Financial Results : SAPTCO incurs SAR 4 mln net losses in Q1

SAPTCO incurs SAR 4 mln net losses in Q1

30/04/2018 Argaam Exclusive

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Saudi Public Transportation Co. (SAPTCO) reported a net loss of SAR 4.3 million for Q1 2018, compared to a net profit of SAR 3.5 million in year-earlier period, on the back of higher operating costs after purchasing new buses, along with lower finance income and other income.

When compared to Q4 2017, the transport company narrowed net losses by 82.4 percent, driven by higher operating revenue along with a decline in general, administrative and marketing expenses as well as financing charges.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 228.99 234.18 2.3 %
Gross Income 15.70 3.04 (80.6 %)
Operating Income (11.82) (19.77) (67.2 %)
Net Income 2.48 (4.86) (295.9 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyal) 0.02 (0.04) (295.9 %)
EPS (Riyal) 0.02 (0.04) (295.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2016 257.00 7.6 % 44.33 19.5 % 16.81 63.5 %
Q2 2016 284.21 12.4 % 44.58 48.2 % 6.79 166.2 %
Q3 2016 375.56 4.1 % 125.18 1.6 % 92.91 14.7 %
Q4 2016 234.88 (5.3 %) 26.75 (27.4 %) (18.20) (85.7 %)
Q1 2017 228.99 (10.9 %) 15.70 (64.6 %) (11.82) (170.3 %)
Q2 2017 294.17 3.5 % 53.85 20.8 % 26.90 296.3 %
Q3 2017 385.50 2.6 % 108.59 (13.3 %) 78.08 (16.0 %)
Q4 2017 218.87 (6.8 %) (6.61) (124.7 %) (54.81) (201.2 %)
Q1 2018 234.18 2.3 % 3.04 (80.6 %) (19.77) (67.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2016 32.77 (76.2 %) 0.26 7.24 25.53 0.20
Q2 2016 10.66 (16.9 %) 0.09 0.35 10.31 0.08
Q3 2016 87.25 7.2 % 0.70 - 87.25 0.70
Q4 2016 1.82 105.1 % 0.01 - 1.82 0.01
Q1 2017 2.48 (92.4 %) 0.02 - 2.48 0.02
Q2 2017 38.66 262.8 % 0.31 - 38.66 0.31
Q3 2017 62.47 (28.4 %) 0.50 - 62.47 0.50
Q4 2017 (24.70) (1460.7 %) (0.20) - (24.70) (0.20)
Q1 2018 (4.86) (295.9 %) (0.04) - (4.86) (0.04)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2016 20.95 % 20.86 % 7.77 %
Q2 2016 21.64 % 21.07 % 7.43 %
Q3 2016 21.54 % 22.55 % 8.16 %
Q4 2016 20.91 % 22.32 % 10.84 %
Q1 2017 18.89 % 21.02 % 9.06 %
Q2 2017 19.54 % 23.59 % 11.49 %
Q3 2017 17.92 % 21.98 % 9.22 %
Q4 2017 15.21 % 20.10 % 7.00 %
2017 15.21 % 20.10 % 7.00 %
Q1 2018 14.03 % 19.58 % 6.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2016 125.00 0.73 0.70 12.38
Q2 2016 125.00 0.71 0.68 12.02
Q3 2016 125.00 0.76 0.76 12.61
Q4 2016 125.00 1.06 1.00 12.82
Q1 2017 125.00 0.82 0.81 12.34
Q2 2017 125.00 1.04 1.04 12.71
Q3 2017 125.00 0.84 0.84 13.19
Q4 2017 125.00 0.63 0.63 12.96
Q1 2018 125.00 0.57 0.57 13.02

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 16.57 17.45 0.98
Q2 2016 18.88 19.72 1.12
Q3 2016 15.25 15.27 0.92
Q4 2016 14.32 15.19 1.18
Q1 2017 17.85 17.91 1.18
Q2 2017 13.43 13.43 1.10
Q3 2017 17.30 17.30 1.11
Q4 2017 25.54 25.54 1.24
Q1 2018 28.26 28.26 1.24

Business Segments (Million)

Compared With The
Period Public transportation project Specialized Services passenger transport segment The main center Consolidation adjustments & eliminations
Q1 2009 - 30.12 104.29 10.99 -
Q2 2009 - 32.68 119.01 11.94 -
Q3 2009 - 23.11 165.83 15.54 -
Q4 2009 - 91.05 137.50 10.38 -
Q1 2010 - 32.60 104.16 0.18 -
Q2 2010 - 40.99 122.63 2.15 -
Q3 2010 - 28.76 173.65 2.94 -
Q4 2010 - 94.33 139.84 4.06 -
Q1 2011 - 29.37 100.55 2.65 -
Q2 2011 - 53.76 132.68 4.60 -
Q3 2011 - 31.57 181.27 6.17 -
Q4 2011 - 123.87 135.85 7.62 -
Q1 2012 - 34.08 124.99 7.96 -
Q2 2012 - 45.22 144.58 12.72 -
Q3 2012 - 36.82 187.00 15.49 -
Q4 2012 - 132.84 159.17 14.07 -
Q1 2013 - 41.59 145.80 15.30 -
Q2 2013 - 51.54 188.07 17.43 -
Q3 2013 - 35.47 171.24 18.12 -
Q4 2013 - 112.75 152.60 17.94 -
Q1 2014 - 66.07 148.11 17.14 -
Q2 2014 - 59.60 149.33 20.84 -
Q3 2014 - 49.77 194.28 28.78 -
Q4 2014 - 106.80 156.70 21.79 -
Q1 2015 - 59.58 157.40 21.84 -
Q2 2015 - 50.46 171.90 30.58 -
Q3 2015 - 117.79 219.06 24.06 -
Q4 2015 - 60.98 151.02 37.32 -
Q1 2016 15.87 51.44 170.55 20.59 (1.45)
Q2 2016 19.26 55.78 184.82 22.91 -
Q3 2016 15.20 139.96 202.55 17.84 -
Q4 2016 28.68 80.22 187.31 (61.34) -
Q1 2017 19.54 61.84 147.62 - -
Q2 2017 17.44 60.57 192.41 23.76 -
Q3 2017 17.82 176.66 171.30 19.73 -
Q4 2017 21.94 81.17 177.41 (61.65) -
Q1 2018 28.49 61.20 144.48 - -


Financial Ratios
Current
Market Cap (M Riyal) 1,827.50
Enterprise Value (EV) (M) 2,931.97
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) 0.12
Book Value (BV) ( Riyal) 7.18
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) More than 100
Price/book 2.04
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 1.7
EV/adj EBITDA 8.32
EV/Revenues 1.92
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Share Price

Saudi Public Transport Co.
14.62
0.07 0.48 %

Saudi Public Transport Co. (SAPTCO)

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