Electrical Industries swings to losses in 9M 2019

28/10/2019 Argaam Exclusive

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Share Price

Electrical Industries Co. (EIC)

Electrical Industries Co. reported a net loss of SAR 7.38 million for the first nine months of 2019, versus a net profit of SAR 17.3 million in year-earlier period, driven by lower sales revenue, higher expenses and fierce competition.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	515.48	393.47	(23.7 %)
Gross Income	88.67	60.44	(31.8 %)
Operating Income	29.77	9.72	(67.4 %)
Net Income	17.26	(7.38)	(142.8 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	1.53	(0.66)	(142.8 %)

The company incurred net losses of SAR 1.5 million in Q3 2019, versus net profit of SAR 4.3 million in year-earlier period, due to lower sales and soft demand.

On a sequential basis, net losses shrank 12.7 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	174.10	132.80	(23.7 %)
Gross Income	30.91	22.03	(28.7 %)
Operating Income	8.78	7.01	(20.2 %)
Net Income	4.32	(1.50)	(134.8 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.38	(0.13)	(134.8 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	154.50	132.80	(14.0 %)
Gross Income	19.44	22.03	13.3 %
Operating Income	1.15	7.01	508.6 %
Net Income	(1.72)	(1.50)	12.7 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.15)	(0.13)	12.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	981.41	-	230.82	-	151.41	-	13.46
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	962.09	(2.0 %)	199.22	(13.7 %)	113.70	(24.9 %)	10.11
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	1,062.70	10.5 %	199.55	0.2 %	108.15	(4.9 %)	9.61
Q1 2013	305.08	-	75.09	-	50.37	-	4.48
Q2 2013	338.91	-	53.30	-	27.13	-	2.41
Q3 2013	269.85	-	44.06	-	22.35	-	1.99
Q4 2013	371.41	-	93.81	-	66.11	-	5.88
2013	1,285.26	20.9 %	266.26	33.4 %	165.96	53.5 %	14.75
Q1 2014	346.75	13.7 %	79.63	6.0 %	55.49	10.2 %	4.93
Q2 2014	305.29	(9.9 %)	72.48	36.0 %	44.67	64.7 %	3.97
Q3 2014	164.51	(39.0 %)	32.38	(26.5 %)	12.71	(43.1 %)	1.13
Q4 2014	230.30	(38.0 %)	67.16	(28.4 %)	58.99	(10.8 %)	5.24
2014	1,046.86	(18.5 %)	251.64	(5.5 %)	171.86	3.6 %	15.28
Q1 2015	200.41	(42.2 %)	39.30	(50.6 %)	28.79	(48.1 %)	2.56
Q2 2015	196.60	(35.6 %)	38.45	(47.0 %)	19.96	(55.3 %)	1.77
Q3 2015	191.27	16.3 %	32.86	1.5 %	9.47	(25.5 %)	0.84
Q4 2015	240.95	4.6 %	33.81	(49.7 %)	12.14	(79.4 %)	1.08
2015	829.24	(20.8 %)	143.84	(42.8 %)	70.36	(59.1 %)	6.25
Q1 2016	220.84	10.2 %	35.73	(9.1 %)	9.44	(67.2 %)	0.84
Q2 2016	233.85	18.9 %	28.90	(24.8 %)	9.78	(51.0 %)	0.87
Q3 2016	206.32	7.9 %	36.91	12.4 %	10.49	10.8 %	0.93
Q4 2016	223.75	(7.1 %)	40.73	20.5 %	19.67	62.0 %	1.75
2016	884.76	6.7 %	142.27	(1.1 %)	49.38	(29.8 %)	4.39
Q1 2017	189.11	(14.4 %)	38.17	6.8 %	10.65	12.7 %	0.95
Q2 2017	230.29	(1.5 %)	41.52	43.7 %	10.92	11.7 %	0.97
Q3 2017	227.39	10.2 %	39.15	6.1 %	11.44	9.1 %	1.02
Q4 2017	223.03	(0.3 %)	42.33	3.9 %	24.32	23.6 %	2.16
2017	869.82	(1.7 %)	161.18	13.3 %	57.32	16.1 %	5.10
Q1 2018	184.85	(2.3 %)	35.27	(7.6 %)	11.01	3.4 %	0.98
Q2 2018	156.53	(32.0 %)	22.49	(45.8 %)	1.94	(82.3 %)	0.17
Q3 2018	174.10	(23.4 %)	30.91	(21.1 %)	4.32	(62.3 %)	0.38
Q4 2018	190.41	(14.6 %)	13.80	(67.4 %)	(10.14)	(141.7 %)	(0.90)
2018	705.89	(18.8 %)	102.47	(36.4 %)	7.11	(87.6 %)	0.63
Q1 2019	106.18	(42.6 %)	18.98	(46.2 %)	(4.16)	(137.8 %)	(0.37)
Q2 2019	154.50	(1.3 %)	19.44	(13.6 %)	(1.72)	(188.8 %)	(0.15)
Q3 2019	132.80	(23.7 %)	22.03	(28.7 %)	(1.50)	(134.8 %)	(0.13)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
2009	-	-	-	-	-	-	-
2010	981.41	-	230.82	-	151.41	-	13.46
2011	962.09	(2.0 %)	199.22	(13.7 %)	113.70	(24.9 %)	10.11
2012	1,062.70	10.5 %	199.55	0.2 %	108.15	(4.9 %)	9.61
2013	1,285.26	20.9 %	266.26	33.4 %	165.96	53.5 %	14.75
2014	1,046.86	(18.5 %)	251.64	(5.5 %)	171.86	3.6 %	15.28
2015	829.24	(20.8 %)	143.84	(42.8 %)	70.36	(59.1 %)	6.25
2016	884.76	6.7 %	142.27	(1.1 %)	49.38	(29.8 %)	4.39
2017	869.82	(1.7 %)	161.18	13.3 %	57.32	16.1 %	5.10
2018	705.89	(18.8 %)	102.47	(36.4 %)	7.11	(87.6 %)	0.63

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	23.52 %	19.00 %	15.43 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	20.71 %	15.30 %	11.82 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	18.78 %	12.96 %	10.18 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	20.72 %	15.68 %	12.91 %
2013	20.72 %	15.68 %	12.91 %
Q1 2014	20.41 %	15.37 %	12.84 %
Q2 2014	22.42 %	17.41 %	14.35 %
Q3 2014	23.43 %	17.69 %	15.59 %
Q4 2014	24.04 %	18.85 %	15.78 %
2014	24.04 %	18.85 %	15.78 %
Q1 2015	23.47 %	18.36 %	14.73 %
Q2 2015	22.39 %	17.56 %	13.55 %
Q3 2015	21.72 %	16.86 %	11.61 %
Q4 2015	17.41 %	12.27 %	7.19 %
2015	17.35 %	12.25 %	7.19 %
Q1 2016	16.58 %	11.26 %	5.51 %
Q2 2016	14.80 %	9.00 %	4.47 %
Q3 2016	15.01 %	8.63 %	4.47 %
Q4 2016	16.08 %	10.44 %	5.58 %
2016	16.08 %	10.44 %	5.58 %
Q1 2017	16.96 %	10.50 %	5.93 %
Q2 2017	18.52 %	11.82 %	6.09 %
Q3 2017	18.33 %	11.78 %	6.05 %
Q4 2017	18.53 %	11.40 %	6.59 %
2017	18.53 %	11.40 %	6.59 %
Q1 2018	18.29 %	11.64 %	6.66 %
Q2 2018	17.59 %	11.21 %	6.15 %
Q3 2018	17.74 %	11.03 %	5.63 %
Q4 2018	14.52 %	8.01 %	2.11 %
2018	14.52 %	8.01 %	2.11 %
Q1 2019	13.74 %	6.85 %	(0.04 %)
Q2 2019	13.30 %	5.89 %	(0.63 %)
Q3 2019	12.72 %	6.26 %	(1.67 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	23.52 %	19.00 %	15.43 %
2011	20.71 %	15.30 %	11.82 %
2012	18.78 %	12.96 %	10.18 %
2013	20.72 %	15.68 %	12.91 %
2014	24.04 %	18.85 %	15.78 %
2015	17.35 %	12.25 %	7.19 %
2016	16.08 %	10.44 %	5.58 %
2017	18.53 %	11.40 %	6.59 %
2018	14.52 %	8.01 %	2.11 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	24.61 %	19.37 %	16.51 %
Q2 2013	15.73 %	10.55 %	8.00 %
Q3 2013	16.33 %	13.83 %	8.28 %
Q4 2013	25.26 %	18.66 %	17.80 %
Q1 2014	22.96 %	17.76 %	15.80 %
Q2 2014	23.74 %	18.67 %	13.89 %
Q3 2014	19.68 %	13.50 %	13.36 %
Q4 2014	29.16 %	24.56 %	20.01 %
Q1 2015	19.61 %	14.74 %	11.09 %
Q2 2015	19.56 %	15.64 %	8.64 %
Q3 2015	17.18 %	11.04 %	5.09 %
Q4 2015	14.03 %	8.46 %	4.42 %
Q1 2016	16.18 %	10.59 %	4.28 %
Q2 2016	12.36 %	6.38 %	4.18 %
Q3 2016	17.89 %	9.29 %	5.08 %
Q4 2016	18.20 %	15.61 %	8.79 %
Q1 2017	20.18 %	10.89 %	5.63 %
Q2 2017	18.03 %	11.18 %	4.74 %
Q3 2017	17.22 %	9.38 %	5.03 %
Q4 2017	18.98 %	14.13 %	10.90 %
Q1 2018	19.08 %	12.01 %	5.95 %
Q2 2018	14.37 %	8.75 %	1.24 %
Q3 2018	17.75 %	8.08 %	2.48 %
Q4 2018	7.25 %	3.46 %	(1.23 %)
Q1 2019	17.87 %	8.08 %	(3.92 %)
Q2 2019	12.58 %	4.91 %	(1.11 %)
Q3 2019	16.59 %	10.37 %	(1.13 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	1,125.00	-	-	0.48
Q2 2013	1,125.00	-	-	0.46
Q3 2013	1,125.00	-	-	0.48
Q4 2013	1,125.00	14.75	14.75	0.48
Q1 2014	1,125.00	15.21	15.14	0.53
Q2 2014	1,125.00	16.77	16.50	0.49
Q3 2014	1,125.00	15.91	16.47	0.50
Q4 2014	1,125.00	15.28	14.69	0.56
Q1 2015	1,125.00	12.90	11.79	0.58
Q2 2015	1,125.00	10.71	9.54	0.54
Q3 2015	1,125.00	10.42	8.45	0.55
Q4 2015	1,125.00	6.25	5.30	0.54
Q1 2016	1,125.00	4.53	4.16	0.54
Q2 2016	1,125.00	3.63	3.52	0.55
Q3 2016	1,125.00	3.72	3.59	0.56
Q4 2016	1,125.00	4.39	4.39	0.57
Q1 2017	1,125.00	4.50	4.50	0.58
Q2 2017	1,125.00	4.60	4.60	0.56
Q3 2017	1,125.00	4.68	4.68	0.57
Q4 2017	1,125.00	5.10	5.10	0.56
Q1 2018	1,125.00	5.13	5.13	0.57
Q2 2018	1,125.00	4.33	4.33	0.53
Q3 2018	1,125.00	3.70	3.70	0.54
Q4 2018	1,125.00	0.63	1.33	0.53
Q1 2019	1,125.00	(0.72)	(0.02)	0.53
Q2 2019	1,125.00	(1.04)	(0.35)	0.53
Q3 2019	1,125.00	(1.56)	(0.86)	0.53

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2009	-	-	-	-
2010	1,125.00	13.46	13.46	0.44
2011	1,125.00	10.11	10.11	0.46
2012	1,125.00	9.61	9.61	0.44
2013	1,125.00	14.75	14.75	0.48
2014	1,125.00	15.28	14.69	0.56
2015	1,125.00	6.25	5.30	0.54
2016	1,125.00	4.39	4.39	0.57
2017	1,125.00	5.10	5.10	0.56
2018	1,125.00	0.63	1.33	0.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	14.57	15.16	4.00
Q1 2015	17.70	19.36	3.92
Q2 2015	20.77	23.32	4.12
Q3 2015	15.94	19.65	3.03
Q4 2015	21.69	25.60	2.52
Q1 2016	21.72	23.67	1.83
Q2 2016	28.18	29.05	1.87
Q3 2016	19.31	20.02	1.29
Q4 2016	22.05	22.05	1.69
Q1 2017	22.18	22.18	1.71
Q2 2017	17.28	17.28	1.43
Q3 2017	17.66	17.66	1.46
Q4 2017	16.62	16.62	1.50
Q1 2018	18.15	18.15	1.63
Q2 2018	20.30	20.30	1.65
Q3 2018	20.31	20.31	1.40
Q4 2018	More than 50	More than 50	1.27
Q1 2019	NEG	NEG	1.37
Q2 2019	NEG	NEG	1.24
Q3 2019	NEG	NEG	1.17

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	14.57	15.16	4.00
2015	21.69	25.60	2.52
2016	22.05	22.05	1.69
2017	16.62	16.62	1.50
2018	More than 50	More than 50	1.27

Business Segments (Million)

Compared With The

Period	Manufacturing sector	services segment
Q1 2013	293.58	11.50
Q4 2013	353.76	17.65
Q1 2014	330.07	16.68
Q2 2014	290.20	15.09
Q3 2014	149.70	14.82
Q4 2014	208.78	21.52
Q1 2015	179.38	21.03
Q2 2015	182.40	14.20
Q3 2015	181.75	9.53
Q4 2015	221.18	19.77
Q1 2016	206.90	13.93
Q2 2016	219.92	13.94
Q3 2016	193.20	13.12
Q4 2016	211.01	12.74
Q1 2017	176.34	12.77
Q2 2017	216.57	13.72
Q3 2017	213.68	13.71
Q4 2017	206.09	16.94
Q1 2018	171.99	12.86
Q2 2018	142.47	14.06
Q3 2018	159.97	14.13
Q4 2018	175.30	15.11
Q1 2019	94.99	11.19
Q2 2019	142.93	11.56
Q3 2019	118.35	14.45

Period	Manufacturing sector	services segment
2010	942.08	39.33
2011	924.73	37.36
2012	1,013.70	49.00
2013	1,228.52	56.73
2014	978.75	68.11
2015	764.71	64.53
2016	827.40	57.36
2017	812.68	57.14
2018	649.73	56.16

Financial Ratios

	Current
Market Cap (M Riyal)	6,716.25
Enterprise Value (EV) (M)	6,908.21
Shares Outstanding ((M))	1,125.00
EPS (Halala) (TTM)	21.43
Book Value (BV) ( Riyal)	0.65
Par Value ( Halala)	50.00
Adjusted P/E (Last12)	26.73
P/E (TTM)	27.85
Price/book	9.14
Return on Average Assets (%) (TTM)	13.0
Return on Average Equity (%) (TTM)	34.4

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Electrical Industries swings to losses in 9M 2019

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Share Price

Electrical Industries Co. (EIC)

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) 2019 Q3

Financial Ratios

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Electrical Industries swings to losses in 9M 2019

View other reports

Share Price

Electrical Industries Co. (EIC)

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) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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Business Segments (Million)