2 2011 63.15 1.03 1.03 9.01
Q3 2011 63.15 1.00 1.00 9.25
Q4 2011 63.15 1.22 1.22 9.52
Q1 2012 63.95 1.15 1.15 9.74
Q2 2012 63.95 1.16 1.16 8.99
Q3 2012 63.95 1.03 1.03 9.20
Q4 2012 63.95 1.23 (0.11) 9.05
Q1 2013 63.95 1.26 (0.07) 9.10
Q2 2013 63.95 1.75 0.41 9.93
Q3 2013 63.95 1.78 0.45 10.17
Q4 2013 63.95 1.73 1.73 9.50
Q1 2014 63.95 1.83 1.83 10.30
Q2 2014 63.95 1.65 1.65 10.88
Q3 2014 63.95 1.62 1.62 11.08
Q4 2014 63.95 1.66 1.66 10.17
Q1 2015 63.95 1.73 1.73 10.31
Q2 2015 63.95 1.74 1.74 10.62
Q3 2015 63.95 2.01 2.01 11.30
Q4 2015 63.95 2.14 2.36 10.95
Q1 2016 63.95 2.35 2.57 10.97
Q2 2016 63.95 2.35 2.57 11.59
Q3 2016 63.95 2.39 2.61 12.14
Q4 2016 63.95 2.42 2.42 11.59
Q1 2017 63.95 2.41 2.41 12.08
Q2 2017 63.95 2.43 2.43 11.93
Q3 2017 63.95 2.36 2.36 11.77
Q4 2017 63.95 2.30 2.30 12.46
Q1 2018 63.95 1.99 1.99 12.39
Q2 2018 63.95 1.67 1.67 12.38
Q3 2018 63.95 1.34 1.25 12.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 14.43 14.43 3.48
Q2 2009 15.31 15.31 3.32
Q3 2009 13.94 13.94 2.85
Q4 2009 13.45 13.45 2.53
Q1 2010 16.59 16.59 3.13
Q2 2010 15.41 15.41 2.80
Q3 2010 14.61 14.61 2.43
Q4 2010 17.96 17.96 2.33
Q1 2011 17.30 17.30 2.19
Q2 2011 19.10 19.10 2.15
Q3 2011 15.12 15.12 1.62
Q4 2011 14.03 14.03 1.77
Q1 2012 18.83 18.83 2.23
Q2 2012 12.40 12.40 1.61
Q3 2012 17.07 17.07 1.91
Q4 2012 12.92 NEG 1.75
Q1 2013 12.62 NEG 1.75
Q2 2013 9.04 38.37 1.59
Q3 2013 12.90 51.52 2.26
Q4 2013 12.33 12.33 2.25
Q1 2014 12.08 12.08 2.15
Q2 2014 13.75 13.75 2.08
Q3 2014 18.37 18.37 2.69
Q4 2014 10.90 10.90 1.78
Q1 2015 16.47 16.47 2.76
Q2 2015 18.27 18.27 2.99
Q3 2015 11.47 11.47 2.04
Q4 2015 9.58 8.68 1.87
Q1 2016 6.91 6.32 1.48
Q2 2016 7.91 7.23 1.61
Q3 2016 5.78 5.29 1.14
Q4 2016 6.97 6.97 1.46
Q1 2017 8.41 8.41 1.68
Q2 2017 7.32 7.32 1.49
Q3 2017 8.02 8.02 1.61
Q4 2017 7.76 7.76 1.43
Q1 2018 8.98 8.98 1.44
Q2 2018 10.47 10.47 1.41
Q3 2018 10.88 11.69 1.17

Business Segments (Million)

Compared With The
Period Towers and metal structures sector Lampposts and lighting sector Design, supply and installation sector The main center
Q1 2009 118.66 94.40 92.64 -
Q2 2009 99.45 106.24 49.62 -
Q3 2009 64.61 106.54 132.97 -
Q4 2009 73.96 87.25 96.28 -
Q1 2010 63.85 108.85 57.59 -
Q2 2010 77.96 94.06 74.49 0.99
Q3 2010 84.22 88.87 69.47 -
Q4 2010 66.86 99.50 82.17 (0.99)
Q1 2011 69.84 106.91 58.51 -
Q2 2011 85.97 105.71 83.16 -
Q3 2011 43.26 97.47 87.66 -
Q4 2011 76.47 108.03 82.04 -
Q1 2012 86.69 115.98 74.23 -
Q2 2012 86.01 210.41 74.77 -
Q3 2012 91.08 177.94 72.68 -
Q4 2012 78.18 193.93 90.65 -
Q1 2013 58.43 195.65 65.98 -
Q2 2013 34.16 228.92 83.37 -
Q3 2013 45.82 211.23 62.42 -
Q4 2013 136.42 188.51 78.07 -
Q1 2014 107.84 112.94 73.00 -
Q2 2014 99.45 130.60 79.81 -
Q3 2014 96.74 119.85 78.43 -
Q4 2014 125.60 123.24 86.64 -
Q1 2015 112.21 180.39 92.58 -
Q2 2015 131.19 166.56 96.52 -
Q3 2015 132.12 145.50 88.58 -
Q4 2015 129.32 162.59 114.28 -
Q1 2016 92.81 159.81 86.13 -
Q2 2016 65.66 183.67 89.98 -
Q3 2016 28.67 141.09 76.94 -
Q4 2016 49.44 138.33 138.27 -
Q1 2017 110.95 112.90 66.21 -
Q2 2017 78.31 185.75 76.30 -
Q3 2017 96.70 139.31 93.54 -
Q4 2017 70.96 161.98 82.97 -
Q1 2018 72.03 157.52 54.91 -
Q2 2018 65.94 131.78 45.70 -
Q3 2018 74.61 127.57 66.87 -


Financial Ratios
Current
Market Cap (M Riyal) 2,388.53
Enterprise Value (EV) (M) 3,382.70
Shares Outstanding ((M)) 63.95
EPS ( Riyal) (TTM) 3.50
Book Value (BV) ( Riyal) 15.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.23
P/E (TTM) 10.66
Price/book 2.34
Return on Average Assets (%) (TTM) 7.7
Return on Average Equity (%) (TTM) 23.0
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Share Price

Al-Babtain Power and Telecommunication Co.
37.35
(0.20) (0.53 %)

Al-Babtain Power and Telecommunication Co. (ALBABTAIN)

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