Al Tayyar's net profit drops 28% in 9M 2016

18/10/2016 Argaam Exclusive

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Al Tayyar Travel Group reported a net profit of SAR 682 million for the first nine months of 2016, a 28 percent year-on-year (YoY) drop which was attributed to a 7 percent fall in sales, a slight decrease in gross profit margin, as well as impairment losses in associates and intangible assets.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 6,446.28 1,679.80 (73.9 %)
Gross Income 1,383.57 1,312.53 (5.1 %)
Operating Income 891.21 841.36 (5.6 %)
Net Income 946.30 674.74 (28.7 %)
Average Shares 286.19 300.00 4.8 %
EPS (Riyals) 3.31 2.25 (32.0 %)

Al Tayyar’s third-quarter net profit fell 29 percent YoY to SAR 188 million due to lower gross profit margin due to a change in the company’s product mix. Meanwhile, Q3 net profit was also 37.3 percent lower compared to the previous quarter.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 1,906.81 523.45 (72.5 %)
Gross Income 387.72 384.37 (0.9 %)
Operating Income 223.28 237.42 6.3 %
Net Income 265.12 186.84 (29.5 %)
Average Shares 286.19 300.00 4.8 %
EPS (Riyals) 0.93 0.62 (32.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 - - - - - - -
Q2 2011 - - - - - - -
Q3 2011 1,103.48 - 249.93 - 174.23 - 0.61
Q4 2011 1,254.91 - 217.35 - 113.07 - 0.40
Q1 2012 1,352.82 - 241.76 - 152.87 - 0.53
Q2 2012 1,407.64 - 370.46 - 243.96 - 0.85
Q3 2012 1,300.42 17.8 % 289.76 15.9 % 201.34 15.6 % 0.70
Q4 2012 1,329.07 5.9 % 246.57 13.4 % 157.21 39.0 % 0.55
Q1 2013 1,554.96 14.9 % 301.55 24.7 % 217.90 42.5 % 0.76
Q2 2013 1,670.42 18.7 % 402.69 8.7 % 336.18 37.8 % 1.17
Q3 2013 1,441.91 10.9 % 298.39 3.0 % 214.87 6.7 % 0.75
Q4 2013 1,592.99 19.9 % 338.79 37.4 % 208.27 32.5 % 0.73
Q1 2014 1,790.31 15.1 % 363.26 20.5 % 280.00 28.5 % 0.98
Q2 2014 1,977.95 18.4 % 476.19 18.3 % 363.69 8.2 % 1.27
Q3 2014 1,759.46 22.0 % 375.62 25.9 % 243.77 13.5 % 0.85
Q4 2014 2,185.93 37.2 % 408.06 20.4 % 231.47 11.1 % 0.81
Q1 2015 2,152.58 20.2 % 441.08 21.4 % 285.63 2.0 % 1.00
Q2 2015 2,386.89 20.7 % 545.42 14.5 % 395.55 8.8 % 1.38
Q3 2015 1,906.81 8.4 % 387.72 3.2 % 265.12 8.8 % 0.93
Q4 2015 2,184.77 (0.1 %) 416.77 2.1 % 215.26 (7.0 %) 0.75
Q1 2016 534.96 (75.1 %) 402.93 (8.6 %) 191.05 (33.1 %) 0.64
Q2 2016 621.39 (74.0 %) 525.22 (3.7 %) 296.85 (25.0 %) 0.99
Q3 2016 523.45 (72.5 %) 384.37 (0.9 %) 186.84 (29.5 %) 0.62

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 21.09 % 14.53 % 13.36 %
Q3 2012 21.06 % 14.61 % 13.38 %
Q4 2012 21.31 % 15.13 % 14.01 %
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 %
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 %
Q1 2015 21.06 % 14.63 % 14.31 %
Q2 2015 20.86 % 14.45 % 14.23 %
Q3 2015 20.65 % 14.19 % 14.36 %
Q4 2015 20.75 % 13.90 % 14.24 %
Q1 2016 24.99 % 16.54 % 16.52 %
Q2 2016 33.02 % 21.81 % 20.75 %
Q3 2016 44.75 % 29.96 % 26.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 286.19 - - 4.39
Q4 2011 286.19 - - 4.09
Q1 2012 286.19 - - 4.62
Q2 2012 286.19 2.39 2.39 5.48
Q3 2012 286.19 2.49 2.49 5.48
Q4 2012 286.19 2.64 2.64 6.02
Q1 2013 286.19 2.87 2.86 6.05
Q2 2013 286.19 3.19 3.06 7.22
Q3 2013 286.19 3.24 3.11 7.13
Q4 2013 286.19 3.41 3.28 7.86
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
Q1 2015 286.19 3.93 4.04 10.83
Q2 2015 286.19 4.04 4.22 12.25
Q3 2015 286.19 4.12 4.33 13.14
Q4 2015 286.19 4.06 4.29 13.88
Q1 2016 300.00 3.56 3.86 16.80
Q2 2016 300.00 3.23 3.63 17.77
Q3 2016 300.00 2.97 3.36 18.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 7.97 7.97 3.48
Q3 2012 7.52 7.52 3.41
Q4 2012 7.03 7.03 3.08
Q1 2013 9.26 9.28 4.39
Q2 2013 9.07 9.45 4.01
Q3 2013 12.30 12.79 5.58
Q4 2013 13.78 14.35 5.99
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
Q1 2015 18.82 18.32 6.83
Q2 2015 17.93 17.18 5.91
Q3 2015 13.59 12.91 4.25
Q4 2015 13.06 12.35 3.82
Q1 2016 6.89 6.34 1.46
Q2 2016 7.81 6.94 1.42
Q3 2016 6.53 5.77 1.05

Business Segments (Million)

Compared With The
Period Tourism Transportation Ticketing Other sectors Property rentals Airline tickets / Travel and Tourism Reservations Shipping Transportation and other Eliminations
Q3 2011 - - - - - 1,044.47 47.70 11.32 -
Q4 2011 - - - - - 1,189.54 46.23 19.15 -
Q1 2012 - - - - - 1,320.08 21.04 11.69 -
Q2 2012 - - - - - 1,368.45 27.20 12.00 -
Q3 2012 - - - - - 1,246.42 33.22 20.78 -
Q4 2012 - - - - - 1,273.55 35.14 20.38 -
Q1 2013 - - - - - 1,520.17 22.99 11.80 -
Q2 2013 - - - - - 1,619.05 34.37 16.99 -
Q3 2013 - - - - - 1,388.81 34.46 18.64 -
Q4 2013 - - - - - 1,537.72 37.37 17.90 -
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 -
Q1 2015 - - - - - 2,046.43 32.89 73.26 -
Q2 2015 - - - - - 2,257.11 51.89 77.88 -
Q3 2015 - - - - - 1,787.27 38.38 81.06 -
Q4 2015 - - - - - 2,055.07 36.69 93.11 -
Q1 2016 149.27 23.18 357.28 4.34 8.72 - - - (7.83)
Q2 2016 120.62 26.28 467.13 4.97 10.29 - - - (7.91)
Q3 2016 156.10 25.72 333.85 4.83 12.15 - - - (9.20)

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 241.90 186.84 (22.8 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
AlJazira Capital 212.20 186.84 (11.9) %
OSOOL AND BAKHEET 271.60 186.84 (31.2) %

Current
Market Cap (M Riyal) 7,458.00
Enterprise Value (EV) (M) 8,860.84
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.82
Book Value (BV) ( Riyal) 22.37
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 30.19
Price/book 1.11
Return on Average Assets (%) (TTM) 2.4
Return on Average Equity (%) (TTM) 4.1

Share Price

24.86
(0.39) (1.54 %)

Seera Group Holding (SEERA)


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