Financial Results : Astra Industrial’s net profit falls 42% in 9M 2016

Astra Industrial’s net profit falls 42% in 9M 2016

20/10/2016 Argaam Exclusive

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Astra Industrial Group reported a net profit of SAR 41.8 million for the first nine months of 2016, a 42 percent year-on-year (YoY) drop attributed to a decline in operating income in the pharmaceuticals sector as selling, marketing, general and administration expenses rose.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,333.17 1,337.03 0.3 %
Gross Income 474.60 594.94 25.4 %
Operating Income 49.84 129.20 159.3 %
Net Income 71.66 (23.15) (132.3 %)
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyals) 0.90 (0.29) (132.3 %)
EPS (Riyal) 0.90 (0.29) (132.3 %)

Net profit for the third quarter slumped 85 percent YoY to SAR 1.4 million on higher financial charges in all sectors, and an increase in other expenses mainly due to currency exchange losses in the pharmaceutical sector.

 

When compared to the previous quarter, the Q3 profit was down 94 percent due to a decrease in income.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 381.83 389.16 1.9 %
Gross Income 130.00 180.23 38.6 %
Operating Income 1.92 39.60 1965.6 %
Net Income 9.46 (25.34) (367.9 %)
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyal) 0.12 (0.32) (367.9 %)
EPS (Riyal) 0.12 (0.32) (367.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 234.18 - 108.93 - 58.41 -
Q2 2008 239.57 - 106.57 - 48.02 -
Q3 2008 267.42 - 109.59 - 48.95 -
Q4 2008 249.84 - 94.22 - 23.16 -
Q1 2009 231.27 (1.2 %) 108.74 (0.2 %) 45.63 (21.9 %)
Q2 2009 256.59 7.1 % 108.08 1.4 % 40.71 (15.2 %)
Q3 2009 228.37 (14.6 %) 105.09 (4.1 %) 45.62 (6.8 %)
Q4 2009 255.30 2.2 % 120.14 27.5 % 37.41 61.5 %
Q1 2010 276.32 19.5 % 126.93 16.7 % 44.23 (3.1 %)
Q2 2010 276.03 7.6 % 126.08 16.7 % 46.27 13.7 %
Q3 2010 260.98 14.3 % 121.38 15.5 % 38.88 (14.8 %)
Q4 2010 307.13 20.3 % 110.67 (7.9 %) 45.93 22.8 %
Q1 2011 356.77 29.1 % 141.28 11.3 % 50.97 15.2 %
Q2 2011 373.14 35.2 % 146.07 15.9 % 50.29 8.7 %
Q3 2011 334.40 28.1 % 139.61 15.0 % 42.04 8.1 %
Q4 2011 340.93 11.0 % 138.10 24.8 % 49.08 6.9 %
Q1 2012 391.50 9.7 % 155.53 10.1 % 53.40 4.8 %
Q2 2012 376.88 1.0 % 155.50 6.5 % 50.92 1.3 %
Q3 2012 317.94 (4.9 %) 152.83 9.5 % 35.58 (15.4 %)
Q4 2012 410.00 20.3 % 154.06 11.6 % 45.31 (7.7 %)
Q1 2013 454.19 16.0 % 174.40 12.1 % 54.02 1.2 %
Q2 2013 447.54 18.7 % 178.71 14.9 % 50.08 (1.7 %)
Q3 2013 360.22 13.3 % 157.84 3.3 % 36.56 2.8 %
Q4 2013 509.48 24.3 % 169.90 10.3 % 36.38 (19.7 %)
Q1 2014 498.90 9.8 % 184.96 6.1 % 48.34 (10.5 %)
Q2 2014 453.23 1.3 % 136.47 (23.6 %) (5.14) (110.3 %)
Q3 2014 439.81 22.1 % 125.94 (20.2 %) 5.15 (85.9 %)
Q4 2014 491.79 (3.5 %) 158.77 (6.5 %) 20.56 (43.5 %)
Q1 2015 489.36 (1.9 %) 181.61 (1.8 %) 42.43 (12.2 %)
Q2 2015 461.99 1.9 % 162.98 19.4 % 5.50 206.9 %
Q3 2015 381.83 (13.2 %) 130.00 3.2 % 1.92 (62.8 %)
Q4 2015 422.92 (14.0 %) 107.80 (32.1 %) (49.86) (342.5 %)
Q1 2016 503.31 2.9 % 224.54 23.6 % 58.48 37.8 %
Q2 2016 444.56 (3.8 %) 190.17 16.7 % 31.13 466.5 %
Q3 2016 389.16 1.9 % 180.23 38.6 % 39.60 1965.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 59.51 - 0.74 - 59.51 0.74
Q2 2008 46.73 - 0.58 - 46.73 0.58
Q3 2008 53.84 - 0.67 - 53.84 0.67
Q4 2008 25.72 - 0.32 - 25.72 0.32
Q1 2009 49.23 (17.3 %) 0.62 1.94 47.29 0.59
Q2 2009 50.74 8.6 % 0.63 2.66 48.08 0.60
Q3 2009 54.23 0.7 % 0.68 2.88 51.35 0.64
Q4 2009 49.84 93.8 % 0.62 3.04 46.80 0.59
Q1 2010 57.88 17.6 % 0.72 2.68 55.20 0.69
Q2 2010 61.46 21.1 % 0.77 3.48 57.98 0.72
Q3 2010 80.65 48.7 % 1.01 22.68 57.97 0.72
Q4 2010 59.00 18.4 % 0.74 - 59.00 0.74
Q1 2011 62.04 7.2 % 0.78 - 62.04 0.78
Q2 2011 67.28 9.5 % 0.84 - 67.28 0.84
Q3 2011 58.49 (27.5 %) 0.73 - 58.49 0.73
Q4 2011 63.77 8.1 % 0.80 - 63.77 0.80
Q1 2012 64.08 3.3 % 0.80 - 64.08 0.80
Q2 2012 68.50 1.8 % 0.86 - 68.50 0.86
Q3 2012 46.66 (20.2 %) 0.58 - 46.66 0.58
Q4 2012 63.43 (0.5 %) 0.79 - 63.43 0.79
Q1 2013 68.32 6.6 % 0.85 - 68.32 0.85
Q2 2013 61.72 (9.9 %) 0.77 - 61.72 0.77
Q3 2013 50.69 8.7 % 0.63 - 50.69 0.63
Q4 2013 72.41 14.1 % 0.91 - 72.41 0.91
Q1 2014 63.06 (7.7 %) 0.79 - 63.06 0.79
Q2 2014 3.07 (95.0 %) 0.04 - 3.07 0.04
Q3 2014 17.91 (64.7 %) 0.22 - 17.91 0.22
Q4 2014 25.72 (64.5 %) 0.32 - 25.72 0.32
Q1 2015 42.11 (33.2 %) 0.53 - 42.11 0.53
Q2 2015 20.10 554.8 % 0.25 - 20.10 0.25
Q3 2015 9.46 (47.2 %) 0.12 - 9.46 0.12
Q4 2015 (65.19) (353.4 %) (0.81) - (65.19) (0.81)
Q1 2016 12.80 (69.6 %) 0.16 - 12.80 0.16
Q2 2016 (10.60) (152.8 %) (0.13) - (10.60) (0.13)
Q3 2016 (25.34) (367.9 %) (0.32) - (25.34) (0.32)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 42.31 % 20.25 % 18.75 %
Q1 2009 42.42 % 19.13 % 17.57 %
Q2 2009 41.85 % 18.11 % 17.40 %
Q3 2009 43.07 % 18.44 % 17.85 %
Q4 2009 45.50 % 19.94 % 19.92 %
Q1 2010 45.27 % 19.14 % 19.81 %
Q2 2010 46.16 % 19.11 % 20.40 %
Q3 2010 46.28 % 17.92 % 20.40 %
Q4 2010 43.29 % 18.41 % 20.54 %
Q1 2011 41.59 % 17.71 % 19.73 %
Q2 2011 40.01 % 16.85 % 18.97 %
Q3 2011 39.20 % 16.26 % 18.00 %
Q4 2011 40.21 % 15.71 % 17.90 %
Q1 2012 40.23 % 15.71 % 17.61 %
Q2 2012 40.78 % 15.91 % 17.65 %
Q3 2012 42.18 % 15.95 % 17.03 %
Q4 2012 41.30 % 15.09 % 16.22 %
Q1 2013 40.85 % 14.76 % 15.84 %
Q2 2013 40.50 % 13.92 % 14.74 %
Q3 2013 39.77 % 13.56 % 14.60 %
Q4 2013 38.44 % 13.31 % 14.29 %
Q1 2014 38.07 % 13.64 % 13.65 %
Q2 2014 35.63 % 11.75 % 10.39 %
Q3 2014 32.46 % 10.54 % 8.23 %
Q4 2014 32.18 % 9.87 % 5.83 %
Q1 2015 32.16 % 9.69 % 4.74 %
Q2 2015 33.42 % 10.59 % 5.62 %
Q3 2015 34.71 % 10.53 % 5.34 %
Q4 2015 33.16 % 7.75 % 0.37 %
2015 33.28 % 7.88 % 0.38 %
Q1 2016 35.33 % 7.68 % (1.29 %)
Q2 2016 37.23 % 7.90 % (3.05 %)
Q3 2016 39.93 % 9.51 % (5.02 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 80.00 - - 11.03
Q2 2008 80.00 - - 11.56
Q3 2008 80.00 - - 17.67
Q4 2008 80.00 2.32 2.32 17.98
Q1 2009 80.00 2.19 2.17 18.51
Q2 2009 80.00 2.24 2.19 18.54
Q3 2009 80.00 2.25 2.16 19.10
Q4 2009 80.00 2.55 2.42 19.52
Q1 2010 80.00 2.66 2.52 19.08
Q2 2010 80.00 2.79 2.64 19.84
Q3 2010 80.00 3.12 2.72 20.62
Q4 2010 80.00 3.24 2.88 21.05
Q1 2011 80.00 3.29 2.96 21.73
Q2 2011 80.00 3.36 3.08 21.19
Q3 2011 80.00 3.09 3.09 21.89
Q4 2011 80.00 3.14 3.14 22.39
Q1 2012 80.00 3.17 3.17 23.18
Q2 2012 80.00 3.19 3.19 22.27
Q3 2012 80.00 3.04 3.04 22.63
Q4 2012 80.00 3.03 3.03 23.03
Q1 2013 80.00 3.09 3.09 23.94
Q2 2013 80.00 3.00 3.00 22.92
Q3 2013 80.00 3.05 3.05 23.18
Q4 2013 80.00 3.16 3.16 23.68
Q1 2014 80.00 3.10 3.10 24.43
Q2 2014 80.00 2.37 2.37 22.82
Q3 2014 80.00 1.96 1.96 22.99
Q4 2014 80.00 1.37 1.37 23.08
Q1 2015 80.00 1.11 1.11 23.53
Q2 2015 80.00 1.32 1.32 22.71
Q3 2015 80.00 1.22 1.22 22.19
Q4 2015 80.00 0.08 0.08 21.46
Q1 2016 80.00 (0.29) (0.29) 21.65
Q2 2016 80.00 (0.67) (0.67) 21.78
Q3 2016 80.00 (1.10) (1.10) 21.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - 1.71
Q4 2008 9.75 9.75 1.26
Q1 2009 8.88 8.98 1.05
Q2 2009 13.08 13.42 1.58
Q3 2009 14.41 15.04 1.70
Q4 2009 12.82 13.51 1.67
Q1 2010 14.10 14.89 1.97
Q2 2010 12.24 12.93 1.72
Q3 2010 11.80 13.53 1.79
Q4 2010 11.15 12.55 1.72
Q1 2011 9.49 10.53 1.44
Q2 2011 9.53 10.41 1.51
Q3 2011 10.47 10.47 1.48
Q4 2011 10.36 10.36 1.46
Q1 2012 12.71 12.71 1.74
Q2 2012 11.74 11.74 1.68
Q3 2012 12.04 12.04 1.62
Q4 2012 11.90 11.90 1.57
Q1 2013 12.18 12.18 1.57
Q2 2013 13.79 13.79 1.81
Q3 2013 13.83 13.83 1.82
Q4 2013 15.51 15.51 2.07
Q1 2014 18.15 18.15 2.30
Q2 2014 21.57 21.57 2.24
Q3 2014 24.30 24.30 2.07
Q4 2014 21.27 21.27 1.26
Q1 2015 26.98 26.98 1.27
Q2 2015 24.44 24.44 1.42
Q3 2015 19.14 19.14 1.05
Q4 2015 More than 100 More than 100 0.92
Q1 2016 NEG NEG 0.69
Q2 2016 NEG NEG 0.75
Q3 2016 NEG NEG 0.62

Business Segments (Million)

Compared With The
Period Pharmaceuticals Specialty chemicals Energy and steel industries
Q1 2009 105.16 67.45 58.67
Q2 2009 110.55 91.59 54.44
Q3 2009 97.03 87.96 43.39
Q4 2009 110.04 96.49 48.77
Q1 2010 121.91 96.96 57.45
Q2 2010 119.52 108.62 47.89
Q3 2010 104.06 110.86 46.06
Q4 2010 105.44 130.51 71.18
Q1 2011 135.38 138.56 82.82
Q2 2011 146.24 135.09 91.81
Q3 2011 139.68 119.96 74.06
Q4 2011 123.64 126.61 68.12
Q1 2012 172.74 135.63 83.14
Q2 2012 151.94 138.05 86.89
Q3 2012 160.61 122.47 34.86
Q4 2012 170.66 150.68 88.66
Q1 2013 214.39 165.59 74.22
Q2 2013 205.41 157.70 84.42
Q3 2013 189.95 114.84 55.43
Q4 2013 258.27 115.01 136.20
Q1 2014 243.34 161.19 94.37
Q2 2014 207.26 144.23 101.73
Q3 2014 207.18 127.15 105.48
Q4 2014 268.21 154.23 104.43
Q1 2015 204.31 178.44 106.61
Q2 2015 248.39 143.08 70.51
Q3 2015 186.53 134.45 60.85
Q4 2015 196.59 136.58 93.75
Q1 2016 254.25 182.79 66.27
Q2 2016 214.90 166.52 63.14
Q3 2016 204.22 119.43 65.51


Financial Ratios
Current
Market Cap (M Riyal) 11,352.01
Enterprise Value (EV) (M Riyal) 11,017.24
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 7.72
Book Value (BV) ( Riyal) 32.94
Par Value ( Riyal) 10.00
Recurring P/E 18.38
P/E (TTM) 18.38
Price/book 4.31
Return on Average Assets (%) (TTM) 13.8
Return on Average Equity (%) (TTM) 25.3
EV/adj EBITDA 13.74
EV/Revenues 3.72
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Share Price

Astra Industrial Group
141.90
(2.80) (1.94 %)

Astra Industrial Group (ASTRA INDUSTRIAL)

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