Financial Results : Saudi Catering net profit drops 5% in 9M 2019

Saudi Catering net profit drops 5% in 9M 2019

06/11/2019 Argaam Exclusive

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Saudi Airlines Catering Co. reported a net profit after zakat and tax of SAR 362.6 million in the first nine months of 2019, a decline of 5.4 percent year-on-year (YoY), due to adoption of IFRS 16 since Jan. 1, 2019, leading to increased interest costs.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 1,549.54 1,651.40 6.6 %
Gross Income 568.77 614.80 8.1 %
Operating Income 403.83 434.03 7.5 %
Net Income 383.11 362.61 (5.3 %)
Average Shares 82.00 82.00 -
Earnings Per Share before unusual items (Riyals) 4.67 4.42 (5.3 %)
EPS (Riyal) 4.67 4.42 (5.3 %)

The third quarter net profit after zakat and tax saw a marginal decrease of 0.4 percent YoY to SAR 142 million on the adoption of IFRS 16.

 

When compared to the previous quarter, net profit jumped 21.3 percent driven by higher sales, as well as lower operating and staff costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 551.26 585.24 6.2 %
Gross Income 204.03 230.23 12.8 %
Operating Income 151.65 166.85 10.0 %
Net Income 142.57 142.02 (0.4 %)
Average Shares 82.00 82.00 -
Earnings Per Share before unusual items (Riyal) 1.74 1.73 (0.4 %)
EPS (Riyal) 1.74 1.73 (0.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 87.44 - 1.07 - 87.44 1.07
Q2 2011 102.75 - 1.25 - 102.75 1.25
Q3 2011 121.12 - 1.48 - 121.12 1.48
Q4 2011 109.25 - 1.33 - 109.25 1.33
Q1 2012 105.92 21.1 % 1.29 - 105.92 1.29
Q2 2012 143.12 39.3 % 1.75 - 143.12 1.75
Q3 2012 134.18 10.8 % 1.64 - 134.18 1.64
Q4 2012 103.83 (5.0 %) 1.27 (22.80) 126.63 1.54
Q1 2013 140.75 32.9 % 1.72 - 140.75 1.72
Q2 2013 167.99 17.4 % 2.05 - 167.99 2.05
Q3 2013 133.43 (0.6 %) 1.63 - 133.43 1.63
Q4 2013 127.19 22.5 % 1.55 - 127.19 1.55
Q1 2014 161.78 14.9 % 1.97 - 161.78 1.97
Q2 2014 164.35 (2.2 %) 2.00 - 164.35 2.00
Q3 2014 154.98 16.1 % 1.89 - 154.98 1.89
Q4 2014 172.83 35.9 % 2.11 - 172.83 2.11
Q1 2015 167.44 3.5 % 2.04 - 167.44 2.04
Q2 2015 175.82 7.0 % 2.14 - 175.82 2.14
Q3 2015 164.50 6.1 % 2.01 - 164.50 2.01
Q4 2015 190.75 10.4 % 2.33 - 190.75 2.33
Q1 2016 130.39 (22.1 %) 1.59 - 130.39 1.59
Q2 2016 141.76 (19.4 %) 1.73 - 141.76 1.73
Q3 2016 139.24 (15.4 %) 1.70 - 139.24 1.70
Q4 2016 107.72 (43.5 %) 1.31 - 107.72 1.31
Q1 2017 121.39 (6.9 %) 1.48 - 121.39 1.48
Q2 2017 131.02 (7.6 %) 1.60 - 131.02 1.60
Q3 2017 130.43 (6.3 %) 1.59 - 130.43 1.59
Q4 2017 98.91 (8.2 %) 1.21 - 98.91 1.21
Q1 2018 120.25 (0.9 %) 1.47 - 120.25 1.47
Q2 2018 120.28 (8.2 %) 1.47 - 120.28 1.47
Q3 2018 142.57 9.3 % 1.74 - 142.57 1.74
Q4 2018 76.17 (23.0 %) 0.93 - 76.17 0.93
Q1 2019 103.53 (13.9 %) 1.26 - 103.53 1.26
Q2 2019 117.07 (2.7 %) 1.43 - 117.07 1.43
Q3 2019 142.02 (0.4 %) 1.73 - 142.02 1.73


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 291.44 - 119.72 - 87.39 -
Q2 2011 367.89 - 142.32 - 102.45 -
Q3 2011 390.62 - 149.44 - 120.72 -
Q4 2011 415.32 - 146.99 - 108.09 -
Q1 2012 383.78 31.7 % 141.44 18.1 % 104.69 19.8 %
Q2 2012 414.28 12.6 % 176.80 24.2 % 142.42 39.0 %
Q3 2012 442.45 13.3 % 156.70 4.9 % 132.87 10.1 %
Q4 2012 446.89 7.6 % 153.06 4.1 % 126.80 17.3 %
Q1 2013 451.52 17.7 % 169.80 20.0 % 139.05 32.8 %
Q2 2013 475.08 14.7 % 188.40 6.6 % 157.36 10.5 %
Q3 2013 460.52 4.1 % 156.18 (0.3 %) 126.55 (4.8 %)
Q4 2013 480.37 7.5 % 177.54 16.0 % 122.86 (3.1 %)
Q1 2014 496.69 10.0 % 195.56 15.2 % 155.75 12.0 %
Q2 2014 551.34 16.1 % 207.65 10.2 % 160.75 2.2 %
Q3 2014 552.54 20.0 % 188.03 20.4 % 152.15 20.2 %
Q4 2014 535.38 11.4 % 183.34 3.3 % 164.68 34.0 %
Q1 2015 560.35 12.8 % 194.73 (0.4 %) 162.11 4.1 %
Q2 2015 565.21 2.5 % 198.19 (4.6 %) 162.82 1.3 %
Q3 2015 578.88 4.8 % 203.26 8.1 % 159.97 5.1 %
Q4 2015 556.36 3.9 % 228.36 24.6 % 184.01 11.7 %
Q1 2016 559.17 (0.2 %) 192.09 (1.4 %) 140.62 (13.3 %)
Q2 2016 570.45 0.9 % 193.09 (2.6 %) 144.56 (11.2 %)
Q3 2016 592.01 2.3 % 213.55 5.1 % 149.82 (6.3 %)
Q4 2016 535.03 (3.8 %) 167.02 (26.9 %) 114.89 (37.6 %)
Q1 2017 533.88 (4.5 %) 166.99 (13.1 %) 130.24 (7.4 %)
Q2 2017 551.11 (3.4 %) 196.27 1.6 % 144.93 0.3 %
Q3 2017 602.17 1.7 % 202.41 (5.2 %) 137.56 (8.2 %)
Q4 2017 265.41 (50.4 %) 157.13 (5.9 %) 102.79 (10.5 %)
Q1 2018 488.52 (8.5 %) 175.32 5.0 % 117.86 (9.5 %)
Q2 2018 509.76 (7.5 %) 189.43 (3.5 %) 134.32 (7.3 %)
Q3 2018 551.26 (8.5 %) 204.03 0.8 % 151.65 10.2 %
Q4 2018 486.22 83.2 % 127.71 (18.7 %) 78.21 (23.9 %)
Q1 2019 521.63 6.8 % 191.87 9.4 % 125.56 6.5 %
Q2 2019 544.53 6.8 % 192.70 1.7 % 141.61 5.4 %
Q3 2019 585.24 6.2 % 230.23 12.8 % 166.85 10.0 %

Profitability

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 38.11 % 28.70 %
Q1 2012 37.25 % 28.19 %
Q2 2012 38.32 % 29.89 %
Q3 2012 37.56 % 29.74 %
Q4 2012 37.22 % 30.22 %
Q1 2013 37.40 % 31.03 %
Q2 2013 36.78 % 31.36 %
Q3 2013 36.39 % 31.01 %
Q4 2013 37.05 % 30.49 %
Q1 2014 37.52 % 30.87 %
Q2 2014 37.05 % 29.50 %
Q3 2014 36.94 % 29.23 %
Q4 2014 36.26 % 30.62 %
Q1 2015 35.18 % 29.99 %
Q2 2015 34.53 % 30.32 %
Q3 2015 34.80 % 30.39 %
Q4 2015 36.47 % 30.90 %
Q1 2016 36.37 % 29.27 %
Q2 2016 36.06 % 27.70 %
Q3 2016 36.31 % 26.43 %
Q4 2016 33.93 % 23.00 %
Q1 2017 33.19 % 22.86 %
Q2 2017 33.63 % 22.57 %
Q3 2017 32.97 % 22.08 %
Q4 2017 37.02 % 24.67 %
Q1 2018 38.33 % 25.20 %
Q2 2018 38.82 % 25.18 %
Q3 2018 40.00 % 26.56 %
Q4 2018 34.21 % 22.56 %
2018 34.21 % 22.56 %
Q1 2019 34.46 % 21.39 %
Q2 2019 34.05 % 20.88 %
Q3 2019 34.74 % 20.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 82.00 - - -
Q2 2011 82.00 - - 11.27
Q3 2011 82.00 - - 11.72
Q4 2011 82.00 5.13 5.13 11.96
Q1 2012 82.00 5.35 5.35 11.71
Q2 2012 82.00 5.85 5.85 13.29
Q3 2012 82.00 6.01 6.01 12.81
Q4 2012 82.00 5.94 6.22 12.95
Q1 2013 82.00 6.36 6.64 14.51
Q2 2013 82.00 6.67 6.95 13.71
Q3 2013 82.00 6.66 6.94 13.95
Q4 2013 82.00 6.94 6.94 14.13
Q1 2014 82.00 7.20 7.20 14.27
Q2 2014 82.00 7.16 7.16 14.65
Q3 2014 82.00 7.42 7.42 14.67
Q4 2014 82.00 7.97 7.97 14.95
Q1 2015 82.00 8.04 8.04 16.84
Q2 2015 82.00 8.18 8.18 15.39
Q3 2015 82.00 8.30 8.30 15.58
Q4 2015 82.00 8.52 8.52 16.08
Q1 2016 82.00 8.07 8.07 15.93
Q2 2016 82.00 7.65 7.65 15.92
Q3 2016 82.00 7.34 7.34 15.92
Q4 2016 82.00 6.33 6.33 15.37
Q1 2017 82.00 6.22 6.22 15.58
Q2 2017 82.00 6.09 6.09 15.95
Q3 2017 82.00 5.98 5.98 16.07
Q4 2017 82.00 5.87 5.87 15.65
Q1 2018 82.00 5.86 5.86 15.84
Q2 2018 82.00 5.73 5.73 15.98
Q3 2018 82.00 5.88 5.88 16.35
Q4 2018 82.00 5.60 5.60 15.87
Q1 2019 82.00 5.40 5.40 15.64
Q2 2019 82.00 5.36 5.36 15.79
Q3 2019 82.00 5.35 5.35 16.20

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 12.15 12.15 5.70
Q4 2012 13.13 12.54 6.02
Q1 2013 14.22 13.62 6.24
Q2 2013 17.51 16.81 8.51
Q3 2013 19.45 18.67 9.28
Q4 2013 20.38 20.38 10.01
Q1 2014 21.88 21.88 11.03
Q2 2014 24.03 24.03 11.74
Q3 2014 25.61 25.61 12.95
Q4 2014 23.31 23.31 12.44
Q1 2015 21.30 21.30 10.18
Q2 2015 20.01 20.01 10.64
Q3 2015 16.74 16.74 8.92
Q4 2015 14.45 14.45 7.65
Q1 2016 13.00 13.00 6.59
Q2 2016 12.84 12.84 6.17
Q3 2016 11.48 11.48 5.30
Q4 2016 16.29 16.29 6.71
Q1 2017 14.44 14.44 5.77
Q2 2017 14.28 14.28 5.45
Q3 2017 14.76 14.76 5.49
Q4 2017 13.65 13.65 5.13
Q1 2018 13.99 13.99 5.18
Q2 2018 16.25 16.25 5.83
Q3 2018 14.36 14.36 5.16
Q4 2018 14.46 14.46 5.10
Q1 2019 15.01 15.01 5.18
Q2 2019 15.96 15.96 5.41
Q3 2019 16.37 16.37 5.41

Business Segments (Million)

Compared With The
Period Inflight Catering and Facility management Retail Other activities Catering services sky sales
Q3 2011 - - - - 350.94 39.69
Q4 2011 - - - - 376.62 38.70
Q1 2012 - - - - 341.57 42.21
Q2 2012 - - - - 370.97 43.32
Q3 2012 - - - - 397.83 44.62
Q4 2012 - - - - 400.15 46.74
Q1 2013 - - - - 404.18 47.34
Q2 2013 - - - - 427.16 47.92
Q3 2013 - - - - 414.59 45.93
Q4 2013 - - - - 432.60 47.77
Q1 2014 - - - - 447.67 49.02
Q2 2014 - - - - 498.34 53.00
Q3 2014 - - - - 500.86 51.68
Q4 2014 - - - - 479.68 55.70
Q1 2015 - - - - 505.05 55.30
Q2 2015 - - - - 508.42 56.79
Q3 2015 - - - - 517.90 60.98
Q4 2015 - - - - 490.09 66.27
Q1 2016 408.51 75.24 66.49 8.92 - -
Q2 2016 493.86 - 68.56 9.02 - -
Q3 2016 479.12 38.70 61.53 12.66 - -
Q4 2016 - - - - 462.45 72.58
Q1 2017 420.49 28.86 74.55 9.98 - -
Q2 2017 434.05 30.10 79.41 7.54 - -
Q3 2017 487.40 30.49 56.09 28.18 - -
Q4 2017 166.17 30.44 51.45 17.35 - -
Q1 2018 395.21 33.30 44.93 15.08 - -
Q2 2018 413.97 34.48 44.99 16.31 - -
Q3 2018 438.64 46.01 47.86 18.75 - -
Q4 2018 208.82 42.57 39.97 23.65 - -
Q1 2019 418.06 44.13 38.89 20.54 - -
Q2 2019 442.42 41.87 43.35 16.89 - -
Q3 2019 457.40 65.43 44.97 17.44 - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 137.98 142.02 2.93 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Al Rajhi Capital 143.00 142.02 (0.7) %
OSOOL AND BAKHEET 141.00 142.02 0.7 %
SNB Capital 137.00 142.02 3.5 %
AlJazira Capital 130.90 142.02 7.8 %


Financial Ratios
Current
Market Cap (M Riyal) 8,970.81
Enterprise Value (EV) (M) 8,774.56
Shares Outstanding ((M)) 82.00
EPS ( Riyal) (TTM) 4.35
Book Value (BV) ( Riyal) 17.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.18
P/E (TTM) 25.18
Price/book 6.26
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 26.4
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Share Price

CATRION Catering Holding Co.
110.00
(0.80) (0.72 %)

CATRION Catering Holding Co. (CATRION)

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