Financial Results : Al Abdullatif posts lower net profit at SAR 123.8m in I2 of 2014

Al Abdullatif posts lower net profit at SAR 123.8m in I2 of 2014

30/06/2014 Argaam Exclusive

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Al-Abdullatif Industrial Investment Company, a manufacturer of tufted woven and non-woven carpets and blankets, reported SAR 123.8m net profit at the end of the first half of 2014, an 11% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 708.47 675.98 (4.6 %)
Gross Income 179.43 146.43 (18.4 %)
Operating Income 148.03 119.08 (19.6 %)
Net Income 138.59 123.80 (10.7 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 1.71 1.52 (10.7 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 349.55 339.16 (3.0 %)
Gross Income 92.06 71.44 (22.4 %)
Operating Income 76.50 57.54 (24.8 %)
Net Income 70.67 63.87 (9.6 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.87 0.79 (9.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 194.71 - 57.86 - 46.77 -
Q2 2006 214.76 - 56.76 - 45.86 -
Q3 2006 199.81 - 63.88 - 54.97 -
Q4 2006 251.59 - 61.52 - 52.79 -
Q1 2007 223.32 14.7 % 58.55 1.2 % 48.98 4.7 %
Q2 2007 251.11 16.9 % 59.31 4.5 % 47.56 3.7 %
Q3 2007 282.52 41.4 % 68.88 7.8 % 57.17 4.0 %
Q4 2007 309.24 22.9 % 70.31 14.3 % 57.49 8.9 %
Q1 2008 278.26 24.6 % 64.31 9.8 % 53.32 8.9 %
Q2 2008 312.61 24.5 % 67.68 14.1 % 53.30 12.1 %
Q3 2008 291.57 3.2 % 75.45 9.5 % 61.29 7.2 %
Q4 2008 256.46 (17.1 %) 43.35 (38.3 %) 28.14 (51.0 %)
Q1 2009 231.35 (16.9 %) 37.91 (41.1 %) 26.90 (49.5 %)
Q2 2009 219.76 (29.7 %) 61.57 (9.0 %) 51.88 (2.7 %)
Q3 2009 240.33 (17.6 %) 71.18 (5.7 %) 61.73 0.7 %
Q4 2009 304.61 18.8 % 57.96 33.7 % 45.69 62.3 %
Q1 2010 265.73 14.9 % 55.54 46.5 % 43.75 62.6 %
Q2 2010 271.88 23.7 % 53.53 (13.1 %) 40.72 (21.5 %)
Q3 2010 297.75 23.9 % 57.43 (19.3 %) 45.07 (27.0 %)
Q4 2010 303.64 (0.3 %) 49.05 (15.4 %) 36.90 (19.2 %)
Q1 2011 317.36 19.4 % 51.95 (6.5 %) 37.71 (13.8 %)
Q2 2011 345.00 26.9 % 59.84 11.8 % 45.03 10.6 %
Q3 2011 345.60 16.1 % 58.96 2.7 % 43.94 (2.5 %)
Q4 2011 329.51 8.5 % 56.94 16.1 % 42.06 14.0 %
Q1 2012 372.38 17.3 % 75.15 44.7 % 59.36 57.4 %
Q2 2012 385.35 11.7 % 95.89 60.2 % 75.48 67.6 %
Q3 2012 363.82 5.3 % 93.84 59.2 % 79.24 80.4 %
Q4 2012 332.98 1.1 % 87.77 54.1 % 79.96 90.1 %
Q1 2013 358.93 (3.6 %) 87.37 16.3 % 71.53 20.5 %
Q2 2013 349.55 (9.3 %) 92.06 (4.0 %) 76.50 1.3 %
Q3 2013 319.13 (12.3 %) 79.14 (15.7 %) 64.06 (19.2 %)
Q4 2013 320.36 (3.8 %) 70.41 (19.8 %) 54.30 (32.1 %)
Q1 2014 336.82 (6.2 %) 74.99 (14.2 %) 61.54 (14.0 %)
Q2 2014 339.16 (3.0 %) 71.44 (22.4 %) 57.54 (24.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 46.36 - 0.57 - 46.36 0.57
Q2 2006 43.90 - 0.54 - 43.90 0.54
Q3 2006 52.54 - 0.65 - 52.54 0.65
Q4 2006 49.04 - 0.60 - 49.04 0.60
Q1 2007 48.01 3.6 % 0.59 - 48.01 0.59
Q2 2007 45.99 4.7 % 0.57 - 45.99 0.57
Q3 2007 54.77 4.2 % 0.67 - 54.77 0.67
Q4 2007 51.30 4.6 % 0.63 - 51.30 0.63
Q1 2008 51.55 7.4 % 0.63 - 51.55 0.63
Q2 2008 50.07 8.9 % 0.62 - 50.07 0.62
Q3 2008 71.63 30.8 % 0.88 - 71.63 0.88
Q4 2008 28.05 (45.3 %) 0.35 - 28.05 0.35
Q1 2009 26.01 (49.5 %) 0.32 - 26.01 0.32
Q2 2009 45.83 (8.5 %) 0.56 - 45.83 0.56
Q3 2009 57.08 (20.3 %) 0.70 - 57.08 0.70
Q4 2009 39.64 41.3 % 0.49 - 39.64 0.49
Q1 2010 41.51 59.6 % 0.51 - 41.51 0.51
Q2 2010 38.44 (16.1 %) 0.47 - 38.44 0.47
Q3 2010 40.14 (29.7 %) 0.49 - 40.14 0.49
Q4 2010 32.34 (18.4 %) 0.40 - 32.34 0.40
Q1 2011 35.44 (14.6 %) 0.44 - 35.44 0.44
Q2 2011 41.91 9.0 % 0.52 - 41.91 0.52
Q3 2011 40.97 2.1 % 0.50 - 40.97 0.50
Q4 2011 37.65 16.4 % 0.46 - 37.65 0.46
Q1 2012 55.54 56.7 % 0.68 - 55.54 0.68
Q2 2012 69.68 66.3 % 0.86 - 69.68 0.86
Q3 2012 70.95 73.2 % 0.87 - 70.95 0.87
Q4 2012 67.51 79.3 % 0.83 - 67.51 0.83
Q1 2013 67.92 22.3 % 0.84 - 67.92 0.84
Q2 2013 70.67 1.4 % 0.87 - 70.67 0.87
Q3 2013 65.46 (7.7 %) 0.81 6.34 59.12 0.73
Q4 2013 62.78 (7.0 %) 0.77 15.00 47.78 0.59
Q1 2014 59.93 (11.8 %) 0.74 3.75 56.18 0.69
Q2 2014 63.87 (9.6 %) 0.79 10.51 53.37 0.66

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 27.88 % 30.81 % 22.28 %
Q1 2007 27.06 % 29.98 % 21.75 %
Q2 2007 26.27 % 28.84 % 21.12 %
Q3 2007 24.62 % 27.37 % 19.61 %
Q4 2007 24.11 % 27.03 % 18.76 %
Q1 2008 23.44 % 26.25 % 18.16 %
Q2 2008 22.93 % 25.57 % 17.56 %
Q3 2008 23.31 % 25.52 % 18.84 %
Q4 2008 22.02 % 24.79 % 17.68 %
Q1 2009 20.55 % 23.82 % 16.10 %
Q2 2009 21.85 % 26.33 % 17.17 %
Q3 2009 22.58 % 28.14 % 16.56 %
Q4 2009 22.95 % 28.27 % 16.92 %
Q1 2010 23.90 % 29.14 % 17.86 %
Q2 2010 22.00 % 26.85 % 16.32 %
Q3 2010 19.69 % 24.14 % 14.01 %
Q4 2010 18.93 % 23.38 % 13.38 %
Q1 2011 17.80 % 21.77 % 12.29 %
Q2 2011 17.27 % 20.72 % 11.86 %
Q3 2011 16.76 % 19.86 % 11.49 %
Q4 2011 17.02 % 20.07 % 11.66 %
Q1 2012 18.02 % 20.24 % 12.64 %
Q2 2012 20.03 % 21.24 % 14.23 %
Q3 2012 22.18 % 23.01 % 16.11 %
Q4 2012 24.24 % 24.76 % 18.13 %
Q1 2013 25.32 % 25.86 % 19.16 %
Q2 2013 25.69 % 26.61 % 19.71 %
Q3 2013 25.46 % 26.10 % 19.49 %
Q4 2013 24.41 % 25.11 % 18.21 %
Q1 2014 23.88 % 24.76 % 17.63 %
Q2 2014 22.50 % 23.48 % 16.45 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 81.25 - - 9.42
Q2 2006 81.25 - - 9.96
Q3 2006 81.25 - - 10.61
Q4 2006 81.25 2.36 2.36 11.21
Q1 2007 81.25 2.38 2.38 11.80
Q2 2007 81.25 2.41 2.41 12.37
Q3 2007 81.25 2.43 2.43 13.04
Q4 2007 81.25 2.46 2.46 13.67
Q1 2008 81.25 2.51 2.51 14.31
Q2 2008 81.25 2.56 2.56 13.72
Q3 2008 81.25 2.76 2.76 14.61
Q4 2008 81.25 2.48 2.48 14.95
Q1 2009 81.25 2.16 2.16 15.27
Q2 2009 81.25 2.11 2.11 15.84
Q3 2009 81.25 1.93 1.93 16.54
Q4 2009 81.25 2.07 2.07 17.03
Q1 2010 81.25 2.27 2.27 17.54
Q2 2010 81.25 2.17 2.17 14.51
Q3 2010 81.25 1.97 1.97 15.00
Q4 2010 81.25 1.88 1.88 13.90
Q1 2011 81.25 1.80 1.80 14.34
Q2 2011 81.25 1.84 1.84 13.85
Q3 2011 81.25 1.85 1.85 14.36
Q4 2011 81.25 1.92 1.92 14.82
Q1 2012 81.25 2.17 2.17 14.01
Q2 2012 81.25 2.51 2.51 14.86
Q3 2012 81.25 2.88 2.88 15.74
Q4 2012 81.25 3.25 3.25 15.32
Q1 2013 81.25 3.40 3.40 16.15
Q2 2013 81.25 3.41 3.41 15.77
Q3 2013 81.25 3.34 3.26 16.58
Q4 2013 81.25 3.28 3.02 15.35
Q1 2014 81.25 3.19 2.88 16.09
Q2 2014 81.25 3.10 2.66 15.87

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 19.74 19.74 3.98
Q2 2007 24.10 24.10 4.69
Q3 2007 19.47 19.47 3.63
Q4 2007 22.26 22.26 4.01
Q1 2008 21.23 21.23 3.72
Q2 2008 25.62 25.62 4.77
Q3 2008 27.05 27.05 5.12
Q4 2008 18.00 18.00 2.98
Q1 2009 17.29 17.29 2.45
Q2 2009 20.13 20.13 2.68
Q3 2009 23.24 23.24 2.71
Q4 2009 19.96 19.96 2.43
Q1 2010 19.86 19.86 2.57
Q2 2010 13.06 13.06 1.96
Q3 2010 15.46 15.46 2.03
Q4 2010 15.40 15.40 2.08
Q1 2011 15.10 15.10 1.90
Q2 2011 14.37 14.37 1.91
Q3 2011 13.21 13.21 1.71
Q4 2011 13.86 13.86 1.79
Q1 2012 13.52 13.52 2.09
Q2 2012 9.96 9.96 1.68
Q3 2012 10.11 10.11 1.85
Q4 2012 9.77 9.77 2.07
Q1 2013 9.51 9.51 2.00
Q2 2013 11.91 11.91 2.57
Q3 2013 13.16 13.48 2.65
Q4 2013 12.48 13.57 2.67
Q1 2014 13.47 14.91 2.67
Q2 2014 13.70 15.95 2.68

Business Segments (Million)

Compared With The
Period Carpets & Rugs and affiliate products Blankets Sector


Financial Ratios
Current
Market Cap (M Riyal) 1,259.38
Enterprise Value (EV) (M) 1,444.49
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (0.29)
Book Value (BV) ( Riyal) 14.63
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.06
Return on Average Assets (%) (TTM) (1.48 )
Return on Average Equity (%) (TTM) (1.92 )
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Share Price

ARTEX Industrial Investment Co.
15.50
(0.02) (0.13 %)

ARTEX Industrial Investment Co. (ARTEX)

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