Al Khaleej Training posts SAR 4 mln profit in H1 2019

06/08/2019 Argaam Exclusive

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Share Price

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

Al Khaleej Training and Education Co. reported a net profit after zakat and tax of SAR 3.74 million for H1 2019, against a net loss of SAR 3.4 million a year earlier on improved performance of most segments, particularly schools and training, along with the company’s subsidiaries.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 373.92 415.39 11.1 %
Gross Income 48.48 59.45 22.6 %
Operating Income 9.44 24.39 158.5 %
Net Income (3.43) 3.74 208.8 %
Average Shares 55.42 55.42 -
EPS (Riyals) (0.06) 0.07 208.8 %

In Q2 2019, the company trimmed net losses after zakat and tax by 53.4 percent year-on-year (YoY) to SAR 3.6 million backed by higher revenue and better performance of most segments, mainly schools and training.

 

When compared to Q1 2019, the company incurred losses compared to a net profit of SAR 7.3 million hurt by a decline in sales due to seasonality factors.

 

The training and education segments were negatively impacted by examinations and Ramadan.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 175.55 201.24 14.6 %
Gross Income 10.72 18.04 68.3 %
Operating Income (1.15) 7.01 710.2 %
Net Income (7.69) (3.58) 53.5 %
Average Shares 55.42 55.42 -
EPS (Riyals) (0.14) (0.06) 53.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 93.26 5.2 % 26.65 9.8 % 11.76 15.0 % 0.21
Q2 2010 94.81 9.3 % 22.52 2.7 % 6.92 14.7 % 0.12
Q3 2010 83.55 32.1 % 22.74 63.0 % 7.21 877.1 % 0.13
Q4 2010 123.75 11.0 % 45.06 (0.6 %) 19.54 (21.9 %) 0.35
Q1 2011 119.10 27.7 % 33.90 27.2 % 14.50 23.2 % 0.26
Q2 2011 121.06 27.7 % 29.67 31.8 % 10.67 54.2 % 0.19
Q3 2011 118.90 42.3 % 36.74 61.6 % 10.90 51.2 % 0.20
Q4 2011 155.89 26.0 % 52.42 16.3 % 16.59 (15.1 %) 0.30
Q1 2012 129.29 8.6 % 32.97 (2.7 %) 11.69 (19.4 %) 0.21
Q2 2012 148.00 22.3 % 41.60 40.2 % 18.23 70.8 % 0.33
Q3 2012 131.68 10.8 % 40.14 9.3 % 16.94 55.3 % 0.31
Q4 2012 164.65 5.6 % 48.86 (6.8 %) 20.60 24.2 % 0.37
Q1 2013 145.85 12.8 % 33.19 0.7 % 10.44 (10.7 %) 0.19
Q2 2013 167.49 13.2 % 40.30 (3.1 %) 18.32 0.5 % 0.33
Q3 2013 150.64 14.4 % 43.43 8.2 % 18.60 9.8 % 0.34
Q4 2013 200.43 21.7 % 64.46 31.9 % 31.47 52.8 % 0.57
Q1 2014 176.11 20.7 % 39.52 19.1 % 15.61 49.5 % 0.28
Q2 2014 182.67 9.1 % 44.58 10.6 % 21.51 17.4 % 0.39
Q3 2014 167.34 11.1 % 45.11 3.9 % 19.94 7.2 % 0.36
Q4 2014 197.43 (1.5 %) 65.15 1.1 % 32.17 2.2 % 0.58
Q1 2015 187.25 6.3 % 42.51 7.6 % 15.64 0.2 % 0.28
Q2 2015 183.90 0.7 % 40.83 (8.4 %) 16.74 (22.2 %) 0.30
Q3 2015 175.01 4.6 % 41.15 (8.8 %) 16.45 (17.5 %) 0.30
Q4 2015 179.97 (8.8 %) 56.19 (13.8 %) 21.56 (33.0 %) 0.39
Q1 2016 166.17 (11.3 %) 35.29 (17.0 %) 7.96 (49.1 %) 0.14
Q2 2016 145.22 (21.0 %) 21.42 (47.5 %) (3.37) (120.2 %) (0.06)
Q3 2016 151.83 (13.2 %) 39.82 (3.2 %) 19.77 20.2 % 0.36
Q4 2016 166.74 (7.4 %) 49.06 (12.7 %) 17.65 (18.1 %) 0.32
Q1 2017 167.57 0.8 % 30.41 (13.8 %) 6.38 (19.9 %) 0.12
Q2 2017 171.73 18.3 % 35.30 64.8 % 10.35 406.6 % 0.19
Q3 2017 187.45 23.5 % 48.44 21.6 % 20.80 5.3 % 0.38
Q4 2017 183.24 9.9 % 69.10 40.8 % 14.17 (19.7 %) 0.26
Q1 2018 198.37 18.4 % 37.77 24.2 % 4.26 (33.2 %) 0.08
Q2 2018 175.55 2.2 % 10.72 (69.6 %) (7.69) (174.4 %) (0.14)
Q3 2018 212.03 13.1 % 56.37 16.4 % 17.31 (16.8 %) 0.31
Q4 2018 216.56 18.2 % 50.87 (26.4 %) 18.48 30.4 % 0.33
Q1 2019 214.15 8.0 % 41.42 9.7 % 7.32 71.8 % 0.13
Q2 2019 201.24 14.6 % 18.04 68.3 % (3.58) 53.5 % (0.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 30.40 % 19.18 % 12.28 %
Q2 2010 29.89 % 18.87 % 12.25 %
Q3 2010 30.60 % 19.44 % 13.29 %
Q4 2010 29.59 % 17.65 % 11.49 %
Q1 2011 29.49 % 17.90 % 11.44 %
Q2 2011 29.36 % 17.72 % 11.60 %
Q3 2011 30.11 % 17.40 % 11.52 %
Q4 2011 29.66 % 16.05 % 10.23 %
Q1 2012 28.91 % 14.64 % 9.49 %
Q2 2012 29.66 % 15.29 % 10.40 %
Q3 2012 29.59 % 16.70 % 11.23 %
Q4 2012 28.52 % 15.63 % 11.76 %
Q1 2013 27.75 % 14.90 % 11.22 %
Q2 2013 26.65 % 14.64 % 10.87 %
Q3 2013 26.37 % 14.55 % 10.88 %
Q4 2013 27.30 % 16.32 % 11.93 %
Q1 2014 27.02 % 16.22 % 12.16 %
Q2 2014 27.05 % 16.20 % 12.35 %
Q3 2014 26.66 % 15.78 % 12.18 %
Q4 2014 26.86 % 15.88 % 12.33 %
Q1 2015 26.86 % 16.14 % 12.15 %
Q2 2015 26.31 % 15.74 % 11.48 %
Q3 2015 25.50 % 15.03 % 10.89 %
Q4 2015 24.88 % 14.32 % 9.69 %
Q1 2016 24.60 % 13.91 % 8.89 %
Q2 2016 23.12 % 12.00 % 6.39 %
Q3 2016 23.74 % 12.50 % 7.14 %
Q4 2016 23.11 % 11.74 % 6.67 %
Q1 2017 22.29 % 11.39 % 6.40 %
Q2 2017 23.50 % 12.64 % 8.23 %
Q3 2017 23.53 % 13.71 % 7.96 %
Q4 2017 25.81 % 15.15 % 7.28 %
Q1 2018 25.73 % 14.72 % 6.69 %
Q2 2018 22.30 % 12.86 % 4.24 %
Q3 2018 22.61 % 12.31 % 3.65 %
Q4 2018 19.40 % 11.00 % 4.03 %
Q1 2019 19.48 % 12.19 % 4.33 %
Q2 2019 19.75 % 13.54 % 4.68 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 55.42 0.79 0.79 4.32
Q2 2010 55.42 0.80 0.80 4.30
Q3 2010 55.42 0.92 0.92 4.41
Q4 2010 55.42 0.82 0.82 4.77
Q1 2011 55.42 0.87 0.87 5.03
Q2 2011 55.42 0.94 0.94 5.07
Q3 2011 55.42 1.00 1.00 5.26
Q4 2011 55.42 0.95 0.95 5.57
Q1 2012 55.42 0.90 0.90 5.79
Q2 2012 55.42 1.04 1.04 5.92
Q3 2012 55.42 1.14 1.14 6.32
Q4 2012 55.42 1.22 1.22 6.59
Q1 2013 55.42 1.19 1.19 6.78
Q2 2013 55.42 1.20 1.20 6.84
Q3 2013 55.42 1.23 1.23 7.20
Q4 2013 55.42 1.42 1.43 7.76
Q1 2014 55.42 1.52 1.52 8.03
Q2 2014 55.42 1.57 1.58 7.86
Q3 2014 55.42 1.60 1.60 8.22
Q4 2014 55.42 1.61 1.61 8.75
Q1 2015 55.42 1.61 1.61 9.04
Q2 2015 55.42 1.52 1.52 8.80
Q3 2015 55.42 1.46 1.46 9.11
Q4 2015 55.42 1.27 1.27 9.47
Q1 2016 55.42 1.13 1.13 9.62
Q2 2016 55.42 0.77 0.77 8.83
Q3 2016 55.42 0.83 0.83 9.19
Q4 2016 55.42 0.76 0.76 9.47
Q1 2017 55.42 0.73 0.73 9.58
Q2 2017 55.42 0.98 0.98 9.38
Q3 2017 55.42 1.00 1.00 9.75
Q4 2017 55.42 0.93 0.93 9.80
Q1 2018 55.42 0.89 0.89 10.11
Q2 2018 55.42 0.57 0.57 9.35
Q3 2018 55.42 0.51 0.51 9.66
Q4 2018 55.42 0.58 0.58 9.87
Q1 2019 55.42 0.64 0.64 10.02
Q2 2019 55.42 0.71 0.71 9.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 17.11 17.11 3.11
Q2 2010 15.16 15.16 2.83
Q3 2010 12.81 12.81 2.67
Q4 2010 17.34 17.34 2.98
Q1 2011 16.10 16.10 2.78
Q2 2011 16.72 16.72 3.09
Q3 2011 15.56 15.56 2.97
Q4 2011 20.26 20.26 3.46
Q1 2012 24.34 24.34 3.78
Q2 2012 17.35 17.35 3.04
Q3 2012 16.82 16.82 3.05
Q4 2012 15.68 15.68 2.90
Q1 2013 17.23 17.23 3.04
Q2 2013 18.57 18.57 3.25
Q3 2013 19.87 19.75 3.39
Q4 2013 19.90 19.79 3.65
Q1 2014 26.38 26.24 4.98
Q2 2014 28.03 27.89 5.61
Q3 2014 32.00 32.00 6.22
Q4 2014 30.21 30.21 5.56
Q1 2015 28.28 28.28 5.04
Q2 2015 30.22 30.22 5.24
Q3 2015 26.60 26.60 4.27
Q4 2015 22.98 22.98 3.08
Q1 2016 21.78 21.78 2.56
Q2 2016 30.63 30.63 2.67
Q3 2016 14.79 14.79 1.33
Q4 2016 22.20 22.20 1.78
Q1 2017 22.04 22.04 1.68
Q2 2017 14.46 14.46 1.51
Q3 2017 17.95 17.95 1.83
Q4 2017 18.02 18.02 1.72
Q1 2018 18.39 18.39 1.63
Q2 2018 26.16 26.16 1.59
Q3 2018 22.76 22.76 1.19
Q4 2018 21.23 21.23 1.26
Q1 2019 20.47 20.47 1.31
Q2 2019 17.54 17.54 1.26

Business Segments (Million)

Compared With The
Period Call Centers Schools University Language Financial & Administrational Training Computer Others..
Q1 2010 - - - 24.29 - 59.89 9.08
Q2 2010 23.53 - - 12.90 - 39.80 18.59
Q3 2010 15.78 - - 27.34 - 46.43 -
Q4 2010 20.70 0.70 - 35.21 - 32.35 34.78
Q1 2011 21.65 1.86 - 34.26 - 45.34 15.99
Q2 2011 25.32 1.02 - 33.89 - 47.97 12.86
Q3 2011 29.96 1.20 - 32.82 - 52.31 2.61
Q4 2011 35.33 3.12 - 42.94 - 44.28 30.22
Q1 2012 36.28 3.85 - 34.40 - 41.62 13.14
Q2 2012 37.81 3.42 - 38.08 - 53.29 15.41
Q3 2012 38.79 6.31 - 35.40 - 49.49 1.70
Q4 2012 45.01 6.04 - 46.13 - 37.27 30.21
Q1 2013 41.38 6.01 32.50 18.58 13.19 34.18 -
Q2 2013 45.61 5.70 36.34 18.96 10.00 50.88 -
Q3 2013 49.01 5.66 30.19 18.85 9.53 37.40 -
Q4 2013 50.54 7.38 46.90 26.12 27.59 41.90 -
Q1 2014 46.42 7.86 47.09 19.61 14.35 40.77 -
Q2 2014 46.20 8.59 49.31 21.01 16.14 41.41 -
Q3 2014 54.77 9.58 129.35 18.06 12.32 39.66 -
Q4 2014 61.98 8.99 44.12 24.26 17.24 41.32 -
Q1 2015 57.62 11.15 44.01 20.49 14.73 39.26 -
Q2 2015 58.22 9.70 45.12 17.11 16.31 37.44 -
Q3 2015 63.42 11.49 35.92 16.86 14.45 32.86 -
Q4 2015 49.83 15.99 32.77 24.05 8.68 48.46 -
Q1 2016 61.74 15.00 29.04 15.16 16.68 28.54 -
Q2 2016 - 13.86 24.34 11.06 10.06 26.55 -
Q3 2016 - 17.93 19.50 17.30 8.00 28.70 -
Q4 2016 - 22.83 20.07 12.62 26.13 24.02 -
Q1 2017 73.65 27.36 18.81 13.02 13.85 20.87 -
Q2 2017 - 18.14 17.00 23.53 14.16 20.55 -
Q3 2017 - 21.81 13.02 33.97 12.88 28.68 -
Q4 2017 - 28.64 26.12 28.74 20.53 34.39 -
Q1 2018 82.49 30.74 22.33 16.31 23.45 23.06 -
Q2 2018 - 17.14 20.37 11.69 23.16 20.73 -
Q3 2018 - 34.70 15.97 22.10 25.05 31.84 -
Q4 2018 - 26.19 25.98 19.17 26.65 30.78 -
Q1 2019 92.61 30.18 25.66 15.59 18.76 31.35 -
Q2 2019 90.81 30.32 22.23 10.39 17.79 29.71 -

Current
Market Cap (M Riyal) 2,148.25
Enterprise Value (EV) (M) 2,627.12
Shares Outstanding ((M)) 65.00
EPS ( Riyal) (TTM) 0.24
Book Value (BV) ( Riyal) 8.01
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 4.12
Return on Average Assets (%) (TTM) 0.8
Return on Average Equity (%) (TTM) 2.8

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