Saudi Fisheries posts higher net loss at SAR 32.6m in I3 of 2013

30/09/2013 Argaam Exclusive

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Share Price

23.92
0.12 0.50 %

Saudi Fisheries Co. (SFICO)

Saudi Fisheries Company, reported SAR 32.6m net loss in I3 of 2013, compared to SAR 25.7m in the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 51.97 57.09 9.8 %
Gross Income 1.37 (2.28) (266.9 %)
Operating Income (25.08) (28.84) (15.0 %)
Net Income (25.73) (32.56) (26.6 %)
Average Shares 21.54 21.54 -
EPS (Riyals) (1.19) (1.51) (26.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 14.03 17.62 25.6 %
Gross Income (0.48) (2.35) (392.5 %)
Operating Income (9.76) (8.93) 8.6 %
Net Income (10.06) (9.79) 2.7 %
Average Shares 21.54 21.54 -
EPS (Riyals) (0.47) (0.45) 2.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 22.21 - 2.68 - (3.01) - (0.19)
Q2 2004 23.70 - 0.31 - (9.15) - (0.57)
Q3 2004 14.64 (42.7 %) 1.74 (62.3 %) (7.41) (93.5 %) (0.46)
Q4 2004 10.91 (39.6 %) 2.49 303.8 % (9.49) 2.3 % (0.60)
Q1 2005 17.55 (21.0 %) 1.76 (34.1 %) (4.82) (60.3 %) (0.30)
Q2 2005 24.58 3.7 % 1.04 238.8 % (10.93) (19.4 %) (0.69)
Q3 2005 18.97 29.6 % 0.40 (77.0 %) (11.13) (50.2 %) (0.70)
Q4 2005 18.55 70.0 % 9.77 292.4 % (11.56) (21.8 %) (0.72)
Q1 2006 22.25 26.8 % 5.61 218.4 % (3.66) 24.0 % (0.23)
Q2 2006 23.20 (5.6 %) 3.44 230.6 % (6.18) 43.4 % (0.39)
Q3 2006 24.23 27.7 % 8.33 1978.3 % (2.37) 78.8 % (0.15)
Q4 2006 28.47 53.5 % 4.94 (49.4 %) (16.70) (44.5 %) (1.05)
Q1 2007 26.29 18.1 % 2.47 (56.0 %) (9.37) (155.7 %) (0.59)
Q2 2007 30.49 31.4 % 3.09 (10.0 %) (6.92) (11.9 %) (0.43)
Q3 2007 23.41 (3.4 %) 3.66 (56.0 %) (6.77) (186.0 %) (0.42)
Q4 2007 25.63 (10.0 %) 5.04 1.9 % (7.62) 54.4 % (0.48)
Q1 2008 36.23 37.8 % 7.56 206.4 % (4.16) 55.6 % (0.26)
Q2 2008 36.17 18.6 % 5.94 92.2 % (5.60) 19.1 % (0.35)
Q3 2008 23.86 1.9 % 4.32 18.0 % (8.62) (27.4 %) (0.54)
Q4 2008 26.43 3.1 % 6.65 32.0 % (7.47) 1.9 % (0.47)
Q1 2009 34.11 (5.9 %) 7.15 (5.4 %) (3.98) 4.3 % (0.25)
Q2 2009 34.22 (5.4 %) 6.79 14.3 % (4.99) 10.8 % (0.31)
Q3 2009 24.34 2.0 % 2.51 (42.0 %) (7.43) 13.8 % (0.47)
Q4 2009 25.36 (4.1 %) 3.80 (42.9 %) (12.28) (64.3 %) (0.77)
Q1 2010 25.75 (24.5 %) 5.32 (25.7 %) (5.51) (38.4 %) (0.35)
Q2 2010 30.35 (11.3 %) 4.74 (30.3 %) (6.48) (29.9 %) (0.41)
Q3 2010 20.19 (17.0 %) 3.13 24.7 % (7.76) (4.4 %) (0.49)
Q4 2010 21.60 (14.8 %) 4.53 19.3 % (7.15) 41.8 % (0.45)
Q1 2011 26.70 3.7 % 4.59 (13.6 %) (4.59) 16.6 % (0.29)
Q2 2011 27.59 (9.1 %) 4.87 2.8 % (4.95) 23.6 % (0.31)
Q3 2011 15.53 (23.1 %) 3.36 7.6 % (12.21) (57.4 %) (0.77)
Q4 2011 16.71 (22.6 %) (15.15) (434.7 %) (24.32) (240.3 %) (1.13)
Q1 2012 18.45 (30.9 %) 1.03 (77.5 %) (7.77) (69.2 %) (0.36)
Q2 2012 19.50 (29.3 %) 0.81 (83.3 %) (7.90) (59.6 %) (0.37)
Q3 2012 14.03 (9.7 %) (0.48) (114.2 %) (10.06) 17.6 % (0.47)
Q4 2012 18.37 10.0 % (1.25) 91.7 % (14.17) 41.7 % (0.66)
Q1 2013 21.00 13.9 % 4.07 294.1 % (8.73) (12.4 %) (0.41)
Q2 2013 18.47 (5.3 %) (4.00) (592.8 %) (14.04) (77.7 %) (0.65)
Q3 2013 17.62 25.6 % (2.35) (392.5 %) (9.79) 2.7 % (0.45)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 7.13 % (27.50 %) (28.70 %)
Q3 2004 4.45 % (31.91 %) (37.24 %)
Q4 2004 10.09 % (33.49 %) (40.66 %)
Q1 2005 9.43 % (35.11 %) (46.21 %)
Q2 2005 10.39 % (37.09 %) (48.24 %)
Q3 2005 7.91 % (40.57 %) (50.51 %)
Q4 2005 16.29 % (27.02 %) (48.26 %)
Q1 2006 19.94 % (23.75 %) (44.20 %)
Q2 2006 23.16 % (20.26 %) (39.21 %)
Q3 2006 30.78 % (9.77 %) (26.94 %)
Q4 2006 22.74 % (16.91 %) (29.46 %)
Q1 2007 18.77 % (21.85 %) (33.88 %)
Q2 2007 17.21 % (21.26 %) (32.30 %)
Q3 2007 13.04 % (24.46 %) (36.59 %)
Q4 2007 13.48 % (22.83 %) (28.99 %)
Q1 2008 16.72 % (15.43 %) (21.99 %)
Q2 2008 18.29 % (11.55 %) (19.87 %)
Q3 2008 18.76 % (11.90 %) (21.32 %)
Q4 2008 19.95 % (11.41 %) (21.06 %)
Q1 2009 19.96 % (11.31 %) (21.29 %)
Q2 2009 21.00 % (10.92 %) (21.13 %)
Q3 2009 19.39 % (11.33 %) (20.04 %)
Q4 2009 17.15 % (10.78 %) (24.30 %)
Q1 2010 16.79 % (13.10 %) (27.54 %)
Q2 2010 15.46 % (13.23 %) (29.96 %)
Q3 2010 16.70 % (12.36 %) (31.50 %)
Q4 2010 18.09 % (11.72 %) (27.47 %)
Q1 2011 17.18 % (11.38 %) (26.28 %)
Q2 2011 17.81 % (12.81 %) (25.44 %)
Q3 2011 18.98 % (12.43 %) (25.15 %)
Q4 2011 (2.69 %) (35.88 %) (46.41 %)
Q1 2012 (7.52 %) (43.37 %) (55.36 %)
Q2 2012 (14.17 %) (54.57 %) (65.95 %)
Q3 2012 (20.07 %) (61.27 %) (72.86 %)
Q4 2012 0.16 % (35.78 %) (56.71 %)
Q1 2013 4.32 % (35.96 %) (56.04 %)
Q2 2013 (2.31 %) (38.97 %) (65.38 %)
Q3 2013 (4.68 %) (35.95 %) (61.92 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 15.95 - - 10.46
Q2 2004 15.95 (1.61) (1.61) 9.87
Q3 2004 15.95 (1.84) (1.84) 9.37
Q4 2004 15.95 (1.82) (1.82) 8.77
Q1 2005 15.95 (1.94) (1.94) 8.47
Q2 2005 15.95 (2.05) (2.05) 7.79
Q3 2005 15.95 (2.28) (2.28) 7.09
Q4 2005 15.95 (2.41) (2.41) 6.36
Q1 2006 15.95 (2.34) (2.34) 15.43
Q2 2006 15.95 (2.04) (2.04) 15.05
Q3 2006 15.95 (1.49) (1.49) 14.90
Q4 2006 15.95 (1.81) (1.81) 13.85
Q1 2007 15.95 (2.17) (2.17) 13.26
Q2 2007 15.95 (2.22) (2.22) 12.83
Q3 2007 15.95 (2.49) (2.49) 12.40
Q4 2007 15.95 (1.92) (1.92) 11.93
Q1 2008 15.95 (1.60) (1.60) 11.67
Q2 2008 15.95 (1.51) (1.51) 11.32
Q3 2008 15.95 (1.63) (1.63) 10.78
Q4 2008 15.95 (1.62) (1.62) 10.31
Q1 2009 15.95 (1.61) (1.61) 10.06
Q2 2009 15.95 (1.57) (1.57) 9.74
Q3 2009 15.95 (1.50) (1.50) 9.28
Q4 2009 15.95 (1.80) (1.80) 8.51
Q1 2010 15.95 (1.89) (1.89) 8.16
Q2 2010 15.95 (1.99) (1.99) 7.76
Q3 2010 15.95 (2.01) (2.01) 7.27
Q4 2010 15.95 (1.69) (1.69) 6.82
Q1 2011 15.95 (1.63) (1.63) 6.53
Q2 2011 15.95 (1.53) (1.53) 6.22
Q3 2011 15.95 (1.81) (1.44) 5.46
Q4 2011 21.54 (2.14) (1.86) 18.13
Q1 2012 21.54 (2.29) (2.01) 17.77
Q2 2012 21.54 (2.42) (2.15) 17.75
Q3 2012 21.54 (2.32) (2.32) 17.29
Q4 2012 21.54 (1.85) (1.85) 16.28
Q1 2013 21.54 (1.90) (1.90) 15.87
Q2 2013 21.54 (2.18) (2.18) 15.22
Q3 2013 21.54 (2.17) (2.17) 14.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - 4.55
Q2 2004 NEG NEG 4.76
Q3 2004 NEG NEG 6.66
Q4 2004 NEG NEG 6.04
Q1 2005 NEG NEG 6.56
Q2 2005 NEG NEG 10.19
Q3 2005 NEG NEG 15.81
Q4 2005 NEG NEG 38.59
Q1 2006 NEG NEG 9.30
Q2 2006 NEG NEG 16.94
Q3 2006 NEG NEG 84.57
Q4 2006 NEG NEG 18.07
Q1 2007 NEG NEG 22.19
Q2 2007 NEG NEG 17.42
Q3 2007 NEG NEG 18.90
Q4 2007 NEG NEG 17.35
Q1 2008 NEG NEG 13.96
Q2 2008 NEG NEG 13.98
Q3 2008 NEG NEG 8.06
Q4 2008 NEG NEG 7.57
Q1 2009 NEG NEG 11.08
Q2 2009 NEG NEG 16.31
Q3 2009 NEG NEG 18.91
Q4 2009 NEG NEG 19.42
Q1 2010 NEG NEG 20.34
Q2 2010 NEG NEG 18.10
Q3 2010 NEG NEG 17.54
Q4 2010 NEG NEG 24.22
Q1 2011 NEG NEG 23.07
Q2 2011 NEG NEG 24.03
Q3 2011 NEG NEG 46.75
Q4 2011 NEG NEG 8.94
Q1 2012 NEG NEG 10.08
Q2 2012 NEG NEG 7.10
Q3 2012 NEG NEG 8.04
Q4 2012 NEG NEG 8.65
Q1 2013 NEG NEG 9.05
Q2 2013 NEG NEG 9.44
Q3 2013 NEG NEG 9.29

Business Segments (Million)

Compared With The
Period Fishes Shrimp Shrimp Farm Others..
Q1 2009 16.46 14.07 - 3.58
Q2 2009 16.00 14.27 - 3.94
Q3 2009 14.41 7.05 - 2.87
Q4 2009 16.34 5.51 - 3.51
Q1 2010 15.49 6.94 - 3.32
Q2 2010 15.41 11.49 - 3.45
Q3 2010 11.46 6.34 - 2.39
Q4 2010 13.34 5.02 - 3.24
Q1 2011 14.94 9.22 - 2.53
Q2 2011 14.14 10.53 - 2.92
Q3 2011 10.85 3.09 - 1.60
Q4 2011 13.37 1.61 - 1.73
Q1 2012 13.84 2.85 - 1.75
Q2 2012 15.04 0.55 - 3.91
Q3 2012 10.60 4.44 - -
Q4 2012 14.04 2.60 - 1.74
Q1 2013 14.87 1.75 - 4.38
Q2 2013 13.38 6.17 - -
Q3 2013 11.56 4.87 - 1.19

Current
Market Cap (M Riyal) 956.80
Enterprise Value (EV) (M) 998.21
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (2.29)
Book Value (BV) ( Riyal) 3.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.61
Return on Average Assets (%) (TTM) (28.11 )
Return on Average Equity (%) (TTM) (49.03 )

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