Financial Results : SAPTCO’s profit falls 17% in 9M 2017

SAPTCO’s profit falls 17% in 9M 2017

01/11/2017 Argaam Exclusive

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Saudi Public Transport Company’s (SAPTCO) net profit for the first nine months of 2017 fell 17 percent year-on-year (YoY) to SAR 106.3 million on slightly lower operating revenue and higher operating costs.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 916.77 908.66 (0.9 %)
Gross Income 214.10 178.14 (16.8 %)
Operating Income 115.76 93.16 (19.5 %)
Net Income 130.67 103.61 (20.7 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyals) 0.98 0.83 (15.8 %)
EPS (Riyals) 1.05 0.83 (20.7 %)

Q3 net profit fell 28.2 percent YoY to SAR 63.3 million due to higher operating costs, recording investment losses and increased costs of finance. Compared to the previous quarter, Q3 net earnings jumped 60 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 375.56 385.50 2.6 %
Gross Income 125.18 108.59 (13.3 %)
Operating Income 92.91 78.08 (16.0 %)
Net Income 87.25 62.47 (28.4 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyals) 0.70 0.50 (28.4 %)
EPS (Riyals) 0.70 0.50 (28.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 140.91 (12.9 %) 5.50 (80.6 %) (7.89) (147.2 %)
Q2 2008 161.03 9.2 % 4.26 (70.5 %) (16.04) (1,513.5 %)
Q3 2008 206.34 12.5 % 42.95 0.3 % 22.71 (14.0 %)
Q4 2008 258.19 7.8 % 72.88 50.9 % 45.28 64.5 %
Q1 2009 145.40 3.2 % 5.86 6.6 % (12.43) (57.7 %)
Q2 2009 163.63 1.6 % 1.27 (70.3 %) (13.70) 14.6 %
Q3 2009 204.48 (0.9 %) 26.96 (37.2 %) 5.59 (75.4 %)
Q4 2009 238.92 (7.5 %) 68.58 (5.9 %) 35.48 (21.6 %)
Q1 2010 136.94 (5.8 %) 4.16 (29.0 %) (13.30) (7.0 %)
Q2 2010 165.76 1.3 % 16.87 1233.8 % 1.63 111.9 %
Q3 2010 205.35 0.4 % 30.79 14.2 % 8.04 43.8 %
Q4 2010 238.23 (0.3 %) 66.23 (3.4 %) 45.75 28.9 %
Q1 2011 132.57 (3.2 %) (18.30) (539.9 %) (35.73) (168.6 %)
Q2 2011 191.05 15.3 % 36.32 115.3 % 19.32 1086.7 %
Q3 2011 219.01 6.7 % 50.69 64.6 % 25.09 212.1 %
Q4 2011 267.34 12.2 % 71.91 8.6 % 48.94 7.0 %
Q1 2012 167.03 26.0 % 10.16 155.5 % (7.08) 80.2 %
Q2 2012 202.52 6.0 % 27.50 (24.3 %) 11.01 (43.0 %)
Q3 2012 239.32 9.3 % 43.28 (14.6 %) 15.97 (36.3 %)
Q4 2012 306.07 14.5 % 79.65 10.8 % 29.91 (38.9 %)
Q1 2013 202.69 21.4 % 27.94 175.0 % 9.11 228.7 %
Q2 2013 257.03 26.9 % 55.86 103.1 % 32.73 197.3 %
Q3 2013 224.84 (6.1 %) 11.77 (72.8 %) (15.26) (195.6 %)
Q4 2013 283.29 (7.4 %) 78.77 (1.1 %) 30.00 0.3 %
Q1 2014 231.31 14.1 % 41.48 48.4 % 20.44 124.3 %
Q2 2014 229.77 (10.6 %) 30.87 (44.7 %) 11.28 (65.6 %)
Q3 2014 272.83 21.3 % 44.97 281.9 % 11.92 178.1 %
Q4 2014 285.29 0.7 % 70.28 (10.8 %) 29.94 (0.2 %)
Q1 2015 238.82 3.2 % 37.09 (10.6 %) 10.28 (49.7 %)
Q2 2015 252.93 10.1 % 30.08 (2.6 %) 2.55 (77.4 %)
Q3 2015 360.90 32.3 % 123.15 173.9 % 80.99 579.6 %
Q4 2015 248.06 (13.1 %) 36.83 (47.6 %) (9.80) (132.7 %)
Q1 2016 257.00 7.6 % 44.33 19.5 % 16.81 63.5 %
Q2 2016 284.21 12.4 % 44.58 48.2 % 6.79 166.2 %
Q3 2016 375.56 4.1 % 125.18 1.6 % 92.91 14.7 %
Q4 2016 234.88 (5.3 %) 26.75 (27.4 %) (18.20) (85.7 %)
Q1 2017 228.99 (10.9 %) 15.70 (64.6 %) (11.82) (170.3 %)
Q2 2017 294.17 3.5 % 53.85 20.8 % 26.90 296.3 %
Q3 2017 385.50 2.6 % 108.59 (13.3 %) 78.08 (16.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 (5.18) (126.0 %) (0.04) - (5.18) (0.04)
Q2 2008 (49.32) (3952.8 %) (0.39) (32.33) (16.99) (0.14)
Q3 2008 24.64 (29.8 %) 0.20 - 24.64 0.20
Q4 2008 59.96 31.3 % 0.48 0.00 59.96 0.48
Q1 2009 (8.97) (73.0 %) (0.07) - (8.97) (0.07)
Q2 2009 (7.11) 85.6 % (0.06) - (7.11) (0.06)
Q3 2009 6.01 (75.6 %) 0.05 - 6.01 0.05
Q4 2009 41.99 (30.0 %) 0.34 - 41.99 0.34
Q1 2010 (8.52) 5.1 % (0.07) - (8.52) (0.07)
Q2 2010 4.53 163.8 % 0.04 - 4.53 0.04
Q3 2010 9.22 53.4 % 0.07 - 9.22 0.07
Q4 2010 44.78 6.6 % 0.36 - 44.78 0.36
Q1 2011 (31.07) (264.9 %) (0.25) 1.43 (32.50) (0.26)
Q2 2011 19.92 339.5 % 0.16 (0.06) 19.98 0.16
Q3 2011 26.26 184.7 % 0.21 0.09 26.17 0.21
Q4 2011 50.16 12.0 % 0.40 - 50.16 0.40
Q1 2012 6.72 121.6 % 0.05 12.09 (5.37) (0.04)
Q2 2012 16.99 (14.7 %) 0.14 0.73 16.27 0.13
Q3 2012 16.83 (35.9 %) 0.13 0.01 16.82 0.13
Q4 2012 33.28 (33.7 %) 0.27 0.90 32.38 0.26
Q1 2013 20.08 198.7 % 0.16 9.50 10.58 0.08
Q2 2013 36.21 113.1 % 0.29 (0.50) 36.71 0.29
Q3 2013 (13.11) (177.9 %) (0.10) 0.00 (13.11) (0.10)
Q4 2013 34.40 3.4 % 0.28 0.00 34.40 0.28
Q1 2014 21.10 5.1 % 0.17 0.41 20.69 0.17
Q2 2014 22.44 (38.0 %) 0.18 10.86 11.58 0.09
Q3 2014 23.79 281.5 % 0.19 12.04 11.75 0.09
Q4 2014 34.72 0.9 % 0.28 0.59 34.13 0.27
Q1 2015 137.91 553.7 % 1.10 118.82 19.09 0.15
Q2 2015 12.82 (42.9 %) 0.10 1.13 11.68 0.09
Q3 2015 81.40 242.1 % 0.65 3.68 77.72 0.62
Q4 2015 (35.51) (202.3 %) (0.28) (7.46) (28.05) (0.22)
Q1 2016 32.77 (76.2 %) 0.26 7.24 25.53 0.20
Q2 2016 10.66 (16.9 %) 0.09 0.35 10.31 0.08
Q3 2016 87.25 7.2 % 0.70 - 87.25 0.70
Q4 2016 1.82 105.1 % 0.01 - 1.82 0.01
Q1 2017 2.48 (92.4 %) 0.02 - 2.48 0.02
Q2 2017 38.66 262.8 % 0.31 - 38.66 0.31
Q3 2017 62.47 (28.4 %) 0.50 - 62.47 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 15.60 % 23.87 % 10.80 %
Q2 2008 13.91 % 21.87 % 8.08 %
Q3 2008 13.50 % 21.36 % 6.43 %
Q4 2008 16.39 % 23.42 % 8.14 %
Q1 2009 16.34 % 22.72 % 7.61 %
Q2 2009 15.90 % 23.10 % 8.86 %
Q3 2009 13.86 % 21.02 % 6.47 %
Q4 2009 13.64 % 20.66 % 4.24 %
Q1 2010 13.57 % 21.40 % 4.35 %
Q2 2010 15.62 % 24.08 % 5.90 %
Q3 2010 16.12 % 24.70 % 6.32 %
Q4 2010 15.82 % 26.19 % 6.70 %
Q1 2011 12.88 % 23.15 % 3.51 %
Q2 2011 14.99 % 24.44 % 5.41 %
Q3 2011 17.28 % 26.00 % 7.48 %
Q4 2011 17.36 % 25.59 % 7.88 %
Q1 2012 20.02 % 28.33 % 10.77 %
Q2 2012 18.72 % 27.41 % 10.19 %
Q3 2012 17.44 % 26.62 % 8.89 %
Q4 2012 17.55 % 24.11 % 6.57 %
Q1 2013 18.76 % 25.40 % 8.00 %
Q2 2013 20.57 % 26.75 % 9.60 %
Q3 2013 17.69 % 24.37 % 6.72 %
Q4 2013 18.01 % 24.80 % 7.09 %
Q1 2014 18.85 % 25.06 % 7.90 %
Q2 2014 16.81 % 23.25 % 5.53 %
Q3 2014 19.28 % 24.49 % 7.71 %
Q4 2014 18.41 % 24.73 % 7.67 %
Q1 2015 17.84 % 22.59 % 7.46 %
Q2 2015 17.37 % 20.32 % 7.30 %
Q3 2015 22.90 % 24.08 % 12.53 %
Q4 2015 20.64 % 20.29 % 7.31 %
Q1 2016 20.95 % 20.86 % 7.77 %
Q2 2016 21.64 % 21.07 % 7.43 %
Q3 2016 21.54 % 22.55 % 8.16 %
Q4 2016 20.91 % 22.32 % 10.84 %
Q1 2017 18.89 % 21.02 % 9.06 %
Q2 2017 19.54 % 23.59 % 11.49 %
Q3 2017 17.92 % 21.98 % 9.22 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2008 125.00 0.61 0.61 11.80
Q2 2008 125.00 0.21 0.47 10.96
Q3 2008 125.00 0.13 0.38 11.02
Q4 2008 125.00 0.24 0.50 11.31
Q1 2009 125.00 0.21 0.47 11.21
Q2 2009 125.00 0.55 0.55 10.71
Q3 2009 125.00 0.40 0.40 10.78
Q4 2009 125.00 0.26 0.26 11.10
Q1 2010 125.00 0.26 0.26 11.08
Q2 2010 125.00 0.35 0.35 11.09
Q3 2010 125.00 0.38 0.38 11.18
Q4 2010 125.00 0.40 0.40 11.56
Q1 2011 125.00 0.22 0.21 11.32
Q2 2011 125.00 0.34 0.33 10.98
Q3 2011 125.00 0.48 0.47 11.15
Q4 2011 125.00 0.52 0.51 11.59
Q1 2012 125.00 0.82 0.73 11.66
Q2 2012 125.00 0.80 0.70 11.22
Q3 2012 125.00 0.73 0.62 11.37
Q4 2012 125.00 0.59 0.48 11.66
Q1 2013 125.00 0.70 0.61 11.82
Q2 2013 125.00 0.85 0.77 11.59
Q3 2013 125.00 0.61 0.53 11.49
Q4 2013 125.00 0.62 0.55 11.76
Q1 2014 125.00 0.63 0.63 11.47
Q2 2014 125.00 0.52 0.43 11.59
Q3 2014 125.00 0.81 0.63 11.79
Q4 2014 125.00 0.82 0.63 11.95
Q1 2015 125.00 1.75 0.61 13.07
Q2 2015 125.00 1.67 0.61 11.97
Q3 2015 125.00 2.13 1.14 12.42
Q4 2015 125.00 1.57 0.64 12.18
Q1 2016 125.00 0.73 0.70 12.38
Q2 2016 125.00 0.71 0.68 12.02
Q3 2016 125.00 0.76 0.76 12.61
Q4 2016 125.00 1.06 1.00 12.82
Q1 2017 125.00 0.82 0.81 12.34
Q2 2017 125.00 1.04 1.04 12.71
Q3 2017 125.00 0.84 0.84 13.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 22.77 22.77 1.19
Q2 2008 66.65 29.87 1.28
Q3 2008 77.20 25.33 0.88
Q4 2008 29.49 14.22 0.63
Q1 2009 38.01 17.05 0.71
Q2 2009 15.42 15.41 0.79
Q3 2009 20.92 20.92 0.77
Q4 2009 32.10 32.10 0.74
Q1 2010 32.62 32.62 0.76
Q2 2010 21.30 21.30 0.68
Q3 2010 19.98 19.98 0.68
Q4 2010 18.37 18.37 0.64
Q1 2011 36.18 38.17 0.70
Q2 2011 21.59 22.30 0.67
Q3 2011 15.24 15.62 0.65
Q4 2011 17.52 17.92 0.79
Q1 2012 22.80 25.84 1.61
Q2 2012 17.23 19.77 1.23
Q3 2012 23.08 26.88 1.47
Q4 2012 27.94 34.32 1.42
Q1 2013 23.09 26.46 1.36
Q2 2013 18.15 20.01 1.33
Q3 2013 34.66 39.81 1.85
Q4 2013 43.66 49.39 2.30
Q1 2014 44.37 44.32 2.43
Q2 2014 72.31 87.53 3.23
Q3 2014 47.84 62.05 3.30
Q4 2014 29.40 38.39 2.01
Q1 2015 16.28 46.54 2.18
Q2 2015 16.35 44.63 2.29
Q3 2015 8.31 15.56 1.43
Q4 2015 10.66 26.06 1.38
Q1 2016 16.57 17.45 0.98
Q2 2016 18.88 19.72 1.12
Q3 2016 15.25 15.27 0.92
Q4 2016 14.32 15.19 1.18
Q1 2017 17.85 17.91 1.18
Q2 2017 13.43 13.43 1.10
Q3 2017 17.30 17.30 1.11

Business Segments (Million)

Compared With The
Period Public transportation project Specialized Services passenger transport segment The main center Consolidation adjustments & eliminations
Q1 2009 - 30.12 104.29 10.99 -
Q2 2009 - 32.68 119.01 11.94 -
Q3 2009 - 23.11 165.83 15.54 -
Q4 2009 - 91.05 137.50 10.38 -
Q1 2010 - 32.60 104.16 0.18 -
Q2 2010 - 40.99 122.63 2.15 -
Q3 2010 - 28.76 173.65 2.94 -
Q4 2010 - 94.33 139.84 4.06 -
Q1 2011 - 29.37 100.55 2.65 -
Q2 2011 - 53.76 132.68 4.60 -
Q3 2011 - 31.57 181.27 6.17 -
Q4 2011 - 123.87 135.85 7.62 -
Q1 2012 - 34.08 124.99 7.96 -
Q2 2012 - 45.22 144.58 12.72 -
Q3 2012 - 36.82 187.00 15.49 -
Q4 2012 - 132.84 159.17 14.07 -
Q1 2013 - 41.59 145.80 15.30 -
Q2 2013 - 51.54 188.07 17.43 -
Q3 2013 - 35.47 171.24 18.12 -
Q4 2013 - 112.75 152.60 17.94 -
Q1 2014 - 66.07 148.11 17.14 -
Q2 2014 - 59.60 149.33 20.84 -
Q3 2014 - 49.77 194.28 28.78 -
Q4 2014 - 106.80 156.70 21.79 -
Q1 2015 - 59.58 157.40 21.84 -
Q2 2015 - 50.46 171.90 30.58 -
Q3 2015 - 117.79 219.06 24.06 -
Q4 2015 - 60.98 151.02 37.32 -
Q1 2016 15.87 51.44 170.55 20.59 (1.45)
Q2 2016 19.26 55.78 184.82 22.91 -
Q3 2016 15.20 139.96 202.55 17.84 -
Q4 2016 28.68 80.22 187.31 (61.34) -
Q1 2017 19.54 61.84 147.62 - -
Q2 2017 17.44 60.57 192.41 23.76 -
Q3 2017 17.82 176.66 171.30 19.73 -


Financial Ratios
Current
Market Cap (M Riyal) 2,067.50
Enterprise Value (EV) (M) 2,796.75
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) (0.08)
Book Value (BV) ( Riyal) 7.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.24
Return on Average Assets (%) (TTM) (0.24 )
Return on Average Equity (%) (TTM) (1.05 )
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Share Price

Saudi Public Transport Co.
16.54
0.14 0.85 %

Saudi Public Transport Co. (SAPTCO)

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