Ash-Sharqiyah Development’s net loss down 42% to SAR 2.7m for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Share Price

22.20
(0.24) (1.07 %)

Ash-Sharqiyah Development Co. (SHARQIYAH DEV)

Ash-sharqiyah Development Company, a producer of agriculture and dairy products, reported a net loss of SAR 2.7m for the nine months ended September 30, 2014, compared to a net loss of SAR 4.6m for the same period last year.



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 13.88 12.61 (9.1 %)
Gross Income (1.09) 0.05 104.9 %
Operating Income (5.47) (3.90) 28.8 %
Net Income (4.63) (2.69) 41.9 %
Average Shares 19.65 19.65 -
EPS (Riyals) (0.24) (0.14) 41.9 %

The company attributed the decline of the first nine months of 2014’s net loss, compared to the same period last year, to the decline of operational costs by 16% (SAR 2.4m) and the 10% decline of administrative expenses.

The decline of Q2-2014’s net loss, compared to the same period last year was attributed to the decline of operational costs by 7% and the 12% decline of administrative expenses as well as the increase of miscellaneous revenue as a result of the efficient use of the company’s resources.

The decline of Q3-2014’s net loss, compared to the previous period (Q2-2014), was attributed to the decline of operational costs by 17% and the 7% decline of administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 3.85 4.00 3.9 %
Gross Income (0.05) 0.36 798.0 %
Operating Income (1.52) (0.93) 38.7 %
Net Income (1.52) (0.20) 87.1 %
Average Shares 19.65 19.65 -
EPS (Riyals) (0.08) (0.01) 87.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 8.84 34.5 % (1.23) (35.4 %) (0.82) 47.0 % (0.04)
Q2 2005 13.42 109.2 % 2.06 (15.0 %) 6.35 270.4 % 0.32
Q3 2005 13.81 100.4 % 2.62 498.9 % 2.03 61.0 % 0.10
Q4 2005 19.41 101.8 % 4.22 77.4 % 2.93 563.5 % 0.15
Q1 2006 9.50 7.5 % (1.69) (38.0 %) (1.87) (126.9 %) (0.09)
Q2 2006 13.25 (1.3 %) 4.53 120.2 % 1.63 (74.3 %) 0.08
Q3 2006 16.85 22.0 % 7.25 176.4 % 4.61 126.9 % 0.23
Q4 2006 13.62 (29.9 %) (0.05) (101.1 %) (3.88) (232.3 %) (0.20)
Q1 2007 9.25 (2.6 %) (2.17) (28.4 %) (3.06) (64.0 %) (0.16)
Q2 2007 10.14 (23.5 %) 1.58 (65.2 %) (0.08) (105.1 %) 0.00
Q3 2007 10.55 (37.4 %) 3.42 (52.8 %) 2.15 (53.3 %) 0.11
Q4 2007 24.35 78.9 % 6.15 13178.7 % 3.53 191.0 % 0.18
Q1 2008 13.43 45.1 % (1.05) 51.7 % (2.48) 18.9 % (0.13)
Q2 2008 10.58 4.3 % 3.06 93.7 % (0.89) (966.3 %) (0.05)
Q3 2008 14.29 35.4 % 1.74 (49.1 %) (0.43) (119.9 %) (0.02)
Q4 2008 13.03 (46.5 %) (6.06) (198.5 %) (8.65) (344.8 %) (0.44)
Q1 2009 8.93 (33.5 %) 0.63 160.0 % (0.80) 67.9 % (0.04)
Q2 2009 8.99 (15.0 %) 1.69 (44.5 %) (0.10) 88.2 % (0.01)
Q3 2009 7.49 (47.6 %) (0.40) (122.9 %) (1.97) (359.0 %) (0.10)
Q4 2009 6.83 (47.6 %) (0.37) 93.9 % (1.94) 77.6 % (0.10)
Q1 2010 8.61 (3.6 %) (1.71) (371.9 %) (3.02) (279.6 %) (0.15)
Q2 2010 9.66 7.5 % 0.86 (49.2 %) (0.27) (163.5 %) (0.01)
Q3 2010 7.60 1.4 % 1.51 479.4 % 0.31 115.5 % 0.02
Q4 2010 9.56 40.1 % (0.66) (77.8 %) (2.10) (8.3 %) (0.11)
Q1 2011 9.05 5.1 % 0.67 139.2 % 0.27 109.0 % 0.01
Q2 2011 9.98 3.3 % 0.15 (82.8 %) (1.07) (291.6 %) (0.05)
Q3 2011 4.44 (41.6 %) (1.38) (191.1 %) (2.46) (906.6 %) (0.13)
Q4 2011 5.72 (40.2 %) (2.13) (223.9 %) (5.95) (182.8 %) (0.30)
Q1 2012 7.79 (13.9 %) (2.51) (474.0 %) 2.59 848.4 % 0.13
Q2 2012 7.32 (26.7 %) (0.86) (680.4 %) (2.39) (122.7 %) (0.12)
Q3 2012 4.72 6.3 % (0.92) 33.5 % (1.85) 24.6 % (0.09)
Q4 2012 0.72 (87.3 %) 0.69 132.1 % (1.71) 71.2 % (0.09)
Q1 2013 5.22 (33.0 %) (1.79) 28.5 % (1.76) (168.0 %) (0.09)
Q2 2013 4.81 (34.3 %) (0.02) 97.6 % (1.35) 43.5 % (0.07)
Q3 2013 3.85 (18.4 %) (0.05) 94.4 % (1.52) 18.2 % (0.08)
Q4 2013 3.76 419.1 % (0.82) (219.0 %) (0.94) 44.9 % (0.05)
Q1 2014 4.25 (18.5 %) (0.26) 85.7 % (1.53) 12.9 % (0.08)
Q2 2014 4.36 (9.3 %) (0.38) (1,709.5 %) (0.96) 29.2 % (0.05)
Q3 2014 4.00 3.9 % 0.36 798.0 % (0.20) 87.1 % (0.01)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 12.63 % 22.84 % 4.79 %
Q2 2005 9.41 % 12.83 % 15.88 %
Q3 2005 12.77 % 13.64 % 15.16 %
Q4 2005 13.83 % 21.31 % 18.91 %
Q1 2006 12.83 % 23.10 % 16.83 %
Q2 2006 17.29 % 35.85 % 8.45 %
Q3 2006 24.24 % 41.38 % 12.39 %
Q4 2006 18.87 % 38.93 % 0.93 %
Q1 2007 18.05 % 32.54 % (1.32 %)
Q2 2007 13.26 % 36.69 % (4.84 %)
Q3 2007 6.38 % 32.85 % (11.18 %)
Q4 2007 16.52 % 44.79 % 4.69 %
Q1 2008 17.26 % 42.08 % 5.34 %
Q2 2008 19.65 % 27.78 % 3.94 %
Q3 2008 15.79 % 27.39 % (0.42 %)
Q4 2008 (4.50 %) 40.90 % (24.25 %)
Q1 2009 (1.35 %) 51.07 % (22.98 %)
Q2 2009 (4.40 %) 53.86 % (22.06 %)
Q3 2009 (10.75 %) 53.10 % (29.97 %)
Q4 2009 4.82 % 20.29 % (14.92 %)
Q1 2010 (2.46 %) 15.69 % (22.05 %)
Q2 2010 (4.97 %) 12.26 % (22.11 %)
Q3 2010 0.90 % 17.50 % (15.08 %)
Q4 2010 0.02 % 18.31 % (14.38 %)
Q1 2011 6.66 % 23.05 % (5.02 %)
Q2 2011 4.63 % 23.66 % (7.18 %)
Q3 2011 (3.69 %) 15.39 % (16.24 %)
Q4 2011 (9.23 %) 8.39 % (31.54 %)
Q1 2012 (21.01 %) (3.09 %) (24.67 %)
Q2 2012 (27.22 %) (12.99 %) (32.49 %)
Q3 2012 (25.11 %) (7.97 %) (29.76 %)
Q4 2012 (17.51 %) 3.30 % (42.11 %)
Q1 2013 (16.04 %) 8.30 % (72.32 %)
Q2 2013 (13.22 %) 10.41 % (76.86 %)
Q3 2013 (8.07 %) 19.66 % (79.13 %)
Q4 2013 (15.19 %) 8.06 % (27.29 %)
Q1 2014 (6.86 %) 13.52 % (27.51 %)
Q2 2014 (9.26 %) 16.90 % (26.28 %)
Q3 2014 (6.69 %) 6.58 % (19.15 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 19.65 0.08 0.08 5.18
Q2 2005 19.65 0.31 0.31 5.50
Q3 2005 19.65 0.35 0.35 5.60
Q4 2005 19.65 0.53 0.53 5.75
Q1 2006 19.65 0.48 0.48 5.66
Q2 2006 19.65 0.24 0.24 5.74
Q3 2006 19.65 0.37 0.37 5.98
Q4 2006 19.65 0.03 0.03 5.78
Q1 2007 19.65 (0.04) (0.04) 5.62
Q2 2007 19.65 (0.12) (0.12) 5.62
Q3 2007 19.65 (0.25) (0.25) 5.73
Q4 2007 19.65 0.13 0.13 5.91
Q1 2008 19.65 0.16 0.16 5.78
Q2 2008 19.65 0.12 0.12 5.74
Q3 2008 19.65 (0.01) (0.01) 5.71
Q4 2008 19.65 (0.63) (0.63) 5.27
Q1 2009 19.65 (0.55) (0.55) 4.51
Q2 2009 19.65 (0.51) (0.51) 4.51
Q3 2009 19.65 (0.59) (0.59) 4.41
Q4 2009 19.65 (0.24) (0.24) 4.31
Q1 2010 19.65 (0.36) (0.36) 4.15
Q2 2010 19.65 (0.37) (0.37) 4.14
Q3 2010 19.65 (0.25) (0.25) 4.16
Q4 2010 19.65 (0.26) (0.26) 4.05
Q1 2011 19.65 (0.09) (0.09) 4.06
Q2 2011 19.65 (0.13) (0.13) 4.01
Q3 2011 19.65 (0.27) (0.27) 3.88
Q4 2011 19.65 (0.47) (0.47) 3.58
Q1 2012 19.65 (0.35) (0.35) 3.71
Q2 2012 19.65 (0.42) (0.42) 3.59
Q3 2012 19.65 (0.39) (0.39) 3.50
Q4 2012 19.65 (0.17) (0.44) 3.41
Q1 2013 19.65 (0.39) (0.66) 3.32
Q2 2013 19.65 (0.34) (0.61) 3.25
Q3 2013 19.65 (0.32) (0.59) 3.17
Q4 2013 19.65 (0.28) (0.24) 3.12
Q1 2014 19.65 (0.27) (0.23) 3.05
Q2 2014 19.65 (0.25) (0.22) 3.00
Q3 2014 19.65 (0.18) (0.16) 2.99

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 More than 50 More than 50 2.38
Q2 2005 More than 50 More than 50 2.99
Q3 2005 More than 50 More than 50 5.58
Q4 2005 More than 50 More than 50 8.60
Q1 2006 More than 50 More than 50 6.84
Q2 2006 More than 50 More than 50 11.96
Q3 2006 More than 50 More than 50 14.68
Q4 2006 More than 50 More than 50 5.65
Q1 2007 NEG NEG 8.19
Q2 2007 NEG NEG 6.82
Q3 2007 NEG NEG 7.15
Q4 2007 More than 50 More than 50 6.31
Q1 2008 More than 50 More than 50 3.98
Q2 2008 More than 50 More than 50 3.91
Q3 2008 NEG NEG 1.87
Q4 2008 NEG NEG 1.97
Q1 2009 NEG NEG 3.00
Q2 2009 NEG NEG 6.89
Q3 2009 NEG NEG 6.51
Q4 2009 NEG NEG 5.13
Q1 2010 NEG NEG 4.95
Q2 2010 NEG NEG 4.91
Q3 2010 NEG NEG 5.01
Q4 2010 NEG NEG 5.74
Q1 2011 NEG NEG 5.62
Q2 2011 NEG NEG 5.29
Q3 2011 NEG NEG 6.40
Q4 2011 NEG NEG 13.31
Q1 2012 NEG NEG 8.91
Q2 2012 NEG NEG 7.01
Q3 2012 NEG NEG 8.55
Q4 2012 NEG NEG 9.92
Q1 2013 NEG NEG 9.84
Q2 2013 NEG NEG 10.58
Q3 2013 NEG NEG 11.99
Q4 2013 NEG NEG 10.31
Q1 2014 NEG NEG 12.20
Q2 2014 NEG NEG 15.45
Q3 2014 NEG NEG 21.44

Current
Market Cap (M Riyal) 666.00
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.09
Book Value (BV) ( Riyal) 4.67
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 1.81
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 0.7

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