Saudi Industrial Export swings to losses in 9M 2019

10/11/2019 Argaam Exclusive

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Share Price

Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co. reported a net loss of SAR 9.9 million in the first nine months of 2019 compared to a net profit of SAR 12.6 million posted in the same period last year.

The losses were attributed to decline of sulfur prices by 80 percent and a decrease of global demand, which led to lower sales.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	91.76	45.91	(50.0 %)
Gross Income	3.74	(2.87)	(176.9 %)
Operating Income	(1.67)	(8.80)	(426.3 %)
Net Income	12.55	(9.88)	(178.7 %)
Average Shares	13.44	16.31	21.3 %
EPS (Riyals)	0.93	(0.61)	(164.8 %)

The company reported a net profit after zakat and tax of SAR 1.98 million in the third quarter 2019, compared to a net loss of SAR 3.3 million in the same quarter last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	51.54	21.77	(57.8 %)
Gross Income	0.97	(3.41)	(451.6 %)
Operating Income	(0.61)	(4.91)	(706.4 %)
Net Income	(0.38)	1.98	627.1 %
Average Shares	13.44	16.31	21.3 %
EPS (Riyals)	(0.03)	0.12	534.4 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	5.93	21.77	267.2 %
Gross Income	0.25	(3.41)	(1457.4 %)
Operating Income	(3.33)	(4.91)	(47.6 %)
Net Income	(3.28)	1.98	160.4 %
Average Shares	16.31	16.31	-
EPS (Riyals)	(0.20)	0.12	160.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	44.77	88.5 %	3.22	1242.1 %	1.03	172.2 %	0.08
Q2 2010	44.28	65.2 %	(0.52)	(129.2 %)	(2.87)	(626.6 %)	(0.21)
Q3 2010	21.24	(11.0 %)	0.65	(27.0 %)	1.23	182.1 %	0.09
Q4 2010	76.40	183.4 %	5.47	7798.6 %	(98.82)	2.7 %	(7.35)
2010	186.69	84.2 %	8.82	212.2 %	(99.45)	5.2 %	(7.40)
Q1 2011	88.59	97.9 %	7.19	123.1 %	5.46	429.6 %	0.41
Q2 2011	110.67	149.9 %	3.56	787.8 %	2.02	170.5 %	0.15
Q3 2011	99.95	370.6 %	1.52	134.7 %	1.62	32.4 %	0.12
Q4 2011	101.13	32.4 %	1.26	(76.9 %)	(102.96)	(4.2 %)	(7.66)
2011	400.32	114.4 %	13.53	53.4 %	(93.85)	5.6 %	(6.98)
Q1 2012	71.59	(19.2 %)	1.50	(79.1 %)	0.44	(91.9 %)	0.03
Q2 2012	71.98	(35.0 %)	1.77	(50.2 %)	0.51	(74.9 %)	0.04
Q3 2012	88.62	(11.3 %)	1.32	(13.7 %)	1.26	(22.6 %)	0.09
Q4 2012	105.17	4.0 %	2.33	84.6 %	(100.37)	2.5 %	(7.47)
2012	337.35	(15.7 %)	6.92	(48.8 %)	(99.73)	(6.3 %)	(7.42)
Q1 2013	85.71	19.7 %	3.99	165.4 %	2.66	498.0 %	0.20
Q2 2013	91.66	27.3 %	3.71	109.2 %	2.19	331.9 %	0.16
Q3 2013	55.06	(37.9 %)	2.52	91.5 %	1.29	2.9 %	0.10
Q4 2013	90.72	(13.7 %)	2.55	9.4 %	(100.65)	(0.3 %)	(7.49)
2013	323.15	(4.2 %)	12.76	84.4 %	(94.32)	5.4 %	(7.02)
Q1 2014	190.78	122.6 %	3.47	(12.9 %)	1.71	(35.6 %)	0.13
Q2 2014	127.19	38.8 %	1.66	(55.1 %)	0.52	(76.4 %)	0.04
Q3 2014	118.30	114.9 %	1.44	(42.7 %)	0.27	(78.8 %)	0.02
Q4 2014	135.40	49.2 %	0.87	(65.8 %)	(100.91)	(0.3 %)	(7.51)
2014	571.67	76.9 %	7.45	(41.6 %)	(98.79)	(4.7 %)	(7.35)
Q1 2015	132.16	(30.7 %)	1.18	(66.1 %)	0.16	(90.5 %)	0.01
Q2 2015	137.94	8.5 %	2.18	30.9 %	0.79	52.8 %	0.06
Q3 2015	202.10	70.8 %	3.71	156.8 %	1.89	589.1 %	0.14
Q4 2015	116.84	(13.7 %)	0.28	(68.2 %)	(102.30)	(1.4 %)	(7.61)
2015	589.04	3.0 %	7.34	(1.5 %)	(99.46)	(0.7 %)	(7.40)
Q1 2016	1.30	(99.0 %)	0.84	(28.3 %)	(0.47)	(388.3 %)	(0.03)
Q2 2016	0.22	(99.8 %)	0.12	(94.6 %)	(0.46)	(158.0 %)	(0.03)
Q3 2016	0.33	(99.8 %)	0.19	(95.0 %)	(9.28)	(591.3 %)	(0.69)
Q4 2016	(1.23)	(101.1 %)	(0.83)	(398.9 %)	(3.39)	96.7 %	(0.25)
2016	0.62	(99.9 %)	0.32	(95.7 %)	(107.43)	(8.0 %)	(8.00)
Q1 2017	0.23	(82.3 %)	0.15	(82.1 %)	(1.80)	(282.3 %)	(0.13)
Q2 2017	0.33	51.4 %	0.09	(25.4 %)	(13.23)	(2,789.5 %)	(0.98)
Q3 2017	11.63	3381.4 %	0.29	55.1 %	(10.63)	(14.6 %)	(0.79)
Q4 2017	7.04	673.2 %	(3.05)	(267.3 %)	(85.33)	(2,418.6 %)	(6.35)
2017	19.22	2985.7 %	(2.52)	(895.6 %)	(110.99)	(3.3 %)	(8.26)
Q1 2018	8.14	3440.0 %	0.79	423.2 %	12.61	801.6 %	0.94
Q2 2018	32.09	9711.9 %	1.98	2147.7 %	0.32	102.4 %	0.02
Q3 2018	51.54	343.2 %	0.97	234.1 %	(0.38)	96.5 %	(0.03)
Q4 2018	26.51	276.6 %	(2.72)	11.0 %	(6.13)	92.8 %	(0.38)
2018	118.27	515.2 %	1.02	140.5 %	6.43	105.8 %	0.39
Q1 2019	18.22	123.8 %	0.28	(64.2 %)	(8.53)	(167.6 %)	(0.52)
Q2 2019	5.93	(81.5 %)	0.25	(87.3 %)	(3.28)	(1122.1 %)	(0.20)
Q3 2019	21.77	(57.8 %)	(3.41)	(451.6 %)	1.98	627.1 %	0.12

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	101.36	(85.7 %)	2.83	(90.5 %)	(104.87)	(26.9 %)	(7.80)
2010	186.69	84.2 %	8.82	212.2 %	(99.45)	5.2 %	(7.40)
2011	400.32	114.4 %	13.53	53.4 %	(93.85)	5.6 %	(6.98)
2012	337.35	(15.7 %)	6.92	(48.8 %)	(99.73)	(6.3 %)	(7.42)
2013	323.15	(4.2 %)	12.76	84.4 %	(94.32)	5.4 %	(7.02)
2014	571.67	76.9 %	7.45	(41.6 %)	(98.79)	(4.7 %)	(7.35)
2015	589.04	3.0 %	7.34	(1.5 %)	(99.46)	(0.7 %)	(7.40)
2016	0.62	(99.9 %)	0.32	(95.7 %)	(107.43)	(8.0 %)	(8.00)
2017	19.22	2985.7 %	(2.52)	(895.6 %)	(110.99)	(3.3 %)	(8.26)
2018	118.27	515.2 %	1.02	140.5 %	6.43	105.8 %	0.39

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	4.75 %	0.07 %	(1.18 %)
Q2 2010	2.52 %	(1.83 %)	(2.80 %)
Q3 2010	2.39 %	(1.97 %)	(0.88 %)
Q4 2010	4.72 %	1.55 %	0.82 %
2010	4.72 %	1.54 %	0.81 %
Q1 2011	5.55 %	3.12 %	2.58 %
Q2 2011	5.68 %	4.03 %	3.65 %
Q3 2011	4.72 %	3.48 %	2.99 %
Q4 2011	3.38 %	2.19 %	1.78 %
2011	3.38 %	2.19 %	1.78 %
Q1 2012	2.05 %	0.89 %	0.55 %
Q2 2012	1.76 %	0.45 %	0.17 %
Q3 2012	1.76 %	0.38 %	0.06 %
Q4 2012	2.05 %	0.78 %	0.83 %
2012	2.05 %	0.78 %	0.36 %
Q1 2013	2.68 %	1.43 %	1.43 %
Q2 2013	3.05 %	1.85 %	1.80 %
Q3 2013	3.71 %	2.38 %	1.99 %
Q4 2013	3.95 %	2.37 %	2.00 %
2013	3.95 %	2.37 %	2.05 %
Q1 2014	2.86 %	1.63 %	1.29 %
Q2 2014	2.20 %	1.10 %	0.83 %
Q3 2014	1.73 %	0.77 %	0.53 %
Q4 2014	1.30 %	0.54 %	0.45 %
2014	1.30 %	0.54 %	0.38 %
Q1 2015	1.01 %	0.17 %	0.20 %
Q2 2015	1.08 %	0.28 %	0.24 %
Q3 2015	1.31 %	0.56 %	0.48 %
Q4 2015	1.25 %	0.43 %	0.26 %
2015	1.25 %	0.43 %	0.26 %
Q1 2016	1.53 %	-	0.19 %
Q2 2016	1.54 %	(0.21 %)	(0.12 %)
Q3 2016	1.20 %	(3.53 %)	(3.72 %)
Q4 2016	50.88 %	(1066.13 %)	(1038.68 %)
2016	50.88 %	(1045.26 %)	(1038.68 %)
Q1 2017	83.71 %	1,753.35 %	1,740.63 %
Q2 2017	120.18 %	2,666.17 %	2,924.93 %
Q3 2017	(2.76 %)	(86.06 %)	(89.64 %)
Q4 2017	(13.12 %)	(59.88 %)	(52.17 %)
2017	(13.12 %)	(59.96 %)	(52.17 %)
Q1 2018	(6.94 %)	(41.88 %)	(35.65 %)
Q2 2018	0.01 %	(13.77 %)	(11.61 %)
Q3 2018	0.69 %	(7.18 %)	(5.15 %)
Q4 2018	0.86 %	(6.10 %)	(6.25 %)
2018	0.86 %	(6.10 %)	(6.25 %)
Q1 2019	0.40 %	(5.82 %)	(5.94 %)
Q2 2019	(1.19 %)	(10.83 %)	(10.98 %)
Q3 2019	(7.72 %)	(21.12 %)	(21.71 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	2.79 %	(2.52 %)	(3.85 %)
2010	4.72 %	1.54 %	0.81 %
2011	3.38 %	2.19 %	1.78 %
2012	2.05 %	0.78 %	0.36 %
2013	3.95 %	2.37 %	2.05 %
2014	1.30 %	0.54 %	0.38 %
2015	1.25 %	0.43 %	0.26 %
2016	50.88 %	(1045.26 %)	(1038.68 %)
2017	(13.12 %)	(59.96 %)	(52.17 %)
2018	0.86 %	(6.10 %)	(6.25 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	7.19 %	3.48 %	2.30 %
Q2 2010	(1.17 %)	(5.21 %)	(6.48 %)
Q3 2010	3.06 %	(2.31 %)	5.78 %
Q4 2010	7.15 %	5.41 %	2.80 %
Q1 2011	8.11 %	6.60 %	6.16 %
Q2 2011	3.21 %	2.24 %	1.83 %
Q3 2011	1.52 %	0.63 %	1.62 %
Q4 2011	1.25 %	(0.18 %)	(1.97 %)
Q1 2012	2.10 %	0.69 %	0.62 %
Q2 2012	2.46 %	0.85 %	0.71 %
Q3 2012	1.48 %	0.39 %	1.42 %
Q4 2012	2.22 %	1.12 %	0.56 %
Q1 2013	4.65 %	3.39 %	3.10 %
Q2 2013	4.04 %	2.65 %	2.39 %
Q3 2013	4.57 %	2.75 %	2.35 %
Q4 2013	2.81 %	0.88 %	0.35 %
Q1 2014	1.82 %	1.18 %	0.90 %
Q2 2014	1.31 %	0.42 %	0.41 %
Q3 2014	1.22 %	0.38 %	0.23 %
Q4 2014	0.65 %	(0.12 %)	0.04 %
Q1 2015	0.89 %	0.03 %	0.12 %
Q2 2015	1.58 %	0.83 %	0.57 %
Q3 2015	1.83 %	1.17 %	0.93 %
Q4 2015	0.24 %	(0.85 %)	(1.14 %)
Q1 2016	64.80 %	-	(36.13 %)
Q2 2016	54.63 %	(816.20 %)	(212.04 %)
Q3 2016	55.99 %	(348.20 %)	(645.21 %)
Q4 2016	67.67 %	280.37 %	275.90 %
Q1 2017	65.65 %	(646.09 %)	(781.30 %)
Q2 2017	26.91 %	(884.71 %)	(769.72 %)
Q3 2017	2.49 %	(13.83 %)	(18.23 %)
Q4 2017	(43.36 %)	(78.49 %)	(51.07 %)
Q1 2018	9.70 %	(16.43 %)	(17.71 %)
Q2 2018	6.16 %	1.13 %	1.00 %
Q3 2018	1.88 %	(1.16 %)	(0.73 %)
Q4 2018	(10.24 %)	(21.29 %)	(22.25 %)
Q1 2019	1.55 %	(8.72 %)	(9.15 %)
Q2 2019	4.23 %	(54.59 %)	(55.35 %)
Q3 2019	(15.65 %)	(22.17 %)	(22.40 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	13.44	(7.62)	(0.11)	7.82
Q2 2010	13.44	(7.81)	(0.29)	7.58
Q3 2010	13.44	(7.60)	(0.09)	7.71
Q4 2010	13.44	(7.40)	0.11	7.97
Q1 2011	13.44	(7.07)	0.44	8.47
Q2 2011	13.44	(6.71)	0.81	8.58
Q3 2011	13.44	(6.68)	0.84	8.65
Q4 2011	13.44	(6.98)	0.53	8.64
Q1 2012	13.44	(7.36)	0.16	8.88
Q2 2012	13.44	(7.47)	0.04	8.31
Q3 2012	13.44	(7.50)	0.02	8.39
Q4 2012	13.44	(7.31)	0.21	8.53
Q1 2013	13.44	(7.14)	0.37	8.62
Q2 2013	13.44	(7.02)	0.50	8.96
Q3 2013	13.44	(7.01)	0.50	9.23
Q4 2013	13.44	(7.03)	0.48	9.00
Q1 2014	13.44	(7.10)	0.41	9.24
Q2 2014	13.44	(7.23)	0.29	9.64
Q3 2014	13.44	(7.30)	0.21	9.89
Q4 2014	13.44	(7.32)	0.19	9.58
Q1 2015	13.44	(7.44)	0.08	9.53
Q2 2015	13.44	(7.42)	0.10	9.53
Q3 2015	13.44	(7.30)	0.22	9.44
Q4 2015	13.44	(7.40)	0.11	9.20
Q1 2016	13.44	(7.45)	0.06	9.04
Q2 2016	13.44	(7.54)	(0.03)	8.77
Q3 2016	13.44	(8.37)	(0.33)	8.35
Q4 2016	13.44	(1.01)	(0.48)	7.82
Q1 2017	13.44	(1.11)	(0.58)	8.18
Q2 2017	13.44	(2.06)	(0.73)	7.93
Q3 2017	13.44	(2.16)	(0.73)	7.29
Q4 2017	13.44	(8.26)	(0.75)	0.82
Q1 2018	13.44	(7.19)	(0.72)	1.76
Q2 2018	13.44	(6.18)	(0.51)	1.78
Q3 2018	13.44	(5.42)	(0.38)	1.75
Q4 2018	16.31	0.39	(0.45)	4.14
Q1 2019	16.31	(0.90)	(0.47)	3.61
Q2 2019	16.31	(1.12)	(0.69)	3.37
Q3 2019	16.31	(0.98)	(0.96)	3.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	13.44	(7.80)	(0.29)	7.63
2010	13.44	(7.40)	0.11	7.97
2011	13.44	(6.98)	0.53	8.64
2012	13.44	(7.42)	0.09	8.53
2013	13.44	(7.02)	0.49	9.00
2014	13.44	(7.35)	0.16	9.58
2015	13.44	(7.40)	0.11	9.20
2016	13.44	(8.00)	(0.48)	7.82
2017	13.44	(8.26)	(0.75)	0.82
2018	16.31	0.39	(0.45)	4.14

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	NEG	NEG	4.94
Q2 2010	NEG	NEG	4.10
Q3 2010	NEG	NEG	3.77
Q4 2010	NEG	More than 50	3.60
Q1 2011	NEG	More than 50	3.21
Q2 2011	NEG	40.32	3.79
Q3 2011	NEG	35.98	3.48
Q4 2011	NEG	More than 50	5.18
Q1 2012	NEG	More than 50	5.51
Q2 2012	NEG	More than 50	6.51
Q3 2012	NEG	More than 50	8.38
Q4 2012	NEG	More than 50	10.16
Q1 2013	NEG	More than 50	13.59
Q2 2013	NEG	More than 50	6.03
Q3 2013	NEG	More than 50	5.78
Q4 2013	NEG	More than 50	5.93
Q1 2014	NEG	More than 50	7.43
Q2 2014	NEG	More than 50	7.49
Q3 2014	NEG	More than 50	8.11
Q4 2014	NEG	More than 50	4.65
Q1 2015	NEG	More than 50	6.01
Q2 2015	NEG	More than 50	6.30
Q3 2015	NEG	More than 50	4.74
Q4 2015	NEG	More than 50	5.01
Q1 2016	NEG	More than 50	5.73
Q2 2016	NEG	NEG	5.30
Q3 2016	NEG	NEG	3.59
Q4 2016	NEG	NEG	5.30
Q1 2017	NEG	NEG	4.59
Q2 2017	NEG	NEG	4.24
Q3 2017	NEG	NEG	5.09
Q4 2017	NEG	NEG	21.25
Q1 2018	NEG	NEG	17.87
Q2 2018	NEG	NEG	15.48
Q3 2018	NEG	NEG	14.24
Q4 2018	More than 50	NEG	10.14
Q1 2019	NEG	NEG	10.11
Q2 2019	NEG	NEG	10.13
Q3 2019	NEG	NEG	8.57

Period	P/E	Adjusted P/E	Price/book
2009	NEG	NEG	5.53
2010	NEG	More than 50	3.60
2011	NEG	More than 50	5.18
2012	NEG	More than 50	10.16
2013	NEG	More than 50	5.93
2014	NEG	More than 50	4.65
2015	NEG	More than 50	5.01
2016	NEG	NEG	5.30
2017	NEG	NEG	21.25
2018	More than 50	NEG	10.14

Business Segments (Million)

Compared With The

Period	Export Activities	Saudi for Industrial Exports - Jordan
Q3 2018	55.68	(4.15)
Q4 2018	26.51	-
Q3 2019	21.77	-

Period	Export Activities	Saudi for Industrial Exports - Jordan
2018	116.85	1.42

Financial Ratios

	Current
Market Cap (M Riyal)	521.96
Enterprise Value (EV) (M)	382.26
Shares Outstanding ((M))	19.44
EPS ( Riyal) (TTM)	(0.80)
Book Value (BV) ( Riyal)	7.43
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.61
Return on Average Assets (%) (TTM)	(9.68 )
Return on Average Equity (%) (TTM)	(10.25 )

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Saudi Industrial Export swings to losses in 9M 2019

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Share Price

Saudi Industrial Export Co. (SIECO)

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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Saudi Industrial Export swings to losses in 9M 2019

View other reports

Share Price

Saudi Industrial Export Co. (SIECO)

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)