Alkhaleej Training profit drops 49% in 9M 2016

18/10/2016 Argaam Exclusive

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Share Price

Alkhaleej Training and Education Co. (ALKHALEEJ TRNG)

 

Alkhaleej Training & Education Co.’s net income dropped 49 percent year-on-year to SAR 24.7 million in the first nine months of 2016. The company attributed the decline to the drop in sales for training division for individual and government sectors because of Ramadan which fell in the second quarter. 



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 546.16 463.22 (15.2 %)
Gross Income 124.49 96.53 (22.5 %)
Operating Income 57.59 28.67 (50.2 %)
Net Income 48.83 24.35 (50.1 %)
Average Shares 55.42 55.42 -
EPS (Riyals) 0.88 0.44 (50.1 %)

Third quarter net profit gained 24 percent to SAR 20.5 million year-on-year. Profit for the period compared with a loss of SAR 3.9 million in the previous quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 175.01 151.83 (13.2 %)
Gross Income 41.15 39.82 (3.2 %)
Operating Income 18.54 17.04 (8.1 %)
Net Income 16.45 19.77 20.2 %
Average Shares 55.42 55.42 -
EPS (Riyals) 0.30 0.36 20.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 72.37 - 21.41 - 6.97 - 0.13
Q2 2007 88.90 - 26.62 - 10.45 - 0.19
Q3 2007 60.53 - 14.10 - 3.89 - 0.07
Q4 2007 79.55 - 31.36 - 16.19 - 0.29
Q1 2008 85.97 18.8 % 27.53 28.6 % 11.02 58.1 % 0.20
Q2 2008 92.10 3.6 % 26.93 1.2 % 10.73 2.7 % 0.19
Q3 2008 53.26 (12.0 %) 9.29 (34.1 %) (3.93) (200.9 %) (0.07)
Q4 2008 115.02 44.6 % 42.58 35.8 % 23.42 44.6 % 0.42
Q1 2009 88.66 3.1 % 24.28 (11.8 %) 10.23 (7.1 %) 0.18
Q2 2009 86.71 (5.8 %) 21.93 (18.6 %) 6.03 (43.8 %) 0.11
Q3 2009 63.24 18.8 % 13.95 50.2 % 0.74 118.8 % 0.01
Q4 2009 111.50 (3.1 %) 45.31 6.4 % 25.03 6.9 % 0.45
Q1 2010 93.26 5.2 % 26.65 9.8 % 11.76 15.0 % 0.21
Q2 2010 94.81 9.3 % 22.52 2.7 % 6.92 14.7 % 0.12
Q3 2010 83.55 32.1 % 22.74 63.0 % 7.21 877.1 % 0.13
Q4 2010 123.75 11.0 % 45.06 (0.6 %) 19.54 (21.9 %) 0.35
Q1 2011 119.10 27.7 % 33.90 27.2 % 14.50 23.2 % 0.26
Q2 2011 121.06 27.7 % 29.67 31.8 % 10.67 54.2 % 0.19
Q3 2011 118.90 42.3 % 36.74 61.6 % 10.90 51.2 % 0.20
Q4 2011 155.89 26.0 % 52.42 16.3 % 16.59 (15.1 %) 0.30
Q1 2012 129.29 8.6 % 32.97 (2.7 %) 11.69 (19.4 %) 0.21
Q2 2012 148.00 22.3 % 41.60 40.2 % 18.23 70.8 % 0.33
Q3 2012 131.68 10.8 % 40.14 9.3 % 16.94 55.3 % 0.31
Q4 2012 164.65 5.6 % 48.86 (6.8 %) 20.60 24.2 % 0.37
Q1 2013 145.85 12.8 % 33.19 0.7 % 10.44 (10.7 %) 0.19
Q2 2013 167.49 13.2 % 40.30 (3.1 %) 18.32 0.5 % 0.33
Q3 2013 150.64 14.4 % 43.43 8.2 % 18.60 9.8 % 0.34
Q4 2013 200.43 21.7 % 64.46 31.9 % 31.47 52.8 % 0.57
Q1 2014 176.11 20.7 % 39.52 19.1 % 15.61 49.5 % 0.28
Q2 2014 182.67 9.1 % 44.58 10.6 % 21.51 17.4 % 0.39
Q3 2014 167.34 11.1 % 45.11 3.9 % 19.94 7.2 % 0.36
Q4 2014 197.43 (1.5 %) 65.15 1.1 % 32.17 2.2 % 0.58
Q1 2015 187.25 6.3 % 42.51 7.6 % 15.64 0.2 % 0.28
Q2 2015 183.90 0.7 % 40.83 (8.4 %) 16.74 (22.2 %) 0.30
Q3 2015 175.01 4.6 % 41.15 (8.8 %) 16.45 (17.5 %) 0.30
Q4 2015 179.97 (8.8 %) 56.19 (13.8 %) 21.56 (33.0 %) 0.39
Q1 2016 166.17 (11.3 %) 35.29 (17.0 %) 7.96 (49.1 %) 0.14
Q2 2016 145.22 (21.0 %) 21.42 (47.5 %) (3.37) (120.2 %) (0.06)
Q3 2016 151.83 (13.2 %) 39.82 (3.2 %) 19.77 20.2 % 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 31.02 % 19.37 % 12.45 %
Q1 2008 31.62 % 19.91 % 13.19 %
Q2 2008 31.41 % 20.45 % 13.15 %
Q3 2008 30.59 % 19.57 % 10.94 %
Q4 2008 30.70 % 19.16 % 11.99 %
Q1 2009 29.53 % 18.48 % 11.68 %
Q2 2009 28.54 % 16.91 % 10.49 %
Q3 2009 29.05 % 17.86 % 11.52 %
Q4 2009 30.12 % 18.71 % 12.01 %
Q1 2010 30.40 % 19.18 % 12.28 %
Q2 2010 29.89 % 18.87 % 12.25 %
Q3 2010 30.60 % 19.44 % 13.29 %
Q4 2010 29.59 % 17.65 % 11.49 %
Q1 2011 29.49 % 17.90 % 11.44 %
Q2 2011 29.36 % 17.72 % 11.60 %
Q3 2011 30.11 % 17.40 % 11.52 %
Q4 2011 29.66 % 16.05 % 10.23 %
Q1 2012 28.91 % 14.64 % 9.49 %
Q2 2012 29.66 % 15.29 % 10.40 %
Q3 2012 29.59 % 16.70 % 11.23 %
Q4 2012 28.52 % 15.63 % 11.76 %
Q1 2013 27.75 % 14.90 % 11.22 %
Q2 2013 26.65 % 14.64 % 10.87 %
Q3 2013 26.37 % 14.55 % 10.88 %
Q4 2013 27.30 % 16.32 % 11.93 %
Q1 2014 27.02 % 16.22 % 12.16 %
Q2 2014 27.05 % 16.20 % 12.35 %
Q3 2014 26.66 % 15.78 % 12.18 %
Q4 2014 26.86 % 15.88 % 12.33 %
Q1 2015 26.86 % 16.14 % 12.15 %
Q2 2015 26.31 % 15.74 % 11.48 %
Q3 2015 25.50 % 15.03 % 10.89 %
Q4 2015 24.88 % 14.32 % 9.69 %
Q1 2016 24.60 % 13.91 % 8.89 %
Q2 2016 23.12 % 12.00 % 6.39 %
Q3 2016 23.74 % 12.50 % 7.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 55.42 - - 2.20
Q2 2007 55.42 - - 2.38
Q3 2007 55.42 - - 2.45
Q4 2007 55.42 0.68 0.68 2.78
Q1 2008 55.42 0.75 0.75 2.99
Q2 2008 55.42 0.76 0.76 3.17
Q3 2008 55.42 0.61 0.61 3.09
Q4 2008 55.42 0.74 0.75 3.51
Q1 2009 55.42 0.73 0.74 3.66
Q2 2009 55.42 0.65 0.65 3.64
Q3 2009 55.42 0.73 0.73 3.66
Q4 2009 55.42 0.76 0.76 4.11
Q1 2010 55.42 0.79 0.79 4.32
Q2 2010 55.42 0.80 0.80 4.30
Q3 2010 55.42 0.92 0.92 4.41
Q4 2010 55.42 0.82 0.82 4.77
Q1 2011 55.42 0.87 0.87 5.03
Q2 2011 55.42 0.94 0.94 5.07
Q3 2011 55.42 1.00 1.00 5.26
Q4 2011 55.42 0.95 0.95 5.57
Q1 2012 55.42 0.90 0.90 5.79
Q2 2012 55.42 1.04 1.04 5.92
Q3 2012 55.42 1.14 1.14 6.32
Q4 2012 55.42 1.22 1.22 6.59
Q1 2013 55.42 1.19 1.19 6.78
Q2 2013 55.42 1.20 1.20 6.84
Q3 2013 55.42 1.23 1.23 7.20
Q4 2013 55.42 1.42 1.43 7.76
Q1 2014 55.42 1.52 1.52 8.03
Q2 2014 55.42 1.57 1.58 7.86
Q3 2014 55.42 1.60 1.60 8.22
Q4 2014 55.42 1.61 1.61 8.75
Q1 2015 55.42 1.61 1.61 9.04
Q2 2015 55.42 1.52 1.52 8.80
Q3 2015 55.42 1.46 1.46 9.11
Q4 2015 55.42 1.27 1.27 9.47
Q1 2016 55.42 1.13 1.13 9.62
Q2 2016 55.42 0.77 0.77 8.83
Q3 2016 55.42 0.83 0.83 9.19

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 41.26 41.26 10.05
Q1 2008 25.67 25.67 6.45
Q2 2008 26.90 26.90 6.40
Q3 2008 18.18 18.18 3.61
Q4 2008 12.77 12.68 2.71
Q1 2009 14.93 14.82 2.98
Q2 2009 23.27 23.08 4.12
Q3 2009 19.89 19.75 3.97
Q4 2009 17.12 17.12 3.16
Q1 2010 17.11 17.11 3.11
Q2 2010 15.16 15.16 2.83
Q3 2010 12.81 12.81 2.67
Q4 2010 17.34 17.34 2.98
Q1 2011 16.10 16.10 2.78
Q2 2011 16.72 16.72 3.09
Q3 2011 15.56 15.56 2.97
Q4 2011 20.26 20.26 3.46
Q1 2012 24.34 24.34 3.78
Q2 2012 17.35 17.35 3.04
Q3 2012 16.82 16.82 3.05
Q4 2012 15.68 15.68 2.90
Q1 2013 17.23 17.23 3.04
Q2 2013 18.57 18.57 3.25
Q3 2013 19.87 19.75 3.39
Q4 2013 19.90 19.79 3.65
Q1 2014 26.38 26.24 4.98
Q2 2014 28.03 27.89 5.61
Q3 2014 32.00 32.00 6.22
Q4 2014 30.21 30.21 5.56
Q1 2015 28.28 28.28 5.04
Q2 2015 30.22 30.22 5.24
Q3 2015 26.60 26.60 4.27
Q4 2015 22.98 22.98 3.08
Q1 2016 21.78 21.78 2.56
Q2 2016 30.63 30.63 2.67
Q3 2016 14.79 14.79 1.33

Business Segments (Million)

Compared With The
Period Call Centers Schools University Language Financial & Administrational Training Computer Others..
Q1 2007 - - - 15.80 - 48.92 7.65
Q2 2007 - - - 15.78 - 44.32 28.80
Q3 2007 - - - 21.93 - 35.09 3.51
Q4 2007 - - - 9.95 - 85.58 -
Q1 2008 - - - 17.78 - 56.13 12.06
Q2 2008 - - - 20.75 - 50.62 20.73
Q3 2008 - - - 15.99 - 28.57 8.70
Q4 2008 - - - 21.83 - 84.24 8.95
Q1 2009 - - - 21.49 - 57.55 9.61
Q2 2009 16.31 - - 15.00 - 38.45 16.95
Q3 2009 9.58 - - 21.29 - 40.14 -
Q4 2009 13.75 - - 22.28 - 43.14 32.33
Q1 2010 - - - 24.29 - 59.89 9.08
Q2 2010 23.53 - - 12.90 - 39.80 18.59
Q3 2010 15.78 - - 27.34 - 46.43 -
Q4 2010 20.70 0.70 - 35.21 - 32.35 34.78
Q1 2011 21.65 1.86 - 34.26 - 45.34 15.99
Q2 2011 25.32 1.02 - 33.89 - 47.97 12.86
Q3 2011 29.96 1.20 - 32.82 - 52.31 2.61
Q4 2011 35.33 3.12 - 42.94 - 44.28 30.22
Q1 2012 36.28 3.85 - 34.40 - 41.62 13.14
Q2 2012 37.81 3.42 - 38.08 - 53.29 15.41
Q3 2012 38.79 6.31 - 35.40 - 49.49 1.70
Q4 2012 45.01 6.04 - 46.13 - 37.27 30.21
Q1 2013 41.38 6.01 32.50 18.58 13.19 34.18 -
Q2 2013 45.61 5.70 36.34 18.96 10.00 50.88 -
Q3 2013 49.01 5.66 30.19 18.85 9.53 37.40 -
Q4 2013 50.54 7.38 46.90 26.12 27.59 41.90 -
Q1 2014 46.42 7.86 47.09 19.61 14.35 40.77 -
Q2 2014 46.20 8.59 49.31 21.01 16.14 41.41 -
Q3 2014 54.77 9.58 129.35 18.06 12.32 39.66 -
Q4 2014 61.98 8.99 44.12 24.26 17.24 41.32 -
Q1 2015 57.62 11.15 44.01 20.49 14.73 39.26 -
Q2 2015 58.22 9.70 45.12 17.11 16.31 37.44 -
Q3 2015 63.42 11.49 35.92 16.86 14.45 32.86 -
Q4 2015 49.83 15.99 32.77 24.05 8.68 48.46 -
Q1 2016 61.74 15.00 29.04 15.16 16.68 28.54 -
Q2 2016 - 13.86 24.34 11.06 10.06 26.55 -
Q3 2016 - 17.93 19.50 17.30 8.00 28.70 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 5.87 19.77 236.73 %

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
AlJazira Capital 5.87 19.77 236.7 %

Current
Market Cap (M Riyal) 2,314.00
Enterprise Value (EV) (M) 2,792.87
Shares Outstanding ((M)) 65.00
EPS ( Riyal) (TTM) 0.24
Book Value (BV) ( Riyal) 8.01
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 4.44
Return on Average Assets (%) (TTM) 0.8
Return on Average Equity (%) (TTM) 2.8

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