Baazeem’s net profit falls 18% in FY17
05/03/2018
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Baazeem Trading Co.’s (Baazeem) reported a net profit of SAR 27 million for fiscal year 2017, an 18.5 percent year-on-year (YoY) drop, attributed to a 7.9 percent decrease in sales due to weak demand, as well as higher financing charges.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 343.48 | 330.53 | (3.8 %) |
| Gross Income | 148.90 | 126.05 | (15.3 %) |
| Operating Income | 35.04 | 30.35 | (13.4 %) |
| Net Income | 33.20 | 24.55 | (26.0 %) |
| Average Shares | 101.25 | 101.25 | - |
| Earnings Per Share before unusual items (Riyals) | 0.33 | 0.24 | (26.0 %) |
| EPS (Riyal) | 0.33 | 0.24 | (26.0 %) |
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 93.68 | 92.66 | (1.1 %) |
| Gross Income | 42.49 | 37.10 | (12.7 %) |
| Operating Income | 8.53 | 5.53 | (35.2 %) |
| Net Income | 9.38 | 2.80 | (70.2 %) |
| Average Shares | 101.25 | 101.25 | - |
| Earnings Per Share before unusual items (Riyal) | 0.09 | 0.03 | (70.2 %) |
| EPS (Riyal) | 0.09 | 0.03 | (70.2 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 76.35 | (1.4 %) | 26.08 | (21.5 %) | 6.97 | 5.4 % |
| Q2 2017 | 95.25 | (1.8 %) | 48.57 | 16.1 % | 13.08 | (3.2 %) |
| Q3 2017 | 66.28 | (12.1 %) | 25.54 | (18.5 %) | 4.78 | (25.2 %) |
| Q4 2017 | 92.66 | (1.1 %) | 37.10 | (12.7 %) | 5.53 | (35.2 %) |
| 2017 | 330.53 | (3.8 %) | 126.05 | (15.3 %) | 30.35 | (13.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2017 | 6.36 | 7.9 % | 0.06 | - | 6.36 | 0.06 |
| Q2 2017 | 11.45 | 7.0 % | 0.11 | - | 11.45 | 0.11 |
| Q3 2017 | 3.95 | (45.4 %) | 0.04 | - | 3.95 | 0.04 |
| Q4 2017 | 2.80 | (70.2 %) | 0.03 | - | 2.80 | 0.03 |
| 2017 | 24.55 | (26.0 %) | 0.24 | - | 24.55 | 0.24 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | - | - | - |
| Q2 2016 | 43.29 % | - | 10.26 % |
| Q3 2016 | 42.80 % | 10.50 % | 9.29 % |
| Q4 2016 | 43.35 % | 10.63 % | 9.67 % |
| 2016 | 43.35 % | 10.63 % | 9.67 % |
| Q1 2017 | 41.40 % | 10.81 % | 9.83 % |
| Q2 2017 | 43.59 % | 10.79 % | 10.10 % |
| Q3 2017 | 43.04 % | 10.56 % | 9.39 % |
| Q4 2017 | 41.54 % | 9.84 % | 7.43 % |
| 2017 | 38.14 % | 9.84 % | 7.43 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 101.25 | 0.33 | 0.33 | 1.89 |
| Q2 2017 | 101.25 | 0.34 | 0.34 | 1.80 |
| Q3 2017 | 101.25 | 0.31 | 0.31 | 1.83 |
| Q4 2017 | 101.25 | 0.24 | 0.24 | 1.88 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 10.46 | 10.46 | 1.84 |
| Q2 2017 | 7.68 | 7.68 | 1.45 |
| Q3 2017 | 8.06 | 8.06 | 1.35 |
| Q4 2017 | 11.42 | 11.42 | 1.47 |
| Current | |
| Market Cap (M Riyal) | 568.01 |
| Enterprise Value (EV) (M Riyal) | 548.86 |
| Shares Outstanding ((M)) | 101.25 |
| EPS ( Riyal) (TTM) | 0.24 |
| Book Value (BV) ( Riyal) | 2.00 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E | 23.17 |
| P/E (TTM) | 23.17 |
| Price/book | 2.81 |
| Return on Average Assets (%) (TTM) | 9.8 |
| Return on Average Equity (%) (TTM) | 12.3 |
| EV/adj EBITDA | 17.18 |
| EV/Revenues | 2.05 |
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