Financial Results : National Building posts 74% profit slump in FY19

National Building posts 74% profit slump in FY19

30/04/2020 Argaam Exclusive

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National Building and Marketing Co. (NBMC) reported a net profit after Zakat and tax of SAR 6.2 million for the fiscal year 2019, a plunge of 74% year-on-year (YoY) due to higher cost of sales, as well as allocation of provisions for claims and impairment of receivables.



Financials (M)

Item 2018 2019 Change‬
Revenues 167.12 170.81 2.2 %
Gross Income 31.05 15.84 (49.0 %)
Operating Income 28.02 12.83 (54.2 %)
Net Income 24.12 6.22 (74.2 %)
Average Shares 12.00 12.00 -
Earnings Per Share before unusual items (Riyals) 2.01 0.52 (74.2 %)
EPS (Riyal) 2.01 0.52 (74.2 %)

In Q4 2019, the company swung to a net loss of SAR 13.6 million against a net profit of SAR 3.99 million a year earlier.



Current Half Annual Comparison (M)

Compared With The
Item H2 2018 H2 2019 Change‬
Revenues 86.61 91.13 5.2 %
Gross Income 14.67 1.93 (86.8 %)
Operating Income 14.49 0.83 (94.2 %)
Net Income 11.64 (2.33) (120.0 %)
Average Shares 12.00 12.00 -
Earnings Per Share before unusual items (Riyal) 0.97 (0.19) (120.0 %)
EPS (Riyal) 0.97 (0.19) (120.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 81.25 - 14.69 - 11.22 -
H2 2017 87.11 - 11.18 - 11.67 -
H1 2018 80.51 (0.9 %) 16.38 11.5 % 13.54 20.7 %
H2 2018 86.61 (0.6 %) 14.67 31.2 % 14.49 24.2 %
H1 2019 79.68 (1.0 %) 13.91 (15.1 %) 11.99 (11.4 %)
H2 2019 91.13 5.2 % 1.93 (86.8 %) 0.83 (94.2 %)
2019 170.81 2.2 % 15.84 (49.0 %) 12.83 (54.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
H1 2010 - - - - - -
H2 2010 - - - - - -
H1 2011 - - - - - -
H2 2011 - - - - - -
H1 2012 - - - - - -
H2 2012 - - - - - -
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 11.21 - 0.93 - 11.21 0.93
H2 2017 15.58 - 1.30 - 15.58 1.30
H1 2018 12.47 11.2 % 1.04 - 12.47 1.04
H2 2018 11.64 (25.3 %) 0.97 - 11.64 0.97
H1 2019 8.56 (31.4 %) 0.71 - 8.56 0.71
H2 2019 (2.33) (120.0 %) (0.19) - (2.33) (0.19)
2019 6.22 (74.2 %) 0.52 - 6.22 0.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 15.36 % 16.79 % 15.91 %
H1 2018 16.44 % 18.28 % 16.74 %
H2 2018 18.58 % 20.71 % 14.43 %
2018 18.58 % 20.71 % 14.43 %
H1 2019 17.18 % 19.61 % 12.15 %
H2 2019 9.27 % 13.16 % 3.64 %
2019 9.27 % 13.16 % 3.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2010 - - - -
H2 2010 - - - -
H1 2011 - - - -
H2 2011 - - - -
H1 2012 - - - -
H2 2012 - - - -
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 12.00 - - 7.02
H2 2017 12.00 2.23 2.23 8.24
H1 2018 12.00 2.34 2.34 8.54
H2 2018 12.00 2.01 2.01 10.62
H1 2019 12.00 1.68 1.68 11.33
H2 2019 12.00 0.52 0.52 10.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
H1 2010 - - -
H2 2010 - - -
H1 2011 - - -
H2 2011 - - -
H1 2012 - - -
H2 2012 - - -
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 9.41 9.41 2.58
H2 2018 10.95 10.95 2.07
H1 2019 More than 100 More than 100 15.88
H2 2019 More than 100 More than 100 12.94


Financial Ratios
Current
Market Cap (M Riyal) 1,413.60
Enterprise Value (EV) (M Riyal) 1,896.22
Shares Outstanding ((M)) 12.00
Book Value (BV) ( Riyal) 29.16
Par Value ( Riyal) 10.00
Recurring P/E 38.15
Price/book 4.04
EV/adj EBITDA -
EV/Revenues 2.14
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