Financial Results : Saudi Public Transport’s net profit declines 40% in FY16

Saudi Public Transport’s net profit declines 40% in FY16

18/01/2017 Argaam Exclusive

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Saudi Public Transport Co. (SAPTCO) reported a net profit of SAR 127 million for fiscal year 2016, dropping 40 percent compared to a net profit of SAR 211 million for the same period in 2015.

 

The company cited an increase in operating costs, depreciation, and higher general and administrative expenses, in addition to an increase in the cost of finance.  



Financials (M)

Item 2015 2016 Change‬
Revenues 1,102.31 1,151.64 4.5 %
Gross Income 231.09 240.85 4.2 %
Operating Income 98.90 97.56 (1.4 %)
Net Income 210.86 132.49 (37.2 %)
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyals) 0.76 1.00 31.9 %
EPS (Riyal) 1.69 1.06 (37.2 %)

Net profit for the fourth quarter was SAR 6 million, compared to losses reaching SAR 35.5 million year-on-year. This was attributed mainly to an increase in revenue, decrease in marketing expenses, and increase in joint venture profits.

 

However, Q4 profit plummeted 93 percent quarter-on-quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 248.06 234.88 (5.3 %)
Gross Income 36.83 26.75 (27.4 %)
Operating Income (9.80) (18.20) (85.7 %)
Net Income (35.51) 1.82 105.1 %
Average Shares 125.00 125.00 -
Earnings Per Share before unusual items (Riyal) (0.22) 0.01 106.5 %
EPS (Riyal) (0.28) 0.01 105.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2015 360.90 32.3 % 123.15 173.9 % 80.99 579.6 %
Q4 2015 248.06 (13.1 %) 36.83 (47.6 %) (9.80) (132.7 %)
Q1 2016 257.00 7.6 % 44.33 19.5 % 16.81 63.5 %
Q2 2016 284.21 12.4 % 44.58 48.2 % 6.79 166.2 %
Q3 2016 375.56 4.1 % 125.18 1.6 % 92.91 14.7 %
Q4 2016 234.88 (5.3 %) 26.75 (27.4 %) (18.20) (85.7 %)
2016 1,151.64 4.5 % 240.85 4.2 % 97.56 (1.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q3 2015 81.40 242.1 % 0.65 3.68 77.72 0.62
Q4 2015 (35.51) (202.3 %) (0.28) (7.46) (28.05) (0.22)
Q1 2016 32.77 (76.2 %) 0.26 7.24 25.53 0.20
Q2 2016 10.66 (16.9 %) 0.09 0.35 10.31 0.08
Q3 2016 87.25 7.2 % 0.70 - 87.25 0.70
Q4 2016 1.82 105.1 % 0.01 - 1.82 0.01
2016 132.49 (37.2 %) 1.06 7.59 124.90 1.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 17.84 % 22.59 % 7.46 %
Q2 2015 17.37 % 20.32 % 7.30 %
Q3 2015 22.90 % 24.08 % 12.53 %
Q4 2015 20.64 % 20.29 % 7.31 %
2015 20.96 % 21.61 % 8.59 %
Q1 2016 20.95 % 20.86 % 7.77 %
Q2 2016 21.64 % 21.07 % 7.43 %
Q3 2016 21.54 % 22.55 % 8.16 %
Q4 2016 20.91 % 22.32 % 10.84 %
2016 20.91 % 22.26 % 10.84 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q3 2015 125.00 2.13 1.14 12.42
Q4 2015 125.00 1.57 0.64 12.18
Q1 2016 125.00 0.73 0.70 12.38
Q2 2016 125.00 0.71 0.68 12.02
Q3 2016 125.00 0.76 0.76 12.61
Q4 2016 125.00 1.06 1.00 12.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q3 2015 8.31 15.56 1.43
Q4 2015 10.66 26.06 1.38
Q1 2016 16.57 17.45 0.98
Q2 2016 18.88 19.72 1.12
Q3 2016 15.25 15.27 0.92
Q4 2016 14.32 15.19 1.18

Business Segments (Million)

Compared With The
Period Public transportation project Specialized Services passenger transport segment The main center Consolidation adjustments & eliminations
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 -
Q3 2015 - 117.79 219.06 24.06 -
Q4 2015 - 60.98 151.02 37.32 -
Q1 2016 15.87 51.44 170.55 20.59 (1.45)
Q2 2016 19.26 55.78 184.82 22.91 -
Q3 2016 15.20 139.96 202.55 17.84 -
Q4 2016 28.68 80.22 187.31 (61.34) -


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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