Taiba’s net profit down 43% in FY16

19/01/2017 Argaam Exclusive

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Share Price

Taiba Investments Co. (TAIBA)

Taiba Holding Co. reported a net profit of SAR 250.1 million for the fiscal year 2016, a 42.8 percent slump year-on-year (YoY) due to lower returns from long-term investments, and the one-off capital gains recorded in the comparative period.

Financials (M)

Item	2015	2016	Change‬
Revenues	476.15	523.21	9.9 %
Gross Income	280.34	289.30	3.2 %
Operating Income	234.43	233.09	(0.6 %)
Net Income	436.92	242.95	(44.4 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	2.91	1.62	(44.4 %)

Net profit for the fourth quarter dropped 27 percent YoY to SAR 54.9 million, on the back of lower dividend announced by investee companies, and higher returns from long-term investments in the comparative periods, despite improved operating revenue.

Meanwhile, Taiba’s Q4-2016 net profit fell 27 percent quarter-on-quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	106.12	110.08	3.7 %
Gross Income	59.60	60.81	2.0 %
Operating Income	47.08	48.99	4.1 %
Net Income	75.48	54.95	(27.2 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	0.50	0.37	(27.2 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	138.80	110.08	(20.7 %)
Gross Income	85.27	60.81	(28.7 %)
Operating Income	74.94	48.99	(34.6 %)
Net Income	74.98	54.95	(26.7 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	0.50	0.37	(26.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	47.35	16.5 %	27.67	17.8 %	31.01	31.7 %	0.21
Q2 2007	42.28	23.3 %	24.05	45.3 %	19.33	41.6 %	0.13
Q3 2007	354.17	675.2 %	326.83	1276.1 %	312.97	822.3 %	2.09
Q4 2007	60.10	12.7 %	34.01	7.9 %	29.70	(15.1 %)	0.20
2007	503.90	189.8 %	412.56	332.8 %	393.01	270.4 %	2.62
Q1 2008	67.79	43.2 %	48.70	76.0 %	48.06	55.0 %	0.32
Q2 2008	75.21	77.9 %	53.11	120.8 %	48.78	152.4 %	0.33
Q3 2008	61.38	(82.7 %)	37.37	(88.6 %)	29.43	(90.6 %)	0.20
Q4 2008	72.82	21.2 %	43.77	28.7 %	32.01	7.8 %	0.21
2008	277.21	(45.0 %)	182.94	(55.7 %)	160.16	(59.2 %)	1.07
Q1 2009	48.52	(28.4 %)	23.20	(52.4 %)	13.90	(71.1 %)	0.09
Q2 2009	49.22	(34.6 %)	21.42	(59.7 %)	17.37	(64.4 %)	0.12
Q3 2009	48.08	(21.7 %)	20.36	(45.5 %)	15.10	(48.7 %)	0.10
Q4 2009	79.70	9.4 %	49.72	13.6 %	14.75	(53.9 %)	0.10
2009	225.51	(18.6 %)	114.69	(37.3 %)	61.11	(61.8 %)	0.41
Q1 2010	40.12	(17.3 %)	19.51	(15.9 %)	14.34	3.2 %	0.10
Q2 2010	44.93	(8.7 %)	20.24	(5.5 %)	16.54	(4.8 %)	0.11
Q3 2010	64.31	33.8 %	31.64	55.4 %	19.26	27.5 %	0.13
Q4 2010	98.31	23.3 %	64.33	29.4 %	41.97	184.5 %	0.28
2010	247.66	9.8 %	135.72	18.3 %	92.10	50.7 %	0.61
Q1 2011	63.16	57.4 %	36.42	86.7 %	38.90	171.3 %	0.26
Q2 2011	65.48	45.7 %	46.07	127.6 %	32.24	95.0 %	0.21
Q3 2011	151.81	136.0 %	117.77	272.2 %	88.72	360.7 %	0.59
Q4 2011	113.33	15.3 %	85.92	33.6 %	76.88	83.2 %	0.51
2011	393.78	59.0 %	286.19	110.9 %	236.74	157.1 %	1.58
Q1 2012	199.06	215.2 %	109.88	201.7 %	267.87	588.6 %	1.79
Q2 2012	77.33	18.1 %	63.74	38.4 %	44.02	36.5 %	0.29
Q3 2012	83.66	(44.9 %)	54.53	(53.7 %)	55.04	(38.0 %)	0.37
Q4 2012	86.54	(23.6 %)	59.06	(31.3 %)	39.51	(48.6 %)	0.26
2012	446.59	13.4 %	287.21	0.4 %	406.44	71.7 %	2.71
Q1 2013	94.20	(52.7 %)	66.75	(39.3 %)	73.06	(72.7 %)	0.49
Q2 2013	88.73	14.7 %	58.08	(8.9 %)	63.56	44.4 %	0.42
Q3 2013	90.47	8.1 %	56.12	2.9 %	62.93	14.3 %	0.42
Q4 2013	104.91	21.2 %	67.12	13.6 %	64.47	63.2 %	0.43
2013	379.40	(15.0 %)	247.76	(13.7 %)	264.02	(35.0 %)	1.76
Q1 2014	115.88	23.0 %	75.86	13.6 %	59.50	(18.6 %)	0.40
Q2 2014	116.76	31.6 %	58.90	1.4 %	59.18	(6.9 %)	0.39
Q3 2014	157.34	73.9 %	95.10	69.4 %	817.17	1198.5 %	5.45
Q4 2014	111.08	5.9 %	50.42	(24.9 %)	278.38	331.8 %	1.86
2014	501.05	32.1 %	280.28	13.1 %	1,214.23	359.9 %	8.09
Q1 2015	118.58	2.3 %	73.91	(2.6 %)	202.30	240.0 %	1.35
Q2 2015	115.00	(1.5 %)	63.96	8.6 %	57.00	(3.7 %)	0.38
Q3 2015	136.45	(13.3 %)	82.86	(12.9 %)	102.14	(87.5 %)	0.68
Q4 2015	106.12	(4.5 %)	59.60	18.2 %	75.48	(72.9 %)	0.50
2015	476.15	(5.0 %)	280.34	0.0 %	436.92	(64.0 %)	2.91
Q1 2016	118.12	(0.4 %)	69.94	(5.4 %)	49.22	(75.7 %)	0.33
Q2 2016	156.21	35.8 %	71.54	11.9 %	68.02	19.3 %	0.45
Q3 2016	138.80	1.7 %	85.27	2.9 %	74.98	(26.6 %)	0.50
Q4 2016	110.08	3.7 %	60.81	2.0 %	54.95	(27.2 %)	0.37
2016	523.21	9.9 %	289.30	3.2 %	242.95	(44.4 %)	1.62

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	503.90	189.8 %	412.56	332.8 %	393.01	270.4 %	2.62
2008	277.21	(45.0 %)	182.94	(55.7 %)	160.16	(59.2 %)	1.07
2009	225.51	(18.6 %)	114.69	(37.3 %)	61.11	(61.8 %)	0.41
2010	247.66	9.8 %	135.72	18.3 %	92.10	50.7 %	0.61
2011	393.78	59.0 %	286.19	110.9 %	236.74	157.1 %	1.58
2012	446.59	13.4 %	287.21	0.4 %	406.44	71.7 %	2.71
2013	379.40	(15.0 %)	247.76	(13.7 %)	264.02	(35.0 %)	1.76
2014	501.05	32.1 %	280.28	13.1 %	1,214.23	359.9 %	8.09
2015	476.15	(5.0 %)	280.34	0.0 %	436.92	(64.0 %)	2.91
2016	523.21	9.9 %	289.30	3.2 %	242.95	(44.4 %)	1.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	55.09 %	56.41 %	62.87 %
Q2 2007	56.73 %	53.80 %	63.21 %
Q3 2007	82.49 %	81.86 %	80.12 %
Q4 2007	81.87 %	81.17 %	77.99 %
2007	81.87 %	81.17 %	77.99 %
Q1 2008	82.69 %	81.89 %	78.20 %
Q2 2008	83.02 %	81.59 %	78.87 %
Q3 2008	65.48 %	60.57 %	58.97 %
Q4 2008	66.00 %	59.28 %	57.10 %
2008	66.00 %	59.19 %	57.78 %
Q1 2009	61.04 %	52.99 %	48.12 %
Q2 2009	54.22 %	50.90 %	39.97 %
Q3 2009	49.74 %	45.61 %	35.85 %
Q4 2009	50.86 %	38.16 %	27.10 %
2009	50.86 %	38.16 %	27.10 %
Q1 2010	51.13 %	39.58 %	28.35 %
Q2 2010	51.60 %	34.38 %	28.53 %
Q3 2010	52.87 %	37.76 %	28.33 %
Q4 2010	54.80 %	44.50 %	37.19 %
2010	54.80 %	44.50 %	37.19 %
Q1 2011	56.38 %	45.01 %	36.08 %
Q2 2011	61.27 %	51.92 %	38.92 %
Q3 2011	69.86 %	63.57 %	53.24 %
Q4 2011	72.68 %	68.27 %	60.07 %
2011	72.68 %	68.27 %	60.07 %
Q1 2012	67.90 %	65.78 %	61.52 %
Q2 2012	69.68 %	67.60 %	61.96 %
Q3 2012	66.35 %	63.04 %	59.79 %
Q4 2012	64.31 %	60.44 %	46.11 %
2012	64.31 %	60.44 %	46.11 %
Q1 2013	71.43 %	64.48 %	49.68 %
Q2 2013	67.52 %	60.76 %	54.21 %
Q3 2013	66.68 %	60.74 %	55.38 %
Q4 2013	65.57 %	62.76 %	69.79 %
2013	65.30 %	63.00 %	69.59 %
Q1 2014	64.30 %	61.26 %	62.62 %
Q2 2014	60.28 %	59.24 %	57.49 %
Q3 2014	60.01 %	59.16 %	35.20 %
Q4 2014	55.94 %	56.98 %	24.95 %
2014	55.94 %	56.98 %	24.95 %
Q1 2015	55.25 %	57.44 %	27.24 %
Q2 2015	56.45 %	57.78 %	26.35 %
Q3 2015	56.36 %	57.51 %	50.60 %
Q4 2015	58.88 %	57.89 %	63.76 %
2015	58.88 %	57.89 %	63.76 %
Q1 2016	58.10 %	55.83 %	59.09 %
Q2 2016	54.93 %	52.81 %	57.05 %
Q3 2016	55.15 %	53.30 %	51.56 %
Q4 2016	54.96 %	52.77 %	47.24 %
2016	55.29 %	51.89 %	46.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	81.87 %	81.17 %	77.99 %
2008	66.00 %	59.19 %	57.78 %
2009	50.86 %	38.16 %	27.10 %
2010	54.80 %	44.50 %	37.19 %
2011	72.68 %	68.27 %	60.07 %
2012	64.31 %	60.44 %	46.11 %
2013	65.30 %	63.00 %	69.59 %
2014	55.94 %	56.98 %	24.95 %
2015	58.88 %	57.89 %	63.76 %
2016	55.29 %	51.89 %	46.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	58.45 %	56.84 %	65.49 %
Q2 2007	56.89 %	48.00 %	45.71 %
Q3 2007	92.28 %	92.87 %	88.37 %
Q4 2007	56.58 %	54.79 %	49.42 %
Q1 2008	71.84 %	69.67 %	70.90 %
Q2 2008	70.62 %	60.63 %	64.86 %
Q3 2008	60.87 %	56.12 %	47.95 %
Q4 2008	60.10 %	50.88 %	43.96 %
Q1 2009	47.81 %	40.34 %	28.64 %
Q2 2009	43.53 %	54.83 %	35.28 %
Q3 2009	42.34 %	33.52 %	31.41 %
Q4 2009	62.38 %	29.34 %	18.51 %
Q1 2010	48.62 %	48.49 %	35.73 %
Q2 2010	45.06 %	31.61 %	36.81 %
Q3 2010	49.20 %	45.79 %	29.94 %
Q4 2010	65.44 %	47.92 %	42.69 %
Q1 2011	57.66 %	49.23 %	31.51 %
Q2 2011	70.36 %	66.54 %	49.24 %
Q3 2011	77.58 %	78.39 %	70.83 %
Q4 2011	75.82 %	66.31 %	67.83 %
Q1 2012	55.20 %	55.61 %	54.86 %
Q2 2012	82.44 %	79.19 %	54.17 %
Q3 2012	65.18 %	61.38 %	65.80 %
Q4 2012	68.25 %	53.92 %	(0.27 %)
Q1 2013	70.86 %	64.87 %	77.56 %
Q2 2013	65.46 %	62.48 %	71.63 %
Q3 2013	62.04 %	61.24 %	69.56 %
Q4 2013	63.97 %	62.42 %	61.45 %
Q1 2014	65.47 %	59.29 %	51.35 %
Q2 2014	50.45 %	54.78 %	50.69 %
Q3 2014	60.44 %	60.15 %	(5.70 %)
Q4 2014	45.39 %	52.41 %	13.76 %
Q1 2015	62.33 %	61.18 %	60.49 %
Q2 2015	55.61 %	56.23 %	47.18 %
Q3 2015	60.73 %	59.54 %	74.86 %
Q4 2015	56.17 %	53.90 %	71.13 %
Q1 2016	59.21 %	52.90 %	41.67 %
Q2 2016	45.80 %	46.12 %	43.55 %
Q3 2016	61.43 %	61.27 %	54.02 %
Q4 2016	55.25 %	51.36 %	49.92 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	150.00	0.76	0.76	19.20
Q2 2007	150.00	0.79	0.79	18.49
Q3 2007	150.00	2.66	2.66	27.47
Q4 2007	150.00	2.62	2.62	19.87
Q1 2008	150.00	2.73	2.73	20.18
Q2 2008	150.00	2.93	2.93	19.50
Q3 2008	150.00	1.04	1.04	19.41
Q4 2008	150.00	1.06	1.06	19.31
Q1 2009	150.00	0.83	0.83	19.40
Q2 2009	150.00	0.62	0.62	19.01
Q3 2009	150.00	0.52	0.52	18.81
Q4 2009	150.00	0.41	0.41	18.78
Q1 2010	150.00	0.41	0.41	18.76
Q2 2010	150.00	0.40	0.40	18.27
Q3 2010	150.00	0.43	0.43	18.39
Q4 2010	150.00	0.61	0.61	19.17
Q1 2011	150.00	0.78	0.65	19.53
Q2 2011	150.00	0.88	0.76	19.10
Q3 2011	150.00	1.35	1.34	19.55
Q4 2011	150.00	1.58	1.58	20.23
Q1 2012	150.00	3.10	2.17	22.59
Q2 2012	150.00	3.18	2.24	21.67
Q3 2012	150.00	2.96	1.89	22.01
Q4 2012	150.00	2.71	1.37	22.42
Q1 2013	150.00	1.41	1.13	22.50
Q2 2013	150.00	1.54	1.28	22.54
Q3 2013	150.00	1.59	1.33	22.38
Q4 2013	150.00	1.76	1.76	23.24
Q1 2014	150.00	1.67	1.67	23.58
Q2 2014	150.00	1.64	1.64	23.15
Q3 2014	150.00	6.67	1.16	27.49
Q4 2014	150.00	8.09	0.83	26.65
Q1 2015	150.00	9.05	0.91	28.77
Q2 2015	150.00	9.03	0.88	28.21
Q3 2015	150.00	4.27	1.62	25.82
Q4 2015	150.00	2.91	2.02	25.68
Q1 2016	150.00	1.89	1.87	24.02
Q2 2016	150.00	1.97	1.97	23.59
Q3 2016	150.00	1.78	1.78	23.91
Q4 2016	150.00	1.65	1.65	25.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	150.00	2.62	2.62	19.87
2008	150.00	1.07	1.07	19.31
2009	150.00	0.41	0.41	18.78
2010	150.00	0.61	0.61	19.17
2011	150.00	1.58	1.58	20.23
2012	150.00	2.71	1.37	22.42
2013	150.00	1.76	1.76	23.24
2014	150.00	8.09	0.83	26.65
2015	150.00	2.91	2.02	25.68
2016	150.00	1.62	1.62	25.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	47.48	47.48	1.87
Q2 2007	More than 50	More than 50	2.25
Q3 2007	19.13	19.13	1.85
Q4 2007	23.69	23.69	3.12
Q1 2008	17.47	17.47	2.37
Q2 2008	17.93	17.93	2.69
Q3 2008	41.75	41.75	2.24
Q4 2008	29.04	29.04	1.59
Q1 2009	34.62	34.62	1.48
Q2 2009	49.73	49.73	1.62
Q3 2009	More than 50	More than 50	1.66
Q4 2009	More than 50	More than 50	1.55
Q1 2010	More than 50	More than 50	1.62
Q2 2010	More than 50	More than 50	1.52
Q3 2010	More than 50	More than 50	1.49
Q4 2010	43.69	43.69	1.40
Q1 2011	39.74	47.47	1.58
Q2 2011	31.78	37.10	1.47
Q3 2011	21.81	21.83	1.50
Q4 2011	21.18	21.20	1.65
Q1 2012	14.21	20.30	1.95
Q2 2012	10.50	14.94	1.54
Q3 2012	13.79	21.63	1.85
Q4 2012	15.92	31.43	1.92
Q1 2013	37.41	46.64	2.35
Q2 2013	38.31	46.26	2.62
Q3 2013	46.52	More than 50	3.31
Q4 2013	38.87	38.87	2.94
Q1 2014	46.17	46.17	3.27
Q2 2014	45.23	45.23	3.21
Q3 2014	12.05	More than 50	2.92
Q4 2014	8.73	More than 50	2.65
Q1 2015	8.21	More than 50	2.58
Q2 2015	8.50	More than 50	2.72
Q3 2015	14.50	38.11	2.40
Q4 2015	22.06	31.75	2.50
Q1 2016	30.91	31.22	2.44
Q2 2016	29.33	29.33	2.44
Q3 2016	33.63	33.63	2.51
Q4 2016	42.34	42.34	2.75

Period	P/E	Adjusted P/E	Price/book
2007	23.69	23.69	3.12
2008	28.70	28.70	1.59
2009	More than 50	More than 50	1.55
2010	43.69	43.69	1.40
2011	21.18	21.20	1.65
2012	15.92	31.43	1.92
2013	38.87	38.87	2.94
2014	8.73	More than 50	2.65
2015	22.06	31.75	2.50
2016	43.08	43.08	2.75

Business Segments (Million)

Compared With The

Period	Tourism Activity	Investment properties sector	Adjustments	Agricultural Activity	Consultancy , Training & Information System
Q1 2016	13.64	96.46	-	0.84	-
Q2 2016	44.59	122.26	(4.57)	1.11	-
Q3 2016	14.38	127.34	(3.29)	0.38	-
Q4 2016	9.71	100.26	-	0.10	-

Period	Tourism Activity	Investment properties sector	Adjustments	Agricultural Activity	Consultancy , Training & Information System
2008	29.72	239.72	-	-	7.77
2009	28.31	178.75	-	5.77	12.68
2010	43.75	191.32	-	4.43	8.16
2011	59.41	325.00	-	5.75	3.61
2012	43.37	400.83	-	2.39	-
2013	56.60	315.82	-	6.98	-
2014	120.05	225.82	-	3.53	-
2015	60.04	413.90	-	2.22	-
2016	82.32	446.31	(7.86)	2.44	-

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	79.00	54.95	(30.4 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
SNB Capital	79.00	54.95	(30.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,809.09
Enterprise Value (EV) (M)	11,925.24
Shares Outstanding ((M))	260.46
EPS ( Riyal) (TTM)	0.61
Book Value (BV) ( Riyal)	26.14
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	36.27
P/E (TTM)	More than 50
Price/book	1.59
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	3.0

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Taiba’s net profit down 43% in FY16

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Share Price

Taiba Investments Co. (TAIBA)

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) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Taiba’s net profit down 43% in FY16

View other reports

Share Price

Taiba Investments Co. (TAIBA)

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) Q4 2016

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)