SIECO turns to profit in 9M 2018

23/10/2018 Argaam Exclusive

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Share Price

Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co. (SIECO) has reported net profit after zakat and tax of SAR 12.55 million in the first nine months of 2018, versus net losses of SAR 25.66 million in year-earlier period, thanks to higher sulfur exports from Saudi Arabian oil Co. (Saudi Aramco) and Saudi Aramco Base Oil Company (Luberef). The company also cited liquidating its investment portfolio at lower market value.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	12.19	91.76	653.1 %
Gross Income	0.53	3.74	605.1 %
Operating Income	(6.23)	(1.67)	73.2 %
Net Income	(25.66)	12.55	148.9 %
Average Shares	13.44	13.44	-
EPS (Riyals)	(1.91)	0.93	148.9 %

The company trimmed Q3 losses by 96.46 percent YoY to SAR 0.376 million, driven by lower G&A expenses, and higher revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	11.63	51.54	343.2 %
Gross Income	0.29	0.97	234.1 %
Operating Income	(1.69)	(0.61)	63.9 %
Net Income	(10.63)	(0.38)	96.5 %
Average Shares	13.44	13.44	-
EPS (Riyals)	(0.79)	(0.03)	96.5 %

Item	Q2 2018	Q3 2018	Change‬
Revenues	32.09	51.54	60.6 %
Gross Income	1.98	0.97	(51.0 %)
Operating Income	0.35	(0.61)	(274.0 %)
Net Income	0.32	(0.38)	(217.1 %)
Average Shares	13.44	13.44	-
EPS (Riyals)	0.02	(0.03)	(217.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
Q4 2017	7.04	673.2 %	(3.05)	(267.3 %)	(85.33)	(2,418.6 %)	(6.35)
2017	19.22	2985.7 %	(2.52)	(895.6 %)	(110.99)	(3.3 %)	(8.26)
Q1 2018	8.14	3440.0 %	0.79	423.2 %	12.61	801.6 %	0.94
Q2 2018	32.09	9711.9 %	1.98	2147.7 %	0.32	102.4 %	0.02
Q3 2018	51.54	343.2 %	0.97	234.1 %	(0.38)	96.5 %	(0.03)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
2017	19.22	2985.7 %	(2.52)	(895.6 %)	(110.99)	(3.3 %)	(8.26)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2017	(13.12 %)	(59.88 %)	(52.17 %)
2017	(13.12 %)	(59.96 %)	(52.17 %)
Q1 2018	(6.94 %)	(41.88 %)	(35.65 %)
Q2 2018	0.01 %	(13.77 %)	(11.61 %)
Q3 2018	0.69 %	(7.18 %)	(5.15 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2017	(13.12 %)	(59.96 %)	(52.17 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2017	(43.36 %)	(78.49 %)	(51.07 %)
Q1 2018	9.70 %	(16.43 %)	(17.71 %)
Q2 2018	6.16 %	1.13 %	1.00 %
Q3 2018	1.88 %	(1.16 %)	(0.73 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2017	13.44	(8.26)	(0.75)	0.82
Q1 2018	13.44	(7.19)	(0.72)	1.76
Q2 2018	13.44	(6.18)	(0.51)	1.78
Q3 2018	13.44	(5.42)	(0.38)	1.75

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	13.44	(8.26)	(0.75)	0.82

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2017	NEG	NEG	21.25
Q1 2018	NEG	NEG	17.87
Q2 2018	NEG	NEG	15.48
Q3 2018	NEG	NEG	14.24

Period	P/E	Adjusted P/E	Price/book
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
2017	NEG	NEG	21.25

Business Segments (Million)

Compared With The

Period	Export Activities	Saudi for Industrial Exports - Jordan
Q3 2018	55.68	(4.15)

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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SIECO turns to profit in 9M 2018

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

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SIECO turns to profit in 9M 2018

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

Business Segments (Million) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

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Business Segments (Million)