Atheeb Telecom posts net loss at SAR 249.3m at the end of 2013

31/12/2013 Argaam Exclusive

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Etihad Atheeb Telecommunication Company (ATHEEB TELECOM)

Etihad Atheeb Telecom Co., fixed line provider, reported SAR 249.3m net loss at the end of 2013, compared to SAR 279.1m net loss last year, as shown in the following table:



Financials (M)

Item 2012 2013 Change‬
Revenues 266.48 234.54 (12.0 %)
Gross Income 49.82 32.43 (34.9 %)
Operating Income (273.12) (269.07) 1.5 %
Net Income (279.08) (249.27) 10.7 %
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (9.42) (8.41) 10.7 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 60.43 57.70 (4.5 %)
Gross Income 13.41 4.12 (69.3 %)
Operating Income (35.11) (73.86) (110.4 %)
Net Income (36.35) (69.46) (91.1 %)
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (1.23) (2.34) (91.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 - - - - - - -
Q2 2004 - - - - - - -
Q3 2004 - - - - - - -
Q4 2004 - - - - - - -
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - (33.80) - (5.47)
Q2 2009 - - - - (47.60) - (7.70)
Q3 2009 - - (2.10) - (66.85) - (10.81)
Q4 2009 35.44 - (47.41) - (230.80) - (37.32)
Q1 2010 42.23 - (38.63) - (160.81) (375.8 %) (26.00)
Q2 2010 46.81 - (35.29) - (146.35) (207.5 %) (23.67)
Q3 2010 48.15 - (33.09) (1,475.9 %) (145.88) (118.2 %) (23.59)
Q4 2010 49.38 39.3 % (16.21) 65.8 % (122.10) 47.1 % (19.75)
Q1 2011 60.27 42.7 % 0.32 100.8 % (98.81) 38.6 % (15.98)
Q2 2011 58.39 24.7 % 3.62 110.3 % (85.39) 41.7 % (13.81)
Q3 2011 61.32 27.4 % 12.59 138.1 % 205.96 241.2 % 33.31
Q4 2011 66.92 35.5 % 19.69 221.4 % (68.23) 44.1 % (11.03)
Q1 2012 68.58 13.8 % 11.02 3321.4 % (79.42) 19.6 % (2.68)
Q2 2012 67.84 16.2 % 12.71 250.9 % (78.91) 7.6 % (2.66)
Q3 2012 69.65 13.6 % 12.68 0.7 % (84.41) (141.0 %) (2.85)
Q4 2012 60.43 (9.7 %) 13.41 (31.9 %) (36.35) 46.7 % (1.23)
Q1 2013 58.09 (15.3 %) 9.96 (9.6 %) (68.97) 13.2 % (2.33)
Q2 2013 54.99 (18.9 %) 10.47 (17.6 %) (43.25) 45.2 % (1.46)
Q3 2013 63.76 (8.5 %) 7.89 (37.8 %) (67.60) 19.9 % (2.28)
Q4 2013 57.70 (4.5 %) 4.12 (69.3 %) (69.46) (91.1 %) (2.34)
2013 234.54 (12.0 %) 32.43 (34.9 %) (249.27) 10.7 % (8.41)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 (89.45 %) (255.37 %) (396.11 %)
Q4 2010 (66.05 %) (172.87 %) (308.27 %)
Q1 2011 (41.19 %) (123.81 %) (250.80 %)
Q2 2011 (20.98 %) (88.36 %) (209.16 %)
Q3 2011 0.14 % (58.26 %) (169.25 %)
Q4 2011 14.67 % (37.34 %) (135.41 %)
Q1 2012 18.38 % (31.27 %) (123.40 %)
Q2 2012 21.16 % (30.03 %) (116.55 %)
Q3 2012 20.55 % (29.94 %) (113.92 %)
Q4 2012 18.69 % (31.24 %) (104.73 %)
Q1 2013 19.05 % (31.39 %) (104.93 %)
Q2 2013 19.13 % (28.40 %) (103.43 %)
Q3 2013 17.59 % (25.77 %) (98.92 %)
Q4 2013 13.83 % (28.77 %) (114.18 %)
2013 13.83 % (28.77 %) (114.18 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 6.18 - - 146.90
Q2 2009 6.18 - - 139.20
Q3 2009 6.18 - - 128.39
Q4 2009 6.18 (61.30) (61.30) 100.43
Q1 2010 6.18 (81.84) (81.84) 74.42
Q2 2010 6.18 (97.80) (97.80) 50.75
Q3 2010 6.18 (110.59) (110.59) 27.16
Q4 2010 6.18 (93.01) (93.01) 7.41
Q1 2011 6.18 (82.98) (82.98) (8.57)
Q2 2011 6.18 (73.12) (73.12) (22.38)
Q3 2011 6.18 (16.23) (62.78) 10.93
Q4 2011 6.18 (7.51) (54.06) (0.10)
Q1 2012 29.62 (0.91) (10.63) 36.96
Q2 2012 29.62 (0.70) (10.41) 34.30
Q3 2012 29.62 (10.50) (10.50) 31.45
Q4 2012 29.62 (9.42) (9.42) 31.60
Q1 2013 29.62 (9.07) (9.07) 29.27
Q2 2013 29.62 (7.86) (8.49) 27.81
Q3 2013 29.62 (7.30) (7.92) 25.53
Q4 2013 29.62 (8.41) (9.04) 23.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - 4.50
Q2 2009 - - 5.79
Q3 2009 - - 6.53
Q4 2009 NEG NEG 7.49
Q1 2010 NEG NEG 10.86
Q2 2010 NEG NEG 13.68
Q3 2010 NEG NEG 25.91
Q4 2010 NEG NEG 95.88
Q1 2011 NEG NEG (36.99)
Q2 2011 NEG NEG (16.14)
Q3 2011 NEG NEG 33.03
Q4 2011 NEG NEG (3511.00)
Q1 2012 NEG NEG 3.58
Q2 2012 NEG NEG 2.50
Q3 2012 NEG NEG 2.60
Q4 2012 NEG NEG 2.46
Q1 2013 NEG NEG 2.59
Q2 2013 NEG NEG 3.43
Q3 2013 NEG NEG 3.38
Q4 2013 NEG NEG 3.78

Business Segments (Million)

Compared With The
Period Data sector Voice services
Q3 2013 41.86 21.89
Q4 2013 40.03 17.68

Current
Market Cap (M Riyal) 3,541.76
Enterprise Value (EV) (M) 3,397.28
Shares Outstanding ((M)) 33.99
EPS ( Riyal) (TTM) 6.96
Book Value (BV) ( Riyal) 9.88
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.21
P/E (TTM) 17.19
Price/book 12.10
Return on Average Assets (%) (TTM) 21.4
Return on Average Equity (%) (TTM) 108.6

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