Etihad Atheeb incurs SAR 36 mln losses in H1 2018

30/09/2019 Argaam Exclusive

View other reports

Share Price

Etihad Atheeb Telecommunication Company (ATHEEB TELECOM)

Etihad Atheeb Telecommunication Co. (GO) reported net losses after zakat and tax of SAR 35.5 million in the six-month period ending on Sept. 30, 2018, versus net profit of SAR 25.6 million in year-earlier period, driven by lower operating revenue and other income.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 262.48 213.48 (18.7 %)
Gross Income 47.79 63.11 32.1 %
Operating Income (92.69) (57.92) 37.5 %
Net Income 25.61 (35.54) (238.8 %)
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) 0.86 (1.20) (238.8 %)

In the second quarter, the telecom operator cut net losses after zakat and tax by 54 percent year-on-year (YoY) to SAR 13.7 million backed by a decline in the cost of sales, selling and marketing expenses.

 

When compared to the previous quarter, net losses narrowed by 37.5 percent amid lower selling, marketing, general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 126.45 108.81 (14.0 %)
Gross Income 22.71 30.68 35.1 %
Operating Income (41.44) (25.02) 39.6 %
Net Income (29.81) (13.67) 54.2 %
Average Shares 29.62 29.62 0.0 %
EPS (Riyals) (1.01) (0.46) 54.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2014 61.99 6.7 % 6.16 (38.2 %) 60.43 187.6 % 2.04
Q2 2014 51.21 (6.9 %) 4.24 (59.5 %) (35.28) 18.4 % (1.19)
Q3 2014 60.48 (5.1 %) 8.79 11.5 % (47.67) 29.5 % (1.61)
Q4 2014 73.43 27.3 % 10.01 143.2 % (33.73) 51.4 % (1.14)
Q1 2015 83.33 34.4 % 9.71 57.7 % (40.16) (166.4 %) (1.36)
Q2 2015 76.05 48.5 % 9.17 116.4 % 3.57 110.1 % 0.12
Q3 2015 86.75 43.4 % 4.49 (48.9 %) (48.87) (2.5 %) (1.65)
Q4 2015 96.90 32.0 % 8.81 (12.1 %) (62.64) (85.7 %) (2.11)
Q1 2016 89.99 8.0 % 8.84 (8.9 %) (58.11) (44.7 %) (1.96)
Q2 2016 86.30 13.5 % 12.19 32.9 % 15.36 329.8 % 0.52
Q3 2016 116.36 34.1 % 27.85 519.8 % (55.99) (14.6 %) (1.89)
Q4 2016 129.10 33.2 % 29.74 237.7 % (26.53) 57.6 % (0.90)
Q1 2017 136.03 51.2 % 25.08 183.5 % 55.42 195.4 % 1.87
Q2 2017 126.45 46.5 % 22.71 86.3 % (29.81) (294.1 %) (1.01)
Q3 2017 110.79 (4.8 %) 17.08 (38.7 %) (32.90) 41.2 % (1.11)
Q4 2017 106.56 (17.5 %) 26.07 (12.3 %) (32.97) (24.3 %) (1.11)
Q1 2018 104.67 (23.1 %) 32.43 29.3 % (21.87) (139.5 %) (0.74)
Q2 2018 108.81 (14.0 %) 30.68 35.1 % (13.67) 54.2 % (0.46)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2014 12.01 % (28.98 %) (112.74 %)
Q2 2014 9.55 % (36.85 %) (116.94 %)
Q3 2014 10.07 % (43.48 %) (123.60 %)
Q4 2014 11.82 % (38.11 %) (120.27 %)
Q1 2015 12.20 % (37.20 %) (111.94 %)
Q2 2015 12.85 % (33.11 %) (104.27 %)
Q3 2015 10.45 % (29.51 %) (94.74 %)
Q4 2015 9.38 % (29.50 %) (85.70 %)
Q1 2016 8.96 % (28.58 %) (81.77 %)
Q2 2016 9.54 % (26.71 %) (76.60 %)
Q3 2016 14.81 % (21.09 %) (66.12 %)
Q4 2016 18.64 % (19.19 %) (56.01 %)
Q1 2017 20.28 % (17.87 %) (45.63 %)
Q2 2017 20.75 % (16.14 %) (35.60 %)
Q3 2017 18.83 % (17.80 %) (31.00 %)
Q4 2017 18.95 % (22.34 %) (28.80 %)
Q1 2018 21.92 % (21.11 %) (26.21 %)
Q2 2018 24.66 % (19.04 %) (23.54 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2014 29.62 (4.05) (9.07) 25.22
Q2 2014 29.62 (3.78) (9.26) 24.03
Q3 2014 29.62 (3.10) (9.65) 22.42
Q4 2014 29.62 (1.90) (10.03) 21.27
Q1 2015 29.62 (5.29) (10.14) 19.91
Q2 2015 29.62 (3.98) (10.32) 20.01
Q3 2015 29.62 (4.02) (10.22) 18.35
Q4 2015 29.62 (5.00) (9.92) 16.19
Q1 2016 29.62 (5.61) (9.65) 13.09
Q2 2016 29.62 (5.21) (9.31) 13.61
Q3 2016 29.62 (5.45) (8.69) 11.72
Q4 2016 29.62 (4.23) (7.97) 10.82
Q1 2017 29.62 (0.40) (7.20) 12.69
Q2 2017 29.62 (1.92) (6.10) 11.69
Q3 2017 29.62 (1.14) (5.26) 10.58
Q4 2017 29.62 (1.36) (4.66) 9.59
Q1 2018 29.62 (3.97) (3.97) 8.53
Q2 2018 29.62 (3.42) (3.42) 8.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2014 NEG NEG 4.11
Q2 2014 NEG NEG 3.27
Q3 2014 NEG NEG 3.04
Q4 2014 NEG NEG 1.93
Q1 2015 NEG NEG 1.96
Q2 2015 NEG NEG 2.00
Q3 2015 NEG NEG 1.74
Q4 2015 NEG NEG 2.05
Q1 2016 NEG NEG 1.86
Q2 2016 NEG NEG 1.75
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 1.66
Q1 2017 NEG NEG 1.93
Q2 2017 NEG NEG 1.75
Q3 2017 NEG NEG 1.83
Q4 2017 NEG NEG 1.86
Q1 2018 NEG NEG 1.31
Q2 2018 NEG NEG 1.21

Business Segments (Million)

Compared With The
Period Data sector Voice services
Q3 2013 41.86 21.89
Q4 2013 40.03 17.68
Q1 2014 38.61 23.37
Q2 2014 36.49 14.72
Q3 2014 34.52 25.96
Q4 2014 36.03 37.40
Q1 2015 36.92 46.41
Q2 2015 35.85 40.21
Q3 2015 39.98 46.77
Q4 2015 43.21 53.69
Q1 2016 48.58 41.41
Q2 2016 52.30 34.00
Q3 2016 73.28 43.08
Q4 2016 89.70 39.40
Q1 2017 90.22 45.80
Q2 2017 83.70 42.76
Q3 2017 81.62 29.17
Q4 2017 83.18 23.38
Q1 2018 85.02 19.64
Q2 2018 88.39 20.42

Current
Market Cap (M Riyal) 3,970.03
Enterprise Value (EV) (M) 3,825.55
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) 21.54
P/E (TTM) 19.27
Price/book 13.57
Return on Average Assets (%) (TTM) 21.4
Return on Average Equity (%) (TTM) 108.6

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.