Saudi Industrial Export reports SAR 26 mln net loss for 9M 2017

29/10/2017 Argaam Exclusive

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Share Price

Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co.’s (SIECO) losses more than doubled year-on-year (YoY) to SAR 25.7 million for the first nine months of 2017, due to decreased sales, the business profile revamping and higher administrative expenses.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	1.85	12.19	558.3 %
Gross Income	1.15	0.53	(53.8 %)
Operating Income	(3.27)	(6.23)	(90.8 %)
Net Income	(10.20)	(25.66)	(151.5 %)
Average Shares	13.44	13.44	-
EPS (Riyals)	(0.76)	(1.91)	(151.5 %)

The company widened net losses by 14 percent YoY to SAR 10.6 million in Q3, due to lower sales and the restructuring of the company’s business profile.

However, on a sequential quarter basis, SIECO narrowed the losses by 19.7 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	0.33	11.63	3381.4 %
Gross Income	0.19	0.29	55.1 %
Operating Income	(1.24)	(1.69)	(36.2 %)
Net Income	(9.28)	(10.63)	(14.6 %)
Average Shares	13.44	13.44	-
EPS (Riyals)	(0.69)	(0.79)	(14.6 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	0.33	11.63	3456.0 %
Gross Income	0.09	0.29	229.5 %
Operating Income	(2.97)	(1.69)	43.3 %
Net Income	(13.23)	(10.63)	19.7 %
Average Shares	13.44	13.44	-
EPS (Riyals)	(0.98)	(0.79)	19.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	207.26	349.3 %	5.33	313.2 %	3.13	198.6 %	0.23
Q2 2008	365.01	1709.6 %	13.10	1868.3 %	10.37	1230.9 %	0.77
Q3 2008	103.51	47.2 %	9.96	98.1 %	7.60	96.8 %	0.57
Q4 2008	33.31	(59.9 %)	1.47	(70.4 %)	(103.72)	(1.3 %)	(7.72)
2008	709.09	222.6 %	29.86	183.6 %	(82.63)	16.1 %	(6.15)
Q1 2009	23.75	(88.5 %)	0.24	(95.5 %)	(1.43)	(145.6 %)	(0.11)
Q2 2009	26.79	(92.7 %)	1.77	(86.5 %)	(0.40)	(103.8 %)	(0.03)
Q3 2009	23.86	(76.9 %)	0.89	(91.1 %)	(1.50)	(119.7 %)	(0.11)
Q4 2009	26.96	(19.1 %)	(0.07)	(104.8 %)	(101.55)	2.1 %	(7.56)
2009	101.36	(85.7 %)	2.83	(90.5 %)	(104.87)	(26.9 %)	(7.80)
Q1 2010	44.77	88.5 %	3.22	1242.1 %	1.03	172.2 %	0.08
Q2 2010	44.28	65.2 %	(0.52)	(129.2 %)	(2.87)	(626.6 %)	(0.21)
Q3 2010	21.24	(11.0 %)	0.65	(27.0 %)	1.23	182.1 %	0.09
Q4 2010	76.40	183.4 %	5.47	7798.6 %	(98.82)	2.7 %	(7.35)
2010	186.69	84.2 %	8.82	212.2 %	(99.45)	5.2 %	(7.40)
Q1 2011	88.59	97.9 %	7.19	123.1 %	5.46	429.6 %	0.41
Q2 2011	110.67	149.9 %	3.56	787.8 %	2.02	170.5 %	0.15
Q3 2011	99.95	370.6 %	1.52	134.7 %	1.62	32.4 %	0.12
Q4 2011	101.13	32.4 %	1.26	(76.9 %)	(102.96)	(4.2 %)	(7.66)
2011	400.32	114.4 %	13.53	53.4 %	(93.85)	5.6 %	(6.98)
Q1 2012	71.59	(19.2 %)	1.50	(79.1 %)	0.44	(91.9 %)	0.03
Q2 2012	71.98	(35.0 %)	1.77	(50.2 %)	0.51	(74.9 %)	0.04
Q3 2012	88.62	(11.3 %)	1.32	(13.7 %)	1.26	(22.6 %)	0.09
Q4 2012	105.17	4.0 %	2.33	84.6 %	(100.37)	2.5 %	(7.47)
2012	337.35	(15.7 %)	6.92	(48.8 %)	(99.73)	(6.3 %)	(7.42)
Q1 2013	85.71	19.7 %	3.99	165.4 %	2.66	498.0 %	0.20
Q2 2013	91.66	27.3 %	3.71	109.2 %	2.19	331.9 %	0.16
Q3 2013	55.06	(37.9 %)	2.52	91.5 %	1.29	2.9 %	0.10
Q4 2013	90.72	(13.7 %)	2.55	9.4 %	(100.65)	(0.3 %)	(7.49)
2013	323.15	(4.2 %)	12.76	84.4 %	(94.32)	5.4 %	(7.02)
Q1 2014	190.78	122.6 %	3.47	(12.9 %)	1.71	(35.6 %)	0.13
Q2 2014	127.19	38.8 %	1.66	(55.1 %)	0.52	(76.4 %)	0.04
Q3 2014	118.30	114.9 %	1.44	(42.7 %)	0.27	(78.8 %)	0.02
Q4 2014	135.40	49.2 %	0.87	(65.8 %)	(100.91)	(0.3 %)	(7.51)
2014	571.67	76.9 %	7.45	(41.6 %)	(98.79)	(4.7 %)	(7.35)
Q1 2015	132.16	(30.7 %)	1.18	(66.1 %)	0.16	(90.5 %)	0.01
Q2 2015	137.94	8.5 %	2.18	30.9 %	0.79	52.8 %	0.06
Q3 2015	202.10	70.8 %	3.71	156.8 %	1.89	589.1 %	0.14
Q4 2015	116.84	(13.7 %)	0.28	(68.2 %)	(102.30)	(1.4 %)	(7.61)
2015	589.04	3.0 %	7.34	(1.5 %)	(99.46)	(0.7 %)	(7.40)
Q1 2016	1.30	(99.0 %)	0.84	(28.3 %)	(0.47)	(388.3 %)	(0.03)
Q2 2016	0.22	(99.8 %)	0.12	(94.6 %)	(0.46)	(158.0 %)	(0.03)
Q3 2016	0.33	(99.8 %)	0.19	(95.0 %)	(9.28)	(591.3 %)	(0.69)
Q4 2016	(1.23)	(101.1 %)	(0.83)	(398.9 %)	(3.39)	96.7 %	(0.25)
2016	0.62	(99.9 %)	0.32	(95.7 %)	(107.43)	(8.0 %)	(8.00)
Q1 2017	0.23	(82.3 %)	0.15	(82.1 %)	(1.80)	(282.3 %)	(0.13)
Q2 2017	0.33	51.4 %	0.09	(25.4 %)	(13.23)	(2,789.5 %)	(0.98)
Q3 2017	11.63	3381.4 %	0.29	55.1 %	(10.63)	(14.6 %)	(0.79)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	219.78	0.1 %	10.53	61.4 %	(98.43)	2.0 %	(7.33)
2008	709.09	222.6 %	29.86	183.6 %	(82.63)	16.1 %	(6.15)
2009	101.36	(85.7 %)	2.83	(90.5 %)	(104.87)	(26.9 %)	(7.80)
2010	186.69	84.2 %	8.82	212.2 %	(99.45)	5.2 %	(7.40)
2011	400.32	114.4 %	13.53	53.4 %	(93.85)	5.6 %	(6.98)
2012	337.35	(15.7 %)	6.92	(48.8 %)	(99.73)	(6.3 %)	(7.42)
2013	323.15	(4.2 %)	12.76	84.4 %	(94.32)	5.4 %	(7.02)
2014	571.67	76.9 %	7.45	(41.6 %)	(98.79)	(4.7 %)	(7.35)
2015	589.04	3.0 %	7.34	(1.5 %)	(99.46)	(0.7 %)	(7.40)
2016	0.62	(99.9 %)	0.32	(95.7 %)	(107.43)	(8.0 %)	(8.00)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	3.83 %	2.12 %	1.21 %
Q2 2008	3.92 %	2.98 %	2.19 %
Q3 2008	4.39 %	3.45 %	2.59 %
Q4 2008	4.21 %	3.03 %	2.59 %
2008	4.21 %	3.03 %	2.59 %
Q1 2009	4.71 %	3.22 %	2.62 %
Q2 2009	7.17 %	3.08 %	1.61 %
Q3 2009	4.05 %	(2.74 %)	(5.64 %)
Q4 2009	2.79 %	(2.52 %)	(3.85 %)
2009	2.79 %	(2.52 %)	(3.85 %)
Q1 2010	4.75 %	0.07 %	(1.18 %)
Q2 2010	2.52 %	(1.83 %)	(2.80 %)
Q3 2010	2.39 %	(1.97 %)	(0.88 %)
Q4 2010	4.72 %	1.55 %	0.82 %
2010	4.72 %	1.54 %	0.81 %
Q1 2011	5.55 %	3.12 %	2.58 %
Q2 2011	5.68 %	4.03 %	3.65 %
Q3 2011	4.72 %	3.48 %	2.99 %
Q4 2011	3.38 %	2.19 %	1.78 %
2011	3.38 %	2.19 %	1.78 %
Q1 2012	2.05 %	0.89 %	0.55 %
Q2 2012	1.76 %	0.45 %	0.17 %
Q3 2012	1.76 %	0.38 %	0.06 %
Q4 2012	2.05 %	0.78 %	0.83 %
2012	2.05 %	0.78 %	0.36 %
Q1 2013	2.68 %	1.43 %	1.43 %
Q2 2013	3.05 %	1.85 %	1.80 %
Q3 2013	3.71 %	2.38 %	1.99 %
Q4 2013	3.95 %	2.37 %	2.00 %
2013	3.95 %	2.37 %	2.05 %
Q1 2014	2.86 %	1.63 %	1.29 %
Q2 2014	2.20 %	1.10 %	0.83 %
Q3 2014	1.73 %	0.77 %	0.53 %
Q4 2014	1.30 %	0.54 %	0.45 %
2014	1.30 %	0.54 %	0.38 %
Q1 2015	1.01 %	0.17 %	0.20 %
Q2 2015	1.08 %	0.28 %	0.24 %
Q3 2015	1.31 %	0.56 %	0.48 %
Q4 2015	1.25 %	0.43 %	0.26 %
2015	1.25 %	0.43 %	0.26 %
Q1 2016	1.53 %	-	0.19 %
Q2 2016	1.54 %	(0.21 %)	(0.12 %)
Q3 2016	1.20 %	(3.53 %)	(3.72 %)
Q4 2016	50.88 %	(1066.13 %)	(1038.68 %)
2016	50.88 %	(1045.26 %)	(1038.68 %)
Q1 2017	83.71 %	1,753.35 %	1,740.63 %
Q2 2017	120.18 %	2,666.17 %	2,924.93 %
Q3 2017	(2.76 %)	(86.06 %)	(89.64 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	4.79 %	2.04 %	1.15 %
2008	4.21 %	3.03 %	2.59 %
2009	2.79 %	(2.52 %)	(3.85 %)
2010	4.72 %	1.54 %	0.81 %
2011	3.38 %	2.19 %	1.78 %
2012	2.05 %	0.78 %	0.36 %
2013	3.95 %	2.37 %	2.05 %
2014	1.30 %	0.54 %	0.38 %
2015	1.25 %	0.43 %	0.26 %
2016	50.88 %	(1045.26 %)	(1038.68 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	2.57 %	1.68 %	1.51 %
Q2 2008	3.59 %	3.15 %	2.84 %
Q3 2008	9.63 %	8.10 %	7.34 %
Q4 2008	4.40 %	(5.60 %)	(8.29 %)
Q1 2009	1.01 %	(4.54 %)	(6.01 %)
Q2 2009	6.60 %	1.23 %	(1.47 %)
Q3 2009	3.73 %	(1.41 %)	(6.27 %)
Q4 2009	(0.26 %)	(5.45 %)	(2.18 %)
Q1 2010	7.19 %	3.48 %	2.30 %
Q2 2010	(1.17 %)	(5.21 %)	(6.48 %)
Q3 2010	3.06 %	(2.31 %)	5.78 %
Q4 2010	7.15 %	5.41 %	2.80 %
Q1 2011	8.11 %	6.60 %	6.16 %
Q2 2011	3.21 %	2.24 %	1.83 %
Q3 2011	1.52 %	0.63 %	1.62 %
Q4 2011	1.25 %	(0.18 %)	(1.97 %)
Q1 2012	2.10 %	0.69 %	0.62 %
Q2 2012	2.46 %	0.85 %	0.71 %
Q3 2012	1.48 %	0.39 %	1.42 %
Q4 2012	2.22 %	1.12 %	0.56 %
Q1 2013	4.65 %	3.39 %	3.10 %
Q2 2013	4.04 %	2.65 %	2.39 %
Q3 2013	4.57 %	2.75 %	2.35 %
Q4 2013	2.81 %	0.88 %	0.35 %
Q1 2014	1.82 %	1.18 %	0.90 %
Q2 2014	1.31 %	0.42 %	0.41 %
Q3 2014	1.22 %	0.38 %	0.23 %
Q4 2014	0.65 %	(0.12 %)	0.04 %
Q1 2015	0.89 %	0.03 %	0.12 %
Q2 2015	1.58 %	0.83 %	0.57 %
Q3 2015	1.83 %	1.17 %	0.93 %
Q4 2015	0.24 %	(0.85 %)	(1.14 %)
Q1 2016	64.80 %	-	(36.13 %)
Q2 2016	54.63 %	(816.20 %)	(212.04 %)
Q3 2016	55.99 %	(348.20 %)	(645.21 %)
Q4 2016	67.67 %	280.37 %	275.90 %
Q1 2017	65.65 %	(646.09 %)	(781.30 %)
Q2 2017	26.91 %	(884.71 %)	(769.72 %)
Q3 2017	2.49 %	(13.83 %)	(18.23 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	13.44	(7.17)	0.34	8.69
Q2 2008	13.44	(6.33)	1.18	9.37
Q3 2008	13.44	(6.05)	1.46	9.79
Q4 2008	13.44	(6.15)	1.36	8.85
Q1 2009	13.44	(6.49)	1.03	7.81
Q2 2009	13.44	(7.29)	0.22	7.86
Q3 2009	13.44	(7.97)	(0.45)	7.86
Q4 2009	13.44	(7.80)	(0.29)	7.63
Q1 2010	13.44	(7.62)	(0.11)	7.82
Q2 2010	13.44	(7.81)	(0.29)	7.58
Q3 2010	13.44	(7.60)	(0.09)	7.71
Q4 2010	13.44	(7.40)	0.11	7.97
Q1 2011	13.44	(7.07)	0.44	8.47
Q2 2011	13.44	(6.71)	0.81	8.58
Q3 2011	13.44	(6.68)	0.84	8.65
Q4 2011	13.44	(6.98)	0.53	8.64
Q1 2012	13.44	(7.36)	0.16	8.88
Q2 2012	13.44	(7.47)	0.04	8.31
Q3 2012	13.44	(7.50)	0.02	8.39
Q4 2012	13.44	(7.31)	0.21	8.53
Q1 2013	13.44	(7.14)	0.37	8.62
Q2 2013	13.44	(7.02)	0.50	8.96
Q3 2013	13.44	(7.01)	0.50	9.23
Q4 2013	13.44	(7.03)	0.48	9.00
Q1 2014	13.44	(7.10)	0.41	9.24
Q2 2014	13.44	(7.23)	0.29	9.64
Q3 2014	13.44	(7.30)	0.21	9.89
Q4 2014	13.44	(7.32)	0.19	9.58
Q1 2015	13.44	(7.44)	0.08	9.53
Q2 2015	13.44	(7.42)	0.10	9.53
Q3 2015	13.44	(7.30)	0.22	9.44
Q4 2015	13.44	(7.40)	0.11	9.20
Q1 2016	13.44	(7.45)	0.06	9.04
Q2 2016	13.44	(7.54)	(0.03)	8.77
Q3 2016	13.44	(8.37)	(0.33)	8.35
Q4 2016	13.44	(1.01)	(0.48)	7.82
Q1 2017	13.44	(1.11)	(0.58)	8.18
Q2 2017	13.44	(2.06)	(0.73)	7.93
Q3 2017	13.44	(2.16)	(0.73)	7.29

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	13.44	(7.33)	0.19	8.97
2008	13.44	(6.15)	1.36	8.85
2009	13.44	(7.80)	(0.29)	7.63
2010	13.44	(7.40)	0.11	7.97
2011	13.44	(6.98)	0.53	8.64
2012	13.44	(7.42)	0.09	8.53
2013	13.44	(7.02)	0.49	9.00
2014	13.44	(7.35)	0.16	9.58
2015	13.44	(7.40)	0.11	9.20
2016	13.44	(8.00)	(0.48)	7.82

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	NEG	More than 50	4.99
Q2 2008	NEG	38.33	4.84
Q3 2008	NEG	21.64	3.23
Q4 2008	NEG	19.56	3.01
Q1 2009	NEG	29.59	3.89
Q2 2009	NEG	More than 50	5.64
Q3 2009	NEG	NEG	5.56
Q4 2009	NEG	NEG	5.53
Q1 2010	NEG	NEG	4.94
Q2 2010	NEG	NEG	4.10
Q3 2010	NEG	NEG	3.77
Q4 2010	NEG	More than 50	3.60
Q1 2011	NEG	More than 50	3.21
Q2 2011	NEG	40.32	3.79
Q3 2011	NEG	35.98	3.48
Q4 2011	NEG	More than 50	5.18
Q1 2012	NEG	More than 50	5.51
Q2 2012	NEG	More than 50	6.51
Q3 2012	NEG	More than 50	8.38
Q4 2012	NEG	More than 50	10.16
Q1 2013	NEG	More than 50	13.59
Q2 2013	NEG	More than 50	6.03
Q3 2013	NEG	More than 50	5.78
Q4 2013	NEG	More than 50	5.93
Q1 2014	NEG	More than 50	7.43
Q2 2014	NEG	More than 50	7.49
Q3 2014	NEG	More than 50	8.11
Q4 2014	NEG	More than 50	4.65
Q1 2015	NEG	More than 50	6.01
Q2 2015	NEG	More than 50	6.30
Q3 2015	NEG	More than 50	4.74
Q4 2015	NEG	More than 50	5.01
Q1 2016	NEG	More than 50	5.73
Q2 2016	NEG	NEG	5.30
Q3 2016	NEG	NEG	3.59
Q4 2016	NEG	NEG	5.30
Q1 2017	NEG	NEG	4.59
Q2 2017	NEG	NEG	4.24
Q3 2017	NEG	NEG	5.09

Period	P/E	Adjusted P/E	Price/book
2007	NEG	More than 50	8.68
2008	NEG	19.56	3.01
2009	NEG	NEG	5.53
2010	NEG	More than 50	3.60
2011	NEG	More than 50	5.18
2012	NEG	More than 50	10.16
2013	NEG	More than 50	5.93
2014	NEG	More than 50	4.65
2015	NEG	More than 50	5.01
2016	NEG	NEG	5.30

Financial Ratios

	Current
Market Cap (M Riyal)	524.88
Enterprise Value (EV) (M)	385.17
Shares Outstanding ((M))	19.44
EPS ( Riyal) (TTM)	(0.69)
Book Value (BV) ( Riyal)	7.46
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.62
Return on Average Assets (%) (TTM)	(8.33 )
Return on Average Equity (%) (TTM)	(9.09 )

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Saudi Industrial Export reports SAR 26 mln net loss for 9M 2017

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Share Price

Saudi Industrial Export Co. (SIECO)

Financials (M)

Current Quarter Comparison (M)

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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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Saudi Industrial Export reports SAR 26 mln net loss for 9M 2017

View other reports

Share Price

Saudi Industrial Export Co. (SIECO)

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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