Saudi Ground Services Co. (SGS) reported a net profit after zakat and tax of SAR 368.42 million for fiscal year 2018, down by 26.53 percent, or SAR 133.08 million year-on-year (YoY), driven by SAR 72 million in cost of living expenses and higher cost of depreciation.
| Item | 2017 | 2018 | Change |
|---|---|---|---|
| Revenues | 2,585.53 | 2,554.04 | (1.2 %) |
| Gross Income | 874.44 | 684.44 | (21.7 %) |
| Operating Income | 492.02 | 371.10 | (24.6 %) |
| Net Income | 501.50 | 368.43 | (26.5 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 2.67 | 1.96 | (26.5 %) |
The company also cited increased government-related costs and operating expenses.
The Saudi company also set aside SAR 68 million in provisions to hedge against Flynas’ receivables.
| Item | Q4 2017 | Q4 2018 | Change |
|---|---|---|---|
| Revenues | 585.23 | 571.66 | (2.3 %) |
| Gross Income | 177.46 | 147.70 | (16.8 %) |
| Operating Income | 63.54 | 66.72 | 5.0 % |
| Net Income | 64.05 | 56.37 | (12.0 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 0.34 | 0.30 | (12.0 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2018 | 621.81 | (3.4 %) | 180.82 | (18.8 %) | 106.66 | (31.2 %) | 0.57 |
| Q2 2018 | 659.90 | 0.1 % | 189.43 | (23.2 %) | 112.72 | (7.8 %) | 0.60 |
| Q3 2018 | 700.67 | 0.5 % | 166.49 | (26.9 %) | 92.68 | (42.1 %) | 0.49 |
| Q4 2018 | 571.66 | (2.3 %) | 147.70 | (16.8 %) | 56.37 | (12.0 %) | 0.30 |
| 2018 | 2,554.04 | (1.2 %) | 684.44 | (21.7 %) | 368.43 | (26.5 %) | 1.96 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2018 | 32.48 % | 22.47 % | 17.67 % |
| Q2 2018 | 30.24 % | 22.34 % | 17.30 % |
| Q3 2018 | 27.82 % | 19.65 % | 14.65 % |
| Q4 2018 | 26.80 % | 20.04 % | 14.43 % |
| 2018 | 26.80 % | 20.04 % | 14.43 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2018 | 188.00 | 2.41 | 2.41 | 15.84 |
| Q2 2018 | 188.00 | 2.36 | 2.36 | 15.79 |
| Q3 2018 | 188.00 | 2.00 | 2.00 | 14.99 |
| Q4 2018 | 188.00 | 1.96 | 1.96 | 15.30 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2018 | 15.28 | 15.28 | 2.32 |
| Q2 2018 | 15.30 | 15.30 | 2.29 |
| Q3 2018 | 17.59 | 17.59 | 2.35 |
| Q4 2018 | 15.77 | 15.77 | 2.02 |
| Item | Q4 2018 (e) | Q4 2018 (a) | Change |
|---|---|---|---|
| Average | 65.27 | 56.37 | (13.6 %) |
| Item | Q4 2018 (e) | Q4 2018 (a) | Change |
|---|---|---|---|
| Sico | 69.00 | 56.37 | (18.3) % |
| SNB Capital | 87.00 | 56.37 | (35.2) % |
| AlJazira Capital | 39.80 | 56.37 | 41.6 % |
| Current | |
| Market Cap (M Riyal) | 9,456.40 |
| Enterprise Value (EV) (M) | 8,688.24 |
| Shares Outstanding ((M)) | 188.00 |
| EPS ( Riyal) (TTM) | 1.29 |
| Book Value (BV) ( Riyal) | 12.78 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 40.57 |
| P/E (TTM) | 38.98 |
| Price/book | 3.94 |
| Return on Average Assets (%) (TTM) | 5.6 |
| Return on Average Equity (%) (TTM) | 10.7 |
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