Saudi Catering profit drops 14% in 9M 2016 on restructuring provision

17/10/2016 Argaam Exclusive

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Share Price

CATRION Catering Holding Co. (CATRION)

Saudi Airlines Catering Co.’s net income fell 14.1 percent to SAR 436.3 million in the first nine months of 2016. The company attributed the drop to a release of a provision for restructuring during Q2-2015.

Financials (M)

Item	9m 2015	9m 2016	Change‬
Revenues	1,704.44	1,721.62	1.0 %
Gross Income	596.18	598.73	0.4 %
Operating Income	484.91	435.00	(10.3 %)
Net Income	507.76	411.39	(19.0 %)
Average Shares	82.00	82.00	-
EPS (Riyals)	6.19	5.02	(19.0 %)

Third-quarter profit fell 9 percent to SAR 149.6 million because of the increase in payroll costs and the allowance for bad debts during the period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2015	Q3 2016	Change‬
Revenues	578.88	592.01	2.3 %
Gross Income	203.26	213.55	5.1 %
Operating Income	159.97	149.82	(6.3 %)
Net Income	164.50	139.24	(15.4 %)
Average Shares	82.00	82.00	-
EPS (Riyals)	2.01	1.70	(15.4 %)

Item	Q2 2016	Q3 2016	Change‬
Revenues	570.45	592.01	3.8 %
Gross Income	193.09	213.55	10.6 %
Operating Income	144.56	149.82	3.6 %
Net Income	141.76	139.24	(1.8 %)
Average Shares	82.00	82.00	-
EPS (Riyals)	1.73	1.70	(1.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	1,022.66	-	443.86	-	270.02	-	3.29
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	1,031.85	0.9 %	457.64	3.1 %	322.90	19.6 %	3.94
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	1,193.16	15.6 %	545.41	19.2 %	417.09	29.2 %	5.09
Q1 2011	291.44	-	119.72	-	87.44	-	1.07
Q2 2011	367.89	-	142.32	-	102.75	-	1.25
Q3 2011	390.62	-	149.44	-	121.12	-	1.48
Q4 2011	415.32	-	146.99	-	109.25	-	1.33
2011	1,465.27	22.8 %	558.46	2.4 %	420.56	0.8 %	5.13
Q1 2012	383.78	31.7 %	141.44	18.1 %	105.92	21.1 %	1.29
Q2 2012	414.28	12.6 %	176.80	24.2 %	143.12	39.3 %	1.75
Q3 2012	442.45	13.3 %	156.70	4.9 %	134.18	10.8 %	1.64
Q4 2012	446.89	7.6 %	153.06	4.1 %	103.83	(5.0 %)	1.27
2012	1,687.39	15.2 %	628.00	12.5 %	487.05	15.8 %	5.94
Q1 2013	451.52	17.7 %	169.80	20.0 %	140.75	32.9 %	1.72
Q2 2013	475.08	14.7 %	188.40	6.6 %	167.99	17.4 %	2.05
Q3 2013	460.52	4.1 %	156.18	(0.3 %)	133.43	(0.6 %)	1.63
Q4 2013	480.37	7.5 %	177.54	16.0 %	127.19	22.5 %	1.55
2013	1,867.50	10.7 %	691.92	10.2 %	569.35	16.9 %	6.94
Q1 2014	496.69	10.0 %	195.56	15.2 %	161.78	14.9 %	1.97
Q2 2014	551.34	16.1 %	207.65	10.2 %	164.35	(2.2 %)	2.00
Q3 2014	552.54	20.0 %	188.03	20.4 %	154.98	16.1 %	1.89
Q4 2014	535.38	11.4 %	183.34	3.3 %	172.83	35.9 %	2.11
2014	2,135.94	14.4 %	774.58	11.9 %	653.93	14.9 %	7.97
Q1 2015	560.35	12.8 %	194.73	(0.4 %)	167.44	3.5 %	2.04
Q2 2015	565.21	2.5 %	198.19	(4.6 %)	175.82	7.0 %	2.14
Q3 2015	578.88	4.8 %	203.26	8.1 %	164.50	6.1 %	2.01
Q4 2015	556.36	3.9 %	228.36	24.6 %	190.75	10.4 %	2.33
2015	2,260.80	5.8 %	824.54	6.5 %	698.50	6.8 %	8.52
Q1 2016	559.17	(0.2 %)	192.09	(1.4 %)	130.39	(22.1 %)	1.59
Q2 2016	570.45	0.9 %	193.09	(2.6 %)	141.76	(19.4 %)	1.73
Q3 2016	592.01	2.3 %	213.55	5.1 %	139.24	(15.4 %)	1.70

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	-	-	-	-	-	-	-
2007	-	-	-	-	-	-	-
2008	1,022.66	-	443.86	-	270.02	-	3.29
2009	1,031.85	0.9 %	457.64	3.1 %	322.90	19.6 %	3.94
2010	1,193.16	15.6 %	545.41	19.2 %	417.09	29.2 %	5.09
2011	1,465.27	22.8 %	558.46	2.4 %	420.56	0.8 %	5.13
2012	1,687.39	15.2 %	628.00	12.5 %	487.05	15.8 %	5.94
2013	1,867.50	10.7 %	691.92	10.2 %	569.35	16.9 %	6.94
2014	2,135.94	14.4 %	774.58	11.9 %	653.93	14.9 %	7.97
2015	2,260.80	5.8 %	824.54	6.5 %	698.50	6.8 %	8.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	43.40 %	28.45 %	26.40 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	44.35 %	33.32 %	31.29 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	45.71 %	36.09 %	34.96 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	38.11 %	29.12 %	28.70 %
2011	38.11 %	29.67 %	28.70 %
Q1 2012	37.25 %	28.79 %	28.19 %
Q2 2012	38.32 %	30.72 %	29.89 %
Q3 2012	37.56 %	30.51 %	29.74 %
Q4 2012	37.22 %	30.97 %	30.22 %
2012	37.22 %	30.97 %	30.22 %
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 %
Q1 2015	35.18 %	29.98 %	29.99 %
Q2 2015	34.53 %	29.94 %	30.32 %
Q3 2015	34.80 %	30.00 %	30.39 %
Q4 2015	36.47 %	30.68 %	30.90 %
2015	36.47 %	30.68 %	30.90 %
Q1 2016	36.37 %	29.86 %	29.27 %
Q2 2016	36.06 %	29.11 %	27.70 %
Q3 2016	36.31 %	28.69 %	26.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	-	-	-
2007	-	-	-
2008	43.40 %	28.45 %	26.40 %
2009	44.35 %	33.32 %	31.29 %
2010	45.71 %	36.09 %	34.96 %
2011	38.11 %	29.67 %	28.70 %
2012	37.22 %	30.97 %	30.22 %
2013	37.05 %	30.06 %	30.49 %
2014	36.26 %	30.52 %	30.62 %
2015	36.47 %	30.68 %	30.90 %

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	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	41.08 %	-	30.00 %
Q2 2011	38.68 %	27.85 %	27.93 %
Q3 2011	38.26 %	31.93 %	31.01 %
Q4 2011	35.39 %	27.00 %	26.31 %
Q1 2012	36.85 %	28.44 %	27.60 %
Q2 2012	42.68 %	35.41 %	34.55 %
Q3 2012	35.42 %	31.00 %	30.33 %
Q4 2012	34.25 %	29.01 %	28.34 %
Q1 2013	37.61 %	31.64 %	31.17 %
Q2 2013	39.66 %	33.93 %	35.36 %
Q3 2013	33.91 %	28.33 %	28.97 %
Q4 2013	36.96 %	26.39 %	26.48 %
Q1 2014	39.37 %	32.18 %	32.57 %
Q2 2014	37.66 %	29.98 %	29.81 %
Q3 2014	34.03 %	28.40 %	28.05 %
Q4 2014	34.24 %	31.71 %	32.28 %
Q1 2015	34.75 %	29.88 %	29.88 %
Q2 2015	35.06 %	29.84 %	31.11 %
Q3 2015	35.11 %	28.71 %	28.42 %
Q4 2015	41.05 %	34.39 %	34.28 %
Q1 2016	34.35 %	26.56 %	23.32 %
Q2 2016	33.85 %	26.85 %	24.85 %
Q3 2016	36.07 %	27.10 %	23.52 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	82.00	-	-	-
Q2 2011	82.00	-	-	11.27
Q3 2011	82.00	-	-	11.72
Q4 2011	82.00	5.13	5.13	11.96
Q1 2012	82.00	5.35	5.35	11.71
Q2 2012	82.00	5.85	5.85	13.29
Q3 2012	82.00	6.01	6.01	12.81
Q4 2012	82.00	5.94	6.22	12.95
Q1 2013	82.00	6.36	6.64	14.51
Q2 2013	82.00	6.67	6.95	13.71
Q3 2013	82.00	6.66	6.94	13.95
Q4 2013	82.00	6.94	6.94	14.13
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
Q1 2015	82.00	8.04	8.04	16.84
Q2 2015	82.00	8.18	8.18	15.39
Q3 2015	82.00	8.30	8.30	15.58
Q4 2015	82.00	8.52	8.52	16.08
Q1 2016	82.00	8.07	8.07	15.93
Q2 2016	82.00	7.65	7.65	15.92
Q3 2016	82.00	7.34	7.34	15.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	-	-	-	-
2007	-	-	-	-
2008	82.00	3.29	3.29	4.29
2009	82.00	3.94	3.94	5.38
2010	82.00	5.09	5.09	10.04
2011	82.00	5.13	5.13	11.96
2012	82.00	5.94	6.22	12.95
2013	82.00	6.94	6.94	14.13
2014	82.00	7.97	7.97	14.95
2015	82.00	8.52	8.52	16.08

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	12.15	12.15	5.70
Q4 2012	13.13	12.54	6.02
Q1 2013	14.22	13.62	6.24
Q2 2013	17.51	16.81	8.51
Q3 2013	19.45	18.67	9.28
Q4 2013	20.38	20.38	10.01
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
Q1 2015	21.30	21.30	10.18
Q2 2015	20.01	20.01	10.64
Q3 2015	16.74	16.74	8.92
Q4 2015	14.45	14.45	7.65
Q1 2016	13.00	13.00	6.59
Q2 2016	12.84	12.84	6.17
Q3 2016	11.48	11.48	5.30

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	13.13	12.54	6.02
2013	20.38	20.38	10.01
2014	23.31	23.31	12.44
2015	14.45	14.45	7.65

Business Segments (Million)

Compared With The

Period	Inflight	Catering and Facility management	Retail	Other activities	Catering services	sky sales
Q3 2011	-	-	-	-	350.94	39.69
Q4 2011	-	-	-	-	376.62	38.70
Q1 2012	-	-	-	-	341.57	42.21
Q2 2012	-	-	-	-	370.97	43.32
Q3 2012	-	-	-	-	397.83	44.62
Q4 2012	-	-	-	-	400.15	46.74
Q1 2013	-	-	-	-	404.18	47.34
Q2 2013	-	-	-	-	427.16	47.92
Q3 2013	-	-	-	-	414.59	45.93
Q4 2013	-	-	-	-	432.60	47.77
Q1 2014	-	-	-	-	447.67	49.02
Q2 2014	-	-	-	-	498.34	53.00
Q3 2014	-	-	-	-	500.86	51.68
Q4 2014	-	-	-	-	479.68	55.70
Q1 2015	-	-	-	-	505.05	55.30
Q2 2015	-	-	-	-	508.42	56.79
Q3 2015	-	-	-	-	517.90	60.98
Q4 2015	-	-	-	-	490.09	66.27
Q1 2016	408.51	75.24	66.49	8.92	-	-
Q2 2016	493.86	-	68.56	9.02	-	-
Q3 2016	479.12	38.70	61.53	12.66	-	-

Period	Inflight	Catering and Facility management	Retail	Other activities	Catering services	sky sales
2010	-	-	-	-	1,082.45	110.71
2011	-	-	-	-	1,318.22	147.05
2012	-	-	-	-	1,510.51	176.87
2013	-	-	-	-	1,678.53	188.97
2014	-	-	-	-	1,926.55	209.39
2015	-	-	-	-	2,021.46	239.34

Analysts Estimates (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change‬
Average	156.70	139.24	(11.1 %)

Estimates vs Actual (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change
Al Rajhi Capital	152.00	139.24	(8.4) %
Albilad Capital	154.00	139.24	(9.6) %
OSOOL AND BAKHEET	155.30	139.24	(10.3) %
AlJazira Capital	165.50	139.24	(15.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,495.60
Enterprise Value (EV) (M)	8,940.98
Shares Outstanding ((M))	82.00
EPS ( Riyal) (TTM)	3.62
Book Value (BV) ( Riyal)	15.45
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	34.44
P/E (TTM)	32.00
Price/book	7.49
Return on Average Assets (%) (TTM)	13.4
Return on Average Equity (%) (TTM)	24.7

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Saudi Catering profit drops 14% in 9M 2016 on restructuring provision

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Share Price

CATRION Catering Holding Co. (CATRION)

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) 2016 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Catering profit drops 14% in 9M 2016 on restructuring provision

View other reports

Share Price

CATRION Catering Holding Co. (CATRION)

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 2016

Revenue by Business Segment (Latest) 2016 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)