Financial Results : Aseer’s 2014 net profit up 40% to SAR 184.8 mln

Aseer’s 2014 net profit up 40% to SAR 184.8 mln

20/01/2015 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Company, a Holding investment Company, reported 2014 net profit of SAR 184.8 million, a 40 percent increase compared to the last year.

A net profit of SAR 34.8 million was reported for Q4-2014 compared to SAR 32.9 million for Q3.

 



Financials (M)

Item 2013 2014 Change‬
Revenues 2,286.93 2,438.23 6.6 %
Gross Income 684.07 739.42 8.1 %
Operating Income 201.69 193.47 (4.1 %)
Net Income 131.97 184.78 40.0 %
Average Shares 126.39 126.39 -
EPS (Riyals) 1.04 1.46 40.0 %

 

The company attributed the increase of 2014’s net profit compared to the same period last year to the increase of gross and operating profit driven by the rise of sales revenue of affiliates and investment returns in addition to the increase of other revenue.

 

The decline of Q4’s net profit compared to the same period last year was attributed to the decline of operating profit driven by the decrease of investment revenue and the increase of S&D expenses and G&A expenses.

 

The increase of Q4’s net profit compared to the previous period (Q3-2014) was attributed to the increase of gross and operating profit driven by the rise of affiliate’s sales revenue and other revenue in addition to the decline of income taxes and Zakat provision.

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 571.16 604.72 5.9 %
Gross Income 163.70 193.67 18.3 %
Operating Income 48.15 51.36 6.7 %
Net Income 40.57 36.24 (10.7 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.32 0.29 (10.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 278.23 (0.7 %) 72.03 (4.4 %) 13.90 (19.4 %)
Q2 2005 311.90 19.9 % 80.77 11.3 % 9.33 (30.7 %)
Q3 2005 308.02 18.1 % 86.03 19.5 % 32.80 106.4 %
Q4 2005 318.98 22.1 % 86.96 31.9 % 21.18 199.4 %
Q1 2006 338.77 21.8 % 86.44 20.0 % 17.38 25.0 %
Q2 2006 349.67 12.1 % 95.37 18.1 % 23.96 156.8 %
Q3 2006 348.71 13.2 % 98.03 13.9 % 25.19 (23.2 %)
Q4 2006 340.71 6.8 % 85.57 (1.6 %) 6.61 (68.8 %)
Q1 2007 359.38 6.1 % 91.70 6.1 % 15.58 (10.4 %)
Q2 2007 366.62 4.8 % 96.71 1.4 % 26.24 9.5 %
Q3 2007 355.39 1.9 % 91.24 (6.9 %) 17.93 (28.8 %)
Q4 2007 400.75 17.6 % 91.49 6.9 % 8.54 29.1 %
Q1 2008 397.39 10.6 % 95.82 4.5 % 20.25 30.0 %
Q2 2008 472.00 28.7 % 111.63 15.4 % 27.40 4.4 %
Q3 2008 428.97 20.7 % 97.62 7.0 % 20.87 16.4 %
Q4 2008 428.66 7.0 % 113.21 23.7 % 23.53 175.7 %
Q1 2009 439.73 10.7 % 109.19 14.0 % 24.87 22.8 %
Q2 2009 438.15 (7.2 %) 128.67 15.3 % 39.07 42.6 %
Q3 2009 384.21 (10.4 %) 109.69 12.4 % 30.14 44.4 %
Q4 2009 450.76 5.2 % 128.99 13.9 % 24.97 6.1 %
Q1 2010 491.37 11.7 % 135.70 24.3 % 41.84 68.2 %
Q2 2010 492.03 12.3 % 150.32 16.8 % 48.67 24.6 %
Q3 2010 442.40 15.1 % 133.16 21.4 % 37.51 24.4 %
Q4 2010 502.15 11.4 % 145.57 12.9 % 39.10 56.6 %
Q1 2011 480.90 (2.1 %) 135.78 0.1 % 35.85 (14.3 %)
Q2 2011 523.09 6.3 % 149.94 (0.3 %) 41.87 (14.0 %)
Q3 2011 494.99 11.9 % 130.29 (2.2 %) 33.86 (9.7 %)
Q4 2011 505.24 0.6 % 154.29 6.0 % 30.11 (23.0 %)
Q1 2012 522.07 8.6 % 150.73 11.0 % 38.28 6.8 %
Q2 2012 532.01 1.7 % 160.59 7.1 % 48.97 17.0 %
Q3 2012 536.54 8.4 % 157.11 20.6 % 49.62 46.5 %
Q4 2012 530.27 5.0 % 169.41 9.8 % 47.75 58.6 %
Q1 2013 576.88 10.5 % 186.60 23.8 % 56.55 47.8 %
Q2 2013 577.62 8.6 % 176.47 9.9 % 53.65 9.6 %
Q3 2013 561.28 4.6 % 157.30 0.1 % 43.34 (12.7 %)
Q4 2013 571.16 7.7 % 163.70 (3.4 %) 48.15 0.8 %
Q1 2014 601.46 4.3 % 185.05 (0.8 %) 43.97 (22.2 %)
Q2 2014 624.98 8.2 % 187.07 6.0 % 52.87 (1.5 %)
Q3 2014 607.08 8.2 % 173.79 10.5 % 46.37 7.0 %
Q4 2014 604.72 5.9 % 193.67 18.3 % 51.36 6.7 %
2014 2,438.23 6.6 % 739.42 8.1 % 193.47 (4.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 65.76 222.7 % 0.52 - 65.76 0.52
Q2 2005 65.45 97.2 % 0.52 - 65.45 0.52
Q3 2005 77.92 74.0 % 0.62 - 77.92 0.62
Q4 2005 38.96 (3.1 %) 0.31 - 38.96 0.31
Q1 2006 75.33 14.6 % 0.60 - 75.33 0.60
Q2 2006 74.66 14.1 % 0.59 - 74.66 0.59
Q3 2006 81.24 4.3 % 0.64 - 81.24 0.64
Q4 2006 49.42 26.8 % 0.39 - 49.42 0.39
Q1 2007 82.90 10.0 % 0.66 - 82.90 0.66
Q2 2007 56.56 (24.2 %) 0.45 - 56.56 0.45
Q3 2007 96.34 18.6 % 0.76 - 96.34 0.76
Q4 2007 127.15 157.3 % 1.01 - 127.15 1.01
Q1 2008 (77.18) (193.1 %) (0.61) - (77.18) (0.61)
Q2 2008 17.04 (69.9 %) 0.13 - 17.04 0.13
Q3 2008 (158.81) (264.8 %) (1.26) - (158.81) (1.26)
Q4 2008 (215.05) (269.1 %) (1.70) - (215.05) (1.70)
Q1 2009 12.88 116.7 % 0.10 - 12.88 0.10
Q2 2009 21.17 24.2 % 0.17 - 21.17 0.17
Q3 2009 15.14 109.5 % 0.12 - 15.14 0.12
Q4 2009 30.59 114.2 % 0.24 - 30.59 0.24
Q1 2010 20.38 58.2 % 0.16 - 20.38 0.16
Q2 2010 25.57 20.8 % 0.20 - 25.57 0.20
Q3 2010 15.10 (0.2 %) 0.12 - 15.10 0.12
Q4 2010 23.80 (22.2 %) 0.19 - 23.80 0.19
Q1 2011 24.68 21.1 % 0.20 - 24.68 0.20
Q2 2011 30.57 19.6 % 0.24 - 30.57 0.24
Q3 2011 20.25 34.1 % 0.16 - 20.25 0.16
Q4 2011 23.28 (2.2 %) 0.18 - 23.28 0.18
Q1 2012 29.99 21.5 % 0.24 - 29.99 0.24
Q2 2012 22.13 (27.6 %) 0.18 - 22.13 0.18
Q3 2012 25.10 23.9 % 0.20 - 25.10 0.20
Q4 2012 33.85 45.4 % 0.27 - 33.85 0.27
Q1 2013 33.39 11.3 % 0.26 - 33.39 0.26
Q2 2013 29.14 31.6 % 0.23 - 29.14 0.23
Q3 2013 28.87 15.0 % 0.23 - 28.87 0.23
Q4 2013 40.57 19.9 % 0.32 - 40.57 0.32
Q1 2014 52.73 57.9 % 0.42 - 52.73 0.42
Q2 2014 64.37 120.9 % 0.51 - 64.37 0.51
Q3 2014 32.92 14.0 % 0.26 - 32.92 0.26
Q4 2014 36.24 (10.7 %) 0.29 (25.00) 61.24 0.48
2014 184.78 40.0 % 1.46 (25.00) 209.78 1.66

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 26.64 % 7.52 % 17.34 %
Q2 2005 26.14 % 8.10 % 19.43 %
Q3 2005 26.28 % 9.65 % 21.50 %
Q4 2005 26.77 % 10.12 % 20.38 %
Q1 2006 26.63 % 9.71 % 20.17 %
Q2 2006 26.97 % 10.39 % 20.29 %
Q3 2006 27.05 % 10.00 % 19.92 %
Q4 2006 26.52 % 8.90 % 20.37 %
Q1 2007 26.50 % 8.66 % 20.61 %
Q2 2007 26.28 % 8.81 % 19.08 %
Q3 2007 25.68 % 8.36 % 20.06 %
Q4 2007 25.04 % 8.27 % 24.49 %
Q1 2008 24.69 % 8.47 % 13.35 %
Q2 2008 24.00 % 7.99 % 10.05 %
Q3 2008 23.34 % 7.85 % (5.40 %)
Q4 2008 24.22 % 8.52 % (25.13 %)
Q1 2009 24.40 % 8.59 % (19.44 %)
Q2 2009 25.85 % 9.44 % (19.58 %)
Q3 2009 27.25 % 10.23 % (9.81 %)
Q4 2009 27.82 % 10.12 % 4.66 %
Q1 2010 28.51 % 10.72 % 4.95 %
Q2 2010 28.86 % 10.93 % 5.04 %
Q3 2010 29.21 % 11.01 % 4.88 %
Q4 2010 29.29 % 11.52 % 4.40 %
Q1 2011 29.46 % 11.31 % 4.65 %
Q2 2011 28.97 % 10.77 % 4.83 %
Q3 2011 28.06 % 10.32 % 4.96 %
Q4 2011 28.45 % 9.83 % 4.93 %
Q1 2012 28.61 % 9.75 % 5.09 %
Q2 2012 29.01 % 10.19 % 4.66 %
Q3 2012 29.71 % 10.87 % 4.80 %
Q4 2012 30.07 % 11.68 % 5.24 %
Q1 2013 30.96 % 12.33 % 5.26 %
Q2 2013 31.04 % 12.37 % 5.47 %
Q3 2013 30.71 % 11.85 % 5.58 %
Q4 2013 29.91 % 11.74 % 5.77 %
Q1 2014 29.53 % 11.22 % 6.55 %
Q2 2014 29.38 % 10.99 % 7.91 %
Q3 2014 29.51 % 11.11 % 7.93 %
Q4 2014 30.33 % 11.16 % 8.66 %
2014 30.33 % 11.12 % 8.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 126.39 1.46 1.46 9.85
Q2 2005 126.39 1.71 1.71 11.74
Q3 2005 126.39 1.97 1.97 12.78
Q4 2005 126.39 1.96 1.96 15.56
Q1 2006 126.39 2.04 2.04 15.03
Q2 2006 126.39 2.11 2.11 17.90
Q3 2006 126.39 2.14 2.14 18.41
Q4 2006 126.39 2.22 2.22 13.44
Q1 2007 126.39 2.28 2.28 13.33
Q2 2007 126.39 2.14 2.14 22.55
Q3 2007 126.39 2.26 2.26 23.60
Q4 2007 126.39 2.87 2.87 26.55
Q1 2008 126.39 1.61 1.61 24.55
Q2 2008 126.39 1.29 1.29 24.82
Q3 2008 126.39 (0.73) (0.73) 21.53
Q4 2008 126.39 (3.43) (3.43) 18.30
Q1 2009 126.39 (2.72) (2.72) 18.28
Q2 2009 126.39 (2.69) (2.69) 19.01
Q3 2009 126.39 (1.31) (1.31) 19.21
Q4 2009 126.39 0.63 0.63 19.11
Q1 2010 126.39 0.69 0.69 19.40
Q2 2010 126.39 0.73 0.73 18.19
Q3 2010 126.39 0.73 0.73 18.16
Q4 2010 126.39 0.67 0.67 18.12
Q1 2011 126.39 0.71 0.71 18.21
Q2 2011 126.39 0.74 0.74 18.03
Q3 2011 126.39 0.79 0.79 17.55
Q4 2011 126.39 0.78 0.78 17.93
Q1 2012 126.39 0.82 0.82 20.62
Q2 2012 126.39 0.76 0.76 18.39
Q3 2012 126.39 0.80 0.80 18.82
Q4 2012 126.39 0.88 0.88 19.08
Q1 2013 126.39 0.91 0.91 19.55
Q2 2013 126.39 0.96 0.96 18.92
Q3 2013 126.39 0.99 0.99 19.61
Q4 2013 126.39 1.04 1.04 20.37
Q1 2014 126.39 1.20 1.20 22.05
Q2 2014 126.39 1.48 1.48 21.10
Q3 2014 126.39 1.51 1.51 22.42
Q4 2014 126.39 1.47 1.67 20.64

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 25.98 25.98 3.84
Q2 2005 32.74 32.74 4.77
Q3 2005 49.76 49.76 7.68
Q4 2005 More than 100 More than 100 12.72
Q1 2006 66.11 66.11 8.97
Q2 2006 66.67 66.67 7.86
Q3 2006 60.30 60.30 7.00
Q4 2006 18.95 18.95 3.13
Q1 2007 17.35 17.35 2.97
Q2 2007 14.15 14.15 1.34
Q3 2007 14.40 14.40 1.38
Q4 2007 14.71 14.71 1.59
Q1 2008 21.96 21.96 1.44
Q2 2008 24.57 24.57 1.28
Q3 2008 NEG NEG 0.83
Q4 2008 NEG NEG 0.54
Q1 2009 NEG NEG 0.63
Q2 2009 NEG NEG 0.78
Q3 2009 NEG NEG 0.84
Q4 2009 24.08 24.08 0.80
Q1 2010 22.88 22.88 0.81
Q2 2010 17.92 17.92 0.71
Q3 2010 18.13 18.13 0.72
Q4 2010 20.18 20.18 0.75
Q1 2011 18.71 18.71 0.72
Q2 2011 18.06 18.06 0.75
Q3 2011 15.34 15.34 0.69
Q4 2011 19.96 19.96 0.87
Q1 2012 27.14 27.14 1.08
Q2 2012 20.41 20.41 0.84
Q3 2012 20.81 20.81 0.88
Q4 2012 18.83 18.83 0.87
Q1 2013 19.16 19.16 0.89
Q2 2013 18.47 18.47 0.94
Q3 2013 19.27 19.27 0.97
Q4 2013 22.27 22.27 1.14
Q1 2014 21.30 21.30 1.16
Q2 2014 20.60 20.60 1.44
Q3 2014 23.36 23.36 1.57
Q4 2014 16.05 14.15 1.15

Current
Market Cap (M Riyal) 1,756.81
Enterprise Value (EV) (M) 2,575.41
Shares Outstanding ((M)) 126.39
EPS ( Riyal) (TTM) (0.47)
Book Value (BV) ( Riyal) 8.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.64
Return on Average Assets (%) (TTM) (2.22 )
Return on Average Equity (%) (TTM) (5.43 )

Share Price

13.94
(0.04) (0.29 %)

Sinad Holding Co. (SINAD HOLDING)


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