Al Abdullatif posts 31% net profit drop to SAR 139 mln in FY15

20/01/2016 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. (ALABDULLATIF)

 

Al Abdullatif Industrial Investment Co., a manufacturer of tufted woven and non-woven carpets and blankets, reported a net profit to SAR 139.2 million for the 2015 fiscal year, marking a 30.5 percent decrease year-on-year (YOY), which the company said was due to lower sales, higher direct expenses, depreciation, and losses from investments in associates. In addition, higher financial costs and Zakat provisions also weighed on the net profit.



Financials (M)

Item 2014 2015 Change‬
Revenues 1,297.74 1,099.32 (15.3 %)
Gross Income 263.99 207.84 (21.3 %)
Operating Income 209.92 159.42 (24.1 %)
Net Income 200.41 139.28 (30.5 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 2.47 1.71 (30.5 %)

 

The company’s Q4-2015 net profit plunged 60 percent YOY to SAR 12.3 million, due to lower sales, higher cost of sales, marketing expenses and Zakat provisions. Profit for the period was 56 percent lower compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 339.26 244.22 (28.0 %)
Gross Income 53.02 30.96 (41.6 %)
Operating Income 39.11 18.21 (53.4 %)
Net Income 30.34 12.28 (59.5 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.37 0.15 (59.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 194.71 - 57.86 - 46.36 - 0.57
Q2 2006 214.76 - 56.76 - 43.90 - 0.54
Q3 2006 199.81 - 63.88 - 52.54 - 0.65
Q4 2006 251.59 - 61.52 - 49.04 - 0.60
Q1 2007 223.32 14.7 % 58.55 1.2 % 48.01 3.6 % 0.59
Q2 2007 251.11 16.9 % 59.31 4.5 % 45.99 4.7 % 0.57
Q3 2007 282.52 41.4 % 68.88 7.8 % 54.77 4.2 % 0.67
Q4 2007 309.24 22.9 % 70.31 14.3 % 51.30 4.6 % 0.63
Q1 2008 278.26 24.6 % 64.31 9.8 % 51.55 7.4 % 0.63
Q2 2008 312.61 24.5 % 67.68 14.1 % 50.07 8.9 % 0.62
Q3 2008 291.57 3.2 % 75.45 9.5 % 71.63 30.8 % 0.88
Q4 2008 256.46 (17.1 %) 43.35 (38.3 %) 28.05 (45.3 %) 0.35
Q1 2009 231.35 (16.9 %) 37.91 (41.1 %) 26.01 (49.5 %) 0.32
Q2 2009 219.76 (29.7 %) 61.57 (9.0 %) 45.83 (8.5 %) 0.56
Q3 2009 240.33 (17.6 %) 71.18 (5.7 %) 57.08 (20.3 %) 0.70
Q4 2009 304.61 18.8 % 57.96 33.7 % 39.64 41.3 % 0.49
Q1 2010 265.73 14.9 % 55.54 46.5 % 41.51 59.6 % 0.51
Q2 2010 271.88 23.7 % 53.53 (13.1 %) 38.44 (16.1 %) 0.47
Q3 2010 297.75 23.9 % 57.43 (19.3 %) 40.14 (29.7 %) 0.49
Q4 2010 303.64 (0.3 %) 49.05 (15.4 %) 32.34 (18.4 %) 0.40
Q1 2011 317.36 19.4 % 51.95 (6.5 %) 35.44 (14.6 %) 0.44
Q2 2011 345.00 26.9 % 59.84 11.8 % 41.91 9.0 % 0.52
Q3 2011 345.60 16.1 % 58.96 2.7 % 40.97 2.1 % 0.50
Q4 2011 329.51 8.5 % 56.94 16.1 % 37.65 16.4 % 0.46
Q1 2012 372.38 17.3 % 75.15 44.7 % 55.54 56.7 % 0.68
Q2 2012 385.35 11.7 % 95.89 60.2 % 69.68 66.3 % 0.86
Q3 2012 363.82 5.3 % 93.84 59.2 % 70.95 73.2 % 0.87
Q4 2012 332.98 1.1 % 87.77 54.1 % 67.51 79.3 % 0.83
Q1 2013 358.93 (3.6 %) 87.37 16.3 % 67.92 22.3 % 0.84
Q2 2013 349.55 (9.3 %) 92.06 (4.0 %) 70.67 1.4 % 0.87
Q3 2013 319.13 (12.3 %) 79.14 (15.7 %) 65.46 (7.7 %) 0.81
Q4 2013 320.36 (3.8 %) 70.41 (19.8 %) 62.78 (7.0 %) 0.77
Q1 2014 336.82 (6.2 %) 74.99 (14.2 %) 59.93 (11.8 %) 0.74
Q2 2014 339.16 (3.0 %) 71.44 (22.4 %) 63.87 (9.6 %) 0.79
Q3 2014 309.82 (2.9 %) 64.54 (18.4 %) 46.27 (29.3 %) 0.57
Q4 2014 339.26 5.9 % 53.02 (24.7 %) 30.34 (51.7 %) 0.37
Q1 2015 310.93 (7.7 %) 60.86 (18.8 %) 45.04 (24.9 %) 0.55
Q2 2015 306.01 (9.8 %) 75.96 6.3 % 54.27 (15.0 %) 0.67
Q3 2015 238.11 (23.1 %) 39.97 (38.1 %) 27.63 (40.3 %) 0.34
Q4 2015 244.22 (28.0 %) 30.96 (41.6 %) 12.28 (59.5 %) 0.15
2015 1,099.32 (15.3 %) 207.84 (21.3 %) 139.28 (30.5 %) 1.71

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 27.88 % 30.81 % 22.28 %
Q1 2007 27.06 % 29.98 % 21.75 %
Q2 2007 26.27 % 28.84 % 21.12 %
Q3 2007 24.62 % 27.37 % 19.61 %
Q4 2007 24.11 % 27.03 % 18.76 %
Q1 2008 23.44 % 26.25 % 18.16 %
Q2 2008 22.93 % 25.57 % 17.56 %
Q3 2008 23.31 % 25.52 % 18.84 %
Q4 2008 22.02 % 24.79 % 17.68 %
Q1 2009 20.55 % 23.82 % 16.10 %
Q2 2009 21.85 % 26.33 % 17.17 %
Q3 2009 22.58 % 28.14 % 16.56 %
Q4 2009 22.95 % 28.27 % 16.92 %
Q1 2010 23.90 % 29.14 % 17.86 %
Q2 2010 22.00 % 26.85 % 16.32 %
Q3 2010 19.69 % 24.14 % 14.01 %
Q4 2010 18.93 % 23.38 % 13.38 %
Q1 2011 17.80 % 21.77 % 12.29 %
Q2 2011 17.27 % 20.72 % 11.86 %
Q3 2011 16.76 % 19.86 % 11.49 %
Q4 2011 17.02 % 20.07 % 11.66 %
Q1 2012 18.02 % 20.24 % 12.64 %
Q2 2012 20.03 % 21.24 % 14.23 %
Q3 2012 22.18 % 23.01 % 16.11 %
Q4 2012 24.24 % 24.76 % 18.13 %
Q1 2013 25.32 % 25.86 % 19.16 %
Q2 2013 25.69 % 26.61 % 19.71 %
Q3 2013 25.46 % 26.10 % 19.49 %
Q4 2013 24.41 % 25.11 % 18.21 %
Q1 2014 23.88 % 24.76 % 17.63 %
Q2 2014 22.50 % 23.48 % 16.45 %
Q3 2014 21.54 % 22.62 % 15.59 %
Q4 2014 19.92 % 21.13 % 14.40 %
Q1 2015 19.23 % 20.66 % 13.83 %
Q2 2015 20.09 % 21.69 % 14.27 %
Q3 2015 19.24 % 21.29 % 13.56 %
Q4 2015 18.90 % 20.55 % 12.67 %
2015 18.91 % 20.55 % 12.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 81.25 - - 9.42
Q2 2006 81.25 - - 9.96
Q3 2006 81.25 - - 10.61
Q4 2006 81.25 2.36 2.36 11.21
Q1 2007 81.25 2.38 2.38 11.80
Q2 2007 81.25 2.41 2.41 12.37
Q3 2007 81.25 2.43 2.43 13.04
Q4 2007 81.25 2.46 2.46 13.67
Q1 2008 81.25 2.51 2.51 14.31
Q2 2008 81.25 2.56 2.56 13.72
Q3 2008 81.25 2.76 2.76 14.61
Q4 2008 81.25 2.48 2.48 14.95
Q1 2009 81.25 2.16 2.16 15.27
Q2 2009 81.25 2.11 2.11 15.84
Q3 2009 81.25 1.93 1.93 16.54
Q4 2009 81.25 2.07 2.07 17.03
Q1 2010 81.25 2.27 2.27 17.54
Q2 2010 81.25 2.17 2.17 14.51
Q3 2010 81.25 1.97 1.97 15.00
Q4 2010 81.25 1.88 1.88 13.90
Q1 2011 81.25 1.80 1.80 14.34
Q2 2011 81.25 1.84 1.84 13.85
Q3 2011 81.25 1.85 1.85 14.36
Q4 2011 81.25 1.92 1.92 14.82
Q1 2012 81.25 2.17 2.17 14.01
Q2 2012 81.25 2.51 2.51 14.86
Q3 2012 81.25 2.88 2.88 15.74
Q4 2012 81.25 3.25 3.25 15.32
Q1 2013 81.25 3.40 3.40 16.15
Q2 2013 81.25 3.41 3.41 15.77
Q3 2013 81.25 3.34 3.26 16.58
Q4 2013 81.25 3.28 3.02 15.35
Q1 2014 81.25 3.19 2.88 16.09
Q2 2014 81.25 3.10 2.66 15.87
Q3 2014 81.25 2.87 2.51 16.44
Q4 2014 81.25 2.47 2.35 15.32
Q1 2015 81.25 2.28 2.21 15.87
Q2 2015 81.25 2.17 2.22 16.04
Q3 2015 81.25 1.94 1.99 16.38
Q4 2015 81.25 1.71 1.71 15.28

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 19.74 19.74 3.98
Q2 2007 24.10 24.10 4.69
Q3 2007 19.47 19.47 3.63
Q4 2007 22.26 22.26 4.01
Q1 2008 21.23 21.23 3.72
Q2 2008 25.62 25.62 4.77
Q3 2008 27.05 27.05 5.12
Q4 2008 18.00 18.00 2.98
Q1 2009 17.29 17.29 2.45
Q2 2009 20.13 20.13 2.68
Q3 2009 23.24 23.24 2.71
Q4 2009 19.96 19.96 2.43
Q1 2010 19.86 19.86 2.57
Q2 2010 13.06 13.06 1.96
Q3 2010 15.46 15.46 2.03
Q4 2010 15.40 15.40 2.08
Q1 2011 15.10 15.10 1.90
Q2 2011 14.37 14.37 1.91
Q3 2011 13.21 13.21 1.71
Q4 2011 13.86 13.86 1.79
Q1 2012 13.52 13.52 2.09
Q2 2012 9.96 9.96 1.68
Q3 2012 10.11 10.11 1.85
Q4 2012 9.77 9.77 2.07
Q1 2013 9.51 9.51 2.00
Q2 2013 11.91 11.91 2.57
Q3 2013 13.16 13.48 2.65
Q4 2013 12.48 13.57 2.67
Q1 2014 13.47 14.91 2.67
Q2 2014 13.70 15.95 2.68
Q3 2014 16.70 19.10 2.91
Q4 2014 13.52 14.20 2.18
Q1 2015 17.04 17.59 2.45
Q2 2015 18.55 18.07 2.50
Q3 2015 17.83 17.31 2.11
Q4 2015 17.48 17.48 1.96

Business Segments (Million)

Compared With The
Period Carpets & Rugs and affiliate products Blankets Sector
Q1 2015 286.09 24.83
Q2 2015 295.47 10.54
Q3 2015 229.65 8.47
Q4 2015 214.14 30.14

Current
Market Cap (M Riyal) 1,397.50
Enterprise Value (EV) (M) 1,577.85
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (0.92)
Book Value (BV) ( Riyal) 14.78
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.16
Return on Average Assets (%) (TTM) (4.72 )
Return on Average Equity (%) (TTM) (6.02 )

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