Advanced Industries’ 2014 net profit down 39% to SAR 15.2 mln

19/01/2015 Argaam Exclusive

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Share Price

Saudi Advanced Industries Co.
42.65
(0.20) (0.47 %)

Saudi Advanced Industries Co. (SAIC)

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Saudi Advanced industries Company reported 2014 net profit of SAR 15.2 million, compared to a net profit of SAR 25.1 million for last year.

A net loss of SAR 2.3 million was reported for Q4-2014 compared to a net profit of SAR 13.8 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 30.80 27.31 (11.3 %)
Gross Income 30.80 27.31 (11.3 %)
Operating Income 26.42 21.48 (18.7 %)
Net Income 25.06 15.23 (39.2 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.42 0.25 (39.2 %)

 

The company attributed the decline of 2014’s net profit compared to a net profit for the last year to the decline of affiliates’ income, the increase of G&A expenses, provisions for investments impairment and financial charges. The company also recorded a book loss from the sale of some investments despite the increase of eared dividend and other revenue.

 

The decline of Q4-2014’s profit compared to the same period last year was attributed to the decline of affiliates’ income, the increase of G&A expenses, provisions for investments impairment and financial charges despite the increase of other revenue.

The decline of Q4-2014’s profit compared to the previous quarter was attributed to the decline of earned dividend, the increase of G&A expenses and the decline of other revenue despite the increase of affiliates’ income and the decline of financial charges.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 6.64 6.16 (7.2 %)
Gross Income 6.64 6.16 (7.2 %)
Operating Income 4.79 3.55 (26.0 %)
Net Income 4.58 2.32 (49.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.08 0.04 (49.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - (0.23) (1,325.0 %) (0.01)
Q2 2005 - - - - 0.65 286.0 % 0.02
Q3 2005 - - - - (0.23) 3.8 % (0.01)
Q4 2005 - - - - 3.22 675.4 % 0.08
Q1 2006 - - - - 1.04 554.8 % 0.02
Q2 2006 - - - - 0.53 (18.6 %) 0.01
Q3 2006 - - - - (0.36) (55.9 %) (0.01)
Q4 2006 - - - - (0.78) (124.2 %) (0.02)
Q1 2007 - - - - 3.51 238.4 % 0.08
Q2 2007 - - - - 3.81 618.5 % 0.06
Q3 2007 - - - - 3.07 959.1 % 0.05
Q4 2007 - - - - 5.22 769.8 % 0.09
Q1 2008 5.07 - 5.07 - 4.40 25.3 % 0.07
Q2 2008 9.39 - 9.39 - 8.71 128.7 % 0.15
Q3 2008 6.36 - 6.36 - 4.39 43.0 % 0.07
Q4 2008 4.72 - 4.72 - 2.17 (58.5 %) 0.04
Q1 2009 6.58 29.8 % 6.58 29.8 % 6.19 40.7 % 0.10
Q2 2009 13.17 40.4 % 13.17 40.4 % 11.97 37.5 % 0.20
Q3 2009 11.47 80.4 % 11.47 80.4 % 10.46 138.5 % 0.17
Q4 2009 7.70 63.2 % 7.70 63.2 % 6.17 184.5 % 0.10
Q1 2010 3.62 (45.0 %) 3.62 (45.0 %) 2.60 (58.0 %) 0.04
Q2 2010 7.55 (42.7 %) 7.55 (42.7 %) 6.44 (46.2 %) 0.11
Q3 2010 2.36 (79.4 %) 2.36 (79.4 %) 1.74 (83.4 %) 0.03
Q4 2010 (0.23) (103.0 %) (0.23) (103.0 %) (0.84) (113.7 %) (0.01)
Q1 2011 1.12 (69.2 %) 1.12 (69.2 %) 0.17 (93.3 %) 0.00
Q2 2011 1.42 (81.2 %) 1.42 (81.2 %) 4.19 (34.9 %) 0.07
Q3 2011 (2.76) (216.8 %) (2.76) (216.8 %) (0.27) (115.7 %) 0.00
Q4 2011 8.81 3897.4 % 8.81 3897.4 % 5.70 776.3 % 0.10
Q1 2012 (1.55) (239.2 %) (1.55) (239.2 %) (3.20) (1952.0 %) (0.05)
Q2 2012 (2.96) (309.4 %) (2.96) (309.4 %) (26.17) (724.6 %) (0.44)
Q3 2012 (0.62) 77.4 % (0.62) 77.4 % (4.34) (1,488.3 %) (0.07)
Q4 2012 (33.24) (477.3 %) (33.24) (477.3 %) (28.39) (598.1 %) (0.47)
Q1 2013 4.83 411.3 % 4.83 411.3 % 3.24 201.1 % 0.05
Q2 2013 9.84 432.0 % 9.84 432.0 % 8.72 133.3 % 0.15
Q3 2013 9.50 1624.2 % 9.50 1624.2 % 8.52 296.5 % 0.14
Q4 2013 6.64 120.0 % 6.64 120.0 % 4.58 116.1 % 0.08
Q1 2014 8.03 66.2 % 8.03 66.2 % 6.01 85.7 % 0.10
Q2 2014 4.64 (52.9 %) 4.64 (52.9 %) (6.91) (179.3 %) (0.12)
Q3 2014 8.48 (10.7 %) 8.48 (10.7 %) 13.81 62.1 % 0.23
Q4 2014 6.16 (7.2 %) 6.16 (7.2 %) 2.32 (49.4 %) 0.04
2014 27.31 (11.3 %) 27.31 (11.3 %) 15.23 (39.2 %) 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 100.00 % 41.27 % 325.29 %
Q2 2008 100.00 % 85.47 % 147.98 %
Q3 2008 100.00 % 85.49 % 109.10 %
Q4 2008 100.00 % 84.84 % 76.99 %
Q1 2009 100.00 % 84.43 % 79.31 %
Q2 2009 100.00 % 85.71 % 80.15 %
Q3 2009 100.00 % 89.69 % 85.64 %
Q4 2009 100.00 % 90.68 % 89.36 %
Q1 2010 100.00 % 89.79 % 86.74 %
Q2 2010 100.00 % 87.99 % 84.58 %
Q3 2010 100.00 % 83.65 % 79.81 %
Q4 2010 100.00 % 79.50 % 74.69 %
Q1 2011 100.00 % 75.76 % 69.52 %
Q2 2011 100.00 % 50.28 % 112.84 %
Q3 2011 100.00 % 593.44 % (710.50 %)
Q4 2011 100.00 % 51.93 % 114.05 %
Q1 2012 100.00 % 26.99 % 108.42 %
Q2 2012 100.00 % (204.03 %) (1556.96 %)
Q3 2012 100.00 % (23.51 %) (762.98 %)
Q4 2012 100.00 % 110.75 % 161.82 %
Q1 2013 100.00 % 112.79 % 173.99 %
Q2 2013 100.00 % 120.18 % 108.24 %
Q3 2013 100.00 % 146.97 % 87.28 %
Q4 2013 100.00 % 85.81 % 81.34 %
Q1 2014 100.00 % 86.84 % 84.08 %
Q2 2014 100.00 % 83.32 % 79.63 %
Q3 2014 100.00 % 82.14 % 104.30 %
Q4 2014 100.00 % 78.73 % 100.61 %
2014 100.00 % 78.73 % 100.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 42.18 (0.03) (0.03) 2.28
Q2 2005 42.18 (0.01) (0.01) 2.29
Q3 2005 42.18 (0.01) (0.01) 2.29
Q4 2005 42.18 0.08 0.08 2.36
Q1 2006 42.18 0.11 0.11 4.82
Q2 2006 42.18 0.11 0.11 4.02
Q3 2006 42.18 0.11 0.11 3.51
Q4 2006 42.18 0.01 0.01 2.93
Q1 2007 42.18 0.07 0.07 3.14
Q2 2007 60.00 0.10 0.10 12.80
Q3 2007 60.00 0.16 0.16 13.07
Q4 2007 60.00 0.26 0.26 13.67
Q1 2008 60.00 0.27 0.27 13.84
Q2 2008 60.00 0.36 0.36 13.90
Q3 2008 60.00 0.38 0.38 12.73
Q4 2008 60.00 0.33 0.33 11.70
Q1 2009 60.00 0.36 0.36 12.04
Q2 2009 60.00 0.41 0.41 12.29
Q3 2009 60.00 0.51 0.51 12.81
Q4 2009 60.00 0.58 0.58 12.93
Q1 2010 60.00 0.52 0.52 13.27
Q2 2010 60.00 0.43 0.43 13.34
Q3 2010 60.00 0.28 0.28 13.39
Q4 2010 60.00 0.17 0.17 13.87
Q1 2011 60.00 0.13 0.13 13.91
Q2 2011 60.00 0.09 0.09 13.93
Q3 2011 60.00 0.05 0.05 13.81
Q4 2011 60.00 0.16 0.16 13.74
Q1 2012 60.00 0.11 0.11 14.12
Q2 2012 60.00 (0.40) (0.40) 13.25
Q3 2012 60.00 (0.47) (0.47) 13.22
Q4 2012 60.00 (1.04) (1.04) 12.89
Q1 2013 60.00 (0.93) (0.93) 13.24
Q2 2013 60.00 (0.35) (0.35) 13.53
Q3 2013 60.00 (0.13) (0.13) 14.04
Q4 2013 60.00 0.42 0.42 14.75
Q1 2014 60.00 0.46 0.48 14.68
Q2 2014 60.00 0.20 0.38 14.58
Q3 2014 60.00 0.29 0.48 14.86
Q4 2014 60.00 0.25 0.46 13.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 NEG NEG 6.80
Q2 2005 NEG NEG 20.19
Q3 2005 NEG NEG 29.65
Q4 2005 More than 50 More than 50 27.31
Q1 2006 More than 50 More than 50 14.38
Q2 2006 More than 50 More than 50 21.73
Q3 2006 More than 50 More than 50 33.24
Q4 2006 More than 50 More than 50 11.37
Q1 2007 More than 50 More than 50 12.09
Q2 2007 More than 50 More than 50 1.38
Q3 2007 More than 50 More than 50 1.71
Q4 2007 More than 50 More than 50 1.74
Q1 2008 More than 50 More than 50 1.17
Q2 2008 44.97 44.97 1.15
Q3 2008 29.14 29.14 0.87
Q4 2008 22.10 22.10 0.62
Q1 2009 21.68 21.68 0.64
Q2 2009 22.93 22.93 0.77
Q3 2009 19.88 19.88 0.80
Q4 2009 17.41 17.41 0.78
Q1 2010 19.12 19.12 0.75
Q2 2010 20.30 20.30 0.65
Q3 2010 32.41 32.41 0.68
Q4 2010 More than 50 More than 50 0.71
Q1 2011 More than 50 More than 50 0.73
Q2 2011 More than 50 More than 50 0.77
Q3 2011 More than 50 More than 50 0.69
Q4 2011 More than 50 More than 50 0.80
Q1 2012 More than 50 More than 50 1.12
Q2 2012 NEG NEG 0.86
Q3 2012 NEG NEG 1.01
Q4 2012 NEG NEG 0.86
Q1 2013 NEG NEG 0.85
Q2 2013 NEG NEG 0.82
Q3 2013 NEG NEG 0.85
Q4 2013 31.92 31.92 0.90
Q1 2014 34.09 33.19 1.08
Q2 2014 More than 50 49.40 1.30
Q3 2014 More than 50 41.17 1.34
Q4 2014 More than 50 30.20 1.06

Business Segments (Million)

Compared With The
Period Services and Invesments sector Glass industry Petrochemical sector Petroleum and Energy Services sector Others..
Q3 2009 - - - 9.85 1.62
Q4 2009 - (2.98) - 10.33 (0.34)
Q1 2010 - - - 2.00 1.62
Q2 2010 - - - 7.55 -
Q3 2010 - - - 2.36 -
Q4 2010 - (3.25) - 3.43 (0.04)
Q1 2011 - (0.65) - 1.76 -
Q2 2011 - (1.96) - 7.01 -
Q3 2011 - (2.76) - 3.39 -
Q4 2011 - (2.82) - (0.54) -
Q1 2012 - (2.43) - 0.87 -
Q2 2012 - (3.87) - (13.63) (1.59)
Q3 2012 - (3.86) - - 3.24
Q4 2012 - (2.96) - (14.14) -
Q1 2013 - (3.19) - 3.22 4.80
Q2 2013 - 0.45 - 9.39 0.04
Q3 2013 - 0.59 3.27 6.25 (0.61)
Q4 2013 - 2.75 - 3.88 -
Q1 2014 - 1.49 6.54 - 0.01
Q2 2014 - 0.60 - - 4.52
Q3 2014 - 1.94 4.90 - 9.84
Q4 2014 - 1.53 - - 4.89


Financial Ratios
Current
Market Cap (M Riyal) 2,559.00
Enterprise Value (EV) (M) 2,324.23
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 3.90
Book Value (BV) ( Riyal) 18.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.76
P/E (TTM) 10.94
Price/book 2.32
Return on Average Assets (%) (TTM) 22.7
Return on Average Equity (%) (TTM) 23.1
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