Airlines Catering’s 2014 net profit up 15% to SAR 653.9 mln
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Saudi Airlines Catering Company, which provides in-flight catering, reported 2014 net profit of SAR 653.9 million, a 15 percent increase compared to last year.
A net profit of SAR 172.8 million was reported for Q4-2014 compared to SAR 155.0 million for Q3.
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 1,867.50 | 2,135.94 | 14.4 % |
| Gross Income | 691.92 | 774.58 | 11.9 % |
| Operating Income | 545.81 | 633.33 | 16.0 % |
| Net Income | 569.35 | 653.93 | 14.9 % |
| Average Shares | 82.00 | 82.00 | - |
| Earnings Per Share before unusual items (Riyals) | 6.94 | 7.97 | 14.9 % |
| EPS (Riyal) | 6.94 | 7.97 | 14.9 % |
The company attributed the increase of 2014’s net profit compared to last year to strong airline division sales. Net profit increased by 15% in total of which 12% related to revenue growth and 3% because of a decrease in general & administrative expenses.
The increase of Q4-2014’s net profit compared to the same period last year was attributed to revenue’s by 10% with major contribution from strong in-flight catering sales 6 %, Al-Fursan lounges sales 41%, Sky-Sales 16% and non-airline sales 32%. Al-Fursan lounges sales benefitted from new openings in Riyadh and Dammam, main drivers for the substantial increase in non-airline sales were contract wins in remote site management. Gross profit increased by 3% in line with the total segmental revenue increase. Net profit increased by 36% mainly because of the strong topline growth and various releases of cost provisions.
The increase of Q4’s net profit compared to the previous quarter (Q3-2014) was attributed to savings in general and administrative expenses and the increase of other revenue.
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 480.37 | 535.38 | 11.4 % |
| Gross Income | 177.54 | 183.34 | 3.3 % |
| Operating Income | 122.86 | 164.68 | 34.0 % |
| Net Income | 127.19 | 172.83 | 35.9 % |
| Average Shares | 82.00 | 82.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.55 | 2.11 | 35.9 % |
| EPS (Riyal) | 1.55 | 2.11 | 35.9 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 496.69 | 10.0 % | 195.56 | 15.2 % | 155.75 | 12.0 % |
| Q2 2014 | 551.34 | 16.1 % | 207.65 | 10.2 % | 160.75 | 2.2 % |
| Q3 2014 | 552.54 | 20.0 % | 188.03 | 20.4 % | 152.15 | 20.2 % |
| Q4 2014 | 535.38 | 11.4 % | 183.34 | 3.3 % | 164.68 | 34.0 % |
| 2014 | 2,135.94 | 14.4 % | 774.58 | 11.9 % | 633.33 | 16.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2014 | 161.78 | 14.9 % | 1.97 | - | 161.78 | 1.97 |
| Q2 2014 | 164.35 | (2.2 %) | 2.00 | - | 164.35 | 2.00 |
| Q3 2014 | 154.98 | 16.1 % | 1.89 | - | 154.98 | 1.89 |
| Q4 2014 | 172.83 | 35.9 % | 2.11 | - | 172.83 | 2.11 |
| 2014 | 653.93 | 14.9 % | 7.97 | - | 653.93 | 7.97 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2013 | 37.40 % | 31.70 % | 31.03 % |
| Q2 2013 | 36.78 % | 31.44 % | 31.36 % |
| Q3 2013 | 36.39 % | 30.76 % | 31.01 % |
| Q4 2013 | 37.05 % | 30.06 % | 30.49 % |
| 2013 | 37.05 % | 30.06 % | 30.49 % |
| Q1 2014 | 37.52 % | 30.23 % | 30.87 % |
| Q2 2014 | 37.05 % | 29.28 % | 29.50 % |
| Q3 2014 | 36.94 % | 29.26 % | 29.23 % |
| Q4 2014 | 36.26 % | 30.52 % | 30.62 % |
| 2014 | 36.26 % | 30.52 % | 30.62 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 82.00 | 7.20 | 7.20 | 14.27 |
| Q2 2014 | 82.00 | 7.16 | 7.16 | 14.65 |
| Q3 2014 | 82.00 | 7.42 | 7.42 | 14.67 |
| Q4 2014 | 82.00 | 7.97 | 7.97 | 14.95 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2014 | 21.88 | 21.88 | 11.03 |
| Q2 2014 | 24.03 | 24.03 | 11.74 |
| Q3 2014 | 25.61 | 25.61 | 12.95 |
| Q4 2014 | 23.31 | 23.31 | 12.44 |
Business Segments (Million)
Q4 2014
| Period | Catering services | sky sales |
|---|---|---|
| Q1 2014 | 447.67 | 49.02 |
| Q2 2014 | 498.34 | 53.00 |
| Q3 2014 | 500.86 | 51.68 |
| Q4 2014 | 479.68 | 55.70 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 168.60 | 172.83 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Alistithmar for Financial Securities and Brokerage | 168.60 | 172.83 |
| Current | |
| Market Cap (M Riyal) | 6,363.21 |
| Enterprise Value (EV) (M Riyal) | 6,482.20 |
| Shares Outstanding ((M)) | 82.00 |
| EPS ( Riyal) (TTM) | 4.10 |
| Book Value (BV) ( Riyal) | 18.28 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 18.94 |
| P/E (TTM) | 18.94 |
| Price/book | 4.24 |
| Return on Average Assets (%) (TTM) | 12.0 |
| Return on Average Equity (%) (TTM) | 23.5 |
| EV/adj EBITDA | 13.62 |
| EV/Revenues | 2.73 |
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