Saudi Ground Services’ net profit falls 29% in 9M 2018

04/11/2018 Argaam Exclusive

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Share Price

Saudi Ground Services Co. (SGS)

Saudi Ground Services Co. (SGS) reported a net profit after zakat and tax of SAR 312 million for the first nine months of 2018, a drop of 28.66 percent year-on-year (YoY), driven by a decline in revenue, lower prices, and higher operating expenses.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	2,000.30	1,982.39	(0.9 %)
Gross Income	696.98	536.74	(23.0 %)
Operating Income	428.48	304.38	(29.0 %)
Net Income	437.45	312.06	(28.7 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	2.33	1.66	(28.7 %)

The company’s net profit for the third quarter plunged 42 percent YoY to SAR 92.7 million on higher operating expenses due to an increase in regulatory expenses and higher fuel prices.

On a sequential basis, net profit for the period dropped 17.8 percent compared to the previous quarter on a decrease in revenue and higher operating cost.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	697.26	700.67	0.5 %
Gross Income	227.75	166.49	(26.9 %)
Operating Income	159.06	85.50	(46.2 %)
Net Income	160.05	92.68	(42.1 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	0.85	0.49	(42.1 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	659.90	700.67	6.2 %
Gross Income	189.43	166.49	(12.1 %)
Operating Income	111.95	85.50	(23.6 %)
Net Income	112.72	92.68	(17.8 %)
Average Shares	188.00	188.00	-
EPS (Riyals)	0.60	0.49	(17.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	537.84	-	2.86
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	2,007.12	12.1 %	833.23	10.1 %	589.29	9.6 %	3.13
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	2,143.85	6.8 %	835.22	0.2 %	605.96	2.8 %	3.22
Q1 2014	-	-	-	-	-	-	-
Q2 2014	500.10	-	198.45	-	151.55	-	0.81
Q3 2014	625.52	-	246.84	-	176.83	-	0.94
Q4 2014	597.88	-	172.57	-	168.10	-	0.89
2014	2,408.03	12.3 %	881.73	5.6 %	656.98	8.4 %	3.49
Q1 2015	622.53	-	156.14	-	110.82	-	0.59
Q2 2015	610.80	22.1 %	224.24	13.0 %	174.28	15.0 %	0.93
Q3 2015	661.14	5.7 %	220.77	(10.6 %)	167.08	(5.5 %)	0.89
Q4 2015	646.04	8.1 %	236.03	36.8 %	168.88	0.5 %	0.90
2015	2,540.51	5.5 %	837.18	(5.1 %)	621.07	(5.5 %)	3.30
Q1 2016	685.76	10.2 %	257.00	64.6 %	192.14	73.4 %	1.02
Q2 2016	692.45	13.4 %	252.28	12.5 %	195.82	12.4 %	1.04
Q3 2016	741.27	12.1 %	251.31	13.8 %	193.71	15.9 %	1.03
Q4 2016	607.19	(6.0 %)	163.66	(30.7 %)	104.10	(38.4 %)	0.55
2016	2,726.67	7.3 %	924.24	10.4 %	685.77	10.4 %	3.65
Q1 2017	643.79	(6.1 %)	222.66	(13.4 %)	155.12	(19.3 %)	0.83
Q2 2017	659.26	(4.8 %)	246.56	(2.3 %)	122.28	(37.6 %)	0.65
Q3 2017	697.26	(5.9 %)	227.75	(9.4 %)	160.05	(17.4 %)	0.85
Q4 2017	585.23	(3.6 %)	177.46	8.4 %	64.05	(38.5 %)	0.34
2017	2,585.53	(5.2 %)	874.44	(5.4 %)	501.50	(26.9 %)	2.67
Q1 2018	621.81	(3.4 %)	180.82	(18.8 %)	106.66	(31.2 %)	0.57
Q2 2018	659.90	0.1 %	189.43	(23.2 %)	112.72	(7.8 %)	0.60
Q3 2018	700.67	0.5 %	166.49	(26.9 %)	92.68	(42.1 %)	0.49

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	1,790.60	-	757.11	-	537.84	-	2.86
2012	2,007.12	12.1 %	833.23	10.1 %	589.29	9.6 %	3.13
2013	2,143.85	6.8 %	835.22	0.2 %	605.96	2.8 %	3.22
2014	2,408.03	12.3 %	881.73	5.6 %	656.98	8.4 %	3.49
2015	2,540.51	5.5 %	837.18	(5.1 %)	621.07	(5.5 %)	3.30
2016	2,726.67	7.3 %	924.24	10.4 %	685.77	10.4 %	3.65
2017	2,585.53	(5.2 %)	874.44	(5.4 %)	501.50	(26.9 %)	2.67

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	42.28 %	37.63 %	30.04 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	41.51 %	35.65 %	29.36 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	38.96 %	34.90 %	28.13 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	36.62 %	31.46 %	26.36 %
Q1 2015	32.99 %	29.56 %	29.12 %
Q2 2015	32.56 %	30.41 %	28.73 %
Q3 2015	31.04 %	29.51 %	29.19 %
Q4 2015	32.95 %	29.33 %	29.05 %
2015	32.95 %	29.33 %	29.05 %
Q1 2016	36.03 %	32.29 %	27.71 %
Q2 2016	35.98 %	31.76 %	27.67 %
Q3 2016	36.04 %	31.48 %	26.69 %
Q4 2016	33.90 %	29.16 %	25.15 %
2016	33.90 %	29.16 %	25.15 %
Q1 2017	33.15 %	27.84 %	24.16 %
Q2 2017	33.35 %	25.45 %	21.69 %
Q3 2017	33.01 %	24.68 %	20.77 %
Q4 2017	33.82 %	23.73 %	19.40 %
2017	33.82 %	23.73 %	19.40 %
Q1 2018	32.48 %	22.47 %	17.67 %
Q2 2018	30.24 %	22.34 %	17.30 %
Q3 2018	27.82 %	19.65 %	14.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	42.28 %	37.63 %	30.04 %
2012	41.51 %	35.65 %	29.36 %
2013	38.96 %	34.90 %	28.13 %
2014	36.62 %	31.46 %	26.36 %
2015	32.95 %	29.33 %	29.05 %
2016	33.90 %	29.16 %	25.15 %
2017	33.82 %	23.73 %	19.40 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	39.68 %	31.36 %	30.30 %
Q3 2014	39.46 %	34.31 %	28.27 %
Q4 2014	28.86 %	32.11 %	24.40 %
Q1 2015	25.08 %	20.90 %	33.54 %
Q2 2015	36.71 %	34.43 %	28.53 %
Q3 2015	33.39 %	30.72 %	30.04 %
Q4 2015	36.53 %	31.21 %	24.21 %
Q1 2016	37.48 %	32.91 %	28.02 %
Q2 2016	36.43 %	32.14 %	28.28 %
Q3 2016	33.90 %	29.79 %	26.13 %
Q4 2016	26.95 %	20.76 %	17.14 %
Q1 2017	34.59 %	27.65 %	24.09 %
Q2 2017	37.40 %	22.72 %	18.55 %
Q3 2017	32.66 %	27.19 %	22.95 %
Q4 2017	30.32 %	16.43 %	10.94 %
Q1 2018	29.08 %	22.59 %	17.15 %
Q2 2018	28.71 %	22.22 %	17.08 %
Q3 2018	23.76 %	17.31 %	13.23 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	188.00	-	-	12.63
Q3 2014	188.00	-	-	12.96
Q4 2014	188.00	-	-	13.22
Q1 2015	188.00	3.23	3.63	13.20
Q2 2015	188.00	3.35	3.75	14.13
Q3 2015	188.00	3.30	3.87	15.02
Q4 2015	188.00	3.30	3.93	14.38
Q1 2016	188.00	3.74	3.84	14.51
Q2 2016	188.00	3.85	3.95	14.90
Q3 2016	188.00	3.99	3.93	15.28
Q4 2016	188.00	3.65	3.65	15.83
Q1 2017	188.00	3.45	3.45	15.36
Q2 2017	188.00	3.06	3.06	15.36
Q3 2017	188.00	2.88	2.88	15.56
Q4 2017	188.00	2.67	2.67	15.28
Q1 2018	188.00	2.41	2.41	15.84
Q2 2018	188.00	2.36	2.36	15.79
Q3 2018	188.00	2.00	2.00	14.99

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	188.00	2.86	2.86	10.70
2012	188.00	3.13	3.13	12.51
2013	188.00	3.22	3.21	11.48
2014	188.00	3.49	3.38	13.22
2015	188.00	3.30	3.93	14.38
2016	188.00	3.65	3.65	15.83
2017	188.00	2.67	2.67	15.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	21.78	19.44	5.17
Q3 2015	18.59	15.85	4.08
Q4 2015	13.70	11.53	3.15
Q1 2016	10.90	10.61	2.81
Q2 2016	12.55	12.23	3.24
Q3 2016	10.15	10.32	2.65
Q4 2016	18.14	18.14	4.18
Q1 2017	14.87	14.87	3.34
Q2 2017	14.71	14.71	2.93
Q3 2017	15.01	15.01	2.78
Q4 2017	14.74	14.74	2.57
Q1 2018	15.28	15.28	2.32
Q2 2018	15.30	15.30	2.29
Q3 2018	17.59	17.59	2.35

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	13.70	11.53	3.15
2016	18.14	18.14	4.18
2017	14.74	14.74	2.57

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	132.03	92.68	(29.8 %)

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
Sico	110.00	92.68	(15.7) %
OSOOL AND BAKHEET	116.90	92.68	(20.7) %
AlJazira Capital	144.20	92.68	(35.7) %
SNB Capital	157.00	92.68	(41.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,625.60
Enterprise Value (EV) (M)	8,857.44
Shares Outstanding ((M))	188.00
EPS ( Riyal) (TTM)	1.29
Book Value (BV) ( Riyal)	12.78
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	41.29
P/E (TTM)	39.68
Price/book	4.01
Return on Average Assets (%) (TTM)	5.6
Return on Average Equity (%) (TTM)	10.7

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Saudi Ground Services’ net profit falls 29% in 9M 2018

View other reports

Share Price

Saudi Ground Services Co. (SGS)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Ground Services’ net profit falls 29% in 9M 2018

View other reports

Share Price

Saudi Ground Services Co. (SGS)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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