SIECO swings to losses in Q1 2019

09/05/2019 Argaam Exclusive

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Share Price

Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co. (SIECO) incurred net loss after zakat and tax of SAR 8.5 million in Q1 2019, versus net profit of SAR 12.6 million in year-earlier period, the firm said in a statement on Tadawul.

The company attributed the loss to a SAR 6.86 million in impairment in sulfur inventory and lower gross profit to sales.

 

On a sequential basis, net losses widened 39.3 percent on lower sulfur prices, and soft demand.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 8.14 18.22 123.8 %
Gross Income 0.79 0.28 (64.2 %)
Operating Income (1.41) (1.66) (17.5 %)
Net Income 12.61 (8.53) (167.6 %)
Average Shares 13.44 16.31 21.3 %
EPS (Riyals) 0.94 (0.52) (155.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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)
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)
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)
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)
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)
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)
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)
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)
Q4 2018 26.51 276.6 % (2.72) 11.0 % (6.13) 92.8 % (0.38)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (8.53) (167.6 %) (0.52)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %)
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 %)
Q1 2018 (6.94 %) (41.88 %) (35.65 %)
Q2 2018 0.01 % (13.77 %) (11.61 %)
Q3 2018 0.69 % (7.18 %) (5.15 %)
Q4 2018 0.86 % (6.10 %) (6.25 %)
Q1 2019 0.40 % (5.82 %) (5.94 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2018 16.31 0.39 (0.45) 4.14
Q1 2019 16.31 (0.90) (0.47) 3.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2018 More than 50 NEG 10.14
Q1 2019 NEG NEG 10.11

Business Segments (Million)

Compared With The
Period Export Activities Saudi for Industrial Exports - Jordan
Q3 2018 55.68 (4.15)
Q4 2018 26.51 -

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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