Thimar swings to net loss of SAR 45.5 mln in 9M 2019, Q3 at SAR 40.1 mln

03/07/2022 Argaam Exclusive

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Thimar Development Holding Co. swung to a net loss of SAR 45.5 million for the first nine months of 2019, against a net profit of SAR 1 million.

 

The company cited lower sales, allocating a provision for expected credit losses and excluding losses from projects in progress.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 58.67 41.08 (30.0 %)
Gross Income 16.83 0.40 (97.6 %)
Operating Income 3.60 (27.24) (856.4 %)
Net Income 1.02 (45.48) (4544.9 %)
Average Shares 3.87 3.87 -
EPS (Riyals) 0.26 (11.76) (4544.9 %)

In Q3 2019, Thimar turned to a net loss of SAR 40.1 million against a net profit of SAR 250,000 in the year-earlier period. The losses were attributed to a decline in sales, the allocation of a provision for expected credit losses and the exclusion of losses from projects in progress.

 

Compared to Q2 2019, net losses widened from SAR 3.76 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 17.25 2.60 (84.9 %)
Gross Income 4.91 (4.11) (183.7 %)
Operating Income 1.69 (23.88) (1515.1 %)
Net Income 0.25 (40.11) (15983.4 %)
Average Shares 3.87 3.87 -
EPS (Riyals) 0.07 (10.37) (15983.4 %)

Shareholders’ equity, after minority interest, slumped to SAR 59.33 million as of Sept. 30, 2019, from SAR 116.44 million a year earlier.

 

Accumulated losses stood at SAR 43.56 million, or 43.56% of the company’s capital by the end of the nine-month period.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 25.17 (29.1 %) 5.40 (5.5 %) (1.51) (0.0 %) (0.39)
Q2 2010 16.88 (48.3 %) 6.08 170.7 % 0.15 103.4 % 0.04
Q3 2010 18.89 (43.5 %) 1.27 (66.5 %) (5.40) (144.2 %) (1.40)
Q4 2010 14.86 (50.4 %) (3.83) (173.5 %) (12.34) (374.5 %) (3.19)
Q1 2011 10.25 (59.3 %) 1.56 (71.1 %) (2.05) (35.8 %) (0.53)
Q2 2011 12.97 (23.1 %) 2.22 (63.5 %) (3.07) (2193.9 %) (0.79)
Q3 2011 16.56 (12.3 %) 2.52 99.2 % (1.06) 80.5 % (0.27)
Q4 2011 15.06 1.3 % 1.85 148.3 % 10.79 187.5 % 2.79
Q1 2012 15.82 54.4 % 2.99 91.8 % (0.87) 57.6 % (0.22)
Q2 2012 21.78 67.9 % 4.41 98.9 % 0.36 111.8 % 0.09
Q3 2012 22.38 35.1 % 4.43 75.7 % 0.60 157.1 % 0.16
Q4 2012 21.73 44.3 % 5.14 178.2 % 0.93 (91.3 %) 0.24
Q1 2013 24.11 52.4 % 4.49 50.2 % 2.56 394.8 % 0.66
Q2 2013 26.46 21.5 % 5.73 29.9 % 2.77 663.1 % 0.72
Q3 2013 27.44 22.6 % 5.55 25.3 % 3.05 405.8 % 0.79
Q4 2013 34.25 57.6 % 9.39 82.5 % 5.21 457.9 % 1.35
Q1 2014 44.65 85.2 % 8.62 91.9 % 6.01 134.4 % 1.55
Q2 2014 33.35 26.0 % 9.18 60.1 % 3.01 8.8 % 0.78
Q3 2014 31.21 13.7 % 8.73 57.1 % 3.43 12.4 % 0.89
Q4 2014 33.29 (2.8 %) 6.39 (31.9 %) 5.11 (1.9 %) 1.32
Q1 2015 27.87 (37.6 %) 9.80 13.7 % 38.86 546.7 % 10.05
Q2 2015 37.24 11.6 % 7.44 (18.9 %) 2.50 (16.9 %) 0.65
Q3 2015 32.98 5.7 % 7.86 (9.9 %) 1.39 (59.4 %) 0.36
Q4 2015 36.55 9.8 % 4.61 (27.8 %) 2.08 (59.3 %) 0.54
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.28 (94.1 %) 0.59
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.02 (19.1 %) 0.52
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.30 (6.8 %) 0.34
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (6.13) (394.2 %) (1.58)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.47 (35.3 %) 0.38
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 3.03 49.7 % 0.78
Q3 2017 39.21 16.0 % 14.35 84.8 % 2.25 73.1 % 0.58
Q4 2017 21.10 (26.6 %) 0.26 (36.9 %) 1.41 123.1 % 0.37
Q1 2018 23.55 (32.7 %) 6.76 (26.7 %) 1.48 0.1 % 0.38
Q2 2018 17.87 (56.7 %) 5.17 (57.2 %) (0.71) (123.3 %) (0.18)
Q3 2018 17.25 (56.0 %) 4.91 (65.8 %) 0.25 (88.8 %) 0.07
Q4 2018 12.38 (41.3 %) 0.05 (80.2 %) (5.51) (490.0 %) (1.43)
Q1 2019 22.46 (4.6 %) 2.62 (61.2 %) (2.18) (247.8 %) (0.56)
Q2 2019 16.02 (10.4 %) 1.89 (63.4 %) (3.76) (432.8 %) (0.97)
Q3 2019 2.60 (84.9 %) (4.11) (183.7 %) (40.11) (15983.4 %) (10.37)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 13.72 % (9.04 %) (8.78 %)
Q2 2010 19.40 % (4.92 %) (5.86 %)
Q3 2010 19.74 % (7.82 %) (10.30 %)
Q4 2010 11.76 % (22.06 %) (25.21 %)
Q1 2011 8.34 % (27.83 %) (32.27 %)
Q2 2011 2.14 % (31.95 %) (40.13 %)
Q3 2011 4.52 % (28.76 %) (34.33 %)
Q4 2011 14.86 % (18.98 %) (26.86 %)
Q1 2012 15.86 % (14.97 %) (22.42 %)
Q2 2012 17.01 % (9.94 %) (14.61 %)
Q3 2012 18.24 % (4.52 %) (10.95 %)
Q4 2012 20.78 % 5.60 % 1.26 %
Q1 2013 20.54 % 6.43 % 2.46 %
Q2 2013 20.91 % 6.59 % 2.80 %
Q3 2013 20.98 % 6.70 % 3.04 %
Q4 2013 22.42 % 8.19 % 4.43 %
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %
Q4 2014 23.10 % 9.48 % 6.49 %
Q1 2015 27.12 % 11.28 % 8.11 %
Q2 2015 24.97 % 9.66 % 7.94 %
Q3 2015 23.97 % 9.19 % 7.61 %
Q4 2015 22.07 % 7.93 % 7.19 %
Q1 2016 19.69 % 6.22 % 5.73 %
Q2 2016 22.10 % 7.11 % 5.18 %
Q3 2016 21.92 % 7.89 % 5.09 %
Q4 2016 20.17 % 2.49 % (0.37 %)
Q1 2017 21.05 % 2.16 % (0.95 %)
Q2 2017 21.22 % 3.30 % (0.24 %)
Q3 2017 24.99 % 4.41 % 0.43 %
Q4 2017 26.28 % 11.74 % 5.97 %
Q1 2018 26.71 % 14.61 % 6.52 %
Q2 2018 26.08 % 12.60 % 4.36 %
Q3 2018 21.42 % 12.68 % 3.05 %
Q4 2018 23.76 % 4.18 % (6.32 %)
Q1 2019 18.22 % (1.33 %) (11.64 %)
Q2 2019 13.90 % (3.67 %) (16.44 %)
Q3 2019 0.84 % (54.21 %) (68.15 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 3.87 (2.75) (2.75) 17.42
Q2 2010 3.87 (1.60) (1.60) 17.46
Q3 2010 3.87 (2.42) (2.42) 16.22
Q4 2010 3.87 (4.94) (4.94) 8.37
Q1 2011 3.87 (5.08) (5.08) 8.03
Q2 2011 3.87 (5.91) (5.91) 7.05
Q3 2011 3.87 (4.79) (4.85) 6.77
Q4 2011 3.87 1.19 (3.81) 9.57
Q1 2012 3.87 1.50 (3.50) 9.24
Q2 2012 3.87 2.39 (2.62) 9.12
Q3 2012 3.87 2.82 (2.12) 9.22
Q4 2012 3.87 0.27 0.27 9.63
Q1 2013 3.87 1.15 0.57 11.95
Q2 2013 3.87 1.78 0.68 12.15
Q3 2013 3.87 2.41 0.78 12.48
Q4 2013 3.87 3.51 1.29 13.38
Q1 2014 3.87 4.40 1.92 14.31
Q2 2014 3.87 4.47 2.33 15.02
Q3 2014 3.87 4.57 2.51 15.86
Q4 2014 3.87 4.54 2.39 16.85
Q1 2015 3.87 13.03 2.64 26.71
Q2 2015 3.87 12.90 2.66 27.56
Q3 2015 3.87 12.37 2.59 27.77
Q4 2015 3.87 11.59 2.50 27.68
Q1 2016 3.87 2.13 2.13 28.27
Q2 2016 3.87 2.01 2.01 28.80
Q3 2016 3.87 1.99 1.99 29.09
Q4 2016 3.87 (0.14) (0.14) 27.59
Q1 2017 3.87 (0.34) (0.34) 27.98
Q2 2017 3.87 (0.09) (0.09) 28.76
Q3 2017 3.87 0.16 0.16 29.34
Q4 2017 3.87 2.11 2.11 29.84
Q1 2018 3.87 2.11 2.11 30.22
Q2 2018 3.87 1.15 1.15 30.04
Q3 2018 3.87 0.63 0.63 30.10
Q4 2018 3.87 (1.16) (1.16) 28.68
Q1 2019 3.87 (2.11) (2.11) 28.12
Q2 2019 3.87 (2.90) (2.90) 27.14
Q3 2019 3.87 (13.33) (9.42) 15.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 10.26
Q2 2010 NEG NEG 5.64
Q3 2010 NEG NEG 6.00
Q4 2010 NEG NEG 11.40
Q1 2011 NEG NEG 10.88
Q2 2011 NEG NEG 13.13
Q3 2011 NEG NEG 14.11
Q4 2011 90.33 NEG 11.27
Q1 2012 More than 100 NEG 16.24
Q2 2012 39.53 NEG 10.35
Q3 2012 42.31 NEG 12.91
Q4 2012 More than 100 More than 100 13.10
Q1 2013 More than 100 More than 100 12.19
Q2 2013 80.81 More than 100 11.81
Q3 2013 56.69 More than 100 10.94
Q4 2013 52.09 More than 100 13.68
Q1 2014 93.77 More than 100 28.86
Q2 2014 76.91 More than 100 22.87
Q3 2014 87.58 More than 100 25.21
Q4 2014 76.88 More than 100 20.72
Q1 2015 27.02 More than 100 13.18
Q2 2015 25.81 More than 100 12.08
Q3 2015 13.96 66.81 6.22
Q4 2015 15.01 69.48 6.28
Q1 2016 66.24 66.24 5.00
Q2 2016 67.06 67.06 4.68
Q3 2016 49.71 49.71 3.39
Q4 2016 NEG NEG 5.89
Q1 2017 NEG NEG 5.81
Q2 2017 NEG NEG 4.83
Q3 2017 More than 100 More than 100 5.09
Q4 2017 62.09 62.09 4.39
Q1 2018 61.98 61.98 4.33
Q2 2018 More than 100 More than 100 4.40
Q3 2018 More than 100 More than 100 3.85
Q4 2018 NEG NEG 4.09
Q1 2019 NEG NEG 3.37
Q2 2019 NEG NEG 3.47
Q3 2019 NEG NEG 5.56

Business Segments (Million)

Compared With The
Period Meat sector Fruit and vegetable sector Other activities
Q1 2018 15.02 7.81 0.72
Q2 2018 5.92 11.80 0.15
Q1 2019 20.53 1.73 0.20

Current
Market Cap (M Riyal) 303.55
Enterprise Value (EV) (M) 270.08
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (1.29)
Book Value (BV) ( Riyal) 4.44
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 10.53
Return on Average Assets (%) (TTM) (11.89 )
Return on Average Equity (%) (TTM) -

Share Price

46.70
(1.15) (2.40 %)

Thimar Development Holding Co. (THIMAR)


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