SAPTCO net profit drops 72% in 2018

13/03/2019 Argaam Exclusive

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Share Price

17.90
(0.02) (0.11 %)

Saudi Public Transport Co. (SAPTCO)

Saudi Public Transport Co. (SAPTCO) reported a net profit after zakat and tax of SAR 22.9 million in fiscal year 2018, a 71.9 percent year-on-year (YoY) drop on higher operating costs and depreciation expenses, an increase in marketing and administration expenses, and lower value of assets due to the implementation of IAS 36. 

 

The firm also reported lower financing income, and higher financing cost and zakat, in addition to losses from associate Capital Metro Co. Ltd. 



Financials (M)

Item 2017 2018 Change‬
Revenues 1,127.53 1,455.45 29.1 %
Gross Income 171.53 171.93 0.2 %
Operating Income 38.35 20.59 (46.3 %)
Net Income 78.91 20.42 (74.1 %)
Average Shares 125.00 125.00 -
EPS (Riyals) 0.63 0.16 (74.1 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 218.87 430.97 96.9 %
Gross Income (6.61) (0.89) 86.5 %
Operating Income (54.81) (59.89) (9.3 %)
Net Income (24.70) (39.30) (59.1 %)
Average Shares 125.00 125.00 -
EPS (Riyals) (0.20) (0.31) (59.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 145.40 3.2 % 5.86 6.6 % (8.97) (73.0 %) (0.07)
Q2 2009 163.63 1.6 % 1.27 (70.3 %) (7.11) 85.6 % (0.06)
Q3 2009 204.48 (0.9 %) 26.96 (37.2 %) 6.01 (75.6 %) 0.05
Q4 2009 238.92 (7.5 %) 68.58 (5.9 %) 41.99 (30.0 %) 0.34
Q1 2010 136.94 (5.8 %) 4.16 (29.0 %) (8.52) 5.1 % (0.07)
Q2 2010 165.76 1.3 % 16.87 1233.8 % 4.53 163.8 % 0.04
Q3 2010 205.35 0.4 % 30.79 14.2 % 9.22 53.4 % 0.07
Q4 2010 238.23 (0.3 %) 66.23 (3.4 %) 44.78 6.6 % 0.36
Q1 2011 132.57 (3.2 %) (18.30) (539.9 %) (31.07) (264.9 %) (0.25)
Q2 2011 191.05 15.3 % 36.32 115.3 % 19.92 339.5 % 0.16
Q3 2011 219.01 6.7 % 50.69 64.6 % 26.26 184.7 % 0.21
Q4 2011 267.34 12.2 % 71.91 8.6 % 50.16 12.0 % 0.40
Q1 2012 167.03 26.0 % 10.16 155.5 % 6.72 121.6 % 0.05
Q2 2012 202.52 6.0 % 27.50 (24.3 %) 16.99 (14.7 %) 0.14
Q3 2012 239.32 9.3 % 43.28 (14.6 %) 16.83 (35.9 %) 0.13
Q4 2012 306.07 14.5 % 79.65 10.8 % 33.28 (33.7 %) 0.27
Q1 2013 202.69 21.4 % 27.94 175.0 % 20.08 198.7 % 0.16
Q2 2013 257.03 26.9 % 55.86 103.1 % 36.21 113.1 % 0.29
Q3 2013 224.84 (6.1 %) 11.77 (72.8 %) (13.11) (177.9 %) (0.10)
Q4 2013 283.29 (7.4 %) 78.77 (1.1 %) 34.40 3.4 % 0.28
Q1 2014 231.31 14.1 % 41.48 48.4 % 21.10 5.1 % 0.17
Q2 2014 229.77 (10.6 %) 30.87 (44.7 %) 22.44 (38.0 %) 0.18
Q3 2014 272.83 21.3 % 44.97 281.9 % 23.79 281.5 % 0.19
Q4 2014 285.29 0.7 % 70.28 (10.8 %) 34.72 0.9 % 0.28
Q1 2015 238.82 3.2 % 37.09 (10.6 %) 137.91 553.7 % 1.10
Q2 2015 252.93 10.1 % 30.08 (2.6 %) 12.82 (42.9 %) 0.10
Q3 2015 360.90 32.3 % 123.15 173.9 % 81.40 242.1 % 0.65
Q4 2015 248.06 (13.1 %) 36.83 (47.6 %) (35.51) (202.3 %) (0.28)
Q1 2016 257.00 7.6 % 44.33 19.5 % 32.77 (76.2 %) 0.26
Q2 2016 284.21 12.4 % 44.58 48.2 % 10.66 (16.9 %) 0.09
Q3 2016 375.56 4.1 % 125.18 1.6 % 87.25 7.2 % 0.70
Q4 2016 234.88 (5.3 %) 26.75 (27.4 %) 1.82 105.1 % 0.01
Q1 2017 228.99 (10.9 %) 15.70 (64.6 %) 2.48 (92.4 %) 0.02
Q2 2017 294.17 3.5 % 53.85 20.8 % 38.66 262.8 % 0.31
Q3 2017 385.50 2.6 % 108.59 (13.3 %) 62.47 (28.4 %) 0.50
Q4 2017 218.87 (6.8 %) (6.61) (124.7 %) (24.70) (1460.7 %) (0.20)
Q1 2018 234.18 2.3 % 3.04 (80.6 %) (4.86) (295.9 %) (0.04)
Q2 2018 325.46 10.6 % 29.51 (45.2 %) (30.30) (178.4 %) (0.24)
Q3 2018 464.85 20.6 % 140.27 29.2 % 94.87 51.9 % 0.76
Q4 2018 430.97 96.9 % (0.89) 86.5 % (39.30) (59.1 %) (0.31)
2018 1,455.45 29.1 % 171.93 0.2 % 20.42 (74.1 %) 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q1 2017 18.89 % 21.02 % 9.06 %
Q2 2017 19.54 % 23.59 % 11.49 %
Q3 2017 17.92 % 21.98 % 9.22 %
Q4 2017 15.21 % 20.10 % 7.00 %
Q1 2018 14.03 % 19.58 % 6.32 %
Q2 2018 11.56 % 16.41 % 2.60 %
Q3 2018 13.37 % 18.02 % 5.04 %
Q4 2018 11.81 % 14.73 % 3.30 %
2018 11.81 % 14.73 % 3.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2017 125.00 0.82 0.81 12.34
Q2 2017 125.00 1.04 1.04 12.71
Q3 2017 125.00 0.84 0.84 13.19
Q4 2017 125.00 0.63 0.63 12.96
Q1 2018 125.00 0.57 0.57 13.02
Q2 2018 125.00 0.02 0.24 12.33
Q3 2018 125.00 0.28 0.50 13.06
Q4 2018 125.00 0.16 0.38 12.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 More than 50 More than 50 3.23
Q3 2014 47.84 More than 50 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
Q1 2017 17.85 17.91 1.18
Q2 2017 13.43 13.43 1.10
Q3 2017 17.30 17.30 1.11
Q4 2017 25.54 25.54 1.24
Q1 2018 28.26 28.26 1.24
Q2 2018 More than 50 More than 50 1.18
Q3 2018 More than 50 27.99 1.08
Q4 2018 More than 50 36.28 1.10

Business Segments (Million)

Compared With The
Period passenger transport segment Public transportation project Specialized Services Headquarters Consolidation adjustments & eliminations
Q1 2009 104.29 - 30.12 10.99 -
Q2 2009 119.01 - 32.68 11.94 -
Q3 2009 165.83 - 23.11 15.54 -
Q4 2009 137.50 - 91.05 10.38 -
Q1 2010 104.16 - 32.60 0.18 -
Q2 2010 122.63 - 40.99 2.15 -
Q3 2010 173.65 - 28.76 2.94 -
Q4 2010 139.84 - 94.33 4.06 -
Q1 2011 100.55 - 29.37 2.65 -
Q2 2011 132.68 - 53.76 4.60 -
Q3 2011 181.27 - 31.57 6.17 -
Q4 2011 135.85 - 123.87 7.62 -
Q1 2012 124.99 - 34.08 7.96 -
Q2 2012 144.58 - 45.22 12.72 -
Q3 2012 187.00 - 36.82 15.49 -
Q4 2012 159.17 - 132.84 14.07 -
Q1 2013 145.80 - 41.59 15.30 -
Q2 2013 188.07 - 51.54 17.43 -
Q3 2013 171.24 - 35.47 18.12 -
Q4 2013 152.60 - 112.75 17.94 -
Q1 2014 148.11 - 66.07 17.14 -
Q2 2014 149.33 - 59.60 20.84 -
Q3 2014 194.28 - 49.77 28.78 -
Q4 2014 156.70 - 106.80 21.79 -
Q1 2015 157.40 - 59.58 21.84 -
Q2 2015 171.90 - 50.46 30.58 -
Q3 2015 219.06 - 117.79 24.06 -
Q4 2015 151.02 - 60.98 37.32 -
Q1 2016 170.55 15.87 51.44 20.59 (1.45)
Q2 2016 184.82 19.26 55.78 22.91 -
Q3 2016 202.55 15.20 139.96 17.84 -
Q4 2016 187.31 28.68 80.22 (61.34) -
Q1 2017 147.62 19.54 61.84 - -
Q2 2017 192.41 17.44 60.57 23.76 -
Q3 2017 171.30 17.82 176.66 19.73 -
Q4 2017 177.41 21.94 81.17 (61.65) -
Q1 2018 144.48 28.49 61.20 - -
Q2 2018 193.89 57.80 73.77 - -
Q3 2018 193.21 83.99 187.66 - -
Q4 2018 143.61 233.37 53.99 - -

Current
Market Cap (M Riyal) 2,237.50
Enterprise Value (EV) (M) 3,164.85
Shares Outstanding ((M)) 125.00
EPS ( Riyal) (TTM) (0.32)
Book Value (BV) ( Riyal) 6.92
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.59
Return on Average Assets (%) (TTM) (0.98 )
Return on Average Equity (%) (TTM) (4.56 )

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