Saudi Catering net profit drops about 5% in 2018

27/02/2019 Argaam Exclusive

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Share Price

CATRION Catering Holding Co. (CATRION)

Saudi Airlines Catering Co. (Catering) reported a net profit after zakat and tax of SAR 459.3 million for fiscal year 2018, a 4.6 percent year-on-year (YoY) drop, mainly on ‘retail sector challenges’.

The company said cost of sales was higher for the year, driven mainly by personnel cost and rent.

Financials (M)

Item	2017	2018	Change‬
Revenues	1,952.57	2,035.76	4.3 %
Gross Income	722.79	696.48	(3.6 %)
Operating Income	515.52	482.03	(6.5 %)
Net Income	481.74	459.28	(4.7 %)
Average Shares	82.00	82.00	-
EPS (Riyals)	5.87	5.60	(4.7 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	265.41	486.22	83.2 %
Gross Income	157.13	127.71	(18.7 %)
Operating Income	102.79	78.21	(23.9 %)
Net Income	98.91	76.17	(23.0 %)
Average Shares	82.00	82.00	-
EPS (Riyals)	1.21	0.93	(23.0 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	551.26	486.22	(11.8 %)
Gross Income	204.03	127.71	(37.4 %)
Operating Income	151.65	78.21	(48.4 %)
Net Income	142.57	76.17	(46.6 %)
Average Shares	82.00	82.00	-
EPS (Riyals)	1.74	0.93	(46.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	1,031.85	0.9 %	457.64	3.1 %	322.90	19.6 %	3.94
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	1,193.16	15.6 %	545.41	19.2 %	417.09	29.2 %	5.09
Q1 2011	291.44	-	119.72	-	87.44	-	1.07
Q2 2011	367.89	-	142.32	-	102.75	-	1.25
Q3 2011	390.62	-	149.44	-	121.12	-	1.48
Q4 2011	415.32	-	146.99	-	109.25	-	1.33
2011	1,465.27	22.8 %	558.46	2.4 %	420.56	0.8 %	5.13
Q1 2012	383.78	31.7 %	141.44	18.1 %	105.92	21.1 %	1.29
Q2 2012	414.28	12.6 %	176.80	24.2 %	143.12	39.3 %	1.75
Q3 2012	442.45	13.3 %	156.70	4.9 %	134.18	10.8 %	1.64
Q4 2012	446.89	7.6 %	153.06	4.1 %	103.83	(5.0 %)	1.27
2012	1,687.39	15.2 %	628.00	12.5 %	487.05	15.8 %	5.94
Q1 2013	451.52	17.7 %	169.80	20.0 %	140.75	32.9 %	1.72
Q2 2013	475.08	14.7 %	188.40	6.6 %	167.99	17.4 %	2.05
Q3 2013	460.52	4.1 %	156.18	(0.3 %)	133.43	(0.6 %)	1.63
Q4 2013	480.37	7.5 %	177.54	16.0 %	127.19	22.5 %	1.55
2013	1,867.50	10.7 %	691.92	10.2 %	569.35	16.9 %	6.94
Q1 2014	496.69	10.0 %	195.56	15.2 %	161.78	14.9 %	1.97
Q2 2014	551.34	16.1 %	207.65	10.2 %	164.35	(2.2 %)	2.00
Q3 2014	552.54	20.0 %	188.03	20.4 %	154.98	16.1 %	1.89
Q4 2014	535.38	11.4 %	183.34	3.3 %	172.83	35.9 %	2.11
2014	2,135.94	14.4 %	774.58	11.9 %	653.93	14.9 %	7.97
Q1 2015	560.35	12.8 %	194.73	(0.4 %)	167.44	3.5 %	2.04
Q2 2015	565.21	2.5 %	198.19	(4.6 %)	175.82	7.0 %	2.14
Q3 2015	578.88	4.8 %	203.26	8.1 %	164.50	6.1 %	2.01
Q4 2015	556.36	3.9 %	228.36	24.6 %	190.75	10.4 %	2.33
2015	2,260.80	5.8 %	824.54	6.5 %	698.50	6.8 %	8.52
Q1 2016	559.17	(0.2 %)	192.09	(1.4 %)	130.39	(22.1 %)	1.59
Q2 2016	570.45	0.9 %	193.09	(2.6 %)	141.76	(19.4 %)	1.73
Q3 2016	592.01	2.3 %	213.55	5.1 %	139.24	(15.4 %)	1.70
Q4 2016	535.03	(3.8 %)	167.02	(26.9 %)	107.72	(43.5 %)	1.31
2016	2,256.65	(0.2 %)	765.75	(7.1 %)	519.11	(25.7 %)	6.33
Q1 2017	533.88	(4.5 %)	166.99	(13.1 %)	121.39	(6.9 %)	1.48
Q2 2017	551.11	(3.4 %)	196.27	1.6 %	131.02	(7.6 %)	1.60
Q3 2017	602.17	1.7 %	202.41	(5.2 %)	130.43	(6.3 %)	1.59
Q4 2017	265.41	(50.4 %)	157.13	(5.9 %)	98.91	(8.2 %)	1.21
2017	1,952.57	(13.5 %)	722.79	(5.6 %)	481.74	(7.2 %)	5.87
Q1 2018	488.52	(8.5 %)	175.32	5.0 %	120.25	(0.9 %)	1.47
Q2 2018	509.76	(7.5 %)	189.43	(3.5 %)	120.28	(8.2 %)	1.47
Q3 2018	551.26	(8.5 %)	204.03	0.8 %	142.57	9.3 %	1.74
Q4 2018	486.22	83.2 %	127.71	(18.7 %)	76.17	(23.0 %)	0.93
2018	2,035.76	4.3 %	696.48	(3.6 %)	459.28	(4.7 %)	5.60

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	1,031.85	0.9 %	457.64	3.1 %	322.90	19.6 %	3.94
2010	1,193.16	15.6 %	545.41	19.2 %	417.09	29.2 %	5.09
2011	1,465.27	22.8 %	558.46	2.4 %	420.56	0.8 %	5.13
2012	1,687.39	15.2 %	628.00	12.5 %	487.05	15.8 %	5.94
2013	1,867.50	10.7 %	691.92	10.2 %	569.35	16.9 %	6.94
2014	2,135.94	14.4 %	774.58	11.9 %	653.93	14.9 %	7.97
2015	2,260.80	5.8 %	824.54	6.5 %	698.50	6.8 %	8.52
2016	2,256.65	(0.2 %)	765.75	(7.1 %)	519.11	(25.7 %)	6.33
2017	1,952.57	(13.5 %)	722.79	(5.6 %)	481.74	(7.2 %)	5.87
2018	2,035.76	4.3 %	696.48	(3.6 %)	459.28	(4.7 %)	5.60

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	44.35 %	33.32 %	31.29 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	45.71 %	36.09 %	34.96 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	38.11 %	29.12 %	28.70 %
2011	38.11 %	29.67 %	28.70 %
Q1 2012	37.25 %	28.79 %	28.19 %
Q2 2012	38.32 %	30.72 %	29.89 %
Q3 2012	37.56 %	30.51 %	29.74 %
Q4 2012	37.22 %	30.97 %	30.22 %
2012	37.22 %	30.97 %	30.22 %
Q1 2013	37.40 %	31.70 %	31.03 %
Q2 2013	36.78 %	31.44 %	31.36 %
Q3 2013	36.39 %	30.76 %	31.01 %
Q4 2013	37.05 %	30.06 %	30.49 %
2013	37.05 %	30.06 %	30.49 %
Q1 2014	37.52 %	30.23 %	30.87 %
Q2 2014	37.05 %	29.28 %	29.50 %
Q3 2014	36.94 %	29.26 %	29.23 %
Q4 2014	36.26 %	30.52 %	30.62 %
2014	36.26 %	30.52 %	30.62 %
Q1 2015	35.18 %	29.98 %	29.99 %
Q2 2015	34.53 %	29.94 %	30.32 %
Q3 2015	34.80 %	30.00 %	30.39 %
Q4 2015	36.47 %	30.68 %	30.90 %
2015	36.47 %	30.68 %	30.90 %
Q1 2016	36.37 %	29.86 %	29.27 %
Q2 2016	36.06 %	29.11 %	27.70 %
Q3 2016	36.31 %	28.69 %	26.43 %
Q4 2016	33.93 %	26.11 %	23.00 %
2016	33.93 %	26.11 %	23.00 %
Q1 2017	33.19 %	26.20 %	22.86 %
Q2 2017	33.63 %	26.70 %	22.57 %
Q3 2017	32.97 %	26.23 %	22.08 %
Q4 2017	37.02 %	29.35 %	24.67 %
2017	37.02 %	29.35 %	24.67 %
Q1 2018	38.33 %	29.50 %	25.20 %
Q2 2018	38.82 %	29.67 %	25.18 %
Q3 2018	40.00 %	31.34 %	26.56 %
Q4 2018	34.21 %	26.79 %	22.56 %
2018	34.21 %	26.79 %	22.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	44.35 %	33.32 %	31.29 %
2010	45.71 %	36.09 %	34.96 %
2011	38.11 %	29.67 %	28.70 %
2012	37.22 %	30.97 %	30.22 %
2013	37.05 %	30.06 %	30.49 %
2014	36.26 %	30.52 %	30.62 %
2015	36.47 %	30.68 %	30.90 %
2016	33.93 %	26.11 %	23.00 %
2017	37.02 %	29.35 %	24.67 %
2018	34.21 %	26.79 %	22.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	41.08 %	-	30.00 %
Q2 2011	38.68 %	27.85 %	27.93 %
Q3 2011	38.26 %	31.93 %	31.01 %
Q4 2011	35.39 %	27.00 %	26.31 %
Q1 2012	36.85 %	28.44 %	27.60 %
Q2 2012	42.68 %	35.41 %	34.55 %
Q3 2012	35.42 %	31.00 %	30.33 %
Q4 2012	34.25 %	29.01 %	28.34 %
Q1 2013	37.61 %	31.64 %	31.17 %
Q2 2013	39.66 %	33.93 %	35.36 %
Q3 2013	33.91 %	28.33 %	28.97 %
Q4 2013	36.96 %	26.39 %	26.48 %
Q1 2014	39.37 %	32.18 %	32.57 %
Q2 2014	37.66 %	29.98 %	29.81 %
Q3 2014	34.03 %	28.40 %	28.05 %
Q4 2014	34.24 %	31.71 %	32.28 %
Q1 2015	34.75 %	29.88 %	29.88 %
Q2 2015	35.06 %	29.84 %	31.11 %
Q3 2015	35.11 %	28.71 %	28.42 %
Q4 2015	41.05 %	34.39 %	34.28 %
Q1 2016	34.35 %	26.56 %	23.32 %
Q2 2016	33.85 %	26.85 %	24.85 %
Q3 2016	36.07 %	27.10 %	23.52 %
Q4 2016	31.22 %	23.75 %	20.13 %
Q1 2017	31.28 %	26.96 %	22.74 %
Q2 2017	35.61 %	28.87 %	23.77 %
Q3 2017	33.61 %	25.39 %	21.66 %
Q4 2017	59.20 %	44.12 %	37.27 %
Q1 2018	35.89 %	27.35 %	24.62 %
Q2 2018	37.16 %	29.44 %	23.60 %
Q3 2018	37.01 %	30.47 %	25.86 %
Q4 2018	26.27 %	19.29 %	15.67 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	82.00	-	-	-
Q2 2011	82.00	-	-	11.27
Q3 2011	82.00	-	-	11.72
Q4 2011	82.00	5.13	5.13	11.96
Q1 2012	82.00	5.35	5.35	11.71
Q2 2012	82.00	5.85	5.85	13.29
Q3 2012	82.00	6.01	6.01	12.81
Q4 2012	82.00	5.94	6.22	12.95
Q1 2013	82.00	6.36	6.64	14.51
Q2 2013	82.00	6.67	6.95	13.71
Q3 2013	82.00	6.66	6.94	13.95
Q4 2013	82.00	6.94	6.94	14.13
Q1 2014	82.00	7.20	7.20	14.27
Q2 2014	82.00	7.16	7.16	14.65
Q3 2014	82.00	7.42	7.42	14.67
Q4 2014	82.00	7.97	7.97	14.95
Q1 2015	82.00	8.04	8.04	16.84
Q2 2015	82.00	8.18	8.18	15.39
Q3 2015	82.00	8.30	8.30	15.58
Q4 2015	82.00	8.52	8.52	16.08
Q1 2016	82.00	8.07	8.07	15.93
Q2 2016	82.00	7.65	7.65	15.92
Q3 2016	82.00	7.34	7.34	15.92
Q4 2016	82.00	6.33	6.33	15.37
Q1 2017	82.00	6.22	6.22	15.58
Q2 2017	82.00	6.09	6.09	15.95
Q3 2017	82.00	5.98	5.98	16.07
Q4 2017	82.00	5.87	5.87	15.65
Q1 2018	82.00	5.86	5.86	15.84
Q2 2018	82.00	5.73	5.73	15.98
Q3 2018	82.00	5.88	5.88	16.35
Q4 2018	82.00	5.60	5.60	15.87

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	82.00	3.94	3.94	5.38
2010	82.00	5.09	5.09	10.04
2011	82.00	5.13	5.13	11.96
2012	82.00	5.94	6.22	12.95
2013	82.00	6.94	6.94	14.13
2014	82.00	7.97	7.97	14.95
2015	82.00	8.52	8.52	16.08
2016	82.00	6.33	6.33	15.37
2017	82.00	5.87	5.87	15.65
2018	82.00	5.60	5.60	15.87

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	12.15	12.15	5.70
Q4 2012	13.13	12.54	6.02
Q1 2013	14.22	13.62	6.24
Q2 2013	17.51	16.81	8.51
Q3 2013	19.45	18.67	9.28
Q4 2013	20.38	20.38	10.01
Q1 2014	21.88	21.88	11.03
Q2 2014	24.03	24.03	11.74
Q3 2014	25.61	25.61	12.95
Q4 2014	23.31	23.31	12.44
Q1 2015	21.30	21.30	10.18
Q2 2015	20.01	20.01	10.64
Q3 2015	16.74	16.74	8.92
Q4 2015	14.45	14.45	7.65
Q1 2016	13.00	13.00	6.59
Q2 2016	12.84	12.84	6.17
Q3 2016	11.48	11.48	5.30
Q4 2016	16.29	16.29	6.71
Q1 2017	14.44	14.44	5.77
Q2 2017	14.28	14.28	5.45
Q3 2017	14.76	14.76	5.49
Q4 2017	13.65	13.65	5.13
Q1 2018	13.99	13.99	5.18
Q2 2018	16.25	16.25	5.83
Q3 2018	14.36	14.36	5.16
Q4 2018	14.46	14.46	5.10

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	13.13	12.54	6.02
2013	20.38	20.38	10.01
2014	23.31	23.31	12.44
2015	14.45	14.45	7.65
2016	16.29	16.29	6.71
2017	13.65	13.65	5.13
2018	14.46	14.46	5.10

Business Segments (Million)

Compared With The

Period	Inflight	Catering and Facility management	Retail	Other activities	Catering services	sky sales
Q3 2011	-	-	-	-	350.94	39.69
Q4 2011	-	-	-	-	376.62	38.70
Q1 2012	-	-	-	-	341.57	42.21
Q2 2012	-	-	-	-	370.97	43.32
Q3 2012	-	-	-	-	397.83	44.62
Q4 2012	-	-	-	-	400.15	46.74
Q1 2013	-	-	-	-	404.18	47.34
Q2 2013	-	-	-	-	427.16	47.92
Q3 2013	-	-	-	-	414.59	45.93
Q4 2013	-	-	-	-	432.60	47.77
Q1 2014	-	-	-	-	447.67	49.02
Q2 2014	-	-	-	-	498.34	53.00
Q3 2014	-	-	-	-	500.86	51.68
Q4 2014	-	-	-	-	479.68	55.70
Q1 2015	-	-	-	-	505.05	55.30
Q2 2015	-	-	-	-	508.42	56.79
Q3 2015	-	-	-	-	517.90	60.98
Q4 2015	-	-	-	-	490.09	66.27
Q1 2016	408.51	75.24	66.49	8.92	-	-
Q2 2016	493.86	-	68.56	9.02	-	-
Q3 2016	479.12	38.70	61.53	12.66	-	-
Q4 2016	-	-	-	-	462.45	72.58
Q1 2017	420.49	28.86	74.55	9.98	-	-
Q2 2017	434.05	30.10	79.41	7.54	-	-
Q3 2017	487.40	30.49	56.09	28.18	-	-
Q4 2017	166.17	30.44	51.45	17.35	-	-
Q1 2018	395.21	33.30	44.93	15.08	-	-
Q2 2018	413.97	34.48	44.99	16.31	-	-
Q3 2018	438.64	46.01	47.86	18.75	-	-
Q4 2018	208.82	42.57	39.97	23.65	-	-

Period	Inflight	Catering and Facility management	Retail	Other activities	Catering services	sky sales
2010	-	-	-	-	1,082.45	110.71
2011	-	-	-	-	1,318.22	147.05
2012	-	-	-	-	1,510.51	176.87
2013	-	-	-	-	1,678.53	188.97
2014	-	-	-	-	1,926.55	209.39
2015	-	-	-	-	2,021.46	239.34
2016	-	-	-	-	1,987.49	269.16
2017	1,508.12	119.89	261.50	63.05	-	-
2018	1,627.86	156.36	177.75	73.79	-	-

Analysts Estimates (Million)

Item	Q4 2018 (e)	Q4 2018 (a)	Change‬
Average	113.63	76.17	(33.0 %)

Estimates vs Actual (Million)

Item	Q4 2018 (e)	Q4 2018 (a)	Change
SNB Capital	107.00	76.17	(28.8) %
Al Rajhi Capital	112.00	76.17	(32.0) %
OSOOL AND BAKHEET	115.90	76.17	(34.3) %
AlJazira Capital	119.60	76.17	(36.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,528.40
Enterprise Value (EV) (M)	8,973.78
Shares Outstanding ((M))	82.00
EPS ( Riyal) (TTM)	3.62
Book Value (BV) ( Riyal)	15.45
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	34.56
P/E (TTM)	32.11
Price/book	7.52
Return on Average Assets (%) (TTM)	13.4
Return on Average Equity (%) (TTM)	24.7

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Saudi Catering net profit drops about 5% in 2018

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Share Price

CATRION Catering Holding Co. (CATRION)

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) 2018 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Catering net profit drops about 5% in 2018

View other reports

Share Price

CATRION Catering Holding Co. (CATRION)

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) Q4 2018

Revenue by Business Segment (Latest) 2018 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)