Raydan’s net profit falls 26% in FY18 on higher expenses
28/03/2019
Argaam Exclusive
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Raydan Cuisines and Restaurants Co. reported a net profit after zakat and tax of SAR 19.33 million for fiscal year 2018, down 26.28 percent year-on-year (YoY), due to higher operating costs and increased general and administrative expenses(G&As).
Financials (M)
| Item | 2017 | 2018 | Change |
|---|---|---|---|
| Revenues | 262.60 | 233.69 | (11.0 %) |
| Gross Income | 55.75 | 42.28 | (24.2 %) |
| Operating Income | 27.18 | 15.94 | (41.4 %) |
| Net Income | 27.16 | 14.71 | (45.8 %) |
| Average Shares | 6.44 | 6.44 | - |
| Earnings Per Share before unusual items (Riyals) | 4.54 | 2.29 | (49.7 %) |
| EPS (Riyal) | 4.22 | 2.29 | (45.8 %) |
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2017 | Q4 2018 | Change |
|---|---|---|---|
| Revenues | 58.02 | 56.56 | (2.5 %) |
| Gross Income | 11.57 | 7.35 | (36.5 %) |
| Operating Income | 3.20 | 1.03 | (67.9 %) |
| Net Income | 4.13 | (3.33) | (180.5 %) |
| Average Shares | 6.44 | 6.44 | - |
| Earnings Per Share before unusual items (Riyal) | 0.64 | (0.52) | (180.5 %) |
| EPS (Riyal) | 0.64 | (0.52) | (180.5 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2018 | 54.67 | (12.9 %) | 10.19 | (23.1 %) | 4.09 | (41.7 %) |
| Q2 2018 | 60.40 | (13.1 %) | 13.29 | (1.1 %) | 6.65 | 3.6 % |
| Q3 2018 | 62.06 | (14.2 %) | 11.46 | (35.0 %) | 4.17 | (61.2 %) |
| Q4 2018 | 56.56 | (2.5 %) | 7.35 | (36.5 %) | 1.03 | (67.9 %) |
| 2018 | 233.69 | (11.0 %) | 42.28 | (24.2 %) | 15.94 | (41.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2018 | 5.16 | (24.9 %) | 0.80 | - | 5.16 | 0.80 |
| Q2 2018 | 7.04 | 7.3 % | 1.09 | - | 7.04 | 1.09 |
| Q3 2018 | 5.84 | (44.9 %) | 0.91 | - | 5.84 | 0.91 |
| Q4 2018 | (3.33) | (180.5 %) | (0.52) | - | (3.33) | (0.52) |
| 2018 | 14.71 | (45.8 %) | 2.29 | - | 14.71 | 2.29 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 22.28 % | 20.06 % | 14.59 % |
| Q2 2017 | 20.10 % | 18.42 % | 13.44 % |
| Q3 2017 | 20.30 % | 18.23 % | 12.79 % |
| Q4 2017 | 21.29 % | 16.87 % | 11.51 % |
| 2017 | 21.23 % | 16.80 % | 11.13 % |
| Q1 2018 | 20.76 % | 16.33 % | 10.39 % |
| Q2 2018 | 21.46 % | 17.15 % | 10.97 % |
| Q3 2018 | 19.77 % | 16.07 % | 9.43 % |
| Q4 2018 | 18.09 % | 13.63 % | 6.30 % |
| 2018 | 18.09 % | 13.63 % | 6.30 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2018 | 6.44 | 4.11 | 4.11 | 43.16 |
| Q2 2018 | 6.44 | 4.18 | 4.18 | 42.51 |
| Q3 2018 | 6.44 | 3.44 | 3.44 | 43.41 |
| Q4 2018 | 6.44 | 2.29 | 2.29 | 42.97 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2018 | 13.91 | 13.91 | 1.32 |
| Q2 2018 | 13.75 | 13.75 | 1.35 |
| Q3 2018 | 14.51 | 14.51 | 1.15 |
| Q4 2018 | 26.46 | 26.46 | 1.41 |
Business Segments (Million)
Q4 2018
| Period | National meals |
|---|---|
| Q1 2018 | 54.67 |
| Q2 2018 | 60.40 |
| Q3 2018 | 62.06 |
| Q4 2018 | 56.56 |
| Current | |
| Market Cap (M Riyal) | 209.21 |
| Enterprise Value (EV) (M Riyal) | 212.64 |
| Shares Outstanding ((M)) | 7.31 |
| EPS ( Riyal) (TTM) | (11.48) |
| Book Value (BV) ( Riyal) | 7.18 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| P/E (TTM) | NEG |
| Price/book | 3.98 |
| Return on Average Assets (%) (TTM) | (38.86 ) |
| Return on Average Equity (%) (TTM) | (88.89 ) |
| EV/adj EBITDA | - |
| EV/Revenues | 1.70 |
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