Al Khaleej Training’s net profit falls 14% in nine-months 2015

20/10/2015 Argaam Exclusive

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Share Price

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

Al Khaleej Training and Education Co. reported a net profit of SAR 48.8 million for the first nine months of 2015; a 14 percent year-on-year decline it attributed to lower computer sales during Ramadan, as well as higher social security costs resulting from the modification of employee salaries.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	526.12	546.16	3.8 %
Gross Income	129.21	124.49	(3.7 %)
Operating Income	63.81	57.59	(9.7 %)
Net Income	57.06	48.83	(14.4 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	1.03	0.88	(14.4 %)

The company reported a net profit of SAR 16.4 million in Q3-2015, making an 18 percent drop when compared to the same period last year due to weaker performance from the firm's subsidiaries.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	167.34	175.01	4.6 %
Gross Income	45.11	41.15	(8.8 %)
Operating Income	23.70	18.54	(21.8 %)
Net Income	19.94	16.45	(17.5 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	0.36	0.30	(17.5 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	183.90	175.01	(4.8 %)
Gross Income	40.83	41.15	0.8 %
Operating Income	20.25	18.54	(8.4 %)
Net Income	16.74	16.45	(1.8 %)
Average Shares	55.42	55.42	-
EPS (Riyals)	0.30	0.30	(1.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	241.59	-	85.88	-	37.04	-	0.67
Q1 2007	72.37	-	21.41	-	6.97	-	0.13
Q2 2007	88.90	-	26.62	-	10.45	-	0.19
Q3 2007	60.53	-	14.10	-	3.89	-	0.07
Q4 2007	79.55	-	31.36	-	16.19	-	0.29
2007	301.35	24.7 %	93.48	8.9 %	37.50	1.3 %	0.68
Q1 2008	85.97	18.8 %	27.53	28.6 %	11.02	58.1 %	0.20
Q2 2008	92.10	3.6 %	26.93	1.2 %	10.73	2.7 %	0.19
Q3 2008	53.26	(12.0 %)	9.29	(34.1 %)	(3.93)	(200.9 %)	(0.07)
Q4 2008	115.02	44.6 %	42.58	35.8 %	23.42	44.6 %	0.42
2008	346.34	14.9 %	106.32	13.7 %	41.24	10.0 %	0.74
Q1 2009	88.66	3.1 %	24.28	(11.8 %)	10.23	(7.1 %)	0.18
Q2 2009	86.71	(5.8 %)	21.93	(18.6 %)	6.03	(43.8 %)	0.11
Q3 2009	63.24	18.8 %	13.95	50.2 %	0.74	118.8 %	0.01
Q4 2009	111.50	(3.1 %)	45.31	6.4 %	25.03	6.9 %	0.45
2009	350.11	1.1 %	105.47	(0.8 %)	42.04	1.9 %	0.76
Q1 2010	93.26	5.2 %	26.65	9.8 %	11.76	15.0 %	0.21
Q2 2010	94.81	9.3 %	22.52	2.7 %	6.92	14.7 %	0.12
Q3 2010	83.55	32.1 %	22.74	63.0 %	7.21	877.1 %	0.13
Q4 2010	123.75	11.0 %	45.06	(0.6 %)	19.54	(21.9 %)	0.35
2010	395.37	12.9 %	116.97	10.9 %	45.44	8.1 %	0.82
Q1 2011	119.10	27.7 %	33.90	27.2 %	14.50	23.2 %	0.26
Q2 2011	121.06	27.7 %	29.67	31.8 %	10.67	54.2 %	0.19
Q3 2011	118.90	42.3 %	36.74	61.6 %	10.90	51.2 %	0.20
Q4 2011	155.89	26.0 %	52.42	16.3 %	16.59	(15.1 %)	0.30
2011	514.94	30.2 %	152.73	30.6 %	52.66	15.9 %	0.95
Q1 2012	129.29	8.6 %	32.97	(2.7 %)	11.69	(19.4 %)	0.21
Q2 2012	148.00	22.3 %	41.60	40.2 %	18.23	70.8 %	0.33
Q3 2012	131.68	10.8 %	40.14	9.3 %	16.94	55.3 %	0.31
Q4 2012	164.65	5.6 %	48.86	(6.8 %)	20.60	24.2 %	0.37
2012	573.61	11.4 %	163.57	7.1 %	67.45	28.1 %	1.22
Q1 2013	145.85	12.8 %	33.19	0.7 %	10.44	(10.7 %)	0.19
Q2 2013	167.49	13.2 %	40.30	(3.1 %)	18.32	0.5 %	0.33
Q3 2013	150.64	14.4 %	43.43	8.2 %	18.60	9.8 %	0.34
Q4 2013	200.43	21.7 %	64.46	31.9 %	31.47	52.8 %	0.57
2013	664.41	15.8 %	181.38	10.9 %	78.83	16.9 %	1.42
Q1 2014	176.11	20.7 %	39.52	19.1 %	15.61	49.5 %	0.28
Q2 2014	182.67	9.1 %	44.58	10.6 %	21.51	17.4 %	0.39
Q3 2014	167.34	11.1 %	45.11	3.9 %	19.94	7.2 %	0.36
Q4 2014	197.43	(1.5 %)	65.15	1.1 %	32.17	2.2 %	0.58
2014	724.01	9.0 %	194.35	7.1 %	86.07	9.2 %	1.55
Q1 2015	187.25	6.3 %	42.51	7.6 %	15.64	0.2 %	0.28
Q2 2015	183.90	0.7 %	40.83	(8.4 %)	16.74	(22.2 %)	0.30
Q3 2015	175.01	4.6 %	41.15	(8.8 %)	16.45	(17.5 %)	0.30

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	-	-	-	-	-	-	-
2006	241.59	-	85.88	-	37.04	-	0.67
2007	301.35	24.7 %	93.48	8.9 %	37.50	1.3 %	0.68
2008	346.34	14.9 %	106.32	13.7 %	41.24	10.0 %	0.74
2009	350.11	1.1 %	105.47	(0.8 %)	42.04	1.9 %	0.76
2010	395.37	12.9 %	116.97	10.9 %	45.44	8.1 %	0.82
2011	514.94	30.2 %	152.73	30.6 %	52.66	15.9 %	0.95
2012	573.61	11.4 %	163.57	7.1 %	67.45	28.1 %	1.22
2013	664.41	15.8 %	181.38	10.9 %	78.83	16.9 %	1.42
2014	724.01	9.0 %	194.35	7.1 %	86.07	9.2 %	1.55

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	35.55 %	23.85 %	15.33 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	31.02 %	19.37 %	12.45 %
2007	31.02 %	19.37 %	12.45 %
Q1 2008	31.62 %	19.91 %	13.19 %
Q2 2008	31.41 %	20.45 %	13.15 %
Q3 2008	30.59 %	19.57 %	10.94 %
Q4 2008	30.70 %	19.16 %	11.99 %
2008	30.70 %	19.16 %	11.99 %
Q1 2009	29.53 %	18.48 %	11.68 %
Q2 2009	28.54 %	16.91 %	10.49 %
Q3 2009	29.05 %	17.86 %	11.52 %
Q4 2009	30.12 %	18.71 %	12.01 %
2009	30.12 %	18.71 %	12.01 %
Q1 2010	30.40 %	19.18 %	12.28 %
Q2 2010	29.89 %	18.87 %	12.25 %
Q3 2010	30.60 %	19.44 %	13.29 %
Q4 2010	29.59 %	17.65 %	11.49 %
2010	29.59 %	17.65 %	11.49 %
Q1 2011	29.49 %	17.90 %	11.44 %
Q2 2011	29.36 %	17.72 %	11.60 %
Q3 2011	30.11 %	17.40 %	11.52 %
Q4 2011	29.66 %	16.05 %	10.23 %
2011	29.66 %	16.05 %	10.23 %
Q1 2012	28.91 %	14.64 %	9.49 %
Q2 2012	29.66 %	15.29 %	10.40 %
Q3 2012	29.59 %	16.70 %	11.23 %
Q4 2012	28.52 %	15.63 %	11.76 %
2012	28.52 %	15.63 %	11.76 %
Q1 2013	27.75 %	14.90 %	11.22 %
Q2 2013	26.65 %	14.64 %	10.87 %
Q3 2013	26.37 %	14.55 %	10.88 %
Q4 2013	27.30 %	16.32 %	11.93 %
2013	27.30 %	16.10 %	11.87 %
Q1 2014	27.02 %	16.22 %	12.16 %
Q2 2014	27.05 %	16.20 %	12.35 %
Q3 2014	26.66 %	15.78 %	12.18 %
Q4 2014	26.86 %	15.88 %	12.33 %
2014	26.84 %	15.57 %	11.89 %
Q1 2015	26.86 %	16.14 %	12.15 %
Q2 2015	26.31 %	15.74 %	11.48 %
Q3 2015	25.50 %	15.03 %	10.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	35.55 %	23.85 %	15.33 %
2007	31.02 %	19.37 %	12.45 %
2008	30.70 %	19.16 %	11.99 %
2009	30.12 %	18.71 %	12.01 %
2010	29.59 %	17.65 %	11.49 %
2011	29.66 %	16.05 %	10.23 %
2012	28.52 %	15.63 %	11.76 %
2013	27.30 %	16.10 %	11.87 %
2014	26.84 %	15.57 %	11.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	29.58 %	17.86 %	9.63 %
Q2 2007	29.94 %	18.29 %	11.75 %
Q3 2007	23.29 %	6.53 %	6.43 %
Q4 2007	39.42 %	31.74 %	20.36 %
Q1 2008	32.02 %	20.06 %	12.82 %
Q2 2008	29.24 %	20.20 %	11.65 %
Q3 2008	17.43 %	(0.52 %)	(7.38 %)
Q4 2008	37.02 %	26.76 %	20.62 %
Q1 2009	27.39 %	17.37 %	11.54 %
Q2 2009	25.28 %	14.09 %	6.96 %
Q3 2009	22.06 %	7.52 %	1.17 %
Q4 2009	40.64 %	29.73 %	22.45 %
Q1 2010	28.58 %	19.20 %	12.61 %
Q2 2010	23.75 %	13.35 %	7.30 %
Q3 2010	27.22 %	12.90 %	8.63 %
Q4 2010	36.41 %	22.97 %	15.79 %
Q1 2011	28.46 %	19.75 %	12.17 %
Q2 2011	24.51 %	13.68 %	8.81 %
Q3 2011	30.90 %	13.04 %	9.17 %
Q4 2011	33.63 %	17.37 %	10.64 %
Q1 2012	25.50 %	13.70 %	9.04 %
Q2 2012	28.11 %	16.28 %	12.31 %
Q3 2012	30.48 %	19.30 %	12.86 %
Q4 2012	29.67 %	13.61 %	12.51 %
Q1 2013	22.76 %	10.98 %	7.16 %
Q2 2013	24.06 %	15.17 %	10.94 %
Q3 2013	28.83 %	18.34 %	12.64 %
Q4 2013	32.16 %	19.67 %	15.70 %
Q1 2014	22.44 %	11.48 %	8.86 %
Q2 2014	24.40 %	15.17 %	11.78 %
Q3 2014	26.96 %	16.34 %	11.91 %
Q4 2014	33.00 %	20.09 %	16.29 %
Q1 2015	22.70 %	12.74 %	8.35 %
Q2 2015	22.20 %	13.57 %	9.10 %
Q3 2015	23.51 %	13.31 %	9.40 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	55.42	-	-	2.20
Q2 2007	55.42	-	-	2.38
Q3 2007	55.42	-	-	2.45
Q4 2007	55.42	0.68	0.68	2.78
Q1 2008	55.42	0.75	0.75	2.99
Q2 2008	55.42	0.76	0.76	3.17
Q3 2008	55.42	0.61	0.61	3.09
Q4 2008	55.42	0.74	0.75	3.51
Q1 2009	55.42	0.73	0.74	3.66
Q2 2009	55.42	0.65	0.65	3.64
Q3 2009	55.42	0.73	0.73	3.66
Q4 2009	55.42	0.76	0.76	4.11
Q1 2010	55.42	0.79	0.79	4.32
Q2 2010	55.42	0.80	0.80	4.30
Q3 2010	55.42	0.92	0.92	4.41
Q4 2010	55.42	0.82	0.82	4.77
Q1 2011	55.42	0.87	0.87	5.03
Q2 2011	55.42	0.94	0.94	5.07
Q3 2011	55.42	1.00	1.00	5.26
Q4 2011	55.42	0.95	0.95	5.57
Q1 2012	55.42	0.90	0.90	5.79
Q2 2012	55.42	1.04	1.04	5.92
Q3 2012	55.42	1.14	1.14	6.32
Q4 2012	55.42	1.22	1.22	6.59
Q1 2013	55.42	1.19	1.19	6.78
Q2 2013	55.42	1.20	1.20	6.84
Q3 2013	55.42	1.23	1.23	7.20
Q4 2013	55.42	1.42	1.43	7.76
Q1 2014	55.42	1.52	1.52	8.03
Q2 2014	55.42	1.57	1.58	7.86
Q3 2014	55.42	1.60	1.60	8.22
Q4 2014	55.42	1.61	1.61	8.75
Q1 2015	55.42	1.61	1.61	9.04
Q2 2015	55.42	1.52	1.52	8.80
Q3 2015	55.42	1.46	1.46	9.11

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	55.42	0.67	0.67	2.07
2007	55.42	0.68	0.68	2.78
2008	55.42	0.74	0.75	3.51
2009	55.42	0.76	0.76	4.11
2010	55.42	0.82	0.82	4.77
2011	55.42	0.95	0.95	5.57
2012	55.42	1.22	1.22	6.59
2013	55.42	1.42	1.42	7.76
2014	55.42	1.55	1.55	8.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	41.26	41.26	10.05
Q1 2008	25.67	25.67	6.45
Q2 2008	26.90	26.90	6.40
Q3 2008	18.18	18.18	3.61
Q4 2008	12.77	12.68	2.71
Q1 2009	14.93	14.82	2.98
Q2 2009	23.27	23.08	4.12
Q3 2009	19.89	19.75	3.97
Q4 2009	17.12	17.12	3.16
Q1 2010	17.11	17.11	3.11
Q2 2010	15.16	15.16	2.83
Q3 2010	12.81	12.81	2.67
Q4 2010	17.34	17.34	2.98
Q1 2011	16.10	16.10	2.78
Q2 2011	16.72	16.72	3.09
Q3 2011	15.56	15.56	2.97
Q4 2011	20.26	20.26	3.46
Q1 2012	24.34	24.34	3.78
Q2 2012	17.35	17.35	3.04
Q3 2012	16.82	16.82	3.05
Q4 2012	15.68	15.68	2.90
Q1 2013	17.23	17.23	3.04
Q2 2013	18.57	18.57	3.25
Q3 2013	19.87	19.75	3.39
Q4 2013	19.90	19.79	3.65
Q1 2014	26.38	26.24	4.98
Q2 2014	28.03	27.89	5.61
Q3 2014	32.00	32.00	6.22
Q4 2014	30.21	30.21	5.56
Q1 2015	28.28	28.28	5.04
Q2 2015	30.22	30.22	5.24
Q3 2015	26.60	26.60	4.27

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	41.26	41.26	10.05
2008	12.77	12.68	2.71
2009	17.12	17.12	3.16
2010	17.34	17.34	2.98
2011	20.26	20.26	3.46
2012	15.68	15.68	2.90
2013	19.90	19.90	3.65
2014	31.32	31.32	5.56

Business Segments (Million)

Compared With The

Period	Call Centers	Schools	University	Language	Financial & Administrational Training	Computer	Others..
Q1 2007	-	-	-	15.80	-	48.92	7.65
Q2 2007	-	-	-	15.78	-	44.32	28.80
Q3 2007	-	-	-	21.93	-	35.09	3.51
Q4 2007	-	-	-	9.95	-	85.58	-
Q1 2008	-	-	-	17.78	-	56.13	12.06
Q2 2008	-	-	-	20.75	-	50.62	20.73
Q3 2008	-	-	-	15.99	-	28.57	8.70
Q4 2008	-	-	-	21.83	-	84.24	8.95
Q1 2009	-	-	-	21.49	-	57.55	9.61
Q2 2009	16.31	-	-	15.00	-	38.45	16.95
Q3 2009	9.58	-	-	21.29	-	40.14	-
Q4 2009	13.75	-	-	22.28	-	43.14	32.33
Q1 2010	-	-	-	24.29	-	59.89	9.08
Q2 2010	23.53	-	-	12.90	-	39.80	18.59
Q3 2010	15.78	-	-	27.34	-	46.43	-
Q4 2010	20.70	0.70	-	35.21	-	32.35	34.78
Q1 2011	21.65	1.86	-	34.26	-	45.34	15.99
Q2 2011	25.32	1.02	-	33.89	-	47.97	12.86
Q3 2011	29.96	1.20	-	32.82	-	52.31	2.61
Q4 2011	35.33	3.12	-	42.94	-	44.28	30.22
Q1 2012	36.28	3.85	-	34.40	-	41.62	13.14
Q2 2012	37.81	3.42	-	38.08	-	53.29	15.41
Q3 2012	38.79	6.31	-	35.40	-	49.49	1.70
Q4 2012	45.01	6.04	-	46.13	-	37.27	30.21
Q1 2013	41.38	6.01	32.50	18.58	13.19	34.18	-
Q2 2013	45.61	5.70	36.34	18.96	10.00	50.88	-
Q3 2013	49.01	5.66	30.19	18.85	9.53	37.40	-
Q4 2013	50.54	7.38	46.90	26.12	27.59	41.90	-
Q1 2014	46.42	7.86	47.09	19.61	14.35	40.77	-
Q2 2014	46.20	8.59	49.31	21.01	16.14	41.41	-
Q3 2014	54.77	9.58	129.35	18.06	12.32	39.66	-
Q4 2014	61.98	8.99	44.12	24.26	17.24	41.32	-
Q1 2015	57.62	11.15	44.01	20.49	14.73	39.26	-
Q2 2015	58.22	9.70	45.12	17.11	16.31	37.44	-
Q3 2015	63.42	11.49	35.92	16.86	14.45	32.86	-

Period	Call Centers	Schools	University	Language	Financial & Administrational Training	Computer	Others..
2006	-	-	-	60.12	-	157.48	23.99
2007	-	-	-	63.46	-	213.92	23.97
2008	-	-	-	76.36	-	219.55	50.43
2009	39.65	-	-	80.06	-	179.28	51.11
2010	60.01	0.70	-	99.74	-	178.47	56.44
2011	112.26	7.20	-	143.90	-	189.89	61.69
2012	157.89	19.62	-	154.00	-	181.66	60.45
2013	186.55	24.76	145.93	82.50	60.31	164.37	-
2014	209.38	35.02	173.47	82.93	60.04	163.17	-

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	20.40	16.45	(19.4 %)

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
OSOOL AND BAKHEET	19.90	16.45	(17.4) %
AlJazira Capital	20.90	16.45	(21.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,067.00
Enterprise Value (EV) (M)	2,573.41
Shares Outstanding ((M))	65.00
EPS ( Riyal) (TTM)	0.24
Book Value (BV) ( Riyal)	8.01
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	More than 100
Price/book	3.97
Return on Average Assets (%) (TTM)	0.7
Return on Average Equity (%) (TTM)	2.8

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Al Khaleej Training’s net profit falls 14% in nine-months 2015

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Share Price

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

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) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Al Khaleej Training’s net profit falls 14% in nine-months 2015

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Share Price

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

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 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)