Financial Results : SIDC turns to profit in H1 2019

SIDC turns to profit in H1 2019

24/07/2019 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) reported a net profit after zakat and tax of SAR 1.3 million for the first half of 2019, compared to a net loss of SAR 1.1 million a year earlier.

 

The firm turned to profit on lower operating losses thanks to a rise in sales and a drop in operating expenses, in addition to higher non-operating revenue.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 95.83 103.99 8.5 %
Gross Income 17.98 18.30 1.8 %
Operating Income (7.10) (6.25) 11.9 %
Net Income (1.14) 1.34 217.2 %
Average Shares 13.50 13.50 -
EPS (Riyals) (0.08) 0.10 217.2 %

In Q2, losses expanded by 30.8 percent YoY to SAR 1.7 million due to a decrease in non-operating revenue.

 

On a quarter-on-quarter basis, Q2 net loss was compared to a net profit of SAR 3 million in Q1.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 51.10 53.88 5.4 %
Gross Income 9.78 9.37 (4.2 %)
Operating Income (2.89) (3.03) (4.7 %)
Net Income (1.31) (1.66) (26.9 %)
Average Shares 13.50 13.50 -
EPS (Riyals) (0.10) (0.12) (26.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 52.62 1.5 % 12.19 74.5 % 2.13 170.8 %
Q2 2010 60.51 4.3 % 14.47 17.2 % 2.00 90.6 %
Q3 2010 64.95 6.8 % 17.70 35.5 % 5.58 78.0 %
Q4 2010 54.02 4.4 % 11.01 (30.6 %) (5.00) (380.2 %)
Q1 2011 64.36 22.3 % 15.94 30.8 % 4.52 112.4 %
Q2 2011 80.50 33.0 % 18.57 28.3 % 6.10 204.3 %
Q3 2011 82.51 27.0 % 26.05 47.1 % 12.29 120.1 %
Q4 2011 73.15 35.4 % 17.98 63.4 % 3.28 165.5 %
Q1 2012 75.20 16.8 % 23.07 44.7 % 10.33 128.8 %
Q2 2012 81.73 1.5 % 25.04 34.8 % 11.52 88.9 %
Q3 2012 84.68 2.6 % 25.10 (3.6 %) 9.73 (20.9 %)
Q4 2012 72.82 (0.4 %) 21.47 19.4 % 4.82 47.2 %
Q1 2013 79.81 6.1 % 23.39 1.4 % 6.84 (33.8 %)
Q2 2013 84.89 3.9 % 27.92 11.5 % 10.77 (6.5 %)
Q3 2013 86.34 2.0 % 27.42 9.2 % 9.20 (5.4 %)
Q4 2013 68.72 (5.6 %) 21.26 (0.9 %) 2.98 (38.3 %)
Q1 2014 75.07 (5.9 %) 22.35 (4.5 %) 3.50 (48.9 %)
Q2 2014 85.66 0.9 % 25.93 (7.1 %) 3.79 (64.8 %)
Q3 2014 87.12 0.9 % 24.31 (11.3 %) 4.76 (48.3 %)
Q4 2014 68.09 (0.9 %) 16.15 (24.0 %) (2.44) (182.1 %)
Q1 2015 79.01 5.2 % 24.17 8.1 % 5.59 59.9 %
Q2 2015 92.50 8.0 % 30.70 18.4 % 10.05 165.4 %
Q3 2015 84.70 (2.8 %) 27.88 14.7 % 7.06 48.3 %
Q4 2015 69.32 1.8 % 16.55 2.5 % (4.52) (85.0 %)
Q1 2016 67.44 (14.6 %) 17.17 (29.0 %) (1.57) (128.1 %)
Q2 2016 79.46 (14.1 %) 20.24 (34.1 %) 2.42 (75.9 %)
Q3 2016 67.05 (20.8 %) 17.36 (37.7 %) 2.20 (68.9 %)
Q4 2016 45.59 (34.2 %) 12.19 (26.3 %) (3.81) 15.6 %
Q1 2017 61.22 (9.2 %) 14.99 (12.7 %) 0.82 152.3 %
Q2 2017 62.04 (21.9 %) 6.54 (67.7 %) (10.13) (518.6 %)
Q3 2017 65.21 (2.7 %) 6.72 (61.3 %) (3.54) (261.4 %)
Q4 2017 51.67 13.3 % 6.26 (48.7 %) (9.83) (157.9 %)
Q1 2018 44.73 (26.9 %) 8.20 (45.3 %) (4.21) (613.8 %)
Q2 2018 51.10 (17.6 %) 9.78 49.6 % (2.89) 71.5 %
Q3 2018 48.72 (25.3 %) 7.33 9.0 % (4.89) (38.1 %)
Q4 2018 45.59 (11.8 %) 3.43 (45.2 %) (17.31) (76.1 %)
Q1 2019 50.10 12.0 % 8.93 9.0 % (3.23) 23.4 %
Q2 2019 53.88 5.4 % 9.37 (4.2 %) (3.03) (4.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 0.14 105.0 % 0.01 - 0.14 0.01
Q2 2010 101.10 10279.5 % 7.49 101.56 (0.47) (0.03)
Q3 2010 9.73 7328.2 % 0.72 4.58 5.15 0.38
Q4 2010 (10.36) (466.7 %) (0.77) 0.05 (10.41) (0.77)
Q1 2011 4.26 3008.8 % 0.32 - 4.26 0.32
Q2 2011 5.67 (94.4 %) 0.42 - 5.67 0.42
Q3 2011 12.09 24.3 % 0.90 - 12.09 0.90
Q4 2011 2.60 125.1 % 0.19 - 2.60 0.19
Q1 2012 9.15 114.8 % 0.68 - 9.15 0.68
Q2 2012 10.54 85.9 % 0.78 - 10.54 0.78
Q3 2012 8.90 (26.4 %) 0.66 - 8.90 0.66
Q4 2012 4.57 75.9 % 0.34 - 4.57 0.34
Q1 2013 6.55 (28.4 %) 0.49 - 6.55 0.49
Q2 2013 12.28 16.6 % 0.91 - 12.28 0.91
Q3 2013 9.12 2.5 % 0.68 - 9.12 0.68
Q4 2013 7.53 64.7 % 0.56 - 7.53 0.56
Q1 2014 23.77 262.9 % 1.76 7.90 15.87 1.18
Q2 2014 1.32 (89.3 %) 0.10 13.12 (11.81) (0.87)
Q3 2014 13.85 51.9 % 1.03 4.65 9.20 0.68
Q4 2014 (31.99) (524.7 %) (2.37) (0.83) (31.16) (2.31)
Q1 2015 4.74 (80.1 %) 0.35 - 4.74 0.35
Q2 2015 12.53 852.3 % 0.93 - 12.53 0.93
Q3 2015 (11.60) (183.7 %) (0.86) - (11.60) (0.86)
Q4 2015 (24.62) 23.0 % (1.82) (14.61) (10.01) (0.74)
Q1 2016 (8.56) (280.7 %) (0.63) - (8.56) (0.63)
Q2 2016 8.09 (35.5 %) 0.60 (4.87) 12.96 0.96
Q3 2016 (7.74) 33.2 % (0.57) (9.26) 1.51 0.11
Q4 2016 8.25 133.5 % 0.61 18.19 (9.94) (0.74)
Q1 2017 0.81 109.5 % 0.06 - 0.81 0.06
Q2 2017 (10.33) (227.7 %) (0.77) - (10.33) (0.77)
Q3 2017 (3.62) 53.3 % (0.27) - (3.62) (0.27)
Q4 2017 2.92 (64.5 %) 0.22 12.52 (9.59) (0.71)
Q1 2018 0.17 (79.3 %) 0.01 - 0.17 0.01
Q2 2018 (1.31) 87.3 % (0.10) - (1.31) (0.10)
Q3 2018 (8.71) (140.7 %) (0.65) - (8.71) (0.65)
Q4 2018 (20.23) (791.7 %) (1.50) - (20.23) (1.50)
Q1 2019 3.00 1685.2 % 0.22 - 3.00 0.22
Q2 2019 (1.66) (26.9 %) (0.12) - (1.66) (0.12)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 23.95 % 8.97 % (0.26 %)
Q2 2010 24.63 % 9.21 % (0.90 %)
Q3 2010 26.20 % 9.99 % 1.30 %
Q4 2010 23.86 % 6.85 % (2.41 %)
Q1 2011 24.25 % 7.41 % (0.60 %)
Q2 2011 23.96 % 8.26 % 1.77 %
Q3 2011 25.43 % 10.24 % 4.13 %
Q4 2011 26.13 % 12.45 % 8.19 %
Q1 2012 27.51 % 13.92 % 9.48 %
Q2 2012 29.47 % 15.73 % 11.00 %
Q3 2012 28.97 % 14.70 % 9.91 %
Q4 2012 30.11 % 15.19 % 10.54 %
Q1 2013 29.78 % 13.90 % 9.58 %
Q2 2013 30.38 % 13.51 % 10.03 %
Q3 2013 30.94 % 13.32 % 10.04 %
Q4 2013 31.27 % 12.94 % 11.10 %
Q1 2014 31.41 % 12.14 % 14.22 %
Q2 2014 30.70 % 9.94 % 6.56 %
Q3 2014 29.64 % 8.60 % 6.57 %
Q4 2014 28.08 % 7.04 % (5.66 %)
Q1 2015 28.31 % 7.76 % (9.08 %)
Q2 2015 29.18 % 9.66 % (1.44 %)
Q3 2015 30.50 % 10.65 % (7.86 %)
Q4 2015 30.50 % 10.04 % (1.33 %)
Q1 2016 29.40 % 7.96 % (5.62 %)
Q2 2016 27.19 % 5.63 % (5.72 %)
Q3 2016 25.18 % 4.04 % (1.45 %)
Q4 2016 25.80 % 4.40 % (1.55 %)
Q1 2017 25.57 % 5.49 % 2.11 %
Q2 2017 21.66 % 0.65 % (7.61 %)
Q3 2017 17.28 % (1.85 %) (9.86 %)
Q4 2017 14.37 % (4.38 %) (9.46 %)
Q1 2018 12.39 % (7.09 %) (10.45 %)
Q2 2018 14.55 % (4.24 %) (6.75 %)
Q3 2018 16.08 % (4.62 %) (9.91 %)
Q4 2018 15.11 % (10.13 %) (15.82 %)
Q1 2019 15.07 % (9.27 %) (13.94 %)
Q2 2019 14.65 % (9.32 %) (13.92 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 13.50 (0.04) (0.04) 22.85
Q2 2010 13.50 7.37 (0.15) 23.47
Q3 2010 13.50 8.08 0.22 24.70
Q4 2010 13.50 7.45 (0.41) 23.96
Q1 2011 13.50 7.76 (0.11) 24.28
Q2 2011 13.50 0.69 0.35 24.70
Q3 2011 13.50 0.86 0.86 25.12
Q4 2011 13.50 1.82 1.82 25.06
Q1 2012 13.50 2.19 2.19 25.73
Q2 2012 13.50 2.55 2.55 26.53
Q3 2012 13.50 2.31 2.31 27.16
Q4 2012 13.50 2.46 2.46 27.44
Q1 2013 13.50 2.26 2.26 27.78
Q2 2013 13.50 2.39 2.39 28.68
Q3 2013 13.50 2.41 2.41 29.37
Q4 2013 13.50 2.63 2.63 29.93
Q1 2014 13.50 3.90 3.32 31.41
Q2 2014 13.50 3.09 1.53 31.74
Q3 2014 13.50 3.44 1.54 32.78
Q4 2014 13.50 0.51 (1.33) 30.39
Q1 2015 13.50 (0.90) (2.15) 30.65
Q2 2015 13.50 (0.06) (0.35) 31.58
Q3 2015 13.50 (1.95) (1.89) 30.67
Q4 2015 13.50 (1.40) (0.32) 28.84
Q1 2016 13.50 (2.39) (1.31) 27.85
Q2 2016 13.50 (2.72) (1.27) 28.38
Q3 2016 13.50 (2.43) (0.30) 27.78
Q4 2016 13.50 0.00 (0.30) 26.80
Q1 2017 13.50 0.70 0.40 26.87
Q2 2017 13.50 (0.67) (1.33) 26.10
Q3 2017 13.50 (0.36) (1.71) 25.83
Q4 2017 13.50 (0.76) (1.68) 26.06
Q1 2018 13.50 (0.80) (1.73) 26.08
Q2 2018 13.50 (0.14) (1.06) 25.97
Q3 2018 13.50 (0.51) (1.44) 25.32
Q4 2018 13.50 (2.23) (2.23) 23.90
Q1 2019 13.50 (2.02) (2.02) 24.16
Q2 2019 13.50 (2.04) (2.04) 24.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 1.16
Q2 2010 3.58 NEG 1.12
Q3 2010 3.17 More than 100 1.04
Q4 2010 3.68 NEG 1.14
Q1 2011 4.19 NEG 1.34
Q2 2011 63.49 More than 100 1.77
Q3 2011 44.63 44.82 1.53
Q4 2011 22.84 22.84 1.66
Q1 2012 41.91 41.91 3.56
Q2 2012 17.29 17.29 1.66
Q3 2012 21.82 21.82 1.86
Q4 2012 19.68 19.68 1.76
Q1 2013 24.50 24.50 2.00
Q2 2013 19.15 19.15 1.60
Q3 2013 19.94 19.94 1.64
Q4 2013 22.34 22.34 1.96
Q1 2014 16.22 19.07 2.02
Q2 2014 20.05 40.38 1.95
Q3 2014 19.21 42.93 2.02
Q4 2014 84.70 NEG 1.43
Q1 2015 NEG NEG 1.79
Q2 2015 NEG NEG 1.63
Q3 2015 NEG NEG 1.16
Q4 2015 NEG NEG 1.45
Q1 2016 NEG NEG 1.04
Q2 2016 NEG NEG 1.09
Q3 2016 NEG NEG 0.83
Q4 2016 More than 100 NEG 1.14
Q1 2017 50.64 89.16 1.31
Q2 2017 NEG NEG 1.31
Q3 2017 NEG NEG 1.24
Q4 2017 NEG NEG 1.15
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.05
Q3 2018 NEG NEG 1.00
Q4 2018 NEG NEG 1.02
Q1 2019 NEG NEG 1.08
Q2 2019 NEG NEG 1.04

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Sheet Iron The main center
Q1 2013 68.42 11.38 - -
Q2 2013 70.01 14.88 - -
Q3 2013 72.99 13.35 - -
Q4 2013 56.96 11.75 - -
Q1 2014 63.66 11.41 - -
Q2 2014 71.48 14.18 - -
Q3 2014 75.80 11.31 - -
Q4 2014 56.93 11.16 - -
Q1 2015 68.29 10.72 - -
Q2 2015 81.05 11.45 - -
Q3 2015 73.64 11.06 - -
Q4 2015 60.17 9.16 - -
Q1 2016 57.68 9.51 - 0.25
Q2 2016 70.76 8.96 - -
Q3 2016 60.75 6.30 - -
Q4 2016 39.54 6.05 - -
Q1 2017 53.19 8.03 - -
Q2 2017 54.94 7.09 - -
Q3 2017 58.79 6.42 - -
Q4 2017 43.63 8.04 - -
Q1 2018 37.98 6.75 - -
Q2 2018 44.25 6.85 - -
Q3 2018 42.47 6.25 - -
Q4 2018 39.14 6.46 - -
Q1 2019 43.62 6.48 - -
Q2 2019 48.77 5.12 - -


Financial Ratios
Current
Market Cap (M Riyal) 374.63
Enterprise Value (EV) (M) 398.88
Shares Outstanding ((M)) 13.50
EPS ( Riyal) (TTM) (5.38)
Book Value (BV) ( Riyal) 5.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 5.18
Return on Average Assets (%) (TTM) (31.75 )
Return on Average Equity (%) (TTM) (65.44 )
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Share Price

Saudi Industrial Development Co.
27.75
0.20 0.73 %

Saudi Industrial Development Co. (SIDC)

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