Shaker cuts losses by 31% in H1 2019

06/08/2019 Argaam Exclusive

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

Al-Hassan Ghazi Ibrahim Shaker Co. narrowed H1 2019 net losses after zakat and tax by 31.3 percent year-on-year (YoY) to SAR 38.7 million on higher revenue and profit share from associates, along with a decline in operating expenses.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 427.23 450.86 5.5 %
Gross Income 93.83 81.31 (13.4 %)
Operating Income (37.90) (18.69) 50.7 %
Net Income (57.20) (36.35) 36.5 %
Average Shares 55.50 55.50 -
EPS (Riyals) (1.03) (0.65) 36.5 %

The second quarter saw a net loss of SAR 9.94 million, a drop of 74.5 percent also due to higher sales and lower operating expenses.

 

Net losses were also reduced by 65 percent quarter-on-quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 212.36 253.53 19.4 %
Gross Income 41.06 48.28 17.6 %
Operating Income (31.30) 0.81 102.6 %
Net Income (36.65) (8.96) 75.5 %
Average Shares 55.50 55.50 -
EPS (Riyals) (0.66) (0.16) 75.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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)
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)
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)
Q1 2016 395.07 (7.4 %) 98.66 0.3 % 27.98 7.0 % 0.50
Q2 2016 533.76 (17.0 %) 135.40 (15.8 %) 47.00 (42.7 %) 0.85
Q3 2016 401.38 (9.2 %) 94.41 (18.5 %) 4.04 (91.3 %) 0.07
Q4 2016 324.20 (13.5 %) 60.46 0.8 % (30.21) (69.3 %) (0.54)
Q1 2017 288.30 (27.0 %) 58.81 (40.4 %) (14.89) (153.2 %) (0.27)
Q2 2017 335.15 (37.2 %) 68.27 (49.6 %) (21.09) (144.9 %) (0.38)
Q3 2017 202.89 (49.5 %) 27.34 (71.0 %) (49.17) (1317.4 %) (0.89)
Q4 2017 212.23 (34.5 %) 21.53 (64.4 %) (85.88) (184.3 %) (1.55)
Q1 2018 214.87 (25.5 %) 52.77 (10.3 %) (20.55) (38.0 %) (0.37)
Q2 2018 212.36 (36.6 %) 41.06 (39.8 %) (36.65) (73.7 %) (0.66)
Q3 2018 173.98 (14.2 %) 27.29 (0.2 %) (44.92) 8.6 % (0.81)
Q4 2018 172.81 (18.6 %) (21.21) (198.5 %) (94.42) (9.9 %) (1.70)
Q1 2019 197.33 (8.2 %) 33.02 (37.4 %) (27.39) (33.2 %) (0.49)
Q2 2019 253.53 19.4 % 48.28 17.6 % (8.96) 75.5 % (0.16)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2016 23.46 % 5.60 % 7.46 %
Q2 2016 23.48 % 4.67 % 5.76 %
Q3 2016 22.78 % 3.99 % 3.42 %
Q4 2016 23.51 % 4.30 % 2.78 %
Q1 2017 22.56 % 2.01 % 0.20 %
Q2 2017 20.90 % (1.36 %) (4.61 %)
Q3 2017 18.68 % (5.64 %) (10.03 %)
Q4 2017 16.94 % (9.27 %) (16.47 %)
Q1 2018 17.60 % (8.91 %) (18.31 %)
Q2 2018 16.94 % (12.50 %) (22.82 %)
Q3 2018 17.54 % (12.70 %) (23.11 %)
Q4 2018 12.91 % (17.55 %) (21.48 %)
Q1 2019 10.60 % (19.42 %) (22.88 %)
Q2 2019 10.96 % (14.20 %) (18.23 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 55.50 2.49 2.49 19.28
Q2 2016 55.50 1.86 1.81 20.13
Q3 2016 55.50 1.10 1.05 20.20
Q4 2016 55.50 0.88 0.83 18.81
Q1 2017 55.50 0.11 0.06 18.55
Q2 2017 55.50 (1.12) (1.12) 18.17
Q3 2017 55.50 (2.08) (2.08) 17.28
Q4 2017 55.50 (3.08) (3.08) 15.75
Q1 2018 55.50 (3.18) (3.18) 15.38
Q2 2018 55.50 (3.46) (3.46) 14.72
Q3 2018 55.50 (3.39) (3.39) 13.91
Q4 2018 55.50 (3.54) (3.00) 12.20
Q1 2019 55.50 (3.66) (3.12) 11.69
Q2 2019 55.50 (3.17) (2.62) 11.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 10.80 10.80 1.40
Q2 2016 14.86 15.28 1.38
Q3 2016 14.31 15.00 0.78
Q4 2016 21.68 23.00 1.01
Q1 2017 More than 50 More than 50 0.97
Q2 2017 NEG NEG 0.82
Q3 2017 NEG NEG 0.84
Q4 2017 NEG NEG 0.84
Q1 2018 NEG NEG 0.77
Q2 2018 NEG NEG 0.87
Q3 2018 NEG NEG 0.70
Q4 2018 NEG NEG 0.79
Q1 2019 NEG NEG 0.84
Q2 2019 NEG NEG 0.84

Business Segments (Million)

Compared With The
Period HVAC Solutions Home appliances Other segments 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
Q1 2016 273.05 118.40 3.63 - -
Q2 2016 389.18 139.57 5.01 - -
Q3 2016 275.31 119.57 6.50 - -
Q4 2016 228.19 87.40 8.61 - -
Q1 2017 193.07 92.49 2.73 - -
Q2 2017 222.43 108.78 5.26 - -
Q3 2017 123.71 62.56 10.12 - -
Q4 2017 123.20 72.23 12.19 - -
Q1 2018 113.49 81.29 20.09 - -
Q2 2018 137.99 71.09 3.28 - -
Q3 2018 106.93 64.04 3.02 - -
Q4 2018 112.20 61.84 (1.23) - -
Q1 2019 112.19 84.02 1.12 - -
Q2 2019 172.62 79.67 1.25 - -

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average (34.00) (8.96) 73.64 %

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
SNB Capital (34.00) (8.96) 73.6 %

Current
Market Cap (M Riyal) 1,437.45
Enterprise Value (EV) (M) 1,786.77
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) 20.65
P/E (TTM) 20.86
Price/book 1.92
Return on Average Assets (%) (TTM) 4.0
Return on Average Equity (%) (TTM) 9.6

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