Baazeem Trading’s H1 fell 15% on lower sales

02/09/2018 Argaam Exclusive

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Nomu-listed Baazeem Trading Co. reported a net profit of about SAR 15 million for the first half of 2018, a 15.57 percent year-on-year (YoY) drop due to lower sales driven by weak demand and new supply policies adopted by big clients.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	171.59	81.36	(52.6 %)
Gross Income	74.66	36.62	(50.9 %)
Operating Income	20.05	7.07	(64.7 %)
Net Income	17.81	5.34	(70.0 %)
Average Shares	10.13	10.13	-
EPS (Riyals)	1.76	0.53	(70.0 %)

Net profit in Q2 fell 25.16 percent YoY to SAR 8.6 million on lower sales due to weak demand and new supply policies adopted by big clients.

Sequentially, Q2 rose 32.5 percent compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	95.25	81.36	(14.6 %)
Gross Income	48.57	36.62	(24.6 %)
Operating Income	13.08	7.07	(45.9 %)
Net Income	11.45	5.34	(53.4 %)
Average Shares	10.13	10.13	-
EPS (Riyals)	1.13	0.53	(53.4 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	71.36	81.36	14.0 %
Gross Income	28.69	36.62	27.6 %
Operating Income	7.50	7.07	(5.7 %)
Net Income	6.47	5.34	(17.4 %)
Average Shares	10.13	10.13	-
EPS (Riyals)	0.64	0.53	(17.4 %)

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	-	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	300.33	-	120.43	-	32.17	-	3.18
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	316.51	5.4 %	128.31	6.5 %	32.91	2.3 %	3.25
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	77.25	-	33.87	-	10.86	-	1.07
Q4 2015	104.19	-	45.12	-	9.07	-	0.90
2015	344.39	8.8 %	146.58	14.2 %	36.91	12.1 %	3.65
Q1 2016	77.45	-	33.22	-	5.89	-	0.58
Q2 2016	96.96	-	41.83	-	10.70	-	1.06
Q3 2016	75.39	(2.4 %)	31.35	(7.4 %)	7.23	(33.5 %)	0.71
Q4 2016	93.68	(10.1 %)	42.49	(5.8 %)	9.38	3.4 %	0.93
2016	343.48	(0.3 %)	148.90	1.6 %	33.20	(10.0 %)	3.28
Q1 2017	76.35	(1.4 %)	26.08	(21.5 %)	6.36	7.9 %	0.63
Q2 2017	95.25	(1.8 %)	48.57	16.1 %	11.45	7.0 %	1.13
Q3 2017	66.28	(12.1 %)	25.54	(18.5 %)	3.95	(45.4 %)	0.39
Q4 2017	92.66	(1.1 %)	37.10	(12.7 %)	2.80	(70.2 %)	0.28
2017	330.53	(3.8 %)	126.05	(15.3 %)	24.55	(26.0 %)	2.42
Q1 2018	71.36	(6.5 %)	28.69	10.0 %	6.47	1.7 %	0.64
Q2 2018	81.36	(14.6 %)	36.62	(24.6 %)	5.34	(53.4 %)	0.53

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
2013	300.33	-	120.43	-	32.17	-	3.18
2014	316.51	5.4 %	128.31	6.5 %	32.91	2.3 %	3.25
2015	344.39	8.8 %	146.58	14.2 %	36.91	12.1 %	3.65
2016	343.48	(0.3 %)	148.90	1.6 %	33.20	(10.0 %)	3.28
2017	330.53	(3.8 %)	126.05	(15.3 %)	24.55	(26.0 %)	2.42

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	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	40.10 %	-	10.71 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	40.54 %	12.50 %	10.40 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	42.56 %	12.27 %	10.72 %
Q1 2016	-	-	-
Q2 2016	43.29 %	11.98 %	10.26 %
Q3 2016	42.80 %	10.50 %	9.29 %
Q4 2016	43.35 %	10.63 %	9.67 %
2016	43.35 %	10.63 %	9.67 %
Q1 2017	41.40 %	10.81 %	9.83 %
Q2 2017	43.59 %	10.79 %	10.10 %
Q3 2017	43.04 %	10.56 %	9.39 %
Q4 2017	41.54 %	9.84 %	7.43 %
2017	38.14 %	9.84 %	7.43 %
Q1 2018	42.98 %	10.24 %	7.58 %
Q2 2018	41.06 %	8.94 %	5.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	40.10 %	-	10.71 %
2014	40.54 %	12.50 %	10.40 %
2015	42.56 %	12.27 %	10.72 %
2016	43.35 %	10.63 %	9.67 %
2017	38.14 %	9.84 %	7.43 %

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	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	43.84 %	15.79 %	14.06 %
Q4 2015	43.30 %	9.26 %	8.71 %
Q1 2016	42.90 %	8.96 %	7.61 %
Q2 2016	43.14 %	14.27 %	11.04 %
Q3 2016	41.58 %	8.93 %	9.58 %
Q4 2016	45.36 %	9.59 %	10.01 %
Q1 2017	34.16 %	9.76 %	8.33 %
Q2 2017	51.00 %	14.27 %	12.02 %
Q3 2017	38.53 %	7.51 %	5.95 %
Q4 2017	40.04 %	7.04 %	3.02 %
Q1 2018	40.21 %	11.56 %	9.06 %
Q2 2018	45.01 %	9.97 %	6.56 %

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	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	10.13	-	-	16.39
Q4 2015	10.13	-	-	17.16
Q1 2016	10.13	-	-	17.75
Q2 2016	10.13	3.61	3.61	16.68
Q3 2016	10.13	3.25	3.25	17.39
Q4 2016	10.13	3.28	3.28	18.32
Q1 2017	10.13	3.32	3.32	18.93
Q2 2017	10.13	3.40	3.40	18.04
Q3 2017	10.13	3.08	3.08	18.33
Q4 2017	10.13	2.42	2.42	18.85
Q1 2018	10.13	2.44	2.44	19.49
Q2 2018	10.13	1.83	1.83	18.31

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	-	-	-	-
2012	-	-	-	-
2013	10.13	3.18	3.18	15.01
2014	10.13	3.25	3.25	15.86
2015	10.13	3.65	3.65	17.16
2016	10.13	3.28	3.28	18.32
2017	10.13	2.42	2.42	18.85

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	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	10.47	10.47	1.84
Q2 2017	7.68	7.68	1.45
Q3 2017	8.07	8.07	1.35
Q4 2017	11.43	11.43	1.47
Q1 2018	9.82	9.82	1.23
Q2 2018	14.58	14.58	1.46

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	11.43	11.43	1.47

Financial Ratios

	Current
Market Cap (M Riyal)	628.06
Enterprise Value (EV) (M)	599.61
Shares Outstanding ((M))	10.13
EPS ( Riyal) (TTM)	2.10
Book Value (BV) ( Riyal)	20.01
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.59
P/E (TTM)	29.59
Price/book	3.10
Return on Average Assets (%) (TTM)	8.4
Return on Average Equity (%) (TTM)	10.6

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Baazeem Trading’s H1 fell 15% on lower sales

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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

Financial Ratios

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Baazeem Trading’s H1 fell 15% on lower sales

View other reports

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

Financial Ratios

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