AlTayyar’s 2014 net profit up 15% to SAR 1123 mln
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Al-Tayyar Travel Group, which provides travel, tourism and cargo services, reported 2014 net profit of SAR 1123 million, a 15 percent increase compared to the last year.
A net profit of SAR 236 million was reported for Q4-2014 compared to SAR 244 million for Q3.
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 6,260.27 | 7,711.37 | 23.2 % |
| Gross Income | 1,341.42 | 1,620.86 | 20.8 % |
| Operating Income | 895.01 | 1,067.48 | 19.3 % |
| Net Income | 977.22 | 1,118.93 | 14.5 % |
| Average Shares | 286.19 | 286.19 | - |
| Earnings Per Share before unusual items (Riyals) | 3.28 | 3.92 | 19.4 % |
| EPS (Riyal) | 3.41 | 3.91 | 14.5 % |
The company attributed the increase of 2014’s net profit, compared to last year, to the growth of sales by 23% and increase of other operating income by 11% in addition to increase of capital gain on property and equipment by SAR 26 million.
The increase of Q4-2014’s net profit, compared to the same period last year, was attributed to the growth of sales by
37%, and growth of other operating income by 64%.
The decline of Q4-2014’s net profit, compared to the previous period (Q3-2014), was attributed to the increase of
S&M expenses, G&A expenses as well as the investment impairment losses accounted for under the equity method.
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 1,592.99 | 2,185.93 | 37.2 % |
| Gross Income | 338.79 | 408.06 | 20.4 % |
| Operating Income | 199.36 | 247.17 | 24.0 % |
| Net Income | 208.27 | 231.47 | 11.1 % |
| Average Shares | 286.19 | 286.19 | - |
| Earnings Per Share before unusual items (Riyal) | 0.72 | 0.92 | 28.4 % |
| EPS (Riyal) | 0.73 | 0.81 | 11.1 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 1,790.31 | 15.1 % | 363.26 | 20.5 % | 242.13 | 18.3 % |
| Q2 2014 | 1,977.95 | 18.4 % | 476.19 | 18.3 % | 345.56 | 19.4 % |
| Q3 2014 | 1,759.46 | 22.0 % | 375.62 | 25.9 % | 234.90 | 16.5 % |
| Q4 2014 | 2,185.93 | 37.2 % | 408.06 | 20.4 % | 247.17 | 24.0 % |
| 2014 | 7,711.37 | 23.2 % | 1,620.86 | 20.8 % | 1,067.48 | 19.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2014 | 280.00 | 28.5 % | 0.98 | 29.12 | 250.88 | 0.88 |
| Q2 2014 | 363.69 | 8.2 % | 1.27 | (0.20) | 363.89 | 1.27 |
| Q3 2014 | 243.77 | 13.5 % | 0.85 | 0.95 | 242.82 | 0.85 |
| Q4 2014 | 231.47 | 11.1 % | 0.81 | (31.69) | 263.16 | 0.92 |
| 2014 | 1,118.93 | 14.5 % | 3.91 | (1.82) | 1,120.75 | 3.92 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2013 | 21.61 % | 15.53 % | 14.63 % |
| Q2 2013 | 21.19 % | 15.31 % | 14.96 % |
| Q3 2013 | 20.83 % | 14.88 % | 14.86 % |
| Q4 2013 | 21.43 % | 15.01 % | 14.99 % |
| 2013 | 21.43 % | 15.01 % | 14.99 % |
| Q1 2014 | 21.60 % | 15.06 % | 14.99 % |
| Q2 2014 | 21.71 % | 15.24 % | 15.23 % |
| Q3 2014 | 21.82 % | 15.06 % | 14.92 % |
| Q4 2014 | 21.04 % | 14.66 % | 14.53 % |
| 2014 | 21.02 % | 14.63 % | 14.53 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 286.19 | 3.63 | 3.40 | 7.88 |
| Q2 2014 | 286.19 | 3.73 | 3.62 | 9.26 |
| Q3 2014 | 286.19 | 3.83 | 3.71 | 9.12 |
| Q4 2014 | 286.19 | 3.91 | 3.92 | 9.93 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2014 | 17.26 | 18.42 | 7.96 |
| Q2 2014 | 17.68 | 18.20 | 7.12 |
| Q3 2014 | 20.73 | 21.37 | 8.70 |
| Q4 2014 | 16.73 | 16.71 | 6.59 |
Business Segments (Million)
Q4 2014
| Period | Airline tickets / Travel and Tourism Reservations | Shipping | Transportation and other |
|---|---|---|---|
| Q1 2014 | 1,742.78 | 33.01 | 14.52 |
| Q2 2014 | 1,925.79 | 39.55 | 12.62 |
| Q3 2014 | 1,690.47 | 49.80 | 19.19 |
| Q4 2014 | 2,098.82 | 39.06 | 45.78 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Average | 237.70 | 231.47 | 263.16 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| OSOOL AND BAKHEET | 237.70 | 231.47 | 263.16 |
| Current | |
| Market Cap (M Riyal) | 8,274.01 |
| Enterprise Value (EV) (M Riyal) | 9,740.15 |
| Shares Outstanding ((M)) | 300.00 |
| EPS ( Riyal) (TTM) | (0.85) |
| Book Value (BV) ( Riyal) | 19.36 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | More than 100 |
| P/E (TTM) | NEG |
| Price/book | 1.42 |
| Return on Average Assets (%) (TTM) | (2.26 ) |
| Return on Average Equity (%) (TTM) | (4.09 ) |
| EV/adj EBITDA | 12.71 |
| EV/Revenues | 2.06 |
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