Financial Results : Taiba’s H1 net profit plunges 55%

Taiba’s H1 net profit plunges 55%

21/07/2016 Argaam Exclusive

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Taiba Holding Company reported a net profit of SAR 118 million for the first half of 2016, a 54.45 percent plunge year-on-year (YoY).

 

The drop was mainly attributed to booking a one-off capital gain in the same period last year from the sale of Bakkah Arac Hotel and receipt of compensations for lands owned by Arac, which were expropriated in favor of the expansion of the Prophet's Holy Mosque. The company also cited higher cost of revenue, higher general and administrative expenses, and a decrease in returns from long- term investments. 



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 233.58 274.33 17.4 %
Gross Income 137.87 141.48 2.6 %
Operating Income 116.18 113.80 (2.1 %)
Net Income 259.30 117.25 (54.8 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 1.73 0.78 (54.8 %)

 

Taiba posted SAR 68.5 million in Q2 net profit, 20 percent higher than the same quarter last year, and a 48 percent increase from Q1 this year.

 

The “main reason for the increase in net income compared to the same quarter last year was due to the improvement in both, operating revenues of hotels and commercial centers, and from returns of investments.”



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 115.00 156.21 35.8 %
Gross Income 63.96 71.54 11.9 %
Operating Income 53.99 61.09 13.1 %
Net Income 57.00 68.02 19.3 %
Average Shares 150.00 150.00 -
EPS (Riyals) 0.38 0.45 19.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 47.35 16.5 % 27.67 17.8 % 22.69 22.5 %
Q2 2007 42.28 23.3 % 24.05 45.3 % 15.22 30.4 %
Q3 2007 354.17 675.2 % 326.83 1276.1 % 321.81 1595.4 %
Q4 2007 60.10 12.7 % 34.01 7.9 % 27.08 3.3 %
Q1 2008 67.79 43.2 % 48.70 76.0 % 42.15 85.7 %
Q2 2008 75.21 77.9 % 53.11 120.8 % 40.79 168.0 %
Q3 2008 61.38 (82.7 %) 37.37 (88.6 %) 29.33 (90.9 %)
Q4 2008 72.82 21.2 % 43.77 28.7 % 31.22 15.3 %
Q1 2009 48.52 (28.4 %) 23.20 (52.4 %) 13.21 (68.7 %)
Q2 2009 49.22 (34.6 %) 21.42 (59.7 %) 11.28 (72.3 %)
Q3 2009 48.08 (21.7 %) 20.36 (45.5 %) 9.55 (67.4 %)
Q4 2009 79.70 9.4 % 49.72 13.6 % 18.99 (39.2 %)
Q1 2010 40.12 (17.3 %) 19.51 (15.9 %) 10.36 (21.6 %)
Q2 2010 44.93 (8.7 %) 20.24 (5.5 %) 8.60 (23.8 %)
Q3 2010 64.31 33.8 % 31.64 55.4 % 24.25 153.9 %
Q4 2010 98.31 23.3 % 64.33 29.4 % 38.83 104.4 %
Q1 2011 63.16 57.4 % 36.42 86.7 % 22.73 119.5 %
Q2 2011 65.48 45.7 % 46.07 127.6 % 35.05 307.4 %
Q3 2011 151.81 136.0 % 117.77 272.2 % 104.99 333.0 %
Q4 2011 113.33 15.3 % 85.92 33.6 % 74.44 91.7 %
Q1 2012 199.06 215.2 % 109.88 201.7 % 93.81 312.8 %
Q2 2012 77.33 18.1 % 63.74 38.4 % 54.35 55.1 %
Q3 2012 83.66 (44.9 %) 54.53 (53.7 %) 44.89 (57.2 %)
Q4 2012 86.54 (23.6 %) 59.06 (31.3 %) 47.39 (36.3 %)
Q1 2013 94.20 (52.7 %) 66.75 (39.3 %) 54.84 (41.5 %)
Q2 2013 88.73 14.7 % 58.08 (8.9 %) 48.07 (11.6 %)
Q3 2013 90.47 8.1 % 56.12 2.9 % 48.32 7.6 %
Q4 2013 104.91 21.2 % 67.12 13.6 % 55.50 17.1 %
Q1 2014 115.88 23.0 % 75.86 13.6 % 58.88 7.4 %
Q2 2014 116.76 31.6 % 58.90 1.4 % 47.83 (0.5 %)
Q3 2014 157.34 73.9 % 95.10 69.4 % 86.86 79.8 %
Q4 2014 111.08 5.9 % 50.42 (24.9 %) 37.40 (32.6 %)
Q1 2015 118.58 2.3 % 73.91 (2.6 %) 62.19 5.6 %
Q2 2015 115.00 (1.5 %) 63.96 8.6 % 53.99 12.9 %
Q3 2015 136.45 (13.3 %) 82.86 (12.9 %) 71.18 (18.1 %)
Q4 2015 106.12 (4.5 %) 59.60 18.2 % 47.08 25.9 %
Q1 2016 118.12 (0.4 %) 69.94 (5.4 %) 52.71 (15.2 %)
Q2 2016 156.21 35.8 % 71.54 11.9 % 61.09 13.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 31.01 31.7 % 0.21 - 31.01 0.21
Q2 2007 19.33 41.6 % 0.13 - 19.33 0.13
Q3 2007 312.97 822.3 % 2.09 - 312.97 2.09
Q4 2007 29.70 (15.1 %) 0.20 - 29.70 0.20
Q1 2008 48.06 55.0 % 0.32 - 48.06 0.32
Q2 2008 48.78 152.4 % 0.33 - 48.78 0.33
Q3 2008 29.43 (90.6 %) 0.20 - 29.43 0.20
Q4 2008 32.01 7.8 % 0.21 - 32.01 0.21
Q1 2009 13.90 (71.1 %) 0.09 - 13.90 0.09
Q2 2009 17.37 (64.4 %) 0.12 - 17.37 0.12
Q3 2009 15.10 (48.7 %) 0.10 - 15.10 0.10
Q4 2009 14.75 (53.9 %) 0.10 - 14.75 0.10
Q1 2010 14.34 3.2 % 0.10 - 14.34 0.10
Q2 2010 16.54 (4.8 %) 0.11 - 16.54 0.11
Q3 2010 19.26 27.5 % 0.13 - 19.26 0.13
Q4 2010 41.97 184.5 % 0.28 - 41.97 0.28
Q1 2011 38.90 171.3 % 0.26 19.00 19.90 0.13
Q2 2011 32.24 95.0 % 0.21 - 32.24 0.21
Q3 2011 88.72 360.7 % 0.59 (18.81) 107.53 0.72
Q4 2011 76.88 83.2 % 0.51 - 76.88 0.51
Q1 2012 267.87 588.6 % 1.79 158.65 109.22 0.73
Q2 2012 44.02 36.5 % 0.29 2.14 41.88 0.28
Q3 2012 55.04 (38.0 %) 0.37 (0.01) 55.05 0.37
Q4 2012 39.51 (48.6 %) 0.26 39.74 (0.23) 0.00
Q1 2013 73.06 (72.7 %) 0.49 - 73.06 0.49
Q2 2013 63.56 44.4 % 0.42 - 63.56 0.42
Q3 2013 62.93 14.3 % 0.42 - 62.93 0.42
Q4 2013 64.47 63.2 % 0.43 - 64.47 0.43
Q1 2014 59.50 (18.6 %) 0.40 - 59.50 0.40
Q2 2014 59.18 (6.9 %) 0.39 - 59.18 0.39
Q3 2014 817.17 1198.5 % 5.45 826.15 (8.98) (0.06)
Q4 2014 278.38 331.8 % 1.86 263.09 15.29 0.10
Q1 2015 202.30 240.0 % 1.35 130.58 71.73 0.48
Q2 2015 57.00 (3.7 %) 0.38 2.74 54.26 0.36
Q3 2015 102.14 (87.5 %) 0.68 - 102.14 0.68
Q4 2015 75.48 (72.9 %) 0.50 - 75.48 0.50
Q1 2016 49.22 (75.7 %) 0.33 - 49.22 0.33
Q2 2016 68.02 19.3 % 0.45 - 68.02 0.45

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 55.09 % 56.41 % 62.87 %
Q2 2007 56.73 % 53.80 % 63.21 %
Q3 2007 82.49 % 81.86 % 80.12 %
Q4 2007 81.87 % 81.17 % 77.99 %
Q1 2008 82.69 % 81.89 % 78.20 %
Q2 2008 83.02 % 81.59 % 78.87 %
Q3 2008 65.48 % 60.57 % 58.97 %
Q4 2008 66.00 % 59.28 % 57.10 %
Q1 2009 61.04 % 52.99 % 48.12 %
Q2 2009 54.22 % 50.90 % 39.97 %
Q3 2009 49.74 % 45.61 % 35.85 %
Q4 2009 50.86 % 38.16 % 27.10 %
Q1 2010 51.13 % 39.58 % 28.35 %
Q2 2010 51.60 % 34.38 % 28.53 %
Q3 2010 52.87 % 37.76 % 28.33 %
Q4 2010 54.80 % 44.50 % 37.19 %
Q1 2011 56.38 % 45.01 % 36.08 %
Q2 2011 61.27 % 51.92 % 38.92 %
Q3 2011 69.86 % 63.57 % 53.24 %
Q4 2011 72.68 % 68.27 % 60.07 %
Q1 2012 67.90 % 65.78 % 61.52 %
Q2 2012 69.68 % 67.60 % 61.96 %
Q3 2012 66.35 % 63.04 % 59.79 %
Q4 2012 64.31 % 60.44 % 46.11 %
Q1 2013 71.43 % 64.48 % 49.68 %
Q2 2013 67.52 % 60.76 % 54.21 %
Q3 2013 66.68 % 60.74 % 55.38 %
Q4 2013 65.57 % 62.76 % 69.79 %
Q1 2014 64.30 % 61.26 % 62.62 %
Q2 2014 60.28 % 59.24 % 57.49 %
Q3 2014 60.01 % 59.16 % 35.20 %
Q4 2014 55.94 % 56.98 % 24.95 %
Q1 2015 55.25 % 57.44 % 27.24 %
Q2 2015 56.45 % 57.78 % 26.35 %
Q3 2015 56.36 % 57.51 % 50.60 %
Q4 2015 58.88 % 57.89 % 63.76 %
Q1 2016 58.10 % 55.83 % 59.09 %
Q2 2016 54.93 % 52.81 % 57.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 150.00 0.76 0.76 19.20
Q2 2007 150.00 0.79 0.79 18.49
Q3 2007 150.00 2.66 2.66 27.47
Q4 2007 150.00 2.62 2.62 19.87
Q1 2008 150.00 2.73 2.73 20.18
Q2 2008 150.00 2.93 2.93 19.50
Q3 2008 150.00 1.04 1.04 19.41
Q4 2008 150.00 1.06 1.06 19.31
Q1 2009 150.00 0.83 0.83 19.40
Q2 2009 150.00 0.62 0.62 19.01
Q3 2009 150.00 0.52 0.52 18.81
Q4 2009 150.00 0.41 0.41 18.78
Q1 2010 150.00 0.41 0.41 18.76
Q2 2010 150.00 0.40 0.40 18.27
Q3 2010 150.00 0.43 0.43 18.39
Q4 2010 150.00 0.61 0.61 19.17
Q1 2011 150.00 0.78 0.65 19.53
Q2 2011 150.00 0.88 0.76 19.10
Q3 2011 150.00 1.35 1.34 19.55
Q4 2011 150.00 1.58 1.58 20.23
Q1 2012 150.00 3.10 2.17 22.59
Q2 2012 150.00 3.18 2.24 21.67
Q3 2012 150.00 2.96 1.89 22.01
Q4 2012 150.00 2.71 1.37 22.42
Q1 2013 150.00 1.41 1.13 22.50
Q2 2013 150.00 1.54 1.28 22.54
Q3 2013 150.00 1.59 1.33 22.38
Q4 2013 150.00 1.76 1.76 23.24
Q1 2014 150.00 1.67 1.67 23.58
Q2 2014 150.00 1.64 1.64 23.15
Q3 2014 150.00 6.67 1.16 27.49
Q4 2014 150.00 8.09 0.83 26.65
Q1 2015 150.00 9.05 0.91 28.77
Q2 2015 150.00 9.03 0.88 28.21
Q3 2015 150.00 4.27 1.62 25.82
Q4 2015 150.00 2.91 2.02 25.68
Q1 2016 150.00 1.89 1.87 24.02
Q2 2016 150.00 1.97 1.97 23.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 47.48 47.48 1.87
Q2 2007 52.43 52.43 2.25
Q3 2007 19.13 19.13 1.85
Q4 2007 23.69 23.69 3.12
Q1 2008 17.47 17.47 2.37
Q2 2008 17.93 17.93 2.69
Q3 2008 41.75 41.75 2.24
Q4 2008 29.04 29.04 1.59
Q1 2009 34.62 34.62 1.48
Q2 2009 49.73 49.73 1.62
Q3 2009 59.65 59.65 1.66
Q4 2009 71.60 71.60 1.55
Q1 2010 74.05 74.05 1.62
Q2 2010 68.63 68.63 1.52
Q3 2010 63.23 63.23 1.49
Q4 2010 43.69 43.69 1.40
Q1 2011 39.74 47.47 1.58
Q2 2011 31.78 37.10 1.47
Q3 2011 21.81 21.83 1.50
Q4 2011 21.18 21.20 1.65
Q1 2012 14.21 20.30 1.95
Q2 2012 10.50 14.94 1.54
Q3 2012 13.79 21.63 1.85
Q4 2012 15.92 31.43 1.92
Q1 2013 37.41 46.64 2.35
Q2 2013 38.31 46.26 2.62
Q3 2013 46.52 55.80 3.31
Q4 2013 38.87 38.87 2.94
Q1 2014 46.17 46.17 3.27
Q2 2014 45.23 45.23 3.21
Q3 2014 12.05 69.22 2.92
Q4 2014 8.73 84.81 2.65
Q1 2015 8.21 81.14 2.58
Q2 2015 8.50 87.09 2.72
Q3 2015 14.50 38.11 2.40
Q4 2015 22.06 31.75 2.50
Q1 2016 30.91 31.22 2.44
Q2 2016 29.33 29.33 2.44

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Adjustments Agricultural Activity Consultancy , Training & Information System
Q1 2016 13.64 96.46 - 0.84 -
Q2 2016 44.59 122.26 (4.57) 1.11 -

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 54.00 68.02 25.97 %

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
SNB Capital 54.00 68.02 26.0 %


Financial Ratios
Current
Market Cap (M Riyal) 9,715.16
Enterprise Value (EV) (M) 11,040.59
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 25.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.65
P/E (TTM) 43.46
Price/book 1.45
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.2
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Share Price

Taiba Investments Co.
37.30
(0.70) (1.84 %)

Taiba Investments Co. (TAIBA)

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