Al Tayyar's H1 net profit drops 29%

07/08/2017 Argaam Exclusive

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Al Tayyar Travel Group reported a net profit of SAR 349 million for the first half of 2017, a 29 percent year-on-year (YoY) drop attributed to a 10 percent fall in revenue, lower profit margins from some services and a change in product mix.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 1,156.35 1,040.13 (10.1 %)
Gross Income 928.16 781.99 (15.7 %)
Operating Income 603.94 419.19 (30.6 %)
Net Income 487.90 348.66 (28.5 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 1.63 1.16 (28.5 %)

Al Tayyar’s second quarter net profit declined by 29 percent YoY to SAR 212 million also due to lower revenue along with higher selling and administrative expenses on the back of acquiring Portman Group at the end of 2016. 

 

When compared to the previous quarter, Q2 profit jumped by 55 percent, thanks to higher revenue and seasonal factors. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 621.39 573.51 (7.7 %)
Gross Income 525.22 435.40 (17.1 %)
Operating Income 362.71 249.21 (31.3 %)
Net Income 296.85 211.94 (28.6 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.99 0.71 (28.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2016 464.67 (78.7 %) 358.07 (14.1 %) 139.03 (35.4 %) 0.46
Q1 2017 466.62 (12.8 %) 346.59 (14.0 %) 136.73 (28.4 %) 0.46
Q2 2017 573.51 (7.7 %) 435.40 (17.1 %) 211.94 (28.6 %) 0.71

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2016 77.90 % 51.05 % 41.27 %
Q1 2017 77.75 % 49.56 % 38.81 %
Q2 2017 75.16 % 45.21 % 33.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2016 300.00 2.71 2.95 18.67
Q1 2017 300.00 2.53 2.69 19.17
Q2 2017 300.00 2.25 2.24 19.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 9.45 8.69 1.37
Q1 2017 8.50 8.01 1.12
Q2 2017 9.65 9.68 1.09

Business Segments (Million)

Compared With The
Period Tourism Transportation Ticketing Hospitality sector 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)
Q4 2016 96.70 32.27 315.63 - 4.27 18.86 - - - (3.06)
Q1 2017 145.68 25.85 282.25 8.95 2.93 0.97 - - - -
Q2 2017 136.84 36.13 366.27 14.15 19.78 14.97 - - - (14.62)

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 226.17 211.94 (6.3 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
HSBC 212.00 211.94 0.0 %
SNB Capital 229.00 211.94 (7.5) %
AlJazira Capital 237.50 211.94 (10.8) %

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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