Shaker Group’s net profit drops 69% to SAR 137 mln in FY15

21/01/2016 Argaam Exclusive

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

Al Hassan Ghazi Ibrahim Shaker Co. net profit plunged 68.75 percent year-on-year (YoY) to SAR 136.53 million in fiscal year (FY) 2015. The decline was mainly attributed to a non-recurring profit, recorded in 2014, after the re-evaluation of its property rights in LG Shaker.

Financials (M)

Item	2014	2015	Change‬
Revenues	1,556.66	1,886.53	21.2 %
Gross Income	386.02	434.86	12.7 %
Operating Income	110.24	91.45	(17.0 %)
Net Income	436.90	136.54	(68.7 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	7.87	2.46	(68.7 %)

The company posted a net loss of SAR 17.84 million in Q415, a 10 percent YoY decline; and a 79 percent drop compared to Q315 due to an increase in costs and lower sales.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	352.02	374.72	6.4 %
Gross Income	73.75	60.00	(18.6 %)
Operating Income	(2.34)	(22.24)	(850.9 %)
Net Income	(9.95)	(17.84)	(79.4 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.18)	(0.32)	(79.4 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	442.12	374.72	(15.2 %)
Gross Income	115.78	60.00	(48.2 %)
Operating Income	27.60	(22.24)	(180.6 %)
Net Income	46.22	(17.84)	(138.6 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	0.83	(0.32)	(138.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	644.06	-	156.90	-	61.26	-	1.77
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	750.05	16.5 %	185.39	18.2 %	78.10	27.5 %	2.26
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	917.70	22.4 %	244.49	31.9 %	103.03	31.9 %	1.86
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	295.04	-	107.56	-	53.86	-	0.97
Q4 2009	182.11	-	55.64	-	11.66	-	0.21
2009	997.69	8.7 %	312.24	27.7 %	132.48	28.6 %	2.39
Q1 2010	224.35	-	69.71	-	19.29	-	0.35
Q2 2010	350.76	-	125.41	-	58.33	-	1.05
Q3 2010	336.54	14.1 %	108.56	0.9 %	46.57	(13.5 %)	0.84
Q4 2010	244.09	34.0 %	83.14	49.4 %	21.04	80.5 %	0.38
2010	1,155.74	15.8 %	386.82	23.9 %	145.23	9.6 %	2.62
Q1 2011	323.04	44.0 %	94.51	35.6 %	33.61	74.2 %	0.61
Q2 2011	556.37	58.6 %	166.27	32.6 %	73.63	26.2 %	1.33
Q3 2011	413.68	22.9 %	130.54	20.2 %	54.98	18.0 %	0.99
Q4 2011	273.08	11.9 %	75.31	(9.4 %)	18.00	(14.5 %)	0.32
2011	1,566.17	35.5 %	466.64	20.6 %	180.22	24.1 %	3.25
Q1 2012	375.87	16.4 %	114.07	20.7 %	40.03	19.1 %	0.72
Q2 2012	590.87	6.2 %	184.87	11.2 %	82.96	12.7 %	1.49
Q3 2012	455.98	10.2 %	138.15	5.8 %	58.41	6.2 %	1.05
Q4 2012	315.19	15.4 %	82.60	9.7 %	6.24	(65.3 %)	0.11
2012	1,737.91	11.0 %	519.69	11.4 %	187.64	4.1 %	3.38
Q1 2013	458.30	21.9 %	147.64	29.4 %	49.79	24.4 %	0.90
Q2 2013	526.79	(10.8 %)	138.03	(25.3 %)	74.94	(9.7 %)	1.35
Q3 2013	393.82	(13.6 %)	92.95	(32.7 %)	31.35	(46.3 %)	0.56
Q4 2013	318.44	1.0 %	26.53	(67.9 %)	(30.98)	(596.3 %)	(0.56)
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	125.09	(33.3 %)	2.25
Q1 2014	312.18	(31.9 %)	70.03	(52.6 %)	20.62	(58.6 %)	0.37
Q2 2014	484.41	(8.0 %)	131.43	(4.8 %)	382.45	410.4 %	6.89
Q3 2014	408.05	3.6 %	110.81	19.2 %	43.78	39.7 %	0.79
Q4 2014	352.02	10.5 %	73.75	178.0 %	(9.95)	67.9 %	(0.18)
2014	1,556.66	(4.8 %)	386.02	6.3 %	436.90	249.3 %	7.87
Q1 2015	426.44	36.6 %	98.32	40.4 %	26.16	26.9 %	0.47
Q2 2015	643.25	32.8 %	160.77	22.3 %	82.01	(78.6 %)	1.48
Q3 2015	442.12	8.4 %	115.78	4.5 %	46.22	5.6 %	0.83
Q4 2015	374.72	6.4 %	60.00	(18.6 %)	(17.84)	(79.4 %)	(0.32)
2015	1,886.53	21.2 %	434.86	12.7 %	136.54	(68.7 %)	2.46

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	644.06	-	156.90	-	61.26	-	1.77
2007	750.05	16.5 %	185.39	18.2 %	78.10	27.5 %	2.26
2008	917.70	22.4 %	244.49	31.9 %	103.03	31.9 %	1.86
2009	997.69	8.7 %	312.24	27.7 %	132.48	28.6 %	2.39
2010	1,155.74	15.8 %	386.82	23.9 %	145.23	9.6 %	2.62
2011	1,566.17	35.5 %	466.64	20.6 %	180.22	24.1 %	3.25
2012	1,737.91	11.0 %	519.69	11.4 %	187.64	4.1 %	3.38
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	125.09	(33.3 %)	2.25
2014	1,556.66	(4.8 %)	386.02	6.3 %	436.90	249.3 %	7.87
2015	1,886.53	21.2 %	434.86	12.7 %	136.54	(68.7 %)	2.46

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	24.36 %	11.32 %	9.51 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	24.72 %	11.73 %	10.41 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	26.64 %	12.88 %	11.23 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	31.30 %	16.36 %	13.28 %
Q1 2010	-	-	-
Q2 2010	34.05 %	18.02 %	13.60 %
Q3 2010	32.85 %	16.68 %	12.42 %
Q4 2010	33.47 %	17.08 %	12.57 %
2010	33.47 %	17.08 %	12.57 %
Q1 2011	32.81 %	16.63 %	12.72 %
Q2 2011	30.99 %	15.60 %	11.98 %
Q3 2011	30.87 %	15.80 %	11.92 %
Q4 2011	29.79 %	15.28 %	11.51 %
2011	29.79 %	15.28 %	11.51 %
Q1 2012	30.03 %	15.61 %	11.53 %
Q2 2012	30.53 %	16.33 %	11.85 %
Q3 2012	30.22 %	16.41 %	11.76 %
Q4 2012	29.90 %	15.56 %	10.80 %
2012	29.90 %	15.56 %	10.80 %
Q1 2013	30.39 %	16.12 %	10.84 %
Q2 2013	28.83 %	14.07 %	8.79 %
Q3 2013	27.22 %	11.54 %	6.84 %
Q4 2013	23.87 %	8.62 %	3.84 %
2013	22.21 %	7.33 %	2.43 %
Q1 2014	21.12 %	5.30 %	0.50 %
Q2 2014	21.27 %	5.27 %	(0.03 %)
Q3 2014	22.24 %	6.12 %	1.53 %
Q4 2014	24.80 %	7.85 %	4.90 %
2014	24.80 %	7.85 %	4.90 %
Q1 2015	24.80 %	7.89 %	6.65 %
Q2 2015	24.25 %	7.33 %	8.82 %
Q3 2015	24.07 %	6.57 %	8.79 %
Q4 2015	23.05 %	5.56 %	7.28 %
2015	23.05 %	5.56 %	7.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	24.36 %	11.32 %	9.51 %
2007	24.72 %	11.73 %	10.41 %
2008	26.64 %	12.88 %	11.23 %
2009	31.30 %	16.36 %	13.28 %
2010	33.47 %	17.08 %	12.57 %
2011	29.79 %	15.28 %	11.51 %
2012	29.90 %	15.56 %	10.80 %
2013	22.21 %	7.33 %	2.43 %
2014	24.80 %	7.85 %	4.90 %
2015	23.05 %	5.56 %	7.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	36.46 %	-	18.26 %
Q4 2009	30.55 %	9.08 %	6.40 %
Q1 2010	31.07 %	15.29 %	8.60 %
Q2 2010	35.75 %	21.26 %	16.63 %
Q3 2010	32.26 %	16.96 %	13.84 %
Q4 2010	34.06 %	12.87 %	8.62 %
Q1 2011	29.26 %	14.09 %	10.40 %
Q2 2011	29.89 %	16.86 %	13.23 %
Q3 2011	31.56 %	17.44 %	13.29 %
Q4 2011	27.58 %	10.21 %	6.59 %
Q1 2012	30.35 %	15.68 %	10.65 %
Q2 2012	31.29 %	18.80 %	14.04 %
Q3 2012	30.30 %	17.61 %	12.81 %
Q4 2012	26.21 %	6.36 %	1.98 %
Q1 2013	32.21 %	17.88 %	10.86 %
Q2 2013	26.20 %	12.31 %	7.56 %
Q3 2013	23.60 %	7.27 %	5.08 %
Q4 2013	8.33 %	(9.16 %)	(13.96 %)
Q1 2014	22.43 %	5.73 %	(2.47 %)
Q2 2014	27.13 %	12.83 %	6.54 %
Q3 2014	27.16 %	10.39 %	10.73 %
Q4 2014	20.95 %	(0.09 %)	2.43 %
Q1 2015	23.06 %	6.46 %	6.33 %
Q2 2015	24.99 %	10.03 %	12.75 %
Q3 2015	26.19 %	6.96 %	10.45 %
Q4 2015	16.01 %	(4.78 %)	(4.76 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	55.50	-	-	6.69
Q4 2009	55.50	-	-	6.90
Q1 2010	55.50	-	-	7.25
Q2 2010	55.50	2.58	2.58	8.30
Q3 2010	55.50	2.45	2.45	9.14
Q4 2010	55.50	2.62	2.62	7.62
Q1 2011	55.50	2.87	2.87	8.23
Q2 2011	55.50	3.15	3.15	9.56
Q3 2011	55.50	3.30	3.30	10.55
Q4 2011	55.50	3.25	3.25	8.66
Q1 2012	55.50	3.36	3.36	9.38
Q2 2012	55.50	3.53	3.53	10.88
Q3 2012	55.50	3.59	3.59	11.93
Q4 2012	55.50	3.38	3.38	9.52
Q1 2013	55.50	3.56	3.56	10.42
Q2 2013	55.50	3.41	2.78	11.77
Q3 2013	55.50	2.92	2.09	12.33
Q4 2013	55.50	2.25	1.17	11.78
Q1 2014	55.50	1.73	0.14	12.15
Q2 2014	55.50	7.27	(0.01)	17.46
Q3 2014	55.50	7.49	0.42	18.25
Q4 2014	55.50	7.87	1.38	16.49
Q1 2015	55.50	7.97	2.00	16.78
Q2 2015	55.50	2.56	2.91	18.44
Q3 2015	55.50	2.60	2.95	19.28
Q4 2015	55.50	2.46	2.48	18.95

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	34.52	1.77	1.77	4.52
2007	34.52	2.26	2.26	6.68
2008	55.50	1.86	1.86	6.63
2009	55.50	2.39	2.39	6.90
2010	55.50	2.62	2.62	7.62
2011	55.50	3.25	3.25	8.66
2012	55.50	3.38	3.38	9.52
2013	55.50	2.25	0.72	11.78
2014	55.50	7.87	1.38	16.49
2015	55.50	2.46	2.48	18.95

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	14.18	14.18	4.41
Q3 2010	17.91	17.91	4.80
Q4 2010	14.64	14.64	5.03
Q1 2011	11.79	11.79	4.12
Q2 2011	13.47	13.47	4.44
Q3 2011	12.23	12.23	3.83
Q4 2011	11.90	11.90	4.46
Q1 2012	13.08	13.08	4.69
Q2 2012	12.77	12.77	4.15
Q3 2012	12.20	12.20	3.67
Q4 2012	12.04	12.04	4.27
Q1 2013	12.50	12.50	4.27
Q2 2013	14.97	18.38	4.34
Q3 2013	17.47	24.47	4.14
Q4 2013	19.52	37.45	3.74
Q1 2014	30.20	More than 50	4.30
Q2 2014	6.61	NEG	2.75
Q3 2014	7.36	More than 50	3.02
Q4 2014	4.80	27.44	2.29
Q1 2015	6.26	24.94	2.97
Q2 2015	18.47	16.25	2.56
Q3 2015	14.86	13.10	2.01
Q4 2015	13.07	12.99	1.70

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	14.64	14.64	5.03
2011	11.90	11.90	4.46
2012	12.04	12.04	4.27
2013	19.52	More than 50	3.74
2014	4.80	27.44	2.29
2015	13.07	12.99	1.70

Business Segments (Million)

Compared With The

Period	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
Q1 2010	178.77	45.58
Q2 2010	298.73	52.03
Q3 2010	277.14	59.40
Q4 2010	200.83	43.26
Q1 2011	269.90	53.13
Q2 2011	468.10	88.27
Q3 2011	344.15	69.53
Q4 2011	215.53	57.56
Q1 2012	291.10	84.77
Q2 2012	499.14	91.73
Q3 2012	375.26	80.72
Q4 2012	247.69	67.51
Q1 2013	379.58	78.72
Q2 2013	355.32	109.30
Q3 2013	314.42	79.40
Q4 2013	240.71	77.73
Q1 2014	246.01	66.17
Q2 2014	417.85	66.56
Q3 2014	348.47	59.58
Q4 2014	117.32	234.71
Q1 2015	341.04	85.39
Q2 2015	523.13	120.12
Q3 2015	359.40	82.73
Q4 2015	278.73	95.99

Period	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
2009	828.57	169.12
2010	955.46	200.27
2011	1,297.68	268.48
2012	1,413.19	324.73
2013	1,290.03	345.15
2014	1,129.65	427.01
2015	1,502.30	384.23

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	14.16	(17.84)	(226.0 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
SNB Capital	20.30	(17.84)	(187.9) %
OSOOL AND BAKHEET	12.60	(17.84)	(241.6) %
AlJazira Capital	9.59	(17.84)	(286.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,498.50
Enterprise Value (EV) (M)	1,847.82
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	1.24
Book Value (BV) ( Riyal)	13.51
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.53
P/E (TTM)	21.75
Price/book	2.00
Return on Average Assets (%) (TTM)	4.0
Return on Average Equity (%) (TTM)	9.6

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Shaker Group’s net profit drops 69% to SAR 137 mln in FY15

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Shaker Group’s net profit drops 69% to SAR 137 mln in FY15

View other reports

Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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 2015

Revenue by Business Segment (Latest) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)