Financial Results : Astra’s net profit surges in H1 2017 on higher income

Astra’s net profit surges in H1 2017 on higher income

13/08/2017 Argaam Exclusive

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Astra Industrial Group reported a net profit of SAR 26.7 million for the first half of this year compared to a net profit of around SAR 2.2 million for the same period last year, due to lower zakat, an increase in other income, and a decrease in other expenses mainly from the pharmaceuticals sector.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 947.87 940.95 (0.7 %)
Gross Income 414.71 419.84 1.2 %
Operating Income 89.60 76.23 (14.9 %)
Net Income 2.20 26.74 1117.6 %
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyals) 0.03 0.06 127.0 %
EPS (Riyals) 0.03 0.33 1117.6 %

The pharmaceuticals producer turned to a net profit of SAR 7 million in Q2 versus a net loss of SAR 10.6 million a year earlier, on the back of lower zakat, an increase in other income, and lower expenses mainly from the pharmaceuticals sector.

 

Net profit in Q2 plunged by 64 percent from the previous quarter due to lower sales of the pharmaceuticals and chemicals segments, in addition to higher expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 444.56 428.52 (3.6 %)
Gross Income 190.17 198.92 4.6 %
Operating Income 31.13 23.25 (25.3 %)
Net Income (10.60) 7.00 166.0 %
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyals) (0.13) (0.04) 70.4 %
EPS (Riyals) (0.13) 0.09 166.0 %


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 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 - - - - - -
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 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 25.72 - 0.32 - 25.72 0.32
Q1 2015 42.11 - 0.53 - 42.11 0.53
Q2 2015 20.10 - 0.25 - 20.10 0.25
Q3 2015 9.46 - 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)
Q4 2016 (70.80) (8.6 %) (0.88) - (70.80) (0.88)
Q1 2017 19.74 54.3 % 0.25 11.62 8.12 0.10
Q2 2017 7.00 166.0 % 0.09 10.13 (3.13) (0.04)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - - - - - -
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 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 491.79 - 158.77 - 20.56 -
Q1 2015 489.36 - 181.61 - 42.43 -
Q2 2015 461.99 - 162.98 - 5.50 -
Q3 2015 381.83 - 130.00 - 1.92 -
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 %
Q4 2016 404.48 (4.4 %) 185.42 72.0 % 20.77 141.7 %
Q1 2017 512.43 1.8 % 220.92 (1.6 %) 52.98 (9.4 %)
Q2 2017 428.52 (3.6 %) 198.92 4.6 % 23.25 (25.3 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 35.33 % 7.68 % (1.29 %)
Q2 2016 37.23 % 7.90 % (3.05 %)
Q3 2016 39.93 % 9.51 % (5.02 %)
Q4 2016 44.81 % 12.07 % (5.39 %)
2016 44.81 % 12.07 % (5.39 %)
Q1 2017 44.37 % 11.60 % (5.63 %)
Q2 2017 45.28 % 11.49 % (5.26 %)


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 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 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
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
Q4 2016 80.00 (1.17) (1.17) 15.43
Q1 2017 80.00 (1.09) (1.23) 15.62
Q2 2017 80.00 (0.87) (1.14) 15.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 NEG NEG 0.69
Q2 2016 NEG NEG 0.75
Q3 2016 NEG NEG 0.62
Q4 2016 NEG NEG 1.11
Q1 2017 NEG NEG 1.06
Q2 2017 NEG NEG 1.01

Business Segments (Million)

Compared With The
Period Pharmaceuticals Specialty chemicals Energy and steel industries Other
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 -
Q4 2016 220.50 131.57 52.41 -
Q1 2017 224.63 202.84 84.97 -
Q2 2017 198.23 142.49 86.79 1.00

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Average 20.00 7.00 (65.0 %) (3.13) (115.7 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (net income) Change Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
HSBC 20.00 7.00 (185.8) % (3.13) (738.2) %


Financial Ratios
Current
Market Cap (M Riyal) 11,936.01
Enterprise Value (EV) (M) 11,424.25
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 7.64
Book Value (BV) ( Riyal) 33.76
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.22
P/E (TTM) 19.52
Price/book 4.42
Return on Average Assets (%) (TTM) 13.5
Return on Average Equity (%) (TTM) 24.5
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Share Price

Astra Industrial Group
149.20
(2.20) (1.45 %)

Astra Industrial Group (ASTRA INDUSTRIAL)

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