Al-Khodari cuts net losses by 35% in 9M

25/11/2018 Argaam Exclusive

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Abdullah A. M. Al-Khodari Sons Co. narrowed net losses after zakat and tax by 35.2 percent year-on-year (YoY) to SAR 24.1 million in the first nine months of 2018.

 

The losses narrowed on a 51 percent fall in direct costs, lower selling, general, and administrative expenses (SG&A) and financing charges.

 

Accumulated losses came in at SAR 272.9 million, or 48.9 percent of the company’s total capital amounting to SAR 557.8 million. 



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 433.18 187.40 (56.7 %)
Gross Income (28.16) (36.54) (29.8 %)
Operating Income (57.15) (58.89) (3.1 %)
Net Income (37.19) (24.05) 35.3 %
Average Shares 55.78 55.78 -
EPS (Riyals) (0.67) (0.43) 35.3 %

The company’s Q3 2018 net losses after zakat and tax more than tripled YoY to SAR 26 million due to a 44 percent drop in revenue and other income

 

Al-Khodari’s net losses also broadened, when compared to net losses of SAR 4.9 million in Q2 2018.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 111.78 62.17 (44.4 %)
Gross Income 3.63 (14.99) (513.6 %)
Operating Income (5.07) (21.51) (324.5 %)
Net Income (7.62) (25.96) (240.9 %)
Average Shares 55.78 55.78 -
EPS (Riyals) (0.14) (0.47) (240.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - - - -
Q2 2009 537.51 - 151.43 - 111.26 - 1.99
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 213.10 - 56.13 - 38.60 - 0.69
Q2 2010 254.92 (52.6 %) 66.10 (56.4 %) 50.81 (54.3 %) 0.91
Q3 2010 240.04 - 50.40 - 41.76 - 0.75
Q4 2010 365.89 - 116.43 - 86.75 - 1.56
Q1 2011 244.57 14.8 % 56.00 (0.2 %) 39.22 1.6 % 0.70
Q2 2011 269.95 5.9 % 59.82 (9.5 %) 42.66 (16.0 %) 0.76
Q3 2011 271.65 13.2 % 53.69 6.5 % 21.79 (47.8 %) 0.39
Q4 2011 360.29 (1.5 %) 68.10 (41.5 %) 54.45 (37.2 %) 0.98
Q1 2012 396.72 62.2 % 68.31 22.0 % 41.81 6.6 % 0.75
Q2 2012 410.37 52.0 % 71.73 19.9 % 44.48 4.3 % 0.80
Q3 2012 343.74 26.5 % 46.95 (12.6 %) 21.89 0.5 % 0.39
Q4 2012 372.99 3.5 % 38.50 (43.5 %) 26.82 (50.7 %) 0.48
Q1 2013 343.52 (13.4 %) 45.77 (33.0 %) 18.28 (56.3 %) 0.33
Q2 2013 412.57 0.5 % 56.24 (21.6 %) 25.38 (42.9 %) 0.46
Q3 2013 386.57 12.5 % 45.77 (2.5 %) 12.19 (44.3 %) 0.22
Q4 2013 387.67 3.9 % 42.55 10.5 % 8.47 (68.4 %) 0.15
Q1 2014 473.86 37.9 % 22.89 (50.0 %) 32.63 78.5 % 0.58
Q2 2014 405.86 (1.6 %) 37.73 (32.9 %) 7.91 (68.8 %) 0.14
Q3 2014 408.09 5.6 % 42.97 (6.1 %) 15.00 23.1 % 0.27
Q4 2014 449.50 15.9 % 49.11 15.4 % 45.64 438.8 % 0.82
Q1 2015 444.73 (6.1 %) 47.59 107.9 % 13.98 (57.2 %) 0.25
Q2 2015 403.24 (0.6 %) 42.16 11.7 % 34.86 340.8 % 0.62
Q3 2015 336.57 (17.5 %) 13.71 (68.1 %) (14.28) (195.2 %) (0.26)
Q4 2015 385.40 (14.3 %) 14.51 (70.4 %) (1.04) (102.3 %) (0.02)
Q1 2016 390.33 (12.2 %) 29.08 (38.9 %) 2.19 (84.3 %) 0.04
Q2 2016 254.47 (36.9 %) (38.56) (191.5 %) (56.23) (261.3 %) (1.01)
Q3 2016 190.17 (43.5 %) (35.21) (356.8 %) (54.42) (281.0 %) (0.98)
Q4 2016 225.06 (41.6 %) 19.72 35.9 % 24.23 2438.5 % 0.43
Q1 2017 193.98 (50.3 %) (11.42) (139.3 %) (17.76) (909.4 %) (0.32)
Q2 2017 127.42 (49.9 %) (20.37) 47.2 % (18.09) 67.8 % (0.32)
Q3 2017 111.78 (41.2 %) 3.63 110.3 % (7.62) 86.0 % (0.14)
Q4 2017 86.29 (61.7 %) 20.92 6.1 % (19.22) (179.3 %) (0.34)
Q1 2018 61.57 (68.3 %) (4.34) 62.0 % (12.75) 28.2 % (0.23)
Q2 2018 63.67 (50.0 %) (17.21) 15.5 % (4.86) 73.1 % (0.09)
Q3 2018 62.17 (44.4 %) (14.99) (513.6 %) (25.96) (240.9 %) (0.47)

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 - - -
Q4 2010 26.92 % 32.08 % 20.29 %
Q1 2011 26.14 % 30.58 % 19.77 %
Q2 2011 25.23 % 29.71 % 18.78 %
Q3 2011 24.82 % 28.25 % 16.53 %
Q4 2011 20.73 % 23.91 % 12.01 %
Q1 2012 19.25 % 21.99 % 10.80 %
Q2 2012 18.19 % 20.66 % 9.87 %
Q3 2012 16.88 % 20.01 % 9.41 %
Q4 2012 14.80 % 18.00 % 7.05 %
Q1 2013 13.80 % 17.19 % 5.71 %
Q2 2013 12.73 % 15.91 % 4.40 %
Q3 2013 12.29 % 15.18 % 3.64 %
Q4 2013 12.44 % 15.86 % 4.20 %
Q1 2014 10.08 % 13.91 % 2.29 %
Q2 2014 9.01 % 13.90 % 1.24 %
Q3 2014 8.72 % 14.64 % 1.39 %
Q4 2014 8.79 % 15.54 % 1.73 %
Q1 2015 10.39 % 17.31 % 3.05 %
Q2 2015 10.66 % 16.98 % 3.14 %
Q3 2015 9.34 % 15.08 % 1.38 %
Q4 2015 7.51 % 12.39 % (0.48 %)
Q1 2016 6.56 % 11.98 % (2.01 %)
Q2 2016 1.37 % 8.24 % (8.01 %)
Q3 2016 (2.47 %) 5.87 % (12.99 %)
Q4 2016 (2.35 %) 7.33 % (11.66 %)
Q1 2017 (7.58 %) 3.17 % (15.33 %)
Q2 2017 (6.42 %) 4.18 % (13.35 %)
Q3 2017 (1.28 %) 9.37 % (6.21 %)
Q4 2017 (1.39 %) 11.11 % (15.42 %)
Q1 2018 (0.04 %) 14.88 % (19.40 %)
Q2 2018 0.93 % 16.92 % (12.99 %)
Q3 2018 (5.71 %) 10.32 % (20.41 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 55.78 - - 8.23
Q3 2009 - - - -
Q4 2009 55.78 - - 9.08
Q1 2010 55.78 - - 9.77
Q2 2010 55.78 - - 9.23
Q3 2010 55.78 - - 9.98
Q4 2010 55.78 3.91 3.91 10.54
Q1 2011 55.78 3.92 3.92 11.25
Q2 2011 55.78 3.77 3.77 11.25
Q3 2011 55.78 3.41 3.41 10.88
Q4 2011 55.78 2.83 2.47 11.83
Q1 2012 55.78 2.88 2.51 12.58
Q2 2012 55.78 2.91 2.55 13.00
Q3 2012 55.78 2.92 2.55 13.39
Q4 2012 55.78 2.42 1.93 13.85
Q1 2013 55.78 2.00 1.50 14.18
Q2 2013 55.78 1.66 1.16 14.16
Q3 2013 55.78 1.48 0.99 14.38
Q4 2013 55.78 1.15 1.15 14.53
Q1 2014 55.78 1.41 0.68 15.13
Q2 2014 55.78 1.10 0.37 14.80
Q3 2014 55.78 1.15 0.42 15.07
Q4 2014 55.78 1.81 0.54 15.84
Q1 2015 55.78 1.48 0.93 16.09
Q2 2015 55.78 1.96 0.96 16.24
Q3 2015 55.78 1.44 0.41 15.99
Q4 2015 55.78 0.60 (0.14) 15.94
Q1 2016 55.78 0.39 (0.55) 15.22
Q2 2016 55.78 (1.24) (1.96) 14.21
Q3 2016 55.78 (1.96) (2.84) 13.23
Q4 2016 55.78 (1.51) (2.22) 13.01
Q1 2017 55.78 (1.87) (2.37) 12.69
Q2 2017 55.78 (1.18) (1.76) 12.24
Q3 2017 55.78 (0.34) (0.73) 11.83
Q4 2017 55.78 (1.12) (1.44) 7.24
Q1 2018 55.78 (1.03) (1.35) 11.22
Q2 2018 55.78 (0.80) (0.75) 7.27
Q3 2018 55.78 (1.13) (1.00) 6.80

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 10.48 10.48 3.88
Q1 2011 12.49 12.49 4.35
Q2 2011 14.19 14.19 4.76
Q3 2011 14.23 14.23 4.46
Q4 2011 14.45 16.60 3.46
Q1 2012 14.55 16.67 3.33
Q2 2012 9.58 10.96 2.15
Q3 2012 10.45 11.96 2.28
Q4 2012 10.15 12.76 1.77
Q1 2013 13.35 17.73 1.88
Q2 2013 19.61 27.95 2.29
Q3 2013 25.13 37.69 2.59
Q4 2013 27.17 27.17 2.16
Q1 2014 24.51 50.81 2.28
Q2 2014 39.12 More than 100 2.90
Q3 2014 52.37 More than 100 3.99
Q4 2014 16.05 54.18 1.84
Q1 2015 18.86 29.91 1.73
Q2 2015 13.60 27.78 1.64
Q3 2015 13.16 46.70 1.18
Q4 2015 25.40 NEG 0.96
Q1 2016 27.67 NEG 0.71
Q2 2016 NEG NEG 0.82
Q3 2016 NEG NEG 0.61
Q4 2016 NEG NEG 1.01
Q1 2017 NEG NEG 0.99
Q2 2017 NEG NEG 0.78
Q3 2017 NEG NEG 0.83
Q4 2017 NEG NEG 1.31
Q1 2018 NEG NEG 0.74
Q2 2018 NEG NEG 1.05
Q3 2018 NEG NEG 1.06

Business Segments (Million)

Compared With The
Period Industrial sector Trade sector
Q1 2010 190.35 22.76
Q2 2010 233.71 21.20
Q3 2010 227.93 12.11
Q4 2010 285.37 80.52
Q1 2011 243.21 1.36
Q2 2011 267.41 2.55
Q3 2011 269.50 2.15
Q4 2011 348.03 12.27
Q1 2012 395.46 1.26
Q2 2012 410.02 0.35
Q3 2012 341.44 2.30
Q4 2012 371.64 1.34
Q1 2013 342.16 1.35
Q2 2013 410.17 2.40
Q3 2013 380.96 5.61
Q4 2013 385.92 1.75
Q1 2014 471.67 2.19
Q2 2014 404.05 1.81
Q3 2014 406.13 1.96
Q4 2014 446.72 2.78
Q1 2015 442.85 1.88
Q2 2015 400.34 2.90
Q3 2015 332.13 4.43
Q4 2015 383.39 2.01
Q1 2016 388.32 2.01
Q2 2016 253.34 1.13
Q3 2016 189.26 0.91
Q4 2016 223.96 1.11
Q1 2017 192.91 1.07
Q2 2017 125.98 1.45
Q3 2017 110.65 1.13
Q4 2017 85.30 0.99
Q1 2018 61.07 0.49
Q2 2018 63.24 0.43
Q3 2018 61.92 0.25

Current
Market Cap (M Riyal) 300.65
Enterprise Value (EV) (M) 1,269.09
Shares Outstanding ((M)) 55.78
EPS ( Riyal) (TTM) (28.91)
Book Value (BV) ( Riyal) (21.33)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 0.00
P/E (TTM) 0.00
Price/book (0.25)
Return on Average Assets (%) (TTM) (92.33 )
Return on Average Equity (%) (TTM) -

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