Financial Results : Al Sorayai swings to SAR 28 mln net loss in H1

Al Sorayai swings to SAR 28 mln net loss in H1

02/08/2017 Argaam Exclusive

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Al Sorayai Trading and Industrial Group sustained net losses of SAR 28.1 million in the first half of 2017, against a net profit of SAR 3.2 million in the same period last year, due to lower sales, higher cost of production, and 12.9 million in non-recurring losses from a subsidiary, which offset lower G&A expenses. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 339.29 277.35 (18.3 %)
Gross Income 101.18 55.34 (45.3 %)
Operating Income 23.48 (0.79) (103.4 %)
Net Income 3.21 (28.11) (977.0 %)
Average Shares 5.93 5.93 -
EPS (Riyals) 0.54 (4.74) (977.0 %)

The company incurred net losses of SAR 29.5 million for the second quarter versus net earnings of SAR 107,000 in the same period last year, due to lower sales and decreased utilization rate in addition to higher cost of production. Also, higher raw materials prices and increased costs of financing weighed on Q2 figures.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 178.93 141.23 (21.1 %)
Gross Income 52.27 25.18 (51.8 %)
Operating Income 14.19 (2.55) (117.9 %)
Net Income 0.11 (29.54) (27711.2 %)
Average Shares 5.93 5.93 -
EPS (Riyals) 0.02 (4.98) (27711.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 210.09 - 51.88 - 18.04 -
Q2 2009 227.61 - 72.24 - 27.59 -
Q3 2009 251.05 - 74.49 - 24.21 -
Q4 2009 254.00 - 63.87 - 24.45 -
Q1 2010 198.88 (5.3 %) 50.71 (2.3 %) 11.62 (35.6 %)
Q2 2010 238.61 4.8 % 72.37 0.2 % 25.89 (6.2 %)
Q3 2010 237.77 (5.3 %) 63.21 (15.1 %) 15.95 (34.1 %)
Q4 2010 231.75 (8.8 %) 68.43 7.1 % 32.22 31.8 %
Q1 2011 188.58 (5.2 %) 51.38 1.3 % 12.82 10.4 %
Q2 2011 235.49 (1.3 %) 66.50 (8.1 %) 26.47 2.2 %
Q3 2011 232.22 (2.3 %) 56.36 (10.8 %) 13.00 (18.5 %)
Q4 2011 214.26 (7.5 %) 53.30 (22.1 %) (3.74) (111.6 %)
Q1 2012 221.74 17.6 % 58.60 14.1 % 13.91 8.5 %
Q2 2012 259.66 10.3 % 69.96 5.2 % 19.78 (25.3 %)
Q3 2012 241.97 4.2 % 72.05 27.8 % 19.33 48.7 %
Q4 2012 232.75 8.6 % 55.72 4.5 % 9.44 352.1 %
Q1 2013 220.90 (0.4 %) 56.05 (4.3 %) 11.91 (14.4 %)
Q2 2013 229.80 (11.5 %) 49.41 (29.4 %) 8.48 (57.1 %)
Q3 2013 200.39 (17.2 %) 58.35 (19.0 %) 9.90 (48.8 %)
Q4 2013 215.14 (7.6 %) 42.90 (23.0 %) (3.65) (138.7 %)
Q1 2014 214.93 (2.7 %) 42.47 (24.2 %) (2.39) (120.1 %)
Q2 2014 221.03 (3.8 %) 51.14 3.5 % 6.76 (20.3 %)
Q3 2014 199.54 (0.4 %) 48.04 (17.7 %) 3.15 (68.2 %)
Q4 2014 209.17 (2.8 %) 28.50 (33.6 %) (23.19) (535.0 %)
Q1 2015 210.96 (1.8 %) 42.03 (1.0 %) (0.87) 63.4 %
Q2 2015 239.17 8.2 % 56.36 10.2 % 7.51 11.0 %
Q3 2015 168.57 (15.5 %) 35.12 (26.9 %) (9.45) (400.1 %)
Q4 2015 193.67 (7.4 %) 30.35 6.5 % (11.78) 49.2 %
Q1 2016 172.11 (18.4 %) 51.76 23.2 % 9.33 1168.0 %
Q2 2016 178.93 (25.2 %) 52.27 (7.3 %) 14.19 89.1 %
Q3 2016 106.81 (36.6 %) 11.83 (66.3 %) (21.83) (130.9 %)
Q4 2016 128.57 (33.6 %) 2.80 (90.8 %) (62.30) (429.1 %)
Q1 2017 136.12 (20.9 %) 30.17 (41.7 %) 1.76 (81.2 %)
Q2 2017 141.23 (21.1 %) 25.18 (51.8 %) (2.55) (117.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 13.17 - 2.22 - 13.17 2.22
Q2 2009 22.97 - 3.88 - 22.97 3.88
Q3 2009 21.93 - 3.70 - 21.93 3.70
Q4 2009 22.19 - 3.74 - 22.19 3.74
Q1 2010 13.12 (0.4 %) 2.21 - 13.12 2.21
Q2 2010 25.14 9.4 % 4.24 - 25.14 4.24
Q3 2010 9.75 (55.5 %) 1.64 - 9.75 1.64
Q4 2010 27.99 26.1 % 4.72 - 27.99 4.72
Q1 2011 12.20 (7.0 %) 2.06 - 12.20 2.06
Q2 2011 19.47 (22.6 %) 3.28 - 19.47 3.28
Q3 2011 11.18 14.7 % 1.89 - 11.18 1.89
Q4 2011 (7.27) (126.0 %) (1.23) - (7.27) (1.23)
Q1 2012 10.49 (14.0 %) 1.77 - 10.49 1.77
Q2 2012 16.68 (14.3 %) 2.81 - 16.68 2.81
Q3 2012 16.34 46.2 % 2.76 - 16.34 2.76
Q4 2012 9.07 224.8 % 1.53 - 9.07 1.53
Q1 2013 10.55 0.6 % 1.78 - 10.55 1.78
Q2 2013 7.72 (53.7 %) 1.30 - 7.72 1.30
Q3 2013 (6.86) (142.0 %) (1.16) - (6.86) (1.16)
Q4 2013 1.67 (81.6 %) 0.28 - 1.67 0.28
Q1 2014 (4.77) (145.2 %) (0.80) - (4.77) (0.80)
Q2 2014 6.09 (21.1 %) 1.03 - 6.09 1.03
Q3 2014 (1.14) 83.4 % (0.19) (0.26) (0.88) (0.15)
Q4 2014 (29.70) (1878.4 %) (5.01) (5.07) (24.63) (4.15)
Q1 2015 (2.89) 39.4 % (0.49) 0.37 (3.26) (0.55)
Q2 2015 3.90 (36.0 %) 0.66 2.02 1.88 0.32
Q3 2015 (14.87) (1,207.6 %) (2.51) - (14.87) (2.51)
Q4 2015 (40.71) (37.1 %) (6.87) - (40.71) (6.87)
Q1 2016 3.10 207.2 % 0.52 - 3.10 0.52
Q2 2016 0.11 (97.3 %) 0.02 - 0.11 0.02
Q3 2016 (35.48) (138.6 %) (5.99) - (35.48) (5.99)
Q4 2016 (58.83) (44.5 %) (9.93) - (58.83) (9.93)
Q1 2017 1.44 (53.7 %) 0.24 - 1.44 0.24
Q2 2017 (29.54) (27711.2 %) (4.98) (17.59) (11.95) (2.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 27.84 % 14.11 % 8.51 %
Q1 2010 28.05 % 13.80 % 8.61 %
Q2 2010 27.74 % 13.68 % 8.74 %
Q3 2010 26.92 % 13.15 % 7.55 %
Q4 2010 28.08 % 14.52 % 8.38 %
Q1 2011 28.48 % 14.93 % 8.37 %
Q2 2011 27.92 % 14.80 % 7.77 %
Q3 2011 27.33 % 14.37 % 7.98 %
Q4 2011 26.14 % 10.37 % 4.09 %
Q1 2012 25.98 % 10.05 % 3.75 %
Q2 2012 25.67 % 9.25 % 3.35 %
Q3 2012 27.08 % 9.71 % 3.87 %
Q4 2012 26.81 % 11.13 % 5.50 %
Q1 2013 26.57 % 11.10 % 5.51 %
Q2 2013 25.20 % 10.21 % 4.72 %
Q3 2013 24.84 % 9.86 % 2.32 %
Q4 2013 23.86 % 8.56 % 1.51 %
Q1 2014 22.45 % 6.85 % (0.26 %)
Q2 2014 22.88 % 6.48 % (0.46 %)
Q3 2014 21.70 % 5.73 % 0.25 %
Q4 2014 20.14 % 3.63 % (2.86 %)
Q1 2015 20.19 % 3.81 % (2.70 %)
Q2 2015 20.37 % 3.74 % (3.13 %)
Q3 2015 19.57 % 2.34 % (4.94 %)
Q4 2015 20.17 % 3.42 % (7.01 %)
Q1 2016 22.44 % 4.99 % (6.54 %)
Q2 2016 23.76 % 6.76 % (7.34 %)
Q3 2016 22.44 % 5.67 % (11.20 %)
Q4 2016 20.23 % (2.13 %) (15.53 %)
Q1 2017 17.63 % (4.00 %) (16.85 %)
Q2 2017 13.65 % (8.16 %) (20.44 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 5.93 - - 54.92
Q2 2009 5.93 - - 58.79
Q3 2009 5.93 - - 60.80
Q4 2009 5.93 13.54 13.54 62.86
Q1 2010 5.93 13.53 13.53 64.23
Q2 2010 5.93 13.90 13.90 68.47
Q3 2010 5.93 11.84 11.84 70.12
Q4 2010 5.93 12.82 12.82 74.84
Q1 2011 5.93 12.67 12.67 71.84
Q2 2011 5.93 11.71 11.71 75.12
Q3 2011 5.93 11.95 11.95 77.01
Q4 2011 5.93 6.00 6.00 75.70
Q1 2012 5.93 5.71 5.71 77.47
Q2 2012 5.93 5.24 5.24 80.29
Q3 2012 5.93 6.11 6.11 83.04
Q4 2012 5.93 8.87 8.87 84.57
Q1 2013 5.93 8.88 8.88 86.35
Q2 2013 5.93 7.37 7.37 85.12
Q3 2013 5.93 3.45 3.45 83.97
Q4 2013 5.93 2.21 2.21 84.25
Q1 2014 5.93 (0.38) (0.38) 83.44
Q2 2014 5.93 (0.65) (0.65) 81.31
Q3 2014 5.93 0.31 0.36 81.11
Q4 2014 5.93 (4.98) (4.08) 76.10
Q1 2015 5.93 (4.66) (3.83) 75.62
Q2 2015 5.93 (5.03) (4.54) 76.27
Q3 2015 5.93 (7.35) (6.90) 73.76
Q4 2015 5.93 (9.21) (9.61) 66.90
Q1 2016 5.93 (8.20) (8.54) 71.52
Q2 2016 5.93 (8.84) (8.84) 71.39
Q3 2016 5.93 (12.31) (12.31) 65.26
Q4 2016 5.93 (15.37) (15.37) 50.99
Q1 2017 5.93 (15.65) (15.65) 51.14
Q2 2017 5.93 (20.65) (17.69) 46.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 21.85 21.85 4.60
Q2 2010 17.08 17.08 3.47
Q3 2010 20.35 20.35 3.44
Q4 2010 16.49 16.49 2.82
Q1 2011 18.22 18.22 3.21
Q2 2011 18.29 18.29 2.85
Q3 2011 16.56 16.56 2.57
Q4 2011 36.44 36.44 2.89
Q1 2012 48.99 48.99 3.61
Q2 2012 38.17 38.17 2.49
Q3 2012 48.35 48.35 3.56
Q4 2012 26.07 26.07 2.73
Q1 2013 27.24 27.24 2.80
Q2 2013 30.66 30.66 2.65
Q3 2013 67.77 67.77 2.79
Q4 2013 More than 100 More than 100 2.96
Q1 2014 NEG NEG 3.06
Q2 2014 NEG NEG 3.37
Q3 2014 More than 100 More than 100 3.62
Q4 2014 NEG NEG 2.48
Q1 2015 NEG NEG 2.81
Q2 2015 NEG NEG 2.83
Q3 2015 NEG NEG 2.15
Q4 2015 NEG NEG 2.80
Q1 2016 NEG NEG 1.76
Q2 2016 NEG NEG 1.74
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 2.37
Q1 2017 NEG NEG 2.45
Q2 2017 NEG NEG 2.06

Business Segments (Million)

Compared With The
Period Flooring Sector Others
Q2 2016 148.75 30.18
Q3 2016 88.36 18.45
Q4 2016 96.87 24.35
Q1 2017 127.06 9.07
Q2 2017 112.92 28.32


Financial Ratios
Current
Market Cap (M Riyal) 1,006.07
Enterprise Value (EV) (M) 1,170.82
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (4.21)
Book Value (BV) ( Riyal) 6.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 15.25
Return on Average Assets (%) (TTM) (12.06 )
Return on Average Equity (%) (TTM) (51.83 )
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Share Price

Naseej International Trading Co.
93.30
1.00 1.08 %

Naseej International Trading Co. (NASEEJ)

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