Zain Saudi swings to profit in 9M 2019

24/10/2019 Argaam Exclusive

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Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

Mobile Telecommunications Company Saudi Arabia (Zain Saudi) reported a net profit after zakat and tax of SAR 380 million for the first 9 months of 2019, versus a net loss of SAR 67 million in year-earlier period, driven by robust revenues on higher market demand.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	5,484.28	6,158.33	12.3 %
Gross Income	3,599.90	4,499.14	25.0 %
Operating Income	698.82	1,328.04	90.0 %
Net Income	(66.90)	380.22	668.4 %
Average Shares	573.22	573.22	-
EPS (Riyals)	(0.12)	0.66	668.4 %

The telecom operator’s net profit after zakat and tax for Q3 2019 more than doubled YoY to SAR 121 million, due to a rise of SAR 56 million in revenue in addition to an increased demand for the telco’s products.

The telco also cited lower operating expenses, in addition to writing back SAR 129 in provisions in this quarter.

On a sequential basis, Q3 2019 net profit slid by 6.9 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	1,951.88	2,008.08	2.9 %
Gross Income	1,320.57	1,495.03	13.2 %
Operating Income	307.34	450.21	46.5 %
Net Income	48.01	120.71	151.5 %
Average Shares	573.22	573.22	-
EPS (Riyals)	0.08	0.21	151.5 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	2,056.76	2,008.08	(2.4 %)
Gross Income	1,523.73	1,495.03	(1.9 %)
Operating Income	446.05	450.21	0.9 %
Net Income	130.20	120.71	(7.3 %)
Average Shares	573.22	573.22	-
EPS (Riyals)	0.23	0.21	(7.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	1,094.23	88.1 %	384.34	163.3 %	(662.45)	13.4 %	(3.01)
Q2 2010	1,450.41	106.8 %	608.03	358.6 %	(631.59)	26.3 %	(2.87)
Q3 2010	1,661.95	101.3 %	712.13	193.1 %	(543.79)	33.7 %	(2.47)
Q4 2010	1,727.78	93.0 %	825.94	132.3 %	(520.61)	20.8 %	(2.36)
2010	5,934.37	97.5 %	2,530.45	188.5 %	(2358.44)	23.9 %	(10.71)
Q1 2011	1,484.22	35.6 %	716.02	86.3 %	(531.75)	19.7 %	(2.41)
Q2 2011	1,704.65	17.5 %	923.22	51.8 %	(448.18)	29.0 %	(2.03)
Q3 2011	1,794.81	8.0 %	870.12	22.2 %	(483.81)	11.0 %	(2.20)
Q4 2011	1,715.39	(0.7 %)	690.82	(16.4 %)	(461.46)	11.4 %	(2.09)
2011	6,699.06	12.9 %	3,200.17	26.5 %	(1925.20)	18.4 %	(8.74)
Q1 2012	1,521.59	2.5 %	702.20	(1.9 %)	(419.99)	21.0 %	(1.91)
Q2 2012	1,629.02	(4.4 %)	707.12	(23.4 %)	(393.64)	12.2 %	(1.79)
Q3 2012	1,529.90	(14.8 %)	711.62	(18.2 %)	(493.00)	(1.9 %)	(0.86)
Q4 2012	1,490.16	(13.1 %)	738.98	7.0 %	(442.78)	4.0 %	(0.77)
2012	6,170.67	(7.9 %)	2,859.92	(10.6 %)	(1749.40)	9.1 %	(3.05)
Q1 2013	1,719.40	13.0 %	776.23	10.5 %	(397.95)	5.2 %	(0.69)
Q2 2013	1,706.35	4.7 %	830.76	17.5 %	(370.41)	5.9 %	(0.65)
Q3 2013	1,573.32	2.8 %	760.98	6.9 %	(420.81)	14.6 %	(0.73)
Q4 2013	1,523.52	2.2 %	766.88	3.8 %	(462.30)	(4.4 %)	(0.81)
2013	6,522.59	5.7 %	3,134.86	9.6 %	(1651.47)	5.6 %	(2.88)
Q1 2014	1,545.77	(10.1 %)	798.66	2.9 %	(318.36)	20.0 %	(0.56)
Q2 2014	1,567.13	(8.2 %)	797.05	(4.1 %)	(328.94)	11.2 %	(0.57)
Q3 2014	1,553.00	(1.3 %)	810.67	6.5 %	(315.81)	25.0 %	(0.55)
Q4 2014	1,556.46	2.2 %	816.27	6.4 %	(306.46)	33.7 %	(0.53)
2014	6,170.27	(5.4 %)	3,222.65	2.8 %	(1269.57)	23.1 %	(2.21)
Q1 2015	1,656.79	7.2 %	874.43	9.5 %	(256.72)	19.4 %	(0.45)
Q2 2015	1,648.83	5.2 %	949.40	19.1 %	(201.16)	38.8 %	(0.35)
Q3 2015	1,763.73	13.6 %	1,062.18	31.0 %	(222.95)	29.4 %	(0.39)
Q4 2015	1,672.03	7.4 %	1,065.09	30.5 %	(291.11)	5.0 %	(0.51)
2015	6,741.38	9.3 %	3,951.10	22.6 %	(971.95)	23.4 %	(1.70)
Q1 2016	1,764.88	6.5 %	1,085.55	24.1 %	(250.00)	2.6 %	(0.44)
Q2 2016	1,727.40	4.8 %	1,112.80	17.2 %	(328.30)	(63.2 %)	(0.57)
Q3 2016	1,633.76	(7.4 %)	1,060.63	(0.1 %)	(266.11)	(19.4 %)	(0.46)
Q4 2016	1,800.61	7.7 %	1,141.69	7.2 %	(134.13)	53.9 %	(0.23)
2016	6,926.65	2.7 %	4,400.67	11.4 %	(978.54)	(0.7 %)	(1.71)
Q1 2017	1,919.05	8.7 %	1,290.99	18.9 %	45.47	118.2 %	0.08
Q2 2017	1,864.57	7.9 %	1,258.55	13.1 %	7.69	102.3 %	0.01
Q3 2017	1,806.56	10.6 %	1,230.87	16.1 %	3.41	101.3 %	0.01
Q4 2017	1,715.65	(4.7 %)	1,132.61	(0.8 %)	(45.02)	66.4 %	(0.08)
2017	7,305.82	5.5 %	4,913.02	11.6 %	11.54	101.2 %	0.02
Q1 2018	1,685.97	(12.1 %)	1,117.37	(13.4 %)	(77.33)	(270.1 %)	(0.13)
Q2 2018	1,846.43	(1.0 %)	1,161.96	(7.7 %)	(37.57)	(588.4 %)	(0.07)
Q3 2018	1,951.88	8.0 %	1,320.57	7.3 %	48.01	1309.8 %	0.08
Q4 2018	2,046.24	19.3 %	1,824.66	61.1 %	399.26	986.8 %	0.70
2018	7,530.53	3.1 %	5,424.56	10.4 %	332.36	2780.3 %	0.58
Q1 2019	2,093.49	24.2 %	1,480.38	32.5 %	129.31	267.2 %	0.23
Q2 2019	2,056.76	11.4 %	1,523.73	31.1 %	130.20	446.5 %	0.23
Q3 2019	2,008.08	2.9 %	1,495.03	13.2 %	120.71	151.5 %	0.21

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	3,004.05	494.6 %	877.03	5228.5 %	(3099.35)	(36.0 %)	(14.07)
2010	5,934.37	97.5 %	2,530.45	188.5 %	(2358.44)	23.9 %	(10.71)
2011	6,699.06	12.9 %	3,200.17	26.5 %	(1925.20)	18.4 %	(8.74)
2012	6,170.67	(7.9 %)	2,859.92	(10.6 %)	(1749.40)	9.1 %	(3.05)
2013	6,522.59	5.7 %	3,134.86	9.6 %	(1651.47)	5.6 %	(2.88)
2014	6,170.27	(5.4 %)	3,222.65	2.8 %	(1269.57)	23.1 %	(2.21)
2015	6,741.38	9.3 %	3,951.10	22.6 %	(971.95)	23.4 %	(1.70)
2016	6,926.65	2.7 %	4,400.67	11.4 %	(978.54)	(0.7 %)	(1.71)
2017	7,305.82	5.5 %	4,913.02	11.6 %	11.54	101.2 %	0.02
2018	7,530.53	3.1 %	5,424.56	10.4 %	332.36	2780.3 %	0.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	31.72 %	(23.12 %)	(85.21 %)
Q2 2010	37.30 %	(8.97 %)	(64.97 %)
Q3 2010	40.38 %	1.01 %	(48.91 %)
Q4 2010	42.64 %	5.57 %	(39.74 %)
2010	42.64 %	5.57 %	(39.74 %)
Q1 2011	45.26 %	8.77 %	(35.22 %)
Q2 2011	48.30 %	11.75 %	(31.08 %)
Q3 2011	49.70 %	12.64 %	(29.57 %)
Q4 2011	47.77 %	13.42 %	(28.74 %)
2011	47.77 %	13.42 %	(28.74 %)
Q1 2012	47.30 %	14.66 %	(26.92 %)
Q2 2012	44.59 %	14.89 %	(26.41 %)
Q3 2012	43.96 %	14.62 %	(27.64 %)
Q4 2012	46.35 %	14.24 %	(28.35 %)
2012	46.35 %	14.24 %	(28.35 %)
Q1 2013	46.07 %	13.24 %	(27.12 %)
Q2 2013	47.44 %	12.73 %	(26.44 %)
Q3 2013	47.88 %	13.68 %	(25.15 %)
Q4 2013	48.06 %	13.65 %	(25.32 %)
2013	48.06 %	13.65 %	(25.32 %)
Q1 2014	49.73 %	15.48 %	(24.76 %)
Q2 2014	50.30 %	15.95 %	(24.65 %)
Q3 2014	51.27 %	15.29 %	(24.40 %)
Q4 2014	51.79 %	15.50 %	(22.58 %)
2014	52.23 %	15.63 %	(22.77 %)
Q1 2015	52.08 %	15.99 %	(21.21 %)
Q2 2015	53.79 %	18.43 %	(18.95 %)
Q3 2015	55.88 %	21.85 %	(15.66 %)
Q4 2015	58.61 %	24.16 %	(14.42 %)
2015	58.61 %	24.16 %	(14.42 %)
Q1 2016	60.77 %	25.19 %	(14.09 %)
Q2 2016	62.44 %	24.01 %	(15.77 %)
Q3 2016	63.61 %	25.15 %	(16.70 %)
Q4 2016	63.53 %	25.92 %	(14.13 %)
2016	63.53 %	25.92 %	(14.13 %)
Q1 2017	65.05 %	28.46 %	(9.65 %)
Q2 2017	65.83 %	31.52 %	(4.81 %)
Q3 2017	66.60 %	32.71 %	(1.05 %)
Q4 2017	67.25 %	34.45 %	0.16 %
2017	67.25 %	34.45 %	0.16 %
Q1 2018	67.01 %	34.79 %	(1.57 %)
Q2 2018	65.81 %	35.09 %	(2.22 %)
Q3 2018	65.73 %	36.27 %	(1.55 %)
Q4 2018	72.03 %	42.01 %	4.41 %
2018	72.03 %	42.01 %	4.41 %
Q1 2019	72.91 %	44.85 %	6.79 %
Q2 2019	75.47 %	48.22 %	8.67 %
Q3 2019	77.08 %	51.02 %	9.50 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	29.19 %	(35.71 %)	(103.17 %)
2010	42.64 %	5.57 %	(39.74 %)
2011	47.77 %	13.42 %	(28.74 %)
2012	46.35 %	14.24 %	(28.35 %)
2013	48.06 %	13.65 %	(25.32 %)
2014	52.23 %	15.63 %	(22.77 %)
2015	58.61 %	24.16 %	(14.42 %)
2016	63.53 %	25.92 %	(14.13 %)
2017	67.25 %	34.45 %	0.16 %
2018	72.03 %	42.01 %	4.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	35.12 %	(6.43 %)	(60.54 %)
Q2 2010	41.92 %	3.94 %	(43.55 %)
Q3 2010	42.85 %	8.11 %	(32.72 %)
Q4 2010	47.80 %	12.10 %	(30.13 %)
Q1 2011	48.24 %	10.37 %	(35.83 %)
Q2 2011	54.16 %	16.16 %	(26.29 %)
Q3 2011	48.48 %	11.69 %	(26.96 %)
Q4 2011	40.27 %	15.15 %	(26.90 %)
Q1 2012	46.15 %	15.96 %	(27.60 %)
Q2 2012	43.41 %	17.16 %	(24.16 %)
Q3 2012	46.51 %	10.00 %	(32.22 %)
Q4 2012	49.59 %	13.65 %	(29.71 %)
Q1 2013	45.15 %	12.04 %	(23.14 %)
Q2 2013	48.69 %	15.08 %	(21.71 %)
Q3 2013	48.37 %	13.98 %	(26.75 %)
Q4 2013	50.34 %	13.53 %	(30.34 %)
Q1 2014	51.67 %	19.38 %	(20.60 %)
Q2 2014	50.86 %	16.90 %	(20.99 %)
Q3 2014	52.20 %	11.31 %	(25.81 %)
Q4 2014	52.44 %	14.40 %	(22.93 %)
Q1 2015	52.78 %	21.00 %	(15.50 %)
Q2 2015	57.58 %	26.36 %	(12.20 %)
Q3 2015	60.22 %	25.02 %	(12.64 %)
Q4 2015	63.70 %	24.21 %	(17.41 %)
Q1 2016	61.51 %	25.20 %	(14.17 %)
Q2 2016	64.42 %	21.54 %	(19.01 %)
Q3 2016	64.92 %	29.85 %	(16.29 %)
Q4 2016	63.41 %	27.25 %	(7.45 %)
Q1 2017	67.27 %	34.63 %	2.37 %
Q2 2017	67.50 %	33.89 %	0.41 %
Q3 2017	68.13 %	34.90 %	0.19 %
Q4 2017	66.02 %	34.40 %	(2.62 %)
Q1 2018	66.27 %	36.05 %	(4.59 %)
Q2 2018	62.93 %	35.05 %	(2.03 %)
Q3 2018	67.66 %	39.28 %	2.46 %
Q4 2018	89.17 %	55.80 %	19.51 %
Q1 2019	70.71 %	47.97 %	6.18 %
Q2 2019	74.08 %	49.41 %	6.33 %
Q3 2019	74.45 %	50.97 %	6.01 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	220.28	(13.60)	(13.60)	36.14
Q2 2010	220.28	(12.58)	(12.58)	33.27
Q3 2010	220.28	(11.33)	(11.33)	29.90
Q4 2010	220.28	(10.71)	(10.71)	27.83
Q1 2011	220.28	(10.11)	(10.11)	25.58
Q2 2011	220.28	(9.28)	(9.28)	23.62
Q3 2011	220.28	(9.01)	(9.01)	21.58
Q4 2011	220.28	(8.74)	(8.74)	19.49
Q1 2012	220.28	(8.23)	(8.23)	17.79
Q2 2012	220.28	(7.98)	(7.98)	16.00
Q3 2012	573.22	(3.08)	(3.08)	15.53
Q4 2012	573.22	(3.05)	(3.05)	14.74
Q1 2013	573.22	(3.01)	(3.01)	14.05
Q2 2013	573.22	(2.97)	(2.97)	13.40
Q3 2013	573.22	(2.85)	(2.85)	12.67
Q4 2013	573.22	(2.88)	(2.88)	11.79
Q1 2014	573.22	(2.74)	(2.74)	11.22
Q2 2014	573.22	(2.67)	(2.67)	10.60
Q3 2014	573.22	(2.49)	(2.63)	10.10
Q4 2014	573.22	(2.21)	(2.45)	9.53
Q1 2015	573.22	(2.11)	(2.34)	9.04
Q2 2015	573.22	(1.88)	(2.12)	8.71
Q3 2015	573.22	(1.72)	(1.81)	8.31
Q4 2015	573.22	(1.70)	(1.70)	7.94
Q1 2016	573.22	(1.68)	(1.68)	7.45
Q2 2016	573.22	(1.91)	(1.91)	6.88
Q3 2016	573.22	(1.98)	(1.98)	6.42
Q4 2016	573.22	(1.71)	(1.71)	6.21
Q1 2017	573.22	(1.19)	(1.19)	6.28
Q2 2017	573.22	(0.61)	(0.61)	6.29
Q3 2017	573.22	(0.14)	(0.14)	6.30
Q4 2017	573.22	0.02	0.02	6.22
Q1 2018	573.22	(0.19)	(0.19)	6.31
Q2 2018	573.22	(0.27)	(0.27)	6.22
Q3 2018	573.22	(0.20)	(0.20)	6.33
Q4 2018	573.22	0.58	0.58	7.00
Q1 2019	573.22	0.94	0.94	6.60
Q2 2019	573.22	1.23	1.23	6.75
Q3 2019	573.22	1.36	1.36	6.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	220.28	(14.07)	(14.07)	39.14
2010	220.28	(10.71)	(10.71)	27.83
2011	220.28	(8.74)	(8.74)	19.49
2012	573.22	(3.05)	(3.05)	14.74
2013	573.22	(2.88)	(2.88)	11.79
2014	573.22	(2.21)	(2.45)	9.53
2015	573.22	(1.70)	(1.70)	7.94
2016	573.22	(1.71)	(1.71)	6.21
2017	573.22	0.02	0.02	6.22
2018	573.22	0.58	0.58	7.00

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	NEG	NEG	4.16
Q2 2010	NEG	NEG	3.92
Q3 2010	NEG	NEG	4.08
Q4 2010	NEG	NEG	4.30
Q1 2011	NEG	NEG	4.16
Q2 2011	NEG	NEG	4.51
Q3 2011	NEG	NEG	4.47
Q4 2011	NEG	NEG	4.39
Q1 2012	NEG	NEG	9.41
Q2 2012	NEG	NEG	7.52
Q3 2012	NEG	NEG	1.95
Q4 2012	NEG	NEG	1.58
Q1 2013	NEG	NEG	1.71
Q2 2013	NEG	NEG	2.18
Q3 2013	NEG	NEG	2.22
Q4 2013	NEG	NEG	2.33
Q1 2014	NEG	NEG	2.73
Q2 2014	NEG	NEG	2.76
Q3 2014	NEG	NEG	3.12
Q4 2014	NEG	NEG	2.00
Q1 2015	NEG	NEG	1.90
Q2 2015	NEG	NEG	2.09
Q3 2015	NEG	NEG	1.75
Q4 2015	NEG	NEG	1.68
Q1 2016	NEG	NEG	1.87
Q2 2016	NEG	NEG	1.82
Q3 2016	NEG	NEG	1.67
Q4 2016	NEG	NEG	2.13
Q1 2017	NEG	NEG	2.25
Q2 2017	NEG	NEG	2.34
Q3 2017	NEG	NEG	2.22
Q4 2017	More than 50	More than 50	1.88
Q1 2018	NEG	NEG	1.81
Q2 2018	NEG	NEG	1.71
Q3 2018	NEG	NEG	1.57
Q4 2018	22.77	22.77	1.89
Q1 2019	18.68	18.68	2.66
Q2 2019	16.19	16.19	2.96
Q3 2019	14.07	14.07	2.76

Period	P/E	Adjusted P/E	Price/book
2009	NEG	NEG	4.00
2010	NEG	NEG	4.30
2011	NEG	NEG	4.39
2012	NEG	NEG	1.58
2013	NEG	NEG	2.33
2014	NEG	NEG	2.00
2015	NEG	NEG	1.68
2016	NEG	NEG	2.13
2017	More than 50	More than 50	1.88
2018	22.77	22.77	1.89

Business Segments (Million)

Compared With The

Period	Mobile Telecommunications Company	Zain Sales	Zain Payments	Eliminations
Q1 2018	1,685.97	-	-	-
Q2 2018	1,846.43	-	-	-
Q3 2018	1,951.89	-	-	-
Q4 2018	2,046.24	-	-	-
Q1 2019	2,016.32	679.91	-	(602.74)
Q2 2019	1,978.29	670.22	-	(591.75)
Q3 2019	1,923.51	682.16	-	(597.59)

Period	Mobile Telecommunications Company	Zain Sales	Zain Payments	Eliminations
2018	7,530.53	-	-	-

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	147.50	120.71	(18.2 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
SNB Capital	137.00	120.71	(11.9) %
OSOOL AND BAKHEET	140.00	120.71	(13.8) %
Riyad Capital	156.00	120.71	(22.6) %
AlJazira Capital	157.00	120.71	(23.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,802.73
Enterprise Value (EV) (M)	17,967.74
Shares Outstanding ((M))	898.73
EPS ( Riyal) (TTM)	0.47
Book Value (BV) ( Riyal)	11.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	25.64
Price/book	1.01
Return on Average Assets (%) (TTM)	1.5
Return on Average Equity (%) (TTM)	3.9

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Zain Saudi swings to profit in 9M 2019

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Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Zain Saudi swings to profit in 9M 2019

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Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)