Al-Samaani swings to loss in H1 2019

25/08/2019 Argaam Exclusive

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Share Price

Al-Samaani Factory for Metal Industries Co. reported a net loss after zakat and tax of SAR 622,000 for the first half of 2019, compared to a net profit of SAR 2.35 million a year earlier.

The loss was attributed to lower sales volumes and lower prices due to fierce competition. Also, the drop was due to higher selling and marketing expenses, higher general and administrative expenses (G&A), and higher zakat provision.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	22.62	18.80	(16.9 %)
Gross Income	7.20	4.40	(38.9 %)
Operating Income	2.54	(0.72)	(128.3 %)
Net Income	2.35	(0.62)	(126.5 %)
Average Shares	153.96	153.96	-
EPS (Riyals)	0.02	0.00	(126.5 %)

The firm’s net profit in Q2 2019 fell 73 percent YoY to SAR 226,000 due to lower selling prices amid fierce competition.

On a sequential basis, the firm turned to profit in Q2 2019 versus a net loss of SAR 849,000 in the previous quarter on higher sales, lower selling and marketing expenses, lower G&A, and lower zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	10.68	11.02	3.2 %
Gross Income	3.14	2.66	(15.5 %)
Operating Income	0.87	0.16	(81.2 %)
Net Income	0.83	0.23	(72.7 %)
Average Shares	153.96	153.96	-
EPS (Riyals)	0.01	0.00	(72.7 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	7.78	11.02	41.7 %
Gross Income	1.75	2.66	52.1 %
Operating Income	(0.88)	0.16	118.6 %
Net Income	(0.85)	0.23	126.7 %
Average Shares	153.96	153.96	-
EPS (Riyals)	(0.01)	0.00	126.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	35.70	-	6.12	-	2.49	-	0.02
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	32.11	(10.1 %)	7.28	18.8 %	2.40	(3.8 %)	0.02
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	45.72	42.4 %	9.10	25.1 %	2.93	22.1 %	0.02
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	48.26	5.5 %	15.39	69.1 %	4.81	64.2 %	0.04
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	38.42	(20.4 %)	14.58	(5.2 %)	7.10	47.6 %	0.06
Q1 2017	14.75	-	6.39	-	2.57	-	0.02
Q2 2017	9.04	-	3.16	-	1.08	-	0.01
Q3 2017	10.64	-	3.37	-	1.14	-	0.01
Q4 2017	11.76	-	4.36	-	0.89	-	0.01
2017	46.19	20.2 %	17.28	18.5 %	5.68	(19.9 %)	0.04
Q1 2018	11.94	(19.1 %)	4.06	(36.4 %)	1.52	(41.0 %)	0.01
Q2 2018	10.68	18.2 %	3.14	(0.6 %)	0.83	(22.9 %)	0.01
Q3 2018	9.26	(13.0 %)	3.17	(6.0 %)	0.86	(24.6 %)	0.01
Q4 2018	7.65	(34.9 %)	0.41	(90.5 %)	(2.75)	(409.7 %)	(0.02)
2018	39.53	(14.4 %)	10.78	(37.6 %)	0.46	(91.9 %)	0.00
Q1 2019	7.78	(34.8 %)	1.75	(57.0 %)	(0.85)	(156.0 %)	(0.01)
Q2 2019	11.02	3.2 %	2.66	(15.5 %)	0.23	(72.7 %)	0.00

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
2012	35.70	-	6.12	-	2.49	-	0.02
2013	32.11	(10.1 %)	7.28	18.8 %	2.40	(3.8 %)	0.02
2014	45.72	42.4 %	9.10	25.1 %	2.93	22.1 %	0.02
2015	48.26	5.5 %	15.39	69.1 %	4.81	64.2 %	0.04
2016	38.42	(20.4 %)	14.58	(5.2 %)	7.10	47.6 %	0.06
2017	46.19	20.2 %	17.28	18.5 %	5.68	(19.9 %)	0.04
2018	39.53	(14.4 %)	10.78	(37.6 %)	0.46	(91.9 %)	0.00

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	17.15 %	8.28 %	6.98 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	22.66 %	11.52 %	7.47 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	19.90 %	9.67 %	6.40 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	31.88 %	14.56 %	9.96 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	37.96 %	21.43 %	18.48 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	37.41 %	16.36 %	12.30 %
2017	37.41 %	16.37 %	12.30 %
Q1 2018	34.47 %	13.95 %	10.67 %
Q2 2018	33.17 %	12.90 %	9.74 %
Q3 2018	33.75 %	12.45 %	9.40 %
Q4 2018	27.28 %	6.11 %	3.24 %
2018	27.28 %	6.11 %	3.24 %
Q1 2019	23.94 %	(0.14 %)	(3.07 %)
Q2 2019	22.35 %	(1.91 %)	(4.74 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	17.15 %	8.28 %	6.98 %
2013	22.66 %	11.52 %	7.47 %
2014	19.90 %	9.67 %	6.40 %
2015	31.88 %	14.56 %	9.96 %
2016	37.96 %	21.43 %	18.48 %
2017	37.41 %	16.37 %	12.30 %
2018	27.28 %	6.11 %	3.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	43.32 %	23.37 %	17.43 %
Q2 2017	34.96 %	15.37 %	11.95 %
Q3 2017	31.68 %	15.07 %	10.74 %
Q4 2017	37.06 %	9.51 %	7.56 %
Q1 2018	34.03 %	16.25 %	12.72 %
Q2 2018	29.41 %	10.72 %	7.80 %
Q3 2018	34.20 %	13.27 %	9.31 %
Q4 2018	5.40 %	(24.80 %)	(25.23 %)
Q1 2019	22.44 %	(6.76 %)	(10.93 %)
Q2 2019	24.09 %	4.66 %	2.06 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	153.96	-	-	0.23
Q2 2017	153.96	-	-	0.24
Q3 2017	153.96	-	-	0.25
Q4 2017	153.96	0.04	0.04	0.25
Q1 2018	153.96	0.03	0.03	0.26
Q2 2018	153.96	0.03	0.03	0.25
Q3 2018	153.96	0.03	0.03	0.26
Q4 2018	153.96	0.00	0.01	0.24
Q1 2019	153.96	(0.01)	(0.01)	0.23
Q2 2019	153.96	(0.02)	(0.01)	0.22

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	-	-	-	-
2011	-	-	-	-
2012	123.17	0.02	0.02	0.06
2013	123.17	0.02	0.02	0.06
2014	123.17	0.02	0.02	0.09
2015	123.17	0.04	0.04	0.09
2016	123.17	0.06	0.06	0.14
2017	153.96	0.04	0.04	0.25
2018	153.96	0.00	0.01	0.24

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	5.28
Q2 2017	-	-	4.24
Q3 2017	-	-	3.30
Q4 2017	24.63	24.63	3.61
Q1 2018	29.79	29.79	3.46
Q2 2018	31.84	31.84	3.58
Q3 2018	31.18	31.18	3.21
Q4 2018	More than 50	More than 50	3.14
Q1 2019	NEG	NEG	3.97
Q2 2019	NEG	NEG	3.71

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	24.63	24.63	3.61
2018	More than 50	More than 50	3.14

Business Segments (Million)

Compared With The

Period	Steel	Wood	Others..	Metal products and metal shelves	Wooden Pallets	Plastic Pallets	Forklifts
Q1 2017	10.20	3.52	1.03	-	-	-	-
Q2 2017	6.87	1.89	0.28	-	-	-	-
Q3 2017	6.69	1.99	1.96	-	-	-	-
Q1 2018	9.11	1.69	1.13	-	-	-	-
Q2 2018	7.56	1.60	1.52	-	-	-	-
Q3 2018	6.90	1.49	0.87	-	-	-	-
Q4 2018	4.74	1.70	1.21	-	-	-	-
Q1 2019	5.51	2.08	0.19	-	-	-	-
Q2 2019	7.64	2.46	0.93	-	-	-	-

Period	Steel	Wood	Others..	Metal products and metal shelves	Wooden Pallets	Plastic Pallets	Forklifts
2014	-	-	-	29.75	12.07	3.46	0.44
2015	-	-	-	33.32	9.68	4.23	1.03
2016	-	-	-	26.50	8.32	3.53	0.07
2017	32.79	8.36	5.05	-	-	-	-
2018	28.32	6.48	4.73	-	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	644.00
Enterprise Value (EV) (M)	604.19
Shares Outstanding ((M))	175.00
Book Value (BV) ( Riyal)	0.98
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	Neg
Price/book	3.75

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Al-Samaani swings to loss in H1 2019

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Share Price

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

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Al-Samaani swings to loss in H1 2019

View other reports

Share Price

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

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Business Segments (Million)