Shams swings to net loss in 9M 2017

07/11/2017 Argaam Exclusive

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Share Price

Tourism Enterprise Co.
0.88
0.03 3.53 %

Tourism Enterprise Co. (TECO)

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Tourism Enterprises Co. (Shams) swung to net loss of SAR 539,866 in the first nine months of 2017 versus net profit of over SAR 2 million in the same period last year, attributed to a 23 percent decline in revenue from services and rents.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 14.84 11.15 (24.9 %)
Gross Income 6.81 3.79 (44.4 %)
Operating Income 1.88 (0.64) (134.0 %)
Net Income 2.02 (0.54) (126.8 %)
Average Shares 677.40 677.40 -
EPS (Halala) 0.30 (0.08) (126.8 %)

Shams posted profit of SAR 307,371 in Q3 2017, a 35 percent year-on-year (YoY) decline due to lower revenue from rents and services and a 2 percent rise in zakat provisions. Operating expenses, meanwhile, fell 16 percent.

 

On a sequential quarter basis, profit for the period was up 94.8 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 5.68 4.29 (24.4 %)
Gross Income 2.38 1.54 (35.3 %)
Operating Income 0.43 0.28 (36.0 %)
Net Income 0.47 0.31 (35.1 %)
Average Shares 677.40 677.40 -
EPS (Halala) 0.07 0.05 (35.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Halala)
Q1 2008 3.00 9.7 % 1.60 (15.2 %) (0.24) (149.0 %) (0.03)
Q2 2008 3.88 32.8 % 2.21 38.1 % 0.78 468.1 % 0.12
Q3 2008 3.94 (3.3 %) 1.73 (39.5 %) 0.90 (14.2 %) 0.13
Q4 2008 3.86 2.0 % 1.88 (17.7 %) (1.27) (383.5 %) (0.19)
Q1 2009 4.12 37.2 % 2.28 42.6 % 0.11 146.8 % 0.02
Q2 2009 3.85 (0.6 %) 2.18 (1.4 %) (0.06) (107.3 %) (0.01)
Q3 2009 3.78 (4.1 %) 1.80 3.9 % (0.43) (148.0 %) (0.06)
Q4 2009 2.12 (45.1 %) (1.26) (166.9 %) (3.02) (137.2 %) (0.45)
Q1 2010 2.67 (35.1 %) 1.68 (26.0 %) 0.04 (64.5 %) 0.01
Q2 2010 3.78 (1.8 %) 2.71 24.0 % 0.51 1001.8 % 0.08
Q3 2010 4.97 31.7 % 3.47 92.9 % 1.14 364.0 % 0.17
Q4 2010 3.46 63.2 % 2.04 262.4 % (0.10) 96.6 % (0.02)
Q1 2011 2.71 1.4 % 2.11 25.4 % 0.09 120.5 % 0.01
Q2 2011 4.83 27.6 % 3.47 28.1 % 1.05 104.1 % 0.15
Q3 2011 5.70 14.7 % 3.83 10.1 % 1.85 61.4 % 0.27
Q4 2011 4.37 26.4 % 2.73 33.8 % 0.32 411.8 % 0.05
Q1 2012 3.54 30.7 % 2.42 14.4 % 0.35 311.6 % 0.05
Q2 2012 5.02 4.0 % 3.64 5.1 % 1.27 21.0 % 0.19
Q3 2012 6.26 9.9 % 4.27 11.5 % 2.04 10.5 % 0.30
Q4 2012 5.33 22.1 % 2.81 3.0 % 0.60 88.7 % 0.09
Q1 2013 4.88 37.8 % 2.82 16.5 % 5.62 1487.3 % 0.83
Q2 2013 5.51 9.6 % 4.13 13.3 % 1.51 19.1 % 0.22
Q3 2013 6.11 (2.4 %) 4.66 9.1 % 2.12 4.0 % 0.31
Q4 2013 4.69 (12.1 %) 3.22 14.5 % 0.53 (11.2 %) 0.08
Q1 2014 4.18 (14.3 %) 3.24 15.1 % 0.61 (89.2 %) 0.09
Q2 2014 6.19 12.4 % 4.62 11.9 % 1.61 6.3 % 0.24
Q3 2014 7.49 22.5 % 5.08 9.0 % 2.17 2.4 % 0.32
Q4 2014 4.70 0.2 % 3.31 2.8 % 0.45 (15.4 %) 0.07
Q1 2015 5.00 19.4 % 3.63 12.2 % 0.64 6.1 % 0.09
Q2 2015 5.49 (11.4 %) 4.69 1.5 % 1.63 1.3 % 0.24
Q3 2015 7.04 (6.0 %) 5.13 1.1 % 2.19 1.0 % 0.32
Q4 2015 3.38 (28.0 %) 0.58 (82.4 %) (2.45) (643.5 %) (0.36)
Q1 2016 4.73 (5.3 %) 2.47 (32.0 %) 0.64 0.0 % 0.09
Q2 2016 4.44 (19.2 %) 2.04 (56.4 %) 0.90 (44.6 %) 0.13
Q3 2016 5.68 (19.4 %) 2.38 (53.7 %) 0.47 (78.4 %) 0.07
Q4 2016 3.52 4.2 % 0.06 (90.2 %) (1.46) 40.6 % (0.22)
Q1 2017 3.11 (34.3 %) 0.74 (70.2 %) (1.01) (256.3 %) (0.15)
Q2 2017 3.73 (16.0 %) 1.49 (26.9 %) 0.16 (82.5 %) 0.02
Q3 2017 4.29 (24.4 %) 1.54 (35.3 %) 0.31 (35.1 %) 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 60.58 % 32.58 % 10.18 %
Q2 2008 60.78 % 31.99 % 13.90 %
Q3 2008 53.58 % 26.29 % 13.01 %
Q4 2008 50.56 % 22.74 % 1.21 %
Q1 2009 51.29 % 23.93 % 3.31 %
Q2 2009 51.18 % 22.81 % (2.02 %)
Q3 2009 52.14 % 21.36 % (10.59 %)
Q4 2009 36.08 % 5.94 % (24.52 %)
Q1 2010 35.52 % 6.56 % (27.94 %)
Q2 2010 39.95 % 11.54 % (23.47 %)
Q3 2010 48.77 % 22.60 % (9.77 %)
Q4 2010 66.54 % 40.26 % 10.71 %
Q1 2011 69.24 % 40.97 % 11.00 %
Q2 2011 69.47 % 41.89 % 13.63 %
Q3 2011 68.55 % 43.30 % 17.24 %
Q4 2011 68.90 % 44.14 % 18.73 %
Q1 2012 67.45 % 43.91 % 19.34 %
Q2 2012 67.69 % 45.92 % 20.31 %
Q3 2012 68.01 % 47.20 % 20.73 %
Q4 2012 65.16 % 44.93 % 21.13 %
Q1 2013 62.96 % 43.22 % (16.46 %)
Q2 2013 63.77 % 43.46 % (14.99 %)
Q3 2013 66.00 % 44.58 % (14.72 %)
Q4 2013 69.93 % 46.24 % (15.48 %)
Q1 2014 74.39 % 48.50 % 23.07 %
Q2 2014 74.30 % 47.50 % 22.77 %
Q3 2014 71.63 % 44.94 % 21.61 %
Q4 2014 72.00 % 45.35 % 21.24 %
Q1 2015 71.19 % 43.44 % 20.84 %
Q2 2015 73.70 % 44.49 % 21.58 %
Q3 2015 75.43 % 45.40 % 22.11 %
Q4 2015 67.15 % 31.78 % 9.62 %
Q1 2016 62.38 % 31.84 % 9.75 %
Q2 2016 52.24 % 29.10 % 6.57 %
Q3 2016 41.02 % 21.27 % (2.38 %)
Q4 2016 37.83 % 30.97 % 3.06 %
Q1 2017 31.14 % 24.59 % (6.49 %)
Q2 2017 29.09 % 21.41 % (11.42 %)
Q3 2017 26.11 % 22.84 % (13.63 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
Q1 2008 677.40 0.21 0.21 0.11
Q2 2008 677.40 0.30 0.30 0.11
Q3 2008 677.40 0.28 0.28 0.11
Q4 2008 677.40 0.03 0.03 0.11
Q1 2009 677.40 0.08 0.08 0.11
Q2 2009 677.40 (0.05) (0.05) 0.11
Q3 2009 677.40 (0.24) (0.24) 0.11
Q4 2009 677.40 (0.50) (0.50) 0.10
Q1 2010 677.40 (0.51) (0.51) 0.10
Q2 2010 677.40 (0.43) (0.43) 0.10
Q3 2010 677.40 (0.20) (0.20) 0.10
Q4 2010 677.40 0.24 0.24 0.10
Q1 2011 677.40 0.24 0.24 0.10
Q2 2011 677.40 0.32 0.32 0.11
Q3 2011 677.40 0.42 0.42 0.11
Q4 2011 677.40 0.49 0.49 0.11
Q1 2012 677.40 0.53 0.53 0.11
Q2 2012 677.40 0.56 0.56 0.11
Q3 2012 677.40 0.59 0.59 0.11
Q4 2012 677.40 0.63 0.63 0.12
Q1 2013 677.40 1.41 (0.52) 0.12
Q2 2013 677.40 1.44 (0.49) 0.13
Q3 2013 677.40 1.45 (0.47) 0.13
Q4 2013 677.40 1.44 (0.48) 0.13
Q1 2014 677.40 0.70 0.70 0.13
Q2 2014 677.40 0.72 0.71 0.13
Q3 2014 677.40 0.73 0.72 0.14
Q4 2014 677.40 0.71 0.71 0.14
Q1 2015 677.40 0.72 0.72 0.14
Q2 2015 677.40 0.72 0.72 0.14
Q3 2015 677.40 0.73 0.73 0.14
Q4 2015 677.40 0.30 0.30 0.14
Q1 2016 677.40 0.30 0.30 0.14
Q2 2016 677.40 0.19 0.19 0.14
Q3 2016 677.40 (0.06) (0.06) 0.14
Q4 2016 677.40 0.08 0.08 0.14
Q1 2017 677.40 (0.16) (0.16) 0.14
Q2 2017 677.40 (0.27) (0.27) 0.14
Q3 2017 677.40 (0.29) (0.29) 0.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 More than 50 More than 50 6.76
Q2 2008 More than 50 More than 50 6.55
Q3 2008 More than 50 More than 50 3.75
Q4 2008 More than 50 More than 50 3.71
Q1 2009 More than 50 More than 50 5.44
Q2 2009 NEG NEG 9.01
Q3 2009 NEG NEG 7.75
Q4 2009 NEG NEG 8.63
Q1 2010 NEG NEG 8.30
Q2 2010 NEG NEG 5.94
Q3 2010 NEG NEG 5.48
Q4 2010 More than 50 More than 50 5.69
Q1 2011 More than 50 More than 50 5.24
Q2 2011 More than 50 More than 50 5.49
Q3 2011 More than 50 More than 50 5.45
Q4 2011 More than 50 More than 50 6.98
Q1 2012 More than 50 More than 50 9.14
Q2 2012 More than 50 More than 50 6.86
Q3 2012 More than 50 More than 50 7.92
Q4 2012 More than 50 More than 50 8.28
Q1 2013 More than 50 NEG 16.02
Q2 2013 More than 50 NEG 21.41
Q3 2013 More than 50 NEG 20.79
Q4 2013 More than 50 NEG 16.13
Q1 2014 More than 50 More than 50 14.90
Q2 2014 More than 50 More than 50 11.96
Q3 2014 More than 50 More than 50 12.80
Q4 2014 More than 50 More than 50 7.20
Q1 2015 More than 50 More than 50 7.96
Q2 2015 More than 50 More than 50 8.50
Q3 2015 More than 50 More than 50 6.23
Q4 2015 More than 50 More than 50 7.82
Q1 2016 More than 50 More than 50 6.41
Q2 2016 More than 50 More than 50 5.76
Q3 2016 NEG NEG 4.34
Q4 2016 More than 50 More than 50 6.03
Q1 2017 NEG NEG 5.69
Q2 2017 NEG NEG 4.99
Q3 2017 NEG NEG 5.57


Financial Ratios
Current
Market Cap (M Riyal) 1,017.69
Enterprise Value (EV) (M) 501.03
Shares Outstanding ((M)) 1,156.47
EPS (Halala) (TTM) (3.82)
Book Value (BV) ( Riyal) 0.44
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.01
Return on Average Assets (%) (TTM) (8.00 )
Return on Average Equity (%) (TTM) (8.36 )
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