Financial Results : AYYAN Investment’s 2021 net profit declines 84% to SAR 4.3 mln; Q4 loss at SAR 7.4 mln

AYYAN Investment’s 2021 net profit declines 84% to SAR 4.3 mln; Q4 loss at SAR 7.4 mln

20/03/2022 Argaam Exclusive

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AYYAN Investment Co. reported a net profit of SAR 4.3 million for 2021, a decline of 84% year-on-year (YoY) from SAR 27.3 million.

 

The earnings drop was driven by higher cost of sales, increased general and administrative expenses (G&As), as well as financing costs, and subdued other income.

 

The company also cited not recognizing the profit from the disposal of discontinued operations.  



Financials (M)

Item 2020 2021 Change‬
Revenues 268.94 287.98 7.1 %
Gross Income 81.49 82.97 1.8 %
Operating Income 15.35 8.30 (45.9 %)
Net Income 27.29 4.29 (84.3 %)
Average Shares 80.79 82.68 2.3 %
Earnings Per Share before unusual items (Riyals) 0.12 0.05 (56.7 %)
EPS (Riyal) 0.34 0.05 (84.6 %)

AYYAN widened Q4 2021 net loss to SAR 7.4 million, from SAR 1.76 million in Q4 2020.

 

Sequentially, the company swung to losses in Q4 2021, versus SAR 3.74 million profit in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 67.83 62.23 (8.3 %)
Gross Income 19.66 7.93 (59.7 %)
Operating Income 1.90 (9.86) (619.9 %)
Net Income (1.76) (7.42) (321.2 %)
Average Shares 80.79 82.68 2.3 %
Earnings Per Share before unusual items (Riyal) (0.02) (0.09) (311.5 %)
EPS (Riyal) (0.02) (0.09) (311.5 %)

Total shareholders’ equity, excluding minority interest, increased 7.7% YoY to SAR 808.659 million for 2021.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 3.38 - 3.38 - 1.24 168.4 %
Q2 2012 - - (3.38) - (5.57) (158.3 %)
Q3 2012 - - - - (1.62) 19.2 %
Q4 2012 - - - - (2.14) (3.8 %)
Q1 2013 1.43 (57.6 %) 0.45 (86.7 %) (1.92) (254.8 %)
Q2 2013 2.26 - 0.54 116.0 % (1.66) 70.2 %
Q3 2013 1.13 - (0.06) - (2.40) (48.1 %)
Q4 2013 1.65 - (0.28) - (4.24) (98.5 %)
Q1 2014 0.73 (49.1 %) 0.00 (100.4 %) (1.75) 8.8 %
Q2 2014 2.47 9.4 % 0.58 6.9 % (0.96) 42.1 %
Q3 2014 1.02 (10.1 %) (0.08) (36.1 %) (2.57) (7.0 %)
Q4 2014 2.57 55.5 % 0.25 189.2 % (6.61) (56.0 %)
Q1 2015 9.51 1202.9 % 2.66 132900.0 % (0.85) 51.7 %
Q2 2015 47.51 1820.4 % 13.14 2176.6 % (0.32) 66.4 %
Q3 2015 43.30 4157.4 % 10.82 13141.0 % (1.72) 32.9 %
Q4 2015 50.24 1858.1 % 12.67 4989.2 % (0.51) 92.2 %
Q1 2016 49.61 421.6 % 12.71 378.4 % (1.20) (41.8 %)
Q2 2016 49.61 4.4 % 12.68 (3.4 %) (1.11) (243.3 %)
Q3 2016 45.23 4.5 % 13.43 24.1 % (0.80) 53.8 %
Q4 2016 47.48 (5.5 %) 9.52 (24.9 %) (4.28) (733.7 %)
Q1 2017 50.64 2.1 % 12.56 (1.2 %) (1.94) (61.3 %)
Q2 2017 55.45 11.8 % 15.06 18.8 % 0.61 154.7 %
Q3 2017 49.78 10.1 % 12.73 (5.2 %) (1.10) (38.4 %)
Q4 2017 53.20 12.0 % 12.54 31.8 % (4.73) (10.7 %)
Q1 2018 53.02 4.7 % 12.41 (1.2 %) (2.51) (29.8 %)
Q2 2018 53.67 (3.2 %) 12.13 (19.5 %) (0.77) (227.0 %)
Q3 2018 57.55 15.6 % 14.21 11.6 % (0.42) 61.9 %
Q4 2018 61.42 15.5 % 13.99 11.5 % (2.18) 54.0 %
Q1 2019 57.62 8.7 % 14.62 17.9 % 0.40 115.8 %
Q2 2019 58.62 9.2 % 14.98 23.5 % (0.66) 14.8 %
Q3 2019 60.26 4.7 % 15.68 10.4 % 0.52 223.6 %
Q4 2019 69.00 12.3 % 24.10 72.3 % (6.56) (201.4 %)
Q1 2020 63.70 10.5 % 16.37 12.0 % 0.53 33.0 %
Q2 2020 65.91 12.4 % 20.93 39.7 % 5.27 901.5 %
Q3 2020 71.50 18.6 % 24.53 56.5 % 7.66 1375.6 %
Q4 2020 67.83 (1.7 %) 19.66 (18.4 %) 1.90 128.9 %
Q1 2021 79.37 24.6 % 28.29 72.8 % 8.71 1545.0 %
Q2 2021 75.01 13.8 % 24.58 17.5 % 1.80 (65.8 %)
Q3 2021 71.37 (0.2 %) 22.17 (9.6 %) 7.65 (0.1 %)
Q4 2021 62.23 (8.3 %) 7.93 (59.7 %) (9.86) (619.9 %)
2021 287.98 7.1 % 82.97 1.8 % 8.30 (45.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2012 3.29 (31.2 %) 0.06 - 3.29 0.06
Q2 2012 4.44 54.1 % 0.08 - 4.44 0.08
Q3 2012 (1.45) (201.5 %) (0.03) - (1.45) (0.03)
Q4 2012 (3.62) 59.6 % (0.07) - (3.62) (0.07)
Q1 2013 0.61 (81.6 %) 0.01 - 0.61 0.01
Q2 2013 3.53 (20.6 %) 0.07 - 3.53 0.07
Q3 2013 1.17 180.6 % 0.02 - 1.17 0.02
Q4 2013 10.71 395.8 % 0.20 (4.39) 15.11 0.28
Q1 2014 4.70 674.8 % 0.09 - 4.70 0.09
Q2 2014 (4.11) (216.6 %) (0.08) - (4.11) (0.08)
Q3 2014 (12.83) (1198.1 %) (0.24) (33.59) 20.76 0.39
Q4 2014 (22.37) (308.8 %) (0.42) (15.76) (6.61) (0.12)
Q1 2015 4.74 0.9 % 0.09 2.97 1.77 0.03
Q2 2015 29.26 811.3 % 0.54 2.84 26.42 0.49
Q3 2015 7.56 159.0 % 0.14 23.19 (15.62) (0.29)
Q4 2015 (0.41) 98.2 % (0.01) - (0.41) (0.01)
Q1 2016 (2.79) (158.8 %) (0.05) (1.47) (1.32) (0.02)
Q2 2016 (12.83) (143.8 %) (0.24) (1.75) (11.08) (0.21)
Q3 2016 (2.88) (138.1 %) (0.05) - (2.88) (0.05)
Q4 2016 (14.17) (3,382.6 %) (0.26) (13.12) (1.05) (0.02)
Q1 2017 1.00 135.9 % 0.02 - 1.00 0.02
Q2 2017 1.59 112.4 % 0.03 - 1.59 0.03
Q3 2017 (2.11) 26.6 % (0.04) (2.50) 0.39 0.01
Q4 2017 (9.93) 30.0 % (0.18) - (9.93) (0.18)
Q1 2018 (2.79) (378.1 %) (0.05) - (2.79) (0.05)
Q2 2018 0.32 (79.6 %) 0.01 - 0.32 0.01
Q3 2018 1.17 155.4 % 0.02 - 1.17 0.02
Q4 2018 8.51 185.8 % 0.16 - 8.51 0.16
Q1 2019 1.42 151.0 % 0.03 - 1.42 0.03
Q2 2019 1.98 510.8 % 0.04 - 1.98 0.04
Q3 2019 2.30 96.8 % 0.04 - 2.30 0.04
Q4 2019 (6.88) (180.9 %) (0.13) - (6.88) (0.13)
Q1 2020 15.91 1020.3 % 0.20 14.58 1.33 0.02
Q2 2020 3.96 100.0 % 0.05 - 3.96 0.05
Q3 2020 9.19 299.2 % 0.11 3.01 6.18 0.08
Q4 2020 (1.76) 74.4 % (0.02) - (1.76) (0.02)
Q1 2021 7.37 (53.7 %) 0.09 - 7.37 0.09
Q2 2021 0.62 (84.5 %) 0.01 - 0.62 0.01
Q3 2021 3.74 (59.4 %) 0.05 - 3.74 0.05
Q4 2021 (7.42) (321.2 %) (0.09) - (7.42) (0.09)
2021 4.29 (84.3 %) 0.05 - 4.29 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 100.00 % (39.20 %) 134.47 %
Q2 2012 - (141.95 %) 180.58 %
Q3 2012 - (133.40 %) 95.48 %
Q4 2012 - (139.43 %) 78.81 %
Q1 2013 (204.53 %) (539.68 %) (1.46 %)
Q2 2013 26.79 % (99.59 %) (25.35 %)
Q3 2013 19.25 % (89.06 %) 34.82 %
Q4 2013 10.04 % (95.52 %) 315.10 %
Q1 2014 3.43 % (103.24 %) 424.48 %
Q2 2014 3.93 % (88.57 %) 281.77 %
Q3 2014 3.63 % (128.17 %) 620.97 %
Q4 2014 10.92 % (157.30 %) 217.25 %
Q1 2015 21.83 % (65.06 %) 75.87 %
Q2 2015 26.33 % (17.50 %) 69.87 %
Q3 2015 26.11 % (6.83 %) 5.79 %
Q4 2015 26.09 % 4.77 % 8.07 %
Q1 2016 25.88 % 5.37 % 4.76 %
Q2 2016 25.36 % 6.95 % (14.75 %)
Q3 2016 26.45 % 8.29 % (8.05 %)
Q4 2016 25.18 % 4.00 % (8.51 %)
Q1 2017 24.97 % 4.40 % (7.26 %)
Q2 2017 25.44 % 4.43 % (0.68 %)
Q3 2017 24.52 % 4.39 % 0.95 %
Q4 2017 25.30 % 3.92 % (3.32 %)
Q1 2018 24.94 % 2.88 % (5.08 %)
Q2 2018 23.76 % 2.89 % (5.72 %)
Q3 2018 23.59 % 3.08 % (5.16 %)
Q4 2018 23.37 % 3.99 % 3.20 %
Q1 2019 23.86 % 5.12 % 4.96 %
Q2 2019 24.57 % 2.19 % 5.56 %
Q3 2019 24.91 % 5.57 % 5.97 %
Q4 2019 28.26 % 3.64 % (0.48 %)
Q1 2020 28.27 % 3.58 % (0.51 %)
Q2 2020 29.78 % 8.46 % 0.27 %
Q3 2020 31.81 % 8.26 % 1.70 %
Q4 2020 30.30 % 11.71 % 3.61 %
2020 30.30 % 11.71 % 3.61 %
Q1 2021 32.82 % 14.04 % 5.53 %
Q2 2021 33.04 % 12.47 % 4.22 %
Q3 2021 32.26 % 12.58 % 3.39 %
Q4 2021 28.81 % 8.91 % 1.49 %
2021 28.81 % 8.91 % 1.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2012 53.69 (0.03) 0.08 9.33
Q2 2012 53.69 0.00 0.11 8.92
Q3 2012 53.69 (0.05) 0.06 8.99
Q4 2012 53.69 0.05 0.05 9.01
Q1 2013 53.69 0.00 0.00 9.05
Q2 2013 53.69 (0.02) (0.02) 9.24
Q3 2013 53.69 0.03 0.03 9.43
Q4 2013 53.69 0.30 0.38 9.77
Q1 2014 53.69 0.37 0.46 9.75
Q2 2014 53.69 0.23 0.31 9.78
Q3 2014 53.69 (0.03) 0.68 9.60
Q4 2014 53.69 (0.64) 0.27 9.04
Q1 2015 53.69 (0.64) 0.22 9.28
Q2 2015 53.69 (0.02) 0.79 9.91
Q3 2015 53.69 0.36 0.11 9.67
Q4 2015 53.69 0.77 0.23 9.85
Q1 2016 53.69 0.63 0.17 9.59
Q2 2016 53.69 (0.16) (0.53) 9.34
Q3 2016 53.69 (0.35) (0.29) 9.24
Q4 2016 53.69 (0.61) (0.30) 9.09
Q1 2017 53.69 (0.54) (0.26) 9.08
Q2 2017 53.69 (0.27) (0.03) 9.07
Q3 2017 53.69 (0.26) 0.04 9.09
Q4 2017 53.69 (0.18) (0.13) 8.89
Q1 2018 53.69 (0.25) (0.20) 9.66
Q2 2018 53.69 (0.27) (0.22) 9.72
Q3 2018 53.69 (0.21) (0.21) 9.73
Q4 2018 53.69 0.13 0.13 9.79
Q1 2019 53.69 0.21 0.21 9.76
Q2 2019 53.69 0.24 0.24 9.17
Q3 2019 53.69 0.26 0.26 9.33
Q4 2019 53.69 (0.02) (0.02) 9.63
Q1 2020 80.79 0.16 (0.02) 9.28
Q2 2020 80.79 0.19 0.01 9.34
Q3 2020 80.79 0.27 0.06 9.45
Q4 2020 80.79 0.34 0.12 9.29
Q1 2021 82.68 0.23 0.19 9.38
Q2 2021 82.68 0.19 0.15 9.39
Q3 2021 82.68 0.12 0.12 9.44
Q4 2021 82.68 0.05 0.05 9.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2012 NEG More than 100 4.00
Q2 2012 More than 100 More than 100 2.47
Q3 2012 NEG More than 100 2.86
Q4 2012 More than 100 More than 100 2.48
Q1 2013 NEG NEG 2.85
Q2 2013 NEG NEG 2.47
Q3 2013 More than 100 More than 100 2.73
Q4 2013 84.59 66.38 2.58
Q1 2014 77.87 63.91 2.99
Q2 2014 More than 100 95.59 3.07
Q3 2014 NEG 48.25 3.41
Q4 2014 NEG 90.58 2.75
Q1 2015 NEG More than 100 2.69
Q2 2015 NEG 35.77 2.85
Q3 2015 51.44 More than 100 1.90
Q4 2015 27.54 93.24 2.14
Q1 2016 35.24 More than 100 2.30
Q2 2016 NEG NEG 2.17
Q3 2016 NEG NEG 1.86
Q4 2016 NEG NEG 2.19
Q1 2017 NEG NEG 2.84
Q2 2017 NEG NEG 2.26
Q3 2017 NEG More than 100 2.33
Q4 2017 NEG NEG 2.32
Q1 2018 NEG NEG 1.99
Q2 2018 NEG NEG 2.02
Q3 2018 NEG NEG 1.77
Q4 2018 More than 100 More than 100 1.74
Q1 2019 83.75 83.75 1.83
Q2 2019 72.46 72.46 1.92
Q3 2019 67.72 67.72 1.92
Q4 2019 NEG NEG 2.00
Q1 2020 65.93 NEG 1.17
Q2 2020 67.79 More than 100 1.37
Q3 2020 65.70 More than 100 1.91
Q4 2020 66.64 More than 100 2.42
Q1 2021 More than 100 More than 100 2.55
Q2 2021 More than 100 More than 100 3.39
Q3 2021 More than 100 More than 100 3.10
Q4 2021 More than 100 More than 100 2.31

Business Segments (Million)

Compared With The
Period Manufacturing, assembly & supply sector medical service Investments Food
Q1 2013 - - 3.29 1.43
Q2 2013 - - 5.37 2.26
Q3 2013 - - 3.62 1.13
Q4 2013 - - 2.52 1.65
Q1 2014 0.73 - - -
Q2 2014 2.47 - - -
Q3 2014 1.02 - - -
Q4 2014 2.57 - - -
Q1 2015 2.59 6.92 - -
Q2 2015 3.43 44.09 - -
Q3 2015 1.75 41.55 - -
Q4 2015 3.15 47.09 - -
Q1 2016 3.10 46.51 - -
Q2 2016 4.04 45.56 - -
Q3 2016 1.51 43.72 - -
Q4 2016 2.81 44.67 - -
Q1 2017 2.67 47.97 - -
Q2 2017 4.98 50.48 - -
Q3 2017 2.91 46.87 - -
Q4 2017 2.59 50.60 - -
Q1 2018 2.78 50.24 - -
Q2 2018 5.45 48.22 - -
Q3 2018 2.73 54.82 - -
Q4 2018 3.75 57.67 - -
Q1 2019 3.91 53.71 - -
Q2 2019 4.17 54.45 - -
Q3 2019 3.62 56.65 - -
Q4 2019 4.75 64.25 - -
Q1 2020 4.85 58.48 - -
Q2 2020 4.01 57.41 - -
Q3 2020 3.74 62.20 - -
Q4 2020 4.18 60.44 - -
Q1 2021 4.95 67.58 - -
Q2 2021 3.77 66.66 - -
Q3 2021 3.57 62.23 - -
Q4 2021 4.63 56.17 - -


Financial Ratios
Current
Market Cap (M Riyal) 1,307.31
Enterprise Value (EV) (M Riyal) 524.01
Shares Outstanding ((M)) 100.64
EPS ( Riyal) (TTM) 4.41
Book Value (BV) ( Riyal) 10.69
Par Value ( Riyal) 10.00
Recurring P/E 51.31
P/E (TTM) 2.95
Price/book 1.21
Return on Average Assets (%) (TTM) 32.1
Return on Average Equity (%) (TTM) 54.4
EV/adj EBITDA 5.24
EV/Revenues 4.05
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Share Price

AYYAN Investment Co.
12.99
0.07 0.54 %

AYYAN Investment Co. (AYYAN)

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