Al-Babtain's net profit jumps 26% in 9M 2019

11/11/2019 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co.’s net profit after zakat and tax climbed 25.7 percent year-on-year (YoY) to SAR 61.6 million for the first nine months of 2019, on higher sales and other income and a decline in selling and distribution expenses.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 796.94 1,081.51 35.7 %
Gross Income 140.23 159.64 13.8 %
Operating Income 47.01 59.69 27.0 %
Net Income 49.00 61.61 25.7 %
Average Shares 63.95 63.95 -
EPS (Riyals) 0.77 0.96 25.7 %

The third quarter net profit after zakat and tax more than doubled YoY to SAR 20.9 million driven by higher sales and other income, along with a decrease in finance charges.

 

When compared to Q2 2019, net profit edged up 0.5 percent due to a decrease in general and administrative expenses (G&A), zakat expenses and income tax.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 269.05 437.57 62.6 %
Gross Income 36.44 62.64 71.9 %
Operating Income 15.45 29.31 89.7 %
Net Income 9.15 20.95 128.9 %
Average Shares 63.95 63.95 -
EPS (Riyals) 0.14 0.33 128.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 230.28 (24.7 %) 50.84 (15.0 %) 24.23 (22.0 %) 0.40
Q2 2010 247.50 (3.1 %) 56.81 5.7 % 25.02 (0.8 %) 0.41
Q3 2010 242.57 (20.2 %) 51.99 (18.1 %) 24.14 (13.3 %) 0.40
Q4 2010 247.54 (3.9 %) 43.10 (25.8 %) 4.94 (80.4 %) 0.08
Q1 2011 235.27 2.2 % 36.51 (28.2 %) 16.14 (33.4 %) 0.26
Q2 2011 274.84 11.0 % 38.98 (31.4 %) 19.52 (22.0 %) 0.31
Q3 2011 228.39 (5.8 %) 44.00 (15.4 %) 22.85 (5.4 %) 0.36
Q4 2011 266.54 7.7 % 36.31 (15.8 %) 18.38 271.8 % 0.29
Q1 2012 276.90 17.7 % 31.35 (14.1 %) 13.06 (19.1 %) 0.20
Q2 2012 371.19 35.1 % 43.03 10.4 % 20.12 3.1 % 0.31
Q3 2012 341.70 49.6 % 69.79 58.6 % 14.14 (38.1 %) 0.22
Q4 2012 362.76 36.1 % (10.11) (127.8 %) 31.03 68.8 % 0.49
Q1 2013 320.05 15.6 % 50.32 60.5 % 15.59 19.4 % 0.24
Q2 2013 346.45 (6.7 %) 74.14 72.3 % 50.99 153.5 % 0.80
Q3 2013 319.47 (6.5 %) 64.56 (7.5 %) 16.35 15.7 % 0.26
Q4 2013 403.00 11.1 % 52.98 624.3 % 27.69 (10.8 %) 0.43
Q1 2014 293.77 (8.2 %) 62.11 23.4 % 22.17 42.2 % 0.35
Q2 2014 309.86 (10.6 %) 72.51 (2.2 %) 38.98 (23.5 %) 0.61
Q3 2014 295.02 (7.7 %) 68.90 6.7 % 14.92 (8.7 %) 0.23
Q4 2014 335.47 (16.8 %) 96.61 82.4 % 30.31 9.5 % 0.47
Q1 2015 385.18 31.1 % 86.81 39.8 % 26.28 18.6 % 0.41
Q2 2015 394.27 27.2 % 85.39 17.8 % 39.57 1.5 % 0.62
Q3 2015 366.20 24.1 % 77.38 12.3 % 32.46 117.5 % 0.51
Q4 2015 394.00 17.4 % 105.00 8.7 % 38.41 26.7 % 0.60
Q1 2016 338.75 (12.1 %) 89.20 2.8 % 39.69 51.0 % 0.62
Q2 2016 339.31 (13.9 %) 95.92 12.3 % 39.91 0.9 % 0.62
Q3 2016 246.69 (32.6 %) 68.15 (11.9 %) 34.61 6.6 % 0.54
Q4 2016 324.03 (17.8 %) 70.35 (33.0 %) 40.71 6.0 % 0.64
Q1 2017 290.06 (14.4 %) 76.04 (14.8 %) 39.08 (1.5 %) 0.61
Q2 2017 340.37 0.3 % 79.77 (16.8 %) 41.24 3.3 % 0.64
Q3 2017 329.55 33.6 % 76.71 12.6 % 29.97 (13.4 %) 0.47
Q4 2017 315.92 (2.5 %) 51.72 (26.5 %) 36.88 (9.4 %) 0.58
Q1 2018 284.46 (1.9 %) 61.28 (19.4 %) 19.36 (50.5 %) 0.30
Q2 2018 243.43 (28.5 %) 42.51 (46.7 %) 20.49 (50.3 %) 0.32
Q3 2018 269.05 (18.4 %) 36.44 (52.5 %) 9.15 (69.5 %) 0.14
Q4 2018 116.28 (63.2 %) 20.90 (59.6 %) 20.74 (43.8 %) 0.32
Q1 2019 285.94 0.5 % 39.50 (35.5 %) 19.82 2.4 % 0.31
Q2 2019 358.00 47.1 % 57.50 35.3 % 20.84 1.7 % 0.33
Q3 2019 437.57 62.6 % 62.64 71.9 % 20.95 128.9 % 0.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2018 17.64 % 9.29 % 6.01 %
Q1 2019 15.23 % 7.34 % 4.46 %
Q2 2019 14.99 % 8.16 % 3.73 %
Q3 2019 15.07 % 8.20 % 4.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2018 63.95 1.09 0.86 11.88
Q1 2019 63.95 1.10 0.64 12.24
Q2 2019 63.95 1.10 0.60 12.62
Q3 2019 63.95 1.29 0.84 13.00

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2018 12.10 15.38 1.11
Q1 2019 14.09 24.23 1.26
Q2 2019 13.23 24.29 1.16
Q3 2019 13.02 19.85 1.29

Business Segments (Million)

Compared With The
Period Towers and metal structures sector Lampposts and lighting sector Design, supply and installation sector Other unallocated amounts Solar energy sector
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 - -
Q1 2019 84.83 116.82 84.29 - -
Q2 2019 85.19 202.58 70.15 - -
Q3 2019 99.58 208.28 55.25 - 74.54

Current
Market Cap (M Riyal) 2,417.31
Enterprise Value (EV) (M) 3,192.57
Shares Outstanding ((M)) 63.95
EPS ( Riyal) (TTM) 3.28
Book Value (BV) ( Riyal) 15.44
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.90
P/E (TTM) 11.52
Price/book 2.45
Return on Average Assets (%) (TTM) 7.5
Return on Average Equity (%) (TTM) 23.2

Share Price

Al-Babtain Power and Telecommunication Co. (ALBABTAIN)


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