Taiba's net profit drops 47% in 9M 2016

19/10/2016 Argaam Exclusive

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Share Price

Taiba Investments Co.
41.00
0.90 2.24 %

Taiba Investments Co. (TAIBA)

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Taiba Holding Co. reported a net profit of SAR 193.2 million for the first nine months of 2016, a 47 percent year-on-year (YoY) slump attributed to lower investment proceeds, and the one-off earnings in the corresponding period.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 370.03 413.14 11.6 %
Gross Income 220.73 226.75 2.7 %
Operating Income 187.36 188.74 0.7 %
Net Income 361.45 192.23 (46.8 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 2.41 1.28 (46.8 %)

Net profit for the third quarter tumbled by 26 percent YoY to SAR 75.2 million, due to lower investment proceeds, despite higher operating profit from hotels and malls. On a sequential quarter basis, Q3-2016 net profit was 10 percent higher. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 136.45 138.80 1.7 %
Gross Income 82.86 85.27 2.9 %
Operating Income 71.18 74.94 5.3 %
Net Income 102.14 74.98 (26.6 %)
Average Shares 150.00 150.00 -
EPS (Riyals) 0.68 0.50 (26.6 %)


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
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
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
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
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
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
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
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
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
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

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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2016 58.10 % 55.83 % 59.09 %
Q2 2016 54.93 % 52.81 % 57.05 %
Q3 2016 55.15 % 53.30 % 51.56 %


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

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

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 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 75.00 74.98 0.0 %

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
SNB Capital 75.00 74.98 0.0 %


Financial Ratios
Current
Market Cap (M Riyal) 10,678.86
Enterprise Value (EV) (M) 11,795.01
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) 35.83
P/E (TTM) More than 50
Price/book 1.57
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.0
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