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SACO’s net profit up 15% to SAR 126 mln in FY15
18/01/2016
Argaam Exclusive
The Saudi Company for Tools and Hardware (SACO) reported a net profit of SAR 126.1 million for the fiscal year 2015, marking a 14.6 percent rise year-on-year (YOY) compared to the same period of 2014 on higher sales and the positive impact of the final insurance settlement related to due to a fire at Al Takhasosi branch in Riyadh.
Financials (M)
| Item | 2014 | 2015 | Change |
|---|---|---|---|
| Revenues | 1,084.85 | 1,276.91 | 17.7 % |
| Gross Income | 251.49 | 259.52 | 3.2 % |
| Operating Income | 120.12 | 131.95 | 9.8 % |
| Net Income | 110.01 | 126.11 | 14.6 % |
| Average Shares | 36.00 | 36.00 | - |
| Earnings Per Share before unusual items (Riyals) | 3.05 | 3.38 | 10.9 % |
| EPS (Riyal) | 3.06 | 3.50 | 14.6 % |
The company posted a net profit of SAR 37.9 million during Q4-2015, a 26 percent increase YOY, driven by higher sales. Profit for the period was also 105 percent higher when compared to Q3-2015 due to the insurance settlement.
Current Quarter Comparison (M)
| Item | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenues | 313.76 | 352.74 | 12.4 % |
| Gross Income | 65.22 | 68.22 | 4.6 % |
| Operating Income | 33.93 | 36.35 | 7.1 % |
| Net Income | 30.10 | 37.91 | 26.0 % |
| Average Shares | 36.00 | 36.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.83 | 0.93 | 12.2 % |
| EPS (Riyal) | 0.84 | 1.05 | 26.0 % |
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Share Price
Saudi Company for Hardware (SACO)
| Current | |
| Market Cap (M Riyal) | 1,075.68 |
| Enterprise Value (EV) (M Riyal) | 1,175.66 |
| Shares Outstanding ((M)) | 36.00 |
| EPS ( Riyal) (TTM) | 1.47 |
| Book Value (BV) ( Riyal) | 10.43 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 56.94 |
| P/E (TTM) | 20.32 |
| Price/book | 2.86 |
| Return on Average Assets (%) (TTM) | 4.3 |
| Return on Average Equity (%) (TTM) | 15.2 |
| EV/adj EBITDA | - |
| EV/Revenues | 1.11 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 309.45 | 35.3 % | 66.55 | 20.0 % | 36.28 | 27.3 % |
| Q2 2015 | 349.36 | 18.9 % | 73.02 | (2.4 %) | 38.39 | (1.1 %) |
| Q3 2015 | 265.36 | 6.7 % | 51.73 | (7.6 %) | 20.93 | 10.9 % |
| Q4 2015 | 352.74 | 12.4 % | 68.22 | 4.6 % | 36.35 | 7.1 % |
| 2015 | 1,276.91 | 17.7 % | 259.52 | 3.2 % | 131.95 | 9.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2015 | 33.83 | 32.0 % | 0.94 | - | 33.83 | 0.94 |
| Q2 2015 | 35.87 | (4.8 %) | 1.00 | - | 35.87 | 1.00 |
| Q3 2015 | 18.50 | 11.4 % | 0.51 | - | 18.50 | 0.51 |
| Q4 2015 | 37.91 | 26.0 % | 1.05 | 4.49 | 33.42 | 0.93 |
| 2015 | 126.11 | 14.6 % | 3.50 | 4.49 | 121.62 | 3.38 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 23.35 % | 13.76 % | 11.16 % |
| Q2 2014 | 24.01 % | 14.60 % | 12.03 % |
| Q3 2014 | 24.57 % | 14.26 % | 11.35 % |
| Q4 2014 | 23.18 % | 13.32 % | 10.11 % |
| 2014 | 23.18 % | 13.32 % | 10.11 % |
| Q1 2015 | 22.53 % | 13.19 % | 10.12 % |
| Q2 2015 | 21.35 % | 12.71 % | 9.51 % |
| Q3 2015 | 20.72 % | 12.77 % | 9.53 % |
| Q4 2015 | 20.32 % | 12.69 % | 9.52 % |
| 2015 | 20.32 % | 12.69 % | 9.52 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | 36.00 | 3.28 | 3.28 | 11.45 |
| Q2 2015 | 36.00 | 3.23 | 3.23 | 12.45 |
| Q3 2015 | 36.00 | 3.29 | 3.28 | 12.96 |
| Q4 2015 | 36.00 | 3.50 | 3.38 | 12.68 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2015 | - | - | - |
| Q2 2015 | 27.52 | 27.59 | 7.15 |
| Q3 2015 | 20.09 | 20.14 | 5.09 |
| Q4 2015 | 18.94 | 19.64 | 5.23 |
Business Segments (Million)
Q4 2015
| Period | Retail sector | Wholesale |
|---|---|---|
| Q1 2015 | 305.27 | 4.18 |
| Q2 2015 | 345.35 | 4.01 |
| Q3 2015 | 261.48 | 3.89 |
| Q4 2015 | 349.28 | 3.46 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Average | 33.40 | 37.91 | 33.42 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| AlJazira Capital | 33.40 | 37.91 | 33.42 |
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