Financial Results : Al Abdullatif Industrial’s net profit drops 95% in FY16

Al Abdullatif Industrial’s net profit drops 95% in FY16

18/01/2017 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. reported a net profit of SAR 7.4 million for fiscal year 2016, down 95 percent compared to a net profit of SAR 139 million for the same period in 2015, due to a decrease in sales, higher cost of sales, an increase in general and administrative expenses, in addition to higher investment losses.

 

The company also cited booking a provision for investment impairment of SAR 35 million and the increase in Zakat provision by SAR 1 million.



Financials (M)

Item 2015 2016 Change‬
Revenues 1,099.32 740.81 (32.6 %)
Gross Income 207.84 106.03 (49.0 %)
Operating Income 159.42 57.06 (64.2 %)
Net Income 139.28 28.65 (79.4 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 1.71 0.35 (79.4 %)

Net profit for the fourth quarter fell to SAR 4 million, 70 percent lower year-on-year. This is attributed to a decline in sales, increase in zakat provisions and increase in administrative and financing expenses.

 

However, Q4 profit rose 145 percent quarter-on-quarter as higher sales and increase in other income.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 244.22 162.22 (33.6 %)
Gross Income 30.96 22.59 (27.0 %)
Operating Income 18.21 2.97 (83.7 %)
Net Income 12.28 (0.26) (102.1 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.15 0.00 (102.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2014 309.82 (2.9 %) 64.54 (18.4 %) 51.08 (20.3 %)
Q4 2014 339.26 5.9 % 53.02 (24.7 %) 39.11 (28.0 %)
Q1 2015 310.93 (7.7 %) 60.86 (18.8 %) 48.92 (20.5 %)
Q2 2015 306.01 (9.8 %) 75.96 6.3 % 62.56 8.7 %
Q3 2015 238.11 (23.1 %) 39.97 (38.1 %) 29.66 (41.9 %)
Q4 2015 244.22 (28.0 %) 30.96 (41.6 %) 18.21 (53.4 %)
Q1 2016 229.10 (26.3 %) 39.66 (34.8 %) 30.41 (37.8 %)
Q2 2016 214.61 (29.9 %) 26.74 (64.8 %) 16.25 (74.0 %)
Q3 2016 134.88 (43.4 %) 17.04 (57.4 %) 7.42 (75.0 %)
Q4 2016 162.22 (33.6 %) 22.59 (27.0 %) 2.97 (83.7 %)
2016 740.81 (32.6 %) 106.03 (49.0 %) 57.06 (64.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2014 46.27 (29.3 %) 0.57 - 46.27 0.57
Q4 2014 30.34 (51.7 %) 0.37 (4.69) 35.03 0.43
Q1 2015 45.04 (24.9 %) 0.55 - 45.04 0.55
Q2 2015 54.27 (15.0 %) 0.67 - 54.27 0.67
Q3 2015 27.63 (40.3 %) 0.34 - 27.63 0.34
Q4 2015 12.28 (59.5 %) 0.15 - 12.28 0.15
Q1 2016 14.76 (67.2 %) 0.18 (10.11) 24.87 0.31
Q2 2016 12.64 (76.7 %) 0.16 - 12.64 0.16
Q3 2016 1.51 (94.5 %) 0.02 - 1.51 0.02
Q4 2016 (0.26) (102.1 %) 0.00 - (0.26) 0.00
2016 28.65 (79.4 %) 0.35 (10.11) 38.75 0.48

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2014 21.54 % 22.62 % 15.59 %
Q4 2014 19.92 % 21.13 % 14.40 %
Q1 2015 19.23 % 20.66 % 13.83 %
Q2 2015 20.09 % 21.69 % 14.27 %
Q3 2015 19.24 % 21.29 % 13.56 %
Q4 2015 18.90 % 20.55 % 12.67 %
Q1 2016 18.34 % 20.33 % 11.70 %
Q2 2016 14.83 % 17.28 % 8.36 %
Q3 2016 13.90 % 16.68 % 6.23 %
Q4 2016 14.31 % 16.33 % 5.23 %
2016 14.31 % 16.33 % 5.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2014 81.25 2.87 2.51 16.44
Q4 2014 81.25 2.47 2.35 15.32
Q1 2015 81.25 2.28 2.21 15.87
Q2 2015 81.25 2.17 2.22 16.04
Q3 2015 81.25 1.94 1.99 16.38
Q4 2015 81.25 1.71 1.71 15.28
Q1 2016 81.25 1.34 1.47 15.46
Q2 2016 81.25 0.83 0.95 15.02
Q3 2016 81.25 0.51 0.63 15.04
Q4 2016 81.25 0.35 0.48 15.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2014 16.70 19.10 2.91
Q4 2014 13.52 14.20 2.18
Q1 2015 17.04 17.59 2.45
Q2 2015 18.55 18.07 2.50
Q3 2015 17.83 17.31 2.11
Q4 2015 17.48 17.48 1.96
Q1 2016 13.39 12.26 1.16
Q2 2016 21.12 18.37 1.17
Q3 2016 25.09 20.15 0.85
Q4 2016 43.76 32.35 1.03

Business Segments (Million)

Compared With The
Period Carpets & Rugs and affiliate products Blankets Sector
Q1 2015 286.09 24.83
Q2 2015 295.47 10.54
Q3 2015 229.65 8.47
Q4 2015 214.14 30.14
Q1 2016 212.62 16.49
Q2 2016 201.70 7.87
Q3 2016 132.35 7.56
Q4 2016 148.75 13.47


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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