Financial Results : Budget Saudi net profit dips 8% in FY16

Budget Saudi net profit dips 8% in FY16

19/01/2017 Argaam Exclusive

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United International Transportation Company (Budget Saudi) reported a net profit of SAR 174.5 million for fiscal year 2016, a 7.6 percent year-on-year (YoY) decrease attributed to lower revenue from rentals, provision of SAR 8.6 million for bad debts, and impairment of SAR 6.6 million on the investment in an associate.



Financials (M)

Item 2015 2016 Change‬
Revenues 875.57 1,182.51 35.1 %
Gross Income 140.50 279.05 98.6 %
Operating Income 64.71 193.27 198.7 %
Net Income 188.77 170.14 (9.9 %)
Average Shares 71.17 71.17 -
EPS (Riyals) 2.65 2.39 (9.9 %)

Net profit for the fourth quarter fell 29 percent YoY to SAR 35.2 million also due to lower short rental revenue and lower gain on sale of vehicles.

 

The Q4 profit was down 19 percent compared to the previous quarter due to provision for bad debts, and comparatively lower gain on sale of vehicles from short rentals. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 228.03 289.03 26.7 %
Gross Income 36.42 67.03 84.1 %
Operating Income 13.79 41.43 200.4 %
Net Income 49.62 32.21 (35.1 %)
Average Shares 71.17 71.17 -
EPS (Riyals) 0.70 0.45 (35.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 85.40 - 37.17 - 31.19 -
Q2 2007 89.06 - 22.06 - 13.38 -
Q3 2007 107.96 6.2 % 30.24 11.8 % 25.12 13.0 %
Q4 2007 114.22 (2.2 %) 41.82 4.0 % 27.97 (17.1 %)
Q1 2008 109.14 27.8 % 30.30 (18.5 %) 22.66 (27.4 %)
Q2 2008 117.08 31.5 % 34.69 57.3 % 24.23 81.1 %
Q3 2008 128.46 19.0 % 35.23 16.5 % 28.50 13.4 %
Q4 2008 117.84 3.2 % 31.63 (24.4 %) 21.74 (22.3 %)
Q1 2009 118.41 8.5 % 31.48 3.9 % 23.19 2.4 %
Q2 2009 89.86 (23.3 %) 13.91 (59.9 %) (4.57) (118.8 %)
Q3 2009 105.05 (18.2 %) 26.99 (23.4 %) 14.30 (49.8 %)
Q4 2009 101.04 (14.3 %) 30.96 (2.1 %) 2.88 (86.8 %)
Q1 2010 107.83 (8.9 %) 20.04 (36.4 %) 7.61 (67.2 %)
Q2 2010 108.93 21.2 % 23.16 66.5 % 7.08 255.1 %
Q3 2010 114.98 9.5 % 34.37 27.4 % 19.28 34.8 %
Q4 2010 119.33 18.1 % 0.52 (98.3 %) 10.35 259.6 %
Q1 2011 121.48 12.7 % 20.83 4.0 % 6.09 (20.0 %)
Q2 2011 125.30 15.0 % 23.69 2.3 % 7.53 6.4 %
Q3 2011 126.59 10.1 % 24.83 (27.8 %) 9.47 (50.9 %)
Q4 2011 134.83 13.0 % 19.29 3638.8 % 13.41 29.6 %
Q1 2012 136.79 12.6 % 26.67 28.0 % 9.75 60.2 %
Q2 2012 144.56 15.4 % 26.64 12.5 % 9.36 24.3 %
Q3 2012 147.49 16.5 % 20.31 (18.2 %) 3.36 (64.5 %)
Q4 2012 153.37 13.7 % 20.39 5.7 % 1.91 (85.8 %)
Q1 2013 157.37 15.0 % 26.32 (1.3 %) 8.91 (8.7 %)
Q2 2013 163.17 12.9 % 24.88 (6.6 %) 11.45 22.3 %
Q3 2013 168.68 14.4 % 28.21 38.9 % 13.02 287.2 %
Q4 2013 179.54 17.1 % 35.68 75.0 % 18.42 864.3 %
Q1 2014 177.94 13.1 % 29.57 12.4 % 12.80 43.7 %
Q2 2014 190.20 16.6 % 31.20 25.4 % 13.65 19.2 %
Q3 2014 189.94 12.6 % 27.09 (4.0 %) 11.25 (13.6 %)
Q4 2014 199.02 10.9 % 31.12 (12.8 %) 14.98 (18.7 %)
Q1 2015 208.71 17.3 % 33.45 13.1 % 16.65 30.2 %
Q2 2015 217.16 14.2 % 34.03 9.1 % 15.78 15.6 %
Q3 2015 221.67 16.7 % 36.61 35.2 % 18.49 64.4 %
Q4 2015 228.03 14.6 % 36.42 17.0 % 13.79 (7.9 %)
Q1 2016 300.32 43.9 % 73.91 121.0 % 55.70 234.5 %
Q2 2016 296.04 36.3 % 69.79 105.1 % 49.11 211.2 %
Q3 2016 297.13 34.0 % 68.31 86.6 % 47.03 154.4 %
Q4 2016 289.03 26.7 % 67.03 84.1 % 41.43 200.4 %
2016 1,182.51 35.1 % 279.05 98.6 % 193.27 198.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 28.19 - 0.40 - 28.19 0.40
Q2 2007 10.60 - 0.15 - 10.60 0.15
Q3 2007 21.79 10.5 % 0.31 - 21.79 0.31
Q4 2007 16.80 (44.5 %) 0.24 - 16.80 0.24
Q1 2008 19.04 (32.4 %) 0.27 - 19.04 0.27
Q2 2008 20.76 95.8 % 0.29 - 20.76 0.29
Q3 2008 24.95 14.5 % 0.35 - 24.95 0.35
Q4 2008 19.15 13.9 % 0.27 - 19.15 0.27
Q1 2009 19.91 4.5 % 0.28 - 19.91 0.28
Q2 2009 21.48 3.5 % 0.30 - 21.48 0.30
Q3 2009 21.92 (12.1 %) 0.31 - 21.92 0.31
Q4 2009 22.46 17.3 % 0.32 - 22.46 0.32
Q1 2010 22.55 13.3 % 0.32 - 22.55 0.32
Q2 2010 22.70 5.7 % 0.32 - 22.70 0.32
Q3 2010 28.18 28.6 % 0.40 - 28.18 0.40
Q4 2010 21.51 (4.2 %) 0.30 - 21.51 0.30
Q1 2011 22.97 1.8 % 0.32 - 22.97 0.32
Q2 2011 23.95 5.5 % 0.34 - 23.95 0.34
Q3 2011 25.80 (8.4 %) 0.36 - 25.80 0.36
Q4 2011 28.02 30.2 % 0.39 - 28.02 0.39
Q1 2012 28.51 24.1 % 0.40 - 28.51 0.40
Q2 2012 30.31 26.5 % 0.43 - 30.31 0.43
Q3 2012 31.33 21.4 % 0.44 - 31.33 0.44
Q4 2012 35.64 27.2 % 0.50 - 35.64 0.50
Q1 2013 36.16 26.8 % 0.51 - 36.16 0.51
Q2 2013 38.07 25.6 % 0.53 - 38.07 0.53
Q3 2013 38.47 22.8 % 0.54 - 38.47 0.54
Q4 2013 37.51 5.3 % 0.53 - 37.51 0.53
Q1 2014 39.87 10.3 % 0.56 - 39.87 0.56
Q2 2014 42.26 11.0 % 0.59 - 42.26 0.59
Q3 2014 44.23 15.0 % 0.62 - 44.23 0.62
Q4 2014 44.69 19.2 % 0.63 - 44.69 0.63
Q1 2015 44.80 12.3 % 0.63 - 44.80 0.63
Q2 2015 45.62 8.0 % 0.64 - 45.62 0.64
Q3 2015 48.73 10.2 % 0.68 - 48.73 0.68
Q4 2015 49.62 11.0 % 0.70 - 49.62 0.70
Q1 2016 48.80 8.9 % 0.69 (6.62) 55.42 0.78
Q2 2016 46.20 1.3 % 0.65 - 46.20 0.65
Q3 2016 42.92 (11.9 %) 0.60 - 42.92 0.60
Q4 2016 32.21 (35.1 %) 0.45 - 32.21 0.45
2016 170.14 (9.9 %) 2.39 (6.62) 176.75 2.48

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 32.20 % 86.02 % 22.60 %
Q3 2007 32.49 % 63.98 % 22.76 %
Q4 2007 33.10 % 63.19 % 19.51 %
Q1 2008 29.60 % 65.08 % 16.23 %
Q2 2008 30.56 % 68.46 % 17.48 %
Q3 2008 30.29 % 68.43 % 17.39 %
Q4 2008 27.90 % 67.68 % 17.75 %
Q1 2009 27.61 % 67.58 % 17.59 %
Q2 2009 24.69 % 65.74 % 18.81 %
Q3 2009 24.12 % 64.62 % 19.12 %
Q4 2009 24.94 % 63.14 % 20.70 %
Q1 2010 22.76 % 61.89 % 21.90 %
Q2 2010 23.92 % 62.75 % 21.20 %
Q3 2010 25.08 % 62.17 % 22.16 %
Q4 2010 17.31 % 60.08 % 21.05 %
Q1 2011 16.97 % 59.32 % 20.52 %
Q2 2011 16.51 % 59.20 % 20.08 %
Q3 2011 14.18 % 59.46 % 19.12 %
Q4 2011 17.44 % 60.71 % 19.82 %
Q1 2012 18.05 % 61.09 % 20.30 %
Q2 2012 17.95 % 61.59 % 20.75 %
Q3 2012 16.48 % 61.43 % 20.96 %
Q4 2012 16.15 % 61.68 % 21.60 %
Q1 2013 15.54 % 61.88 % 22.14 %
Q2 2013 14.79 % 62.34 % 22.72 %
Q3 2013 15.53 % 63.14 % 23.08 %
Q4 2013 17.21 % 65.14 % 22.46 %
Q1 2014 17.17 % 65.89 % 22.33 %
Q2 2014 17.40 % 65.96 % 22.07 %
Q3 2014 16.75 % 64.56 % 22.22 %
Q4 2014 15.72 % 66.14 % 22.59 %
Q1 2015 15.59 % 66.36 % 22.34 %
Q2 2015 15.42 % 67.66 % 22.01 %
Q3 2015 15.97 % 70.66 % 21.72 %
Q4 2015 16.05 % 65.94 % 21.56 %
Q1 2016 18.71 % 64.49 % 20.62 %
Q2 2016 20.72 % 61.96 % 19.12 %
Q3 2016 22.15 % 59.33 % 17.31 %
Q4 2016 23.60 % 60.38 % 14.95 %
2016 23.60 % 60.38 % 14.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 71.17 - - 3.62
Q2 2007 71.17 1.25 1.25 3.75
Q3 2007 71.17 1.28 1.28 4.05
Q4 2007 71.17 1.09 1.09 4.26
Q1 2008 71.17 0.96 0.96 4.13
Q2 2008 71.17 1.10 1.10 4.42
Q3 2008 71.17 1.15 1.15 4.76
Q4 2008 71.17 1.18 1.18 5.00
Q1 2009 71.17 1.19 1.19 4.82
Q2 2009 71.17 1.20 1.20 5.12
Q3 2009 71.17 1.16 1.16 5.42
Q4 2009 71.17 1.21 1.21 5.71
Q1 2010 71.17 1.24 1.24 5.50
Q2 2010 71.17 1.26 1.26 5.82
Q3 2010 71.17 1.35 1.35 6.21
Q4 2010 71.17 1.33 1.33 6.48
Q1 2011 71.17 1.34 1.34 6.79
Q2 2011 71.17 1.36 1.36 6.55
Q3 2011 71.17 1.32 1.32 6.90
Q4 2011 71.17 1.42 1.42 7.27
Q1 2012 71.17 1.49 1.49 7.66
Q2 2012 71.17 1.58 1.58 7.44
Q3 2012 71.17 1.66 1.66 7.87
Q4 2012 71.17 1.77 1.77 8.34
Q1 2013 71.17 1.87 1.87 8.84
Q2 2013 71.17 1.98 1.98 8.65
Q3 2013 71.17 2.08 2.08 9.18
Q4 2013 71.17 2.11 2.11 9.67
Q1 2014 71.17 2.16 2.16 10.22
Q2 2014 71.17 2.22 2.22 9.85
Q3 2014 71.17 2.30 2.30 10.46
Q4 2014 71.17 2.40 2.40 11.05
Q1 2015 71.17 2.47 2.47 11.67
Q2 2015 71.17 2.52 2.52 11.34
Q3 2015 71.17 2.58 2.58 12.01
Q4 2015 71.17 2.65 2.65 12.67
Q1 2016 71.17 2.71 2.80 13.35
Q2 2016 71.17 2.72 2.81 12.93
Q3 2016 71.17 2.64 2.73 13.53
Q4 2016 71.17 2.39 2.48 13.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 25.08 25.08 7.90
Q4 2007 31.84 31.84 8.13
Q1 2008 32.58 32.58 7.56
Q2 2008 24.97 24.97 6.22
Q3 2008 13.06 13.06 3.14
Q4 2008 9.05 9.05 2.13
Q1 2009 9.70 9.70 2.40
Q2 2009 12.56 12.56 2.95
Q3 2009 17.23 17.23 3.68
Q4 2009 14.10 14.10 2.98
Q1 2010 14.36 14.36 3.24
Q2 2010 11.69 11.69 2.53
Q3 2010 12.24 12.24 2.66
Q4 2010 11.67 11.67 2.40
Q1 2011 10.35 10.35 2.04
Q2 2011 9.58 9.58 1.99
Q3 2011 9.58 9.58 1.84
Q4 2011 10.02 10.02 1.95
Q1 2012 12.42 12.42 2.42
Q2 2012 10.08 10.08 2.14
Q3 2012 11.05 11.05 2.33
Q4 2012 11.25 11.25 2.38
Q1 2013 12.76 12.76 2.71
Q2 2013 13.47 13.47 3.09
Q3 2013 16.25 16.25 3.69
Q4 2013 15.94 15.94 3.48
Q1 2014 22.11 22.11 4.68
Q2 2014 20.28 20.28 4.58
Q3 2014 21.61 21.61 4.76
Q4 2014 18.20 18.20 3.96
Q1 2015 17.63 17.63 3.73
Q2 2015 18.31 18.31 4.07
Q3 2015 13.76 13.76 2.96
Q4 2015 12.74 12.74 2.67
Q1 2016 10.80 10.44 2.19
Q2 2016 11.99 11.59 2.52
Q3 2016 9.64 9.31 1.88
Q4 2016 13.28 12.78 2.27

Business Segments (Million)

Compared With The
Period Leasing sector. Rental sector Used car sales
Q1 2014 80.88 97.07 -
Q2 2014 90.54 99.66 -
Q3 2014 84.86 105.07 -
Q4 2014 156.67 42.35 -
Q1 2015 116.78 91.91 -
Q2 2015 123.45 93.73 -
Q3 2015 126.59 95.08 -
Q4 2015 128.02 100.01 -
Q1 2016 130.49 88.19 81.64
Q2 2016 135.88 81.70 78.46
Q3 2016 139.04 77.08 81.01
Q4 2016 141.22 74.31 73.50

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 44.67 32.21 (27.9 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
AlJazira Capital 43.64 32.21 (26.2) %
OSOOL AND BAKHEET 45.70 32.21 (29.5) %


Financial Ratios
Current
Market Cap (M Riyal) 5,808.03
Enterprise Value (EV) (M) 7,284.33
Shares Outstanding ((M)) 78.17
EPS ( Riyal) (TTM) 3.73
Book Value (BV) ( Riyal) 33.15
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.84
P/E (TTM) 20.84
Price/book 2.24
Return on Average Assets (%) (TTM) 7.2
Return on Average Equity (%) (TTM) 12.7
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Share Price

United International Transportation Co.
74.30
0.30 0.41 %

United International Transportation Co. (BUDGET SAUDI)

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