Al Gassim Investment posts 5% profit rise in 9M

29/10/2018 Argaam Exclusive

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Share Price

Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. reported net profit after zakat and tax of SAR 2.52 million for the first nine months of 2018, a 5.4 percent year-on-year increase, on lower selling, general & administrative (SG&A) expenses, and lower Zakat provision.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 13.85 9.19 (33.7 %)
Gross Income 7.51 7.88 5.0 %
Operating Income 2.57 4.64 80.5 %
Net Income 2.39 2.52 5.4 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.08 0.08 5.4 %

The Q3 2018 net profit after zakat and tax dropped 15.3 percent YoY to SAR 1.2 million, as the company booked a one-off capital gain in Q3 2017.

 

When compared to the previous quarter, the third-quarter net profit jumped 28 percent, thanks to a decline in the cost of goods sold and SG&A.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 4.65 3.24 (30.3 %)
Gross Income 2.56 2.80 9.5 %
Operating Income 1.17 1.87 59.6 %
Net Income 1.48 1.25 (15.3 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.05 0.04 (15.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 26.56 (3.1 %) 0.55 (38.9 %) 0.10 (81.1 %) 0.00
Q2 2009 14.47 28.7 % (1.74) (371.9 %) (3.05) (737.9 %) (0.10)
Q3 2009 22.95 (24.2 %) 0.15 (96.1 %) (1.79) (234.6 %) (0.06)
Q4 2009 20.30 4.2 % (0.58) (256.8 %) (2.22) (81.4 %) (0.07)
Q1 2010 14.24 (46.4 %) (2.40) (536.4 %) 1.33 1178.8 % 0.04
Q2 2010 16.09 11.2 % (8.13) (367.2 %) (10.29) (237.5 %) (0.34)
Q3 2010 21.18 (7.7 %) (0.20) (233.3 %) (2.54) (41.9 %) (0.08)
Q4 2010 29.38 44.7 % (2.04) (251.7 %) (6.16) (177.4 %) (0.21)
Q1 2011 13.02 (8.6 %) (1.72) 28.3 % (1.87) (240.8 %) (0.06)
Q2 2011 17.64 9.6 % 1.21 114.9 % (1.70) 83.4 % (0.06)
Q3 2011 21.14 (0.2 %) (3.44) (1,620.0 %) (5.89) (132.5 %) (0.20)
Q4 2011 11.46 (61.0 %) (3.69) (80.9 %) (6.59) (7.1 %) (0.22)
Q1 2012 12.02 (7.7 %) 0.72 141.9 % 7.25 487.0 % 0.24
Q2 2012 21.61 22.5 % (1.15) (195.0 %) (0.14) 91.6 % 0.00
Q3 2012 22.10 4.5 % (0.94) 72.7 % (2.32) 60.7 % (0.08)
Q4 2012 16.00 39.6 % (5.45) (47.7 %) (12.31) (86.7 %) (0.41)
Q1 2013 19.62 63.2 % (0.90) (225.0 %) (3.17) (143.8 %) (0.11)
Q2 2013 20.27 (6.2 %) 3.24 381.7 % 0.05 132.9 % 0.00
Q3 2013 18.97 (14.2 %) (0.71) 24.5 % (2.90) (25.4 %) (0.10)
Q4 2013 11.13 (30.4 %) (3.02) 44.6 % (6.25) 49.2 % (0.21)
Q1 2014 8.94 (54.4 %) (3.26) (262.6 %) (7.34) (131.4 %) (0.24)
Q2 2014 20.06 (1.1 %) 3.00 (7.4 %) 2.14 4446.8 % 0.07
Q3 2014 14.94 (21.2 %) 0.11 115.9 % (1.68) 42.3 % (0.06)
Q4 2014 9.29 (16.5 %) (1.19) 60.5 % (5.04) 19.4 % (0.17)
Q1 2015 8.14 (8.9 %) (0.78) 76.1 % (2.98) 59.5 % (0.10)
Q2 2015 14.13 (29.6 %) 2.23 (25.8 %) 0.47 (78.2 %) 0.02
Q3 2015 12.83 (14.1 %) (1.76) (1660.2 %) (4.18) (149.6 %) (0.14)
Q4 2015 11.44 23.2 % (0.97) 18.8 % 7.71 253.0 % 0.26
Q1 2016 8.08 (0.7 %) 0.57 173.2 % 95.31 3301.5 % 3.18
Q2 2016 5.57 (60.6 %) 3.32 49.0 % 3.03 551.6 % 0.10
Q3 2016 4.14 (67.7 %) 2.94 266.6 % 1.40 133.4 % 0.05
Q4 2016 4.34 (62.0 %) 2.85 394.2 % 59.07 666.2 % 1.97
Q1 2017 4.83 (40.2 %) 2.46 332.1 % 0.21 (99.8 %) 0.01
Q2 2017 4.37 (21.6 %) 2.48 (25.2 %) 0.71 (76.7 %) 0.02
Q3 2017 4.65 12.2 % 2.56 (12.8 %) 1.48 5.6 % 0.05
Q4 2017 4.02 (7.6 %) 2.46 (13.8 %) 0.96 (98.4 %) 0.03
Q1 2018 2.97 (38.5 %) 2.53 2.7 % 0.29 42.7 % 0.01
Q2 2018 2.97 (32.0 %) 2.55 2.9 % 0.98 37.9 % 0.03
Q3 2018 3.24 (30.3 %) 2.80 9.5 % 1.25 (15.3 %) 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 6.15 % 14.35 % (0.18 %)
Q2 2009 3.30 % 11.79 % (3.13 %)
Q3 2009 (0.80 %) 9.08 % (7.14 %)
Q4 2009 (1.92 %) 7.57 % (8.25 %)
Q1 2010 (6.35 %) 4.78 % (7.96 %)
Q2 2010 (14.90 %) (4.35 %) (17.63 %)
Q3 2010 (15.75 %) (5.30 %) (19.10 %)
Q4 2010 (15.79 %) (9.22 %) (21.83 %)
Q1 2011 (15.18 %) (9.46 %) (26.18 %)
Q2 2011 (3.39 %) 2.00 % (15.11 %)
Q3 2011 (7.38 %) (2.30 %) (19.25 %)
Q4 2011 (12.08 %) (2.58 %) (25.39 %)
Q1 2012 (8.35 %) (6.03 %) (4.22 %)
Q2 2012 (11.41 %) (9.77 %) (1.64 %)
Q3 2012 (7.53 %) (5.62 %) 0.33 %
Q4 2012 (9.51 %) (10.79 %) (37.87 %)
Q1 2013 (10.64 %) (7.38 %) (52.82 %)
Q2 2013 (5.19 %) (11.88 %) (53.46 %)
Q3 2013 (5.10 %) 3.87 % (53.45 %)
Q4 2013 (1.99 %) 11.04 % (17.39 %)
Q1 2014 (6.33 %) 16.52 % (27.55 %)
Q2 2014 (6.76 %) 25.77 % (24.11 %)
Q3 2014 (5.76 %) 10.24 % (23.65 %)
Q4 2014 (2.52 %) 17.02 % (22.40 %)
Q1 2015 2.18 % 24.87 % (14.41 %)
Q2 2015 0.79 % 26.29 % (19.84 %)
Q3 2015 (3.40 %) 22.35 % (26.44 %)
Q4 2015 (2.76 %) 16.99 % (27.48 %)
Q1 2016 0.14 % 13.75 % (28.08 %)
Q2 2016 3.05 % 10.46 % (32.48 %)
Q3 2016 20.03 % 18.22 % (23.05 %)
Q4 2016 43.69 % 26.23 % 263.65 %
Q1 2017 61.23 % 35.02 % 327.27 %
Q2 2017 60.66 % 30.70 % 346.70 %
Q3 2017 56.90 % 27.81 % 337.49 %
Q4 2017 55.75 % 34.02 % 18.72 %
Q1 2018 62.64 % 41.04 % 21.45 %
Q2 2018 69.12 % 50.94 % 25.33 %
Q3 2018 78.32 % 61.57 % 26.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 30.00 (0.01) (0.01) 13.33
Q2 2009 30.00 (0.09) (0.09) 13.42
Q3 2009 30.00 (0.20) (0.20) 13.36
Q4 2009 30.00 (0.23) (0.23) 13.28
Q1 2010 30.00 (0.19) (0.19) 13.33
Q2 2010 30.00 (0.43) (0.43) 12.99
Q3 2010 30.00 (0.46) (0.46) 12.90
Q4 2010 30.00 (0.59) (0.59) 12.70
Q1 2011 30.00 (0.70) (0.70) 12.63
Q2 2011 30.00 (0.41) (0.41) 12.58
Q3 2011 30.00 (0.52) (0.52) 12.38
Q4 2011 30.00 (0.54) (0.54) 12.16
Q1 2012 30.00 (0.23) (0.09) 12.65
Q2 2012 30.00 (0.18) (0.04) 12.47
Q3 2012 30.00 (0.06) 0.01 12.35
Q4 2012 30.00 (0.25) (0.91) 11.92
Q1 2013 30.00 (0.60) (1.40) 11.80
Q2 2013 30.00 (0.59) (1.39) 11.80
Q3 2013 30.00 (0.61) (1.33) 11.71
Q4 2013 30.00 (0.41) (0.41) 11.50
Q1 2014 30.00 (0.55) (0.54) 11.26
Q2 2014 30.00 (0.48) (0.48) 11.33
Q3 2014 30.00 (0.44) (0.43) 11.27
Q4 2014 30.00 (0.40) (0.40) 11.00
Q1 2015 30.00 (0.25) (0.25) 10.90
Q2 2015 30.00 (0.31) (0.31) 10.92
Q3 2015 30.00 (0.39) (0.39) 10.78
Q4 2015 30.00 0.03 (0.43) 11.03
Q1 2016 30.00 3.31 (0.44) 11.86
Q2 2016 30.00 3.40 (0.41) 11.90
Q3 2016 30.00 3.58 (0.22) 11.91
Q4 2016 30.00 5.29 1.95 10.72
Q1 2017 30.00 2.12 2.06 10.72
Q2 2017 30.00 2.05 2.04 10.74
Q3 2017 30.00 2.05 2.05 10.54
Q4 2017 30.00 0.11 0.11 10.58
Q1 2018 30.00 0.11 0.11 10.59
Q2 2018 30.00 0.12 0.12 10.62
Q3 2018 30.00 0.12 0.12 10.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 NEG NEG 1.13
Q2 2009 NEG NEG 1.25
Q3 2009 NEG NEG 1.30
Q4 2009 NEG NEG 1.29
Q1 2010 NEG NEG 1.24
Q2 2010 NEG NEG 1.08
Q3 2010 NEG NEG 1.13
Q4 2010 NEG NEG 1.19
Q1 2011 NEG NEG 1.35
Q2 2011 NEG NEG 1.38
Q3 2011 NEG NEG 1.31
Q4 2011 NEG NEG 3.06
Q1 2012 NEG NEG 3.85
Q2 2012 NEG NEG 2.31
Q3 2012 NEG More than 50 2.15
Q4 2012 NEG NEG 1.97
Q1 2013 NEG NEG 2.01
Q2 2013 NEG NEG 1.85
Q3 2013 NEG NEG 2.01
Q4 2013 NEG NEG 2.62
Q1 2014 NEG NEG 2.52
Q2 2014 NEG NEG 2.28
Q3 2014 NEG NEG 2.55
Q4 2014 NEG NEG 1.76
Q1 2015 NEG NEG 2.11
Q2 2015 NEG NEG 2.25
Q3 2015 NEG NEG 1.81
Q4 2015 More than 50 NEG 2.03
Q1 2016 5.05 NEG 1.41
Q2 2016 4.88 NEG 1.39
Q3 2016 3.72 NEG 1.12
Q4 2016 2.95 8.02 1.46
Q1 2017 6.53 6.73 1.29
Q2 2017 6.43 6.43 1.22
Q3 2017 6.55 6.55 1.27
Q4 2017 More than 50 More than 50 1.21
Q1 2018 More than 50 More than 50 1.21
Q2 2018 More than 50 More than 50 1.16
Q3 2018 More than 50 More than 50 0.99

Business Segments (Million)

Compared With The
Period Agri Sector- Shri Project Agri Sector- Jouf Project Poultry Project Dates Factory Dairy sector Agricultural Activity
Q1 2013 11.09 2.87 2.50 3.17 - -
Q2 2013 10.14 4.29 2.50 3.34 - -
Q3 2013 10.67 4.13 2.50 1.67 - -
Q4 2013 5.75 1.28 2.50 1.60 - -
Q1 2014 3.60 0.70 2.50 2.14 - -
Q2 2014 8.49 4.72 2.50 4.35 - -
Q3 2014 7.03 4.23 2.50 1.18 - -
Q4 2014 2.69 2.34 2.50 1.75 - -
Q1 2015 2.33 0.74 2.50 2.57 - -
Q2 2015 5.54 3.33 2.50 2.76 - -
Q3 2015 7.24 2.10 2.50 0.99 - -
Q4 2015 1.47 5.23 3.89 0.72 - -
Q1 2016 3.45 0.48 2.50 1.72 - -
Q2 2016 1.24 - 2.50 2.04 - -
Q3 2016 1.60 - 1.60 0.65 - -
Q4 2016 1.39 - 1.21 0.84 - -
Q1 2017 1.30 - 1.72 1.81 - -
Q2 2017 1.29 - 1.72 1.35 - -
Q3 2017 1.53 - 1.72 1.40 - -
Q4 2017 1.30 - 1.72 1.00 - -
Q2 2018 1.29 - 1.69 0.91 - -
Q3 2018 1.55 - 1.69 0.08 - -

Current
Market Cap (M Riyal) 511.20
Enterprise Value (EV) (M) 467.14
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) (0.30)
Book Value (BV) ( Riyal) 9.82
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.74
Return on Average Assets (%) (TTM) (2.08 )
Return on Average Equity (%) (TTM) (3.00 )

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