Financial Results : Saudi Cable Co. quadruples losses in 9M 2016

Saudi Cable Co. quadruples losses in 9M 2016

20/10/2016 Argaam Exclusive

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Saudi Cable Co. widened its net loss from the same period last year to SAR 53.7 million in the first nine months of 2016. The company cited lower profit share from associates and lower other income.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,465.68 1,209.99 (17.4 %)
Gross Income 65.41 29.74 (54.5 %)
Operating Income (52.59) (106.80) (103.1 %)
Net Income (9.91) (81.10) (718.0 %)
Average Shares 4.18 4.18 -
EPS (Riyals) (2.37) (19.40) (718.0 %)

 

The cable producer swung to a net profit of SAR 14.3 million in the third quarter, compared to a net loss of SAR 2.9 million in Q3-2015, thanks to a rise in profit margins and gains on asset divestments, it said in a statement.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 491.63 348.48 (29.1 %)
Gross Income 14.82 15.71 6.0 %
Operating Income (20.16) (25.94) (28.7 %)
Net Income (2.85) 4.87 270.7 %
Average Shares 4.18 4.18 -
EPS (Riyals) (0.68) 1.17 270.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 663.84 91.7 % 121.23 222.3 % 77.60 1086.5 %
Q2 2007 815.78 98.9 % 139.15 140.1 % 86.43 201.8 %
Q3 2007 787.26 82.5 % 109.92 61.0 % 75.25 101.2 %
Q4 2007 876.46 115.0 % 194.62 92.6 % 100.49 61.2 %
Q1 2008 760.18 14.5 % 157.39 29.8 % 96.73 24.7 %
Q2 2008 977.16 19.8 % 154.52 11.0 % 97.14 12.4 %
Q3 2008 1,005.19 27.7 % 170.54 55.2 % 104.12 38.4 %
Q4 2008 756.87 (13.6 %) 70.88 (63.6 %) (12.45) (112.4 %)
Q1 2009 645.07 (15.1 %) 108.10 (31.3 %) 57.93 (40.1 %)
Q2 2009 646.97 (33.8 %) 96.86 (37.3 %) 55.43 (42.9 %)
Q3 2009 557.04 (44.6 %) 66.20 (61.2 %) 18.50 (82.2 %)
Q4 2009 609.36 (19.5 %) 39.64 (44.1 %) (6.74) 45.9 %
Q1 2010 492.81 (23.6 %) 29.15 (73.0 %) (5.81) (110.0 %)
Q2 2010 500.81 (22.6 %) 13.56 (86.0 %) (27.63) (149.8 %)
Q3 2010 368.66 (33.8 %) (35.20) (153.2 %) (80.84) (537.0 %)
Q4 2010 494.83 (18.8 %) 10.90 (72.5 %) (43.85) (550.5 %)
Q1 2011 829.96 68.4 % 59.02 102.4 % 23.66 507.5 %
Q2 2011 799.29 59.6 % 60.40 345.4 % 18.01 165.2 %
Q3 2011 744.74 102.0 % 22.85 164.9 % (19.14) 76.3 %
Q4 2011 825.57 66.8 % 1.23 (88.7 %) (38.44) 12.3 %
Q1 2012 917.64 10.6 % 80.03 35.6 % 31.46 33.0 %
Q2 2012 860.71 7.7 % 77.74 28.7 % 29.08 61.5 %
Q3 2012 615.43 (17.4 %) 39.55 73.1 % (11.24) 41.3 %
Q4 2012 294.06 (64.4 %) (111.45) (9183.0 %) (169.42) (340.8 %)
Q1 2013 669.34 (27.1 %) 49.07 (38.7 %) (0.71) (102.3 %)
Q2 2013 598.42 (30.5 %) 18.51 (76.2 %) (122.72) (522.0 %)
Q3 2013 617.36 0.3 % 46.05 16.4 % (14.34) (27.6 %)
Q4 2013 562.20 91.2 % (3.75) 96.6 % (58.56) 65.4 %
Q1 2014 458.56 (31.5 %) 16.35 (66.7 %) (40.49) (5,579.2 %)
Q2 2014 434.54 (27.4 %) 0.95 (94.8 %) (41.82) 65.9 %
Q3 2014 394.66 (36.1 %) (1.44) (103.1 %) (56.25) (292.3 %)
Q4 2014 404.74 (28.0 %) (19.28) (413.7 %) (62.92) (7.5 %)
Q1 2015 498.35 8.7 % 29.34 79.5 % (15.80) 61.0 %
Q2 2015 475.70 9.5 % 21.25 2127.6 % (16.63) 60.2 %
Q3 2015 491.63 24.6 % 14.82 1128.4 % (20.16) 64.2 %
Q4 2015 449.84 11.1 % (1.25) 93.5 % (49.48) 21.4 %
Q1 2016 386.66 (22.4 %) (13.77) (146.9 %) (60.06) (280.1 %)
Q2 2016 474.84 (0.2 %) 36.89 73.6 % (11.71) 29.6 %
Q3 2016 348.48 (29.1 %) 15.71 6.0 % (25.94) (28.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 68.70 10153.6 % 16.44 - 68.70 16.44
Q2 2007 70.15 198.2 % 16.78 - 70.15 16.78
Q3 2007 75.48 185.3 % 18.06 - 75.48 18.06
Q4 2007 68.46 37.0 % 16.38 - 68.46 16.38
Q1 2008 84.14 22.5 % 20.13 - 84.14 20.13
Q2 2008 86.78 23.7 % 20.76 - 86.78 20.76
Q3 2008 92.26 22.2 % 22.07 - 92.26 22.07
Q4 2008 (51.13) (174.7 %) (12.23) - (51.13) (12.23)
Q1 2009 46.27 (45.0 %) 11.07 - 46.27 11.07
Q2 2009 47.20 (45.6 %) 11.29 - 47.20 11.29
Q3 2009 20.11 (78.2 %) 4.81 - 20.11 4.81
Q4 2009 (9.10) 82.2 % (2.18) - (9.10) (2.18)
Q1 2010 1.07 (97.7 %) 0.26 - 1.07 0.26
Q2 2010 (26.50) (156.1 %) (6.34) - (26.50) (6.34)
Q3 2010 (71.53) (455.7 %) (17.11) - (71.53) (17.11)
Q4 2010 9.15 200.6 % 2.19 - 9.15 2.19
Q1 2011 20.27 1801.1 % 4.85 - 20.27 4.85
Q2 2011 22.56 185.1 % 5.40 - 22.56 5.40
Q3 2011 (14.77) 79.3 % (3.53) - (14.77) (3.53)
Q4 2011 (22.95) (350.8 %) (5.49) - (22.95) (5.49)
Q1 2012 25.16 24.1 % 6.02 - 25.16 6.02
Q2 2012 20.18 (10.6 %) 4.83 - 20.18 4.83
Q3 2012 (13.68) 7.4 % (3.27) - (13.68) (3.27)
Q4 2012 (188.07) (719.5 %) (44.99) - (188.07) (44.99)
Q1 2013 (15.41) (161.2 %) (3.69) - (15.41) (3.69)
Q2 2013 (131.75) (753.0 %) (31.52) - (131.75) (31.52)
Q3 2013 (8.04) 41.2 % (1.92) - (8.04) (1.92)
Q4 2013 (73.92) 60.7 % (17.68) - (73.92) (17.68)
Q1 2014 (41.13) (166.9 %) (9.84) - (41.13) (9.84)
Q2 2014 (50.57) 61.6 % (12.10) - (50.57) (12.10)
Q3 2014 (50.05) (522.6 %) (11.97) - (50.05) (11.97)
Q4 2014 (59.94) 18.9 % (14.34) (12.34) (47.60) (11.39)
Q1 2015 (7.94) 80.7 % (1.90) - (7.94) (1.90)
Q2 2015 0.88 101.7 % 0.21 18.61 (17.73) (4.24)
Q3 2015 (2.85) 94.3 % (0.68) 21.45 (24.30) (5.81)
Q4 2015 11.60 119.4 % 2.78 62.39 (50.79) (12.15)
Q1 2016 (58.66) (638.6 %) (14.03) - (58.66) (14.03)
Q2 2016 (18.21) (2167.3 %) (4.36) - (18.21) (4.36)
Q3 2016 4.87 270.7 % 1.17 41.47 (36.60) (8.76)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 18.22 % 12.28 % 8.82 %
Q2 2007 18.53 % 12.64 % 9.28 %
Q3 2007 17.62 % 12.44 % 9.88 %
Q4 2007 17.97 % 11.92 % 9.00 %
Q1 2008 18.55 % 12.33 % 9.21 %
Q2 2008 18.12 % 12.31 % 9.26 %
Q3 2008 18.71 % 12.64 % 9.16 %
Q4 2008 15.81 % 10.10 % 6.06 %
Q1 2009 14.89 % 9.54 % 5.15 %
Q2 2009 14.62 % 9.42 % 4.41 %
Q3 2009 13.13 % 8.00 % 2.40 %
Q4 2009 12.64 % 8.95 % 4.25 %
Q1 2010 10.05 % 7.05 % 2.57 %
Q2 2010 6.88 % 3.91 % (0.67 %)
Q3 2010 2.39 % (0.52 %) (5.38 %)
Q4 2010 0.99 % (3.30 %) (4.73 %)
Q1 2011 2.20 % (1.83 %) (3.13 %)
Q2 2011 3.82 % (0.09 %) (0.78 %)
Q3 2011 5.34 % 1.72 % 1.30 %
Q4 2011 4.49 % 1.80 % 0.16 %
Q1 2012 5.00 % 2.04 % 0.30 %
Q2 2012 5.43 % 2.36 % 0.23 %
Q3 2012 6.17 % 2.85 % 0.27 %
Q4 2012 3.20 % (1.27 %) (5.82 %)
Q1 2013 2.25 % (2.58 %) (8.07 %)
Q2 2013 (0.20 %) (9.90 %) (16.02 %)
Q3 2013 0.10 % (9.84 %) (15.75 %)
Q4 2013 4.49 % (4.17 %) (9.36 %)
Q1 2014 3.45 % (6.29 %) (11.39 %)
Q2 2014 2.88 % (3.14 %) (8.38 %)
Q3 2014 0.65 % (5.47 %) (11.66 %)
Q4 2014 (0.20 %) (6.24 %) (11.19 %)
Q1 2015 0.55 % (4.80 %) (9.01 %)
Q2 2015 1.68 % (2.83 %) (6.95 %)
Q3 2015 2.47 % (1.15 %) (5.22 %)
Q4 2015 3.35 % (0.50 %) (5.26 %)
Q1 2016 1.17 % (2.50 %) (8.40 %)
Q2 2016 2.04 % (1.67 %) (8.43 %)
Q3 2016 2.26 % (1.96 %) (9.90 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 4.18 40.34 40.34 210.99
Q2 2007 4.18 51.50 51.50 227.52
Q3 2007 4.18 63.23 63.23 246.94
Q4 2007 4.18 67.65 67.65 244.50
Q1 2008 4.18 71.35 71.35 273.31
Q2 2008 4.18 75.32 75.32 290.00
Q3 2008 4.18 79.34 79.34 283.05
Q4 2008 4.18 50.73 50.73 251.21
Q1 2009 4.18 41.67 41.67 262.68
Q2 2009 4.18 32.20 32.20 291.79
Q3 2009 4.18 14.94 14.94 304.80
Q4 2009 4.18 24.99 24.99 310.67
Q1 2010 4.18 14.18 14.18 306.61
Q2 2010 4.18 (3.45) (3.45) 264.76
Q3 2010 4.18 (25.37) (25.37) 275.01
Q4 2010 4.18 (21.01) (21.01) 283.16
Q1 2011 4.18 (16.42) (16.42) 280.97
Q2 2011 4.18 (4.68) (4.68) 265.98
Q3 2011 4.18 8.90 8.90 229.61
Q4 2011 4.18 1.22 1.22 241.41
Q1 2012 4.18 2.39 2.39 257.47
Q2 2012 4.18 1.82 1.82 248.95
Q3 2012 4.18 2.08 2.08 272.18
Q4 2012 4.18 (37.42) (37.42) 218.92
Q1 2013 4.18 (47.12) (47.12) 198.95
Q2 2013 4.18 (83.47) (83.47) 158.40
Q3 2013 4.18 (82.12) (82.12) 177.55
Q4 2013 4.18 (54.81) (54.81) 161.17
Q1 2014 4.18 (60.96) (60.96) 138.77
Q2 2014 4.18 (41.54) (41.54) 136.46
Q3 2014 4.18 (51.59) (51.59) 121.79
Q4 2014 4.18 (48.25) (45.30) 102.81
Q1 2015 4.18 (40.31) (37.36) 101.26
Q2 2015 4.18 (28.00) (29.50) 103.53
Q3 2015 4.18 (16.71) (23.34) 99.73
Q4 2015 4.18 0.40 (24.11) 104.06
Q1 2016 4.18 (11.73) (36.24) 95.36
Q2 2016 4.18 (16.30) (36.36) 88.43
Q3 2016 4.18 (14.45) (39.30) 92.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 24.98 24.98 4.78
Q2 2007 18.86 18.86 4.27
Q3 2007 18.00 18.00 4.61
Q4 2007 24.43 24.43 6.76
Q1 2008 31.30 31.30 8.17
Q2 2008 31.57 31.57 8.20
Q3 2008 20.19 20.19 5.66
Q4 2008 15.15 15.15 3.06
Q1 2009 13.08 13.08 2.08
Q2 2009 25.12 25.12 2.77
Q3 2009 69.69 69.69 3.42
Q4 2009 28.43 28.43 2.29
Q1 2010 47.96 47.96 2.22
Q2 2010 NEG NEG 1.85
Q3 2010 NEG NEG 1.62
Q4 2010 NEG NEG 1.43
Q1 2011 NEG NEG 1.39
Q2 2011 NEG NEG 1.56
Q3 2011 41.87 41.87 1.62
Q4 2011 More than 100 More than 100 1.68
Q1 2012 More than 100 More than 100 2.22
Q2 2012 More than 100 More than 100 1.72
Q3 2012 More than 100 More than 100 1.69
Q4 2012 NEG NEG 1.77
Q1 2013 NEG NEG 1.97
Q2 2013 NEG NEG 2.42
Q3 2013 NEG NEG 2.00
Q4 2013 NEG NEG 2.27
Q1 2014 NEG NEG 2.61
Q2 2014 NEG NEG 2.61
Q3 2014 NEG NEG 3.15
Q4 2014 NEG NEG 2.61
Q1 2015 NEG NEG 2.89
Q2 2015 NEG NEG 2.49
Q3 2015 NEG NEG 2.21
Q4 2015 More than 100 NEG 2.14
Q1 2016 NEG NEG 2.13
Q2 2016 NEG NEG 2.18
Q3 2016 NEG NEG 1.44

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
Q3 2012 595.12 20.32
Q4 2012 204.37 89.69
Q1 2013 576.06 93.28
Q2 2013 522.87 75.55
Q3 2013 487.52 130.39
Q4 2013 487.40 105.39
Q1 2014 393.31 65.25
Q2 2014 414.10 20.45
Q3 2014 348.65 46.01
Q4 2014 407.12 21.44
Q1 2015 472.24 26.11
Q2 2015 461.29 14.41
Q3 2015 480.09 11.54
Q4 2015 422.83 38.96
Q1 2016 379.92 6.75
Q2 2016 444.91 29.93
Q3 2016 330.89 17.60


Financial Ratios
Current
Market Cap (M Riyal) 652.52
Enterprise Value (EV) (M) 752.04
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) 6.79
Book Value (BV) ( Riyal) (64.15)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 37.37
P/E (TTM) 14.40
Price/book (1.52)
Return on Average Assets (%) (TTM) 6.7
Return on Average Equity (%) (TTM) -
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Share Price

Saudi Cable Co.
96.80
(1.10) (1.12 %)

Saudi Cable Co. (SAUDI CABLE)

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