Financial Results : SAPTCO’s H1 net profit surges 246% to SAR 150.8 mln

SAPTCO’s H1 net profit surges 246% to SAR 150.8 mln

27/07/2015 Argaam Exclusive

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Saudi Public Transportation Company (SAPTCO), which provides local inter-city transportation services, reported a net profit of SAR 150.75 million for H1-2015, a 246 percent increase compared to a net profit of SAR 43.5 million in the same period last year on higher operating revenue and equity investment profit. The company also realized a capital gain on expropriation of some of its land.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 461.09 491.75 6.7 %
Gross Income 72.35 67.09 (7.3 %)
Operating Income 31.72 12.86 (59.5 %)
Net Income 43.54 150.75 246.3 %
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyals) 0.26 0.25 (4.5 %)
EPS (Riyal) 0.35 1.21 246.3 %

 

The company, however, reported a net profit of SAR 12.8 million in Q2 this year, compared to a net profit of SAR 22.4 million in the same quarter last year on higher general & administrative expenses and marketing expenses, in addition to lower other revenue.

 

SAPTCO’s Q2 net profit declined 91.3 percent from the previous quarter’s net profit of SAR 147.29 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 229.77 252.93 10.1 %
Gross Income 30.87 30.08 (2.6 %)
Operating Income 11.28 2.55 (77.4 %)
Net Income 22.44 12.82 (42.9 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyal) 0.09 0.09 0.9 %
EPS (Riyal) 0.18 0.10 (42.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 184.77 0.5 % 56.51 (5.3 %) 44.73 1.3 %
Q2 2006 137.23 10.9 % 17.81 118.7 % 5.01 294.4 %
Q3 2006 166.10 5.5 % 32.61 (18.2 %) 16.35 (27.1 %)
Q4 2006 227.57 32.9 % 66.03 128.9 % 40.31 234.6 %
Q1 2007 161.84 (12.4 %) 28.36 (49.8 %) 16.72 (62.6 %)
Q2 2007 147.42 7.4 % 14.41 (19.0 %) (0.99) (119.8 %)
Q3 2007 183.48 10.5 % 42.81 31.3 % 26.40 61.5 %
Q4 2007 239.61 5.3 % 48.28 (26.9 %) 27.53 (31.7 %)
Q1 2008 140.91 (12.9 %) 5.50 (80.6 %) (7.89) (147.2 %)
Q2 2008 161.03 9.2 % 4.26 (70.5 %) (16.04) (1,513.5 %)
Q3 2008 206.34 12.5 % 42.95 0.3 % 22.71 (14.0 %)
Q4 2008 258.19 7.8 % 72.88 50.9 % 45.28 64.5 %
Q1 2009 145.40 3.2 % 5.86 6.6 % (12.43) (57.7 %)
Q2 2009 163.63 1.6 % 1.27 (70.3 %) (13.70) 14.6 %
Q3 2009 204.48 (0.9 %) 26.96 (37.2 %) 5.59 (75.4 %)
Q4 2009 238.92 (7.5 %) 68.58 (5.9 %) 35.48 (21.6 %)
Q1 2010 136.94 (5.8 %) 4.16 (29.0 %) (13.30) (7.0 %)
Q2 2010 165.76 1.3 % 16.87 1233.8 % 1.63 111.9 %
Q3 2010 205.35 0.4 % 30.79 14.2 % 8.04 43.8 %
Q4 2010 238.23 (0.3 %) 66.23 (3.4 %) 45.75 28.9 %
Q1 2011 132.57 (3.2 %) (18.30) (539.9 %) (35.73) (168.6 %)
Q2 2011 191.05 15.3 % 36.32 115.3 % 19.32 1086.7 %
Q3 2011 219.01 6.7 % 50.69 64.6 % 25.09 212.1 %
Q4 2011 267.34 12.2 % 71.91 8.6 % 48.94 7.0 %
Q1 2012 167.03 26.0 % 10.16 155.5 % (7.08) 80.2 %
Q2 2012 202.52 6.0 % 27.50 (24.3 %) 11.01 (43.0 %)
Q3 2012 239.32 9.3 % 43.28 (14.6 %) 15.97 (36.3 %)
Q4 2012 306.07 14.5 % 79.65 10.8 % 29.91 (38.9 %)
Q1 2013 202.69 21.4 % 27.94 175.0 % 9.11 228.7 %
Q2 2013 257.03 26.9 % 55.86 103.1 % 32.73 197.3 %
Q3 2013 224.84 (6.1 %) 11.77 (72.8 %) (15.26) (195.6 %)
Q4 2013 283.29 (7.4 %) 78.77 (1.1 %) 30.00 0.3 %
Q1 2014 231.31 14.1 % 41.48 48.4 % 20.44 124.3 %
Q2 2014 229.77 (10.6 %) 30.87 (44.7 %) 11.28 (65.6 %)
Q3 2014 272.83 21.3 % 44.97 281.9 % 11.92 178.1 %
Q4 2014 285.29 0.7 % 70.28 (10.8 %) 29.94 (0.2 %)
Q1 2015 238.82 3.2 % 37.09 (10.6 %) 10.28 (49.7 %)
Q2 2015 252.93 10.1 % 30.08 (2.6 %) 2.55 (77.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2006 49.69 21.2 % 0.40 - 49.69 0.40
Q2 2006 237.19 5706.4 % 1.90 - 237.19 1.90
Q3 2006 1.22 (97.4 %) 0.01 - 1.22 0.01
Q4 2006 26.96 (18.0 %) 0.22 - 26.96 0.22
Q1 2007 19.95 (59.8 %) 0.16 - 19.95 0.16
Q2 2007 1.28 (99.5 %) 0.01 - 1.28 0.01
Q3 2007 35.11 2768.3 % 0.28 - 35.11 0.28
Q4 2007 45.65 69.3 % 0.37 - 45.65 0.37
Q1 2008 (5.18) (126.0 %) (0.04) - (5.18) (0.04)
Q2 2008 (49.32) (3952.8 %) (0.39) (32.33) (16.99) (0.14)
Q3 2008 24.64 (29.8 %) 0.20 - 24.64 0.20
Q4 2008 59.96 31.3 % 0.48 0.00 59.96 0.48
Q1 2009 (8.97) (73.0 %) (0.07) - (8.97) (0.07)
Q2 2009 (7.11) 85.6 % (0.06) - (7.11) (0.06)
Q3 2009 6.01 (75.6 %) 0.05 - 6.01 0.05
Q4 2009 41.99 (30.0 %) 0.34 - 41.99 0.34
Q1 2010 (8.52) 5.1 % (0.07) - (8.52) (0.07)
Q2 2010 4.53 163.8 % 0.04 - 4.53 0.04
Q3 2010 9.22 53.4 % 0.07 - 9.22 0.07
Q4 2010 44.78 6.6 % 0.36 - 44.78 0.36
Q1 2011 (31.07) (264.9 %) (0.25) 1.43 (32.50) (0.26)
Q2 2011 19.92 339.5 % 0.16 (0.06) 19.98 0.16
Q3 2011 26.26 184.7 % 0.21 0.09 26.17 0.21
Q4 2011 50.16 12.0 % 0.40 - 50.16 0.40
Q1 2012 6.72 121.6 % 0.05 12.09 (5.37) (0.04)
Q2 2012 16.99 (14.7 %) 0.14 0.73 16.27 0.13
Q3 2012 16.83 (35.9 %) 0.13 0.01 16.82 0.13
Q4 2012 33.28 (33.7 %) 0.27 0.90 32.38 0.26
Q1 2013 20.08 198.7 % 0.16 9.50 10.58 0.08
Q2 2013 36.21 113.1 % 0.29 (0.50) 36.71 0.29
Q3 2013 (13.11) (177.9 %) (0.10) 0.00 (13.11) (0.10)
Q4 2013 34.40 3.4 % 0.28 0.00 34.40 0.28
Q1 2014 21.10 5.1 % 0.17 0.41 20.69 0.17
Q2 2014 22.44 (38.0 %) 0.18 10.86 11.58 0.09
Q3 2014 23.79 281.5 % 0.19 12.04 11.75 0.09
Q4 2014 34.72 0.9 % 0.28 0.59 34.13 0.27
Q1 2015 137.91 553.7 % 1.10 118.82 19.09 0.15
Q2 2015 12.82 (42.9 %) 0.10 1.13 11.68 0.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 20.93 % 28.81 % 21.04 %
Q2 2006 21.98 % 30.29 % 56.43 %
Q3 2006 20.59 % 29.61 % 48.68 %
Q4 2006 24.17 % 31.04 % 44.02 %
Q1 2007 20.90 % 27.97 % 41.19 %
Q2 2007 20.12 % 26.68 % 7.03 %
Q3 2007 21.05 % 27.58 % 11.56 %
Q4 2007 18.28 % 25.95 % 13.93 %
Q1 2008 15.60 % 23.87 % 10.80 %
Q2 2008 13.91 % 21.87 % 8.08 %
Q3 2008 13.50 % 21.36 % 6.43 %
Q4 2008 16.39 % 23.42 % 8.14 %
Q1 2009 16.34 % 22.72 % 7.61 %
Q2 2009 15.90 % 23.10 % 8.86 %
Q3 2009 13.86 % 21.02 % 6.47 %
Q4 2009 13.64 % 20.66 % 4.24 %
Q1 2010 13.57 % 21.40 % 4.35 %
Q2 2010 15.62 % 24.08 % 5.90 %
Q3 2010 16.12 % 24.70 % 6.32 %
Q4 2010 15.82 % 26.19 % 6.70 %
Q1 2011 12.88 % 23.15 % 3.51 %
Q2 2011 14.99 % 24.44 % 5.41 %
Q3 2011 17.28 % 26.00 % 7.48 %
Q4 2011 17.36 % 25.59 % 7.88 %
Q1 2012 20.02 % 28.33 % 10.77 %
Q2 2012 18.72 % 27.41 % 10.19 %
Q3 2012 17.44 % 26.62 % 8.89 %
Q4 2012 17.55 % 24.11 % 6.57 %
Q1 2013 18.76 % 25.40 % 8.00 %
Q2 2013 20.57 % 26.75 % 9.60 %
Q3 2013 17.69 % 24.37 % 6.72 %
Q4 2013 18.01 % 24.80 % 7.09 %
Q1 2014 18.85 % 25.06 % 7.90 %
Q2 2014 16.81 % 23.25 % 5.53 %
Q3 2014 19.28 % 24.49 % 7.71 %
Q4 2014 18.41 % 24.73 % 7.67 %
2014 18.41 % 24.73 % 7.67 %
Q1 2015 17.84 % 22.59 % 7.46 %
Q2 2015 17.37 % 20.32 % 7.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 125.00 1.07 1.07 9.25
Q2 2006 125.00 2.94 2.94 11.15
Q3 2006 125.00 2.57 2.57 11.16
Q4 2006 125.00 2.52 2.52 11.46
Q1 2007 125.00 2.28 2.28 11.61
Q2 2007 125.00 0.40 0.40 11.03
Q3 2007 125.00 0.67 0.67 11.37
Q4 2007 125.00 0.82 0.82 11.91
Q1 2008 125.00 0.61 0.61 11.80
Q2 2008 125.00 0.21 0.47 10.96
Q3 2008 125.00 0.13 0.38 11.02
Q4 2008 125.00 0.24 0.50 11.31
Q1 2009 125.00 0.21 0.47 11.21
Q2 2009 125.00 0.55 0.55 10.71
Q3 2009 125.00 0.40 0.40 10.78
Q4 2009 125.00 0.26 0.26 11.10
Q1 2010 125.00 0.26 0.26 11.08
Q2 2010 125.00 0.35 0.35 11.09
Q3 2010 125.00 0.38 0.38 11.18
Q4 2010 125.00 0.40 0.40 11.56
Q1 2011 125.00 0.22 0.21 11.32
Q2 2011 125.00 0.34 0.33 10.98
Q3 2011 125.00 0.48 0.47 11.15
Q4 2011 125.00 0.52 0.51 11.59
Q1 2012 125.00 0.82 0.73 11.66
Q2 2012 125.00 0.80 0.70 11.22
Q3 2012 125.00 0.73 0.62 11.37
Q4 2012 125.00 0.59 0.48 11.66
Q1 2013 125.00 0.70 0.61 11.82
Q2 2013 125.00 0.85 0.77 11.59
Q3 2013 125.00 0.61 0.53 11.49
Q4 2013 125.00 0.62 0.55 11.76
Q1 2014 125.00 0.63 0.63 11.47
Q2 2014 125.00 0.52 0.43 11.59
Q3 2014 125.00 0.81 0.63 11.79
Q4 2014 125.00 0.82 0.63 11.95
Q1 2015 125.00 1.75 0.61 13.07
Q2 2015 125.00 1.67 0.61 11.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2006 41.02 41.02 4.75
Q2 2006 13.14 13.14 3.46
Q3 2006 15.42 15.42 3.55
Q4 2006 6.82 6.82 1.50
Q1 2007 7.10 7.10 1.39
Q2 2007 33.52 33.52 1.20
Q3 2007 21.38 21.38 1.25
Q4 2007 21.45 21.45 1.47
Q1 2008 22.77 22.77 1.19
Q2 2008 66.65 29.87 1.28
Q3 2008 77.20 25.33 0.88
Q4 2008 29.49 14.22 0.63
Q1 2009 38.01 17.05 0.71
Q2 2009 15.42 15.41 0.79
Q3 2009 20.92 20.92 0.77
Q4 2009 32.10 32.10 0.74
Q1 2010 32.62 32.62 0.76
Q2 2010 21.30 21.30 0.68
Q3 2010 19.98 19.98 0.68
Q4 2010 18.37 18.37 0.64
Q1 2011 36.18 38.17 0.70
Q2 2011 21.59 22.30 0.67
Q3 2011 15.24 15.62 0.65
Q4 2011 17.52 17.92 0.79
Q1 2012 22.80 25.84 1.61
Q2 2012 17.23 19.77 1.23
Q3 2012 23.08 26.88 1.47
Q4 2012 27.94 34.32 1.42
Q1 2013 23.09 26.46 1.36
Q2 2013 18.15 20.01 1.33
Q3 2013 34.66 39.81 1.85
Q4 2013 43.66 49.39 2.30
Q1 2014 44.37 44.32 2.43
Q2 2014 72.31 87.53 3.23
Q3 2014 47.84 62.05 3.30
Q4 2014 29.40 38.39 2.01
Q1 2015 16.28 46.54 2.18
Q2 2015 16.35 44.63 2.29

Business Segments (Million)

Compared With The
Period Public transportation project Specialized Services passenger transport segment The main center
Q1 2009 - 30.12 104.29 10.99
Q2 2009 - 32.68 119.01 11.94
Q3 2009 - 23.11 165.83 15.54
Q4 2009 - 91.05 137.50 10.38
Q1 2010 - 32.60 104.16 0.18
Q2 2010 - 40.99 122.63 2.15
Q3 2010 - 28.76 173.65 2.94
Q4 2010 - 94.33 139.84 4.06
Q1 2011 - 29.37 100.55 2.65
Q2 2011 - 53.76 132.68 4.60
Q3 2011 - 31.57 181.27 6.17
Q4 2011 - 123.87 135.85 7.62
Q1 2012 - 34.08 124.99 7.96
Q2 2012 - 45.22 144.58 12.72
Q3 2012 - 36.82 187.00 15.49
Q4 2012 - 132.84 159.17 14.07
Q1 2013 - 41.59 145.80 15.30
Q2 2013 - 51.54 188.07 17.43
Q3 2013 - 35.47 171.24 18.12
Q4 2013 - 112.75 152.60 17.94
Q1 2014 - 66.07 148.11 17.14
Q2 2014 - 59.60 149.33 20.84
Q3 2014 - 49.77 194.28 28.78
Q4 2014 - 106.80 156.70 21.79
Q1 2015 - 59.58 157.40 21.84
Q2 2015 - 50.46 171.90 30.58


Financial Ratios
Current
Market Cap (M Riyal) 1,656.25
Enterprise Value (EV) (M Riyal) 2,861.34
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) More than 100
Price/book 1.78
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 1.1
EV/adj EBITDA 8.22
EV/Revenues 1.82
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Share Price

Saudi Public Transport Co.
13.25
(0.05) (0.38 %)

Saudi Public Transport Co. (SAPTCO)

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