Financial Results : SAPTCO’s profit rises 93% to SAR 196.6 mln in FY15

SAPTCO’s profit rises 93% to SAR 196.6 mln in FY15

18/01/2016 Argaam Exclusive

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Saudi Public Transport Co.’s (SAPTCO) reported a net profit of SAR 196.6 million for the fiscal year 2015, marking a 93 percent year-on-year (YOY) jump on capital gains from sale of land and higher operating income.



Financials (M)

Item 2014 2015 Change‬
Revenues 1,019.20 1,102.31 8.2 %
Gross Income 187.59 231.09 23.2 %
Operating Income 73.57 98.90 34.4 %
Net Income 102.05 210.86 106.6 %
Average Shares 125.00 125.00 -
EPS (Riyals) 0.82 1.69 106.6 %

 

The company reported a net loss of SAR 35.5 million in Q4-2015 compared with a SAR 34.7 million profit in the same period last year. The swing to loss was attributed to lower operating income, higher administrative expenses and zakat taxes, as well as investment losses in in an associate and drop in other income. Profit for the previous quarter was SAR 81.4 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 285.29 248.06 (13.1 %)
Gross Income 70.28 36.83 (47.6 %)
Operating Income 29.94 (9.80) (132.7 %)
Net Income 34.72 (35.51) (202.3 %)
Average Shares 125.00 125.00 -
EPS (Riyals) 0.28 (0.28) (202.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 184.77 0.5 % 56.51 (5.3 %) 44.73 1.3 %
Q2 2006 137.23 10.9 % 17.81 118.7 % 5.01 294.4 %
Q3 2006 166.10 5.5 % 32.61 (18.2 %) 16.35 (27.1 %)
Q4 2006 227.57 32.9 % 66.03 128.9 % 40.31 234.6 %
Q1 2007 161.84 (12.4 %) 28.36 (49.8 %) 16.72 (62.6 %)
Q2 2007 147.42 7.4 % 14.41 (19.0 %) (0.99) (119.8 %)
Q3 2007 183.48 10.5 % 42.81 31.3 % 26.40 61.5 %
Q4 2007 239.61 5.3 % 48.28 (26.9 %) 27.53 (31.7 %)
Q1 2008 140.91 (12.9 %) 5.50 (80.6 %) (7.89) (147.2 %)
Q2 2008 161.03 9.2 % 4.26 (70.5 %) (16.04) (1,513.5 %)
Q3 2008 206.34 12.5 % 42.95 0.3 % 22.71 (14.0 %)
Q4 2008 258.19 7.8 % 72.88 50.9 % 45.28 64.5 %
Q1 2009 145.40 3.2 % 5.86 6.6 % (12.43) (57.7 %)
Q2 2009 163.63 1.6 % 1.27 (70.3 %) (13.70) 14.6 %
Q3 2009 204.48 (0.9 %) 26.96 (37.2 %) 5.59 (75.4 %)
Q4 2009 238.92 (7.5 %) 68.58 (5.9 %) 35.48 (21.6 %)
Q1 2010 136.94 (5.8 %) 4.16 (29.0 %) (13.30) (7.0 %)
Q2 2010 165.76 1.3 % 16.87 1233.8 % 1.63 111.9 %
Q3 2010 205.35 0.4 % 30.79 14.2 % 8.04 43.8 %
Q4 2010 238.23 (0.3 %) 66.23 (3.4 %) 45.75 28.9 %
Q1 2011 132.57 (3.2 %) (18.30) (539.9 %) (35.73) (168.6 %)
Q2 2011 191.05 15.3 % 36.32 115.3 % 19.32 1086.7 %
Q3 2011 219.01 6.7 % 50.69 64.6 % 25.09 212.1 %
Q4 2011 267.34 12.2 % 71.91 8.6 % 48.94 7.0 %
Q1 2012 167.03 26.0 % 10.16 155.5 % (7.08) 80.2 %
Q2 2012 202.52 6.0 % 27.50 (24.3 %) 11.01 (43.0 %)
Q3 2012 239.32 9.3 % 43.28 (14.6 %) 15.97 (36.3 %)
Q4 2012 306.07 14.5 % 79.65 10.8 % 29.91 (38.9 %)
Q1 2013 202.69 21.4 % 27.94 175.0 % 9.11 228.7 %
Q2 2013 257.03 26.9 % 55.86 103.1 % 32.73 197.3 %
Q3 2013 224.84 (6.1 %) 11.77 (72.8 %) (15.26) (195.6 %)
Q4 2013 283.29 (7.4 %) 78.77 (1.1 %) 30.00 0.3 %
Q1 2014 231.31 14.1 % 41.48 48.4 % 20.44 124.3 %
Q2 2014 229.77 (10.6 %) 30.87 (44.7 %) 11.28 (65.6 %)
Q3 2014 272.83 21.3 % 44.97 281.9 % 11.92 178.1 %
Q4 2014 285.29 0.7 % 70.28 (10.8 %) 29.94 (0.2 %)
Q1 2015 238.82 3.2 % 37.09 (10.6 %) 10.28 (49.7 %)
Q2 2015 252.93 10.1 % 30.08 (2.6 %) 2.55 (77.4 %)
Q3 2015 360.90 32.3 % 123.15 173.9 % 80.99 579.6 %
Q4 2015 248.06 (13.1 %) 36.83 (47.6 %) (9.80) (132.7 %)
2015 1,102.31 8.2 % 231.09 23.2 % 98.90 34.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 49.69 21.2 % 0.40 - 49.69 0.40
Q2 2006 237.19 5706.4 % 1.90 - 237.19 1.90
Q3 2006 1.22 (97.4 %) 0.01 - 1.22 0.01
Q4 2006 26.96 (18.0 %) 0.22 - 26.96 0.22
Q1 2007 19.95 (59.8 %) 0.16 - 19.95 0.16
Q2 2007 1.28 (99.5 %) 0.01 - 1.28 0.01
Q3 2007 35.11 2768.3 % 0.28 - 35.11 0.28
Q4 2007 45.65 69.3 % 0.37 - 45.65 0.37
Q1 2008 (5.18) (126.0 %) (0.04) - (5.18) (0.04)
Q2 2008 (49.32) (3952.8 %) (0.39) (32.33) (16.99) (0.14)
Q3 2008 24.64 (29.8 %) 0.20 - 24.64 0.20
Q4 2008 59.96 31.3 % 0.48 0.00 59.96 0.48
Q1 2009 (8.97) (73.0 %) (0.07) - (8.97) (0.07)
Q2 2009 (7.11) 85.6 % (0.06) - (7.11) (0.06)
Q3 2009 6.01 (75.6 %) 0.05 - 6.01 0.05
Q4 2009 41.99 (30.0 %) 0.34 - 41.99 0.34
Q1 2010 (8.52) 5.1 % (0.07) - (8.52) (0.07)
Q2 2010 4.53 163.8 % 0.04 - 4.53 0.04
Q3 2010 9.22 53.4 % 0.07 - 9.22 0.07
Q4 2010 44.78 6.6 % 0.36 - 44.78 0.36
Q1 2011 (31.07) (264.9 %) (0.25) 1.43 (32.50) (0.26)
Q2 2011 19.92 339.5 % 0.16 (0.06) 19.98 0.16
Q3 2011 26.26 184.7 % 0.21 0.09 26.17 0.21
Q4 2011 50.16 12.0 % 0.40 - 50.16 0.40
Q1 2012 6.72 121.6 % 0.05 12.09 (5.37) (0.04)
Q2 2012 16.99 (14.7 %) 0.14 0.73 16.27 0.13
Q3 2012 16.83 (35.9 %) 0.13 0.01 16.82 0.13
Q4 2012 33.28 (33.7 %) 0.27 0.90 32.38 0.26
Q1 2013 20.08 198.7 % 0.16 9.50 10.58 0.08
Q2 2013 36.21 113.1 % 0.29 (0.50) 36.71 0.29
Q3 2013 (13.11) (177.9 %) (0.10) 0.00 (13.11) (0.10)
Q4 2013 34.40 3.4 % 0.28 0.00 34.40 0.28
Q1 2014 21.10 5.1 % 0.17 0.41 20.69 0.17
Q2 2014 22.44 (38.0 %) 0.18 10.86 11.58 0.09
Q3 2014 23.79 281.5 % 0.19 12.04 11.75 0.09
Q4 2014 34.72 0.9 % 0.28 0.59 34.13 0.27
Q1 2015 137.91 553.7 % 1.10 118.82 19.09 0.15
Q2 2015 12.82 (42.9 %) 0.10 1.13 11.68 0.09
Q3 2015 81.40 242.1 % 0.65 3.68 77.72 0.62
Q4 2015 (35.51) (202.3 %) (0.28) (7.46) (28.05) (0.22)
2015 210.86 106.6 % 1.69 116.17 94.69 0.76

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 20.93 % 28.81 % 21.04 %
Q2 2006 21.98 % 30.29 % 56.43 %
Q3 2006 20.59 % 29.61 % 48.68 %
Q4 2006 24.17 % 31.04 % 44.02 %
Q1 2007 20.90 % 27.97 % 41.19 %
Q2 2007 20.12 % 26.68 % 7.03 %
Q3 2007 21.05 % 27.58 % 11.56 %
Q4 2007 18.28 % 25.95 % 13.93 %
Q1 2008 15.60 % 23.87 % 10.80 %
Q2 2008 13.91 % 21.87 % 8.08 %
Q3 2008 13.50 % 21.36 % 6.43 %
Q4 2008 16.39 % 23.42 % 8.14 %
Q1 2009 16.34 % 22.72 % 7.61 %
Q2 2009 15.90 % 23.10 % 8.86 %
Q3 2009 13.86 % 21.02 % 6.47 %
Q4 2009 13.64 % 20.66 % 4.24 %
Q1 2010 13.57 % 21.40 % 4.35 %
Q2 2010 15.62 % 24.08 % 5.90 %
Q3 2010 16.12 % 24.70 % 6.32 %
Q4 2010 15.82 % 26.19 % 6.70 %
Q1 2011 12.88 % 23.15 % 3.51 %
Q2 2011 14.99 % 24.44 % 5.41 %
Q3 2011 17.28 % 26.00 % 7.48 %
Q4 2011 17.36 % 25.59 % 7.88 %
Q1 2012 20.02 % 28.33 % 10.77 %
Q2 2012 18.72 % 27.41 % 10.19 %
Q3 2012 17.44 % 26.62 % 8.89 %
Q4 2012 17.55 % 24.11 % 6.57 %
Q1 2013 18.76 % 25.40 % 8.00 %
Q2 2013 20.57 % 26.75 % 9.60 %
Q3 2013 17.69 % 24.37 % 6.72 %
Q4 2013 18.01 % 24.80 % 7.09 %
Q1 2014 18.85 % 25.06 % 7.90 %
Q2 2014 16.81 % 23.25 % 5.53 %
Q3 2014 19.28 % 24.49 % 7.71 %
Q4 2014 18.41 % 24.73 % 7.67 %
Q1 2015 17.84 % 22.59 % 7.46 %
Q2 2015 17.37 % 20.32 % 7.30 %
Q3 2015 22.90 % 24.08 % 12.53 %
Q4 2015 20.64 % 20.29 % 7.31 %
2015 20.96 % 21.61 % 8.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 125.00 1.07 1.07 9.25
Q2 2006 125.00 2.94 2.94 11.15
Q3 2006 125.00 2.57 2.57 11.16
Q4 2006 125.00 2.52 2.52 11.46
Q1 2007 125.00 2.28 2.28 11.61
Q2 2007 125.00 0.40 0.40 11.03
Q3 2007 125.00 0.67 0.67 11.37
Q4 2007 125.00 0.82 0.82 11.91
Q1 2008 125.00 0.61 0.61 11.80
Q2 2008 125.00 0.21 0.47 10.96
Q3 2008 125.00 0.13 0.38 11.02
Q4 2008 125.00 0.24 0.50 11.31
Q1 2009 125.00 0.21 0.47 11.21
Q2 2009 125.00 0.55 0.55 10.71
Q3 2009 125.00 0.40 0.40 10.78
Q4 2009 125.00 0.26 0.26 11.10
Q1 2010 125.00 0.26 0.26 11.08
Q2 2010 125.00 0.35 0.35 11.09
Q3 2010 125.00 0.38 0.38 11.18
Q4 2010 125.00 0.40 0.40 11.56
Q1 2011 125.00 0.22 0.21 11.32
Q2 2011 125.00 0.34 0.33 10.98
Q3 2011 125.00 0.48 0.47 11.15
Q4 2011 125.00 0.52 0.51 11.59
Q1 2012 125.00 0.82 0.73 11.66
Q2 2012 125.00 0.80 0.70 11.22
Q3 2012 125.00 0.73 0.62 11.37
Q4 2012 125.00 0.59 0.48 11.66
Q1 2013 125.00 0.70 0.61 11.82
Q2 2013 125.00 0.85 0.77 11.59
Q3 2013 125.00 0.61 0.53 11.49
Q4 2013 125.00 0.62 0.55 11.76
Q1 2014 125.00 0.63 0.63 11.47
Q2 2014 125.00 0.52 0.43 11.59
Q3 2014 125.00 0.81 0.63 11.79
Q4 2014 125.00 0.82 0.63 11.95
Q1 2015 125.00 1.75 0.61 13.07
Q2 2015 125.00 1.67 0.61 11.97
Q3 2015 125.00 2.13 1.14 12.42
Q4 2015 125.00 1.57 0.64 12.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 41.02 41.02 4.75
Q2 2006 13.14 13.14 3.46
Q3 2006 15.42 15.42 3.55
Q4 2006 6.82 6.82 1.50
Q1 2007 7.10 7.10 1.39
Q2 2007 33.52 33.52 1.20
Q3 2007 21.38 21.38 1.25
Q4 2007 21.45 21.45 1.47
Q1 2008 22.77 22.77 1.19
Q2 2008 66.65 29.87 1.28
Q3 2008 77.20 25.33 0.88
Q4 2008 29.49 14.22 0.63
Q1 2009 38.01 17.05 0.71
Q2 2009 15.42 15.41 0.79
Q3 2009 20.92 20.92 0.77
Q4 2009 32.10 32.10 0.74
Q1 2010 32.62 32.62 0.76
Q2 2010 21.30 21.30 0.68
Q3 2010 19.98 19.98 0.68
Q4 2010 18.37 18.37 0.64
Q1 2011 36.18 38.17 0.70
Q2 2011 21.59 22.30 0.67
Q3 2011 15.24 15.62 0.65
Q4 2011 17.52 17.92 0.79
Q1 2012 22.80 25.84 1.61
Q2 2012 17.23 19.77 1.23
Q3 2012 23.08 26.88 1.47
Q4 2012 27.94 34.32 1.42
Q1 2013 23.09 26.46 1.36
Q2 2013 18.15 20.01 1.33
Q3 2013 34.66 39.81 1.85
Q4 2013 43.66 49.39 2.30
Q1 2014 44.37 44.32 2.43
Q2 2014 72.31 87.53 3.23
Q3 2014 47.84 62.05 3.30
Q4 2014 29.40 38.39 2.01
Q1 2015 16.28 46.54 2.18
Q2 2015 16.35 44.63 2.29
Q3 2015 8.31 15.56 1.43
Q4 2015 10.66 26.06 1.38

Business Segments (Million)

Compared With The
Period passenger transport segment Public transportation project Specialized Services The main center
Q1 2009 104.29 - 30.12 10.99
Q2 2009 119.01 - 32.68 11.94
Q3 2009 165.83 - 23.11 15.54
Q4 2009 137.50 - 91.05 10.38
Q1 2010 104.16 - 32.60 0.18
Q2 2010 122.63 - 40.99 2.15
Q3 2010 173.65 - 28.76 2.94
Q4 2010 139.84 - 94.33 4.06
Q1 2011 100.55 - 29.37 2.65
Q2 2011 132.68 - 53.76 4.60
Q3 2011 181.27 - 31.57 6.17
Q4 2011 135.85 - 123.87 7.62
Q1 2012 124.99 - 34.08 7.96
Q2 2012 144.58 - 45.22 12.72
Q3 2012 187.00 - 36.82 15.49
Q4 2012 159.17 - 132.84 14.07
Q1 2013 145.80 - 41.59 15.30
Q2 2013 188.07 - 51.54 17.43
Q3 2013 171.24 - 35.47 18.12
Q4 2013 152.60 - 112.75 17.94
Q1 2014 148.11 - 66.07 17.14
Q2 2014 149.33 - 59.60 20.84
Q3 2014 194.28 - 49.77 28.78
Q4 2014 156.70 - 106.80 21.79
Q1 2015 157.40 - 59.58 21.84
Q2 2015 171.90 - 50.46 30.58
Q3 2015 219.06 - 117.79 24.06
Q4 2015 151.02 - 60.98 37.32


Financial Ratios
Current
Market Cap (M Riyal) 2,765.00
Enterprise Value (EV) (M) 3,756.66
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) (0.57)
Book Value (BV) ( Riyal) 7.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.02
Return on Average Assets (%) (TTM) (1.70 )
Return on Average Equity (%) (TTM) (7.46 )
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Share Price

Saudi Public Transport Co.
22.12
(0.38) (1.69 %)

Saudi Public Transport Co. (SAPTCO)

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