STC posts higher net profit at SAR 8566m in I3 of 2014

27/10/2014 Argaam Exclusive

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Saudi Telecom Co., the second largest company listed in the market after SABIC, reported SAR 8566m net profit at the end of I3 of 2014, compared to SAR 6364m in the same period last year, as shown in the following table:



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 34,334.20 34,259.50 (0.2 %)
Gross Income 20,421.61 20,855.75 2.1 %
Operating Income 9,290.39 9,167.37 (1.3 %)
Net Income 6,364.50 8,566.03 34.6 %
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.27 1.71 34.6 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 11,426.85 11,754.61 2.9 %
Gross Income 7,193.36 7,620.88 5.9 %
Operating Income 3,377.39 3,540.12 4.8 %
Net Income 3,385.59 3,371.75 (0.4 %)
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.68 0.67 (0.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 7,918.23 8.2 % 6,122.17 14.6 % 3,010.95 20.3 % 0.60
Q2 2005 8,038.27 6.3 % 6,208.34 12.8 % 2,903.14 10.0 % 0.58
Q3 2005 8,105.10 3.2 % 6,074.94 7.4 % 3,261.99 29.1 % 0.65
Q4 2005 8,478.35 9.3 % 6,439.24 12.7 % 3,270.78 98.6 % 0.65
Q1 2006 8,515.11 7.5 % 6,383.40 4.3 % 3,414.71 13.4 % 0.68
Q2 2006 8,624.77 7.3 % 6,616.48 6.6 % 3,395.80 17.0 % 0.68
Q3 2006 8,405.99 3.7 % 6,099.71 0.4 % 3,202.01 (1.8 %) 0.64
Q4 2006 8,240.01 (2.8 %) 5,914.92 (8.1 %) 2,786.39 (14.8 %) 0.56
Q1 2007 8,320.06 (2.3 %) 6,049.33 (5.2 %) 2,719.17 (20.4 %) 0.54
Q2 2007 8,444.00 (2.1 %) 6,405.60 (3.2 %) 3,102.76 (8.6 %) 0.62
Q3 2007 8,058.58 (4.1 %) 5,828.60 (4.4 %) 3,140.03 (1.9 %) 0.63
Q4 2007 9,635.17 16.9 % 6,922.61 17.0 % 3,059.78 9.8 % 0.61
Q1 2008 9,574.71 15.1 % 7,212.79 19.2 % 3,029.27 11.4 % 0.61
Q2 2008 12,030.46 42.5 % 9,094.79 42.0 % 3,839.88 23.8 % 0.77
Q3 2008 13,537.76 68.0 % 10,392.71 78.3 % 3,012.33 (4.1 %) 0.60
Q4 2008 12,326.44 27.9 % 9,096.55 31.4 % 1,156.37 (62.2 %) 0.23
Q1 2009 12,142.78 26.8 % 7,912.55 9.7 % 2,487.75 (17.9 %) 0.50
Q2 2009 12,674.12 5.4 % 7,723.03 (15.1 %) 2,990.22 (22.1 %) 0.60
Q3 2009 12,934.24 (4.5 %) 7,754.81 (25.4 %) 2,402.62 (20.2 %) 0.48
Q4 2009 13,028.94 5.7 % 7,610.31 (16.3 %) 2,982.78 157.9 % 0.60
Q1 2010 12,519.63 3.1 % 7,159.87 (9.5 %) 1,772.03 (28.8 %) 0.35
Q2 2010 12,591.24 (0.7 %) 7,334.89 (5.0 %) 2,061.99 (31.0 %) 0.41
Q3 2010 13,232.39 2.3 % 7,884.82 1.7 % 3,316.80 38.0 % 0.66
Q4 2010 13,443.57 3.2 % 7,943.03 4.4 % 2,285.51 (23.4 %) 0.46
Q1 2011 13,076.30 4.4 % 7,488.43 4.6 % 1,573.12 (11.2 %) 0.31
Q2 2011 13,879.67 10.2 % 7,951.89 8.4 % 2,256.37 9.4 % 0.45
Q3 2011 14,015.11 5.9 % 8,073.04 2.4 % 1,562.48 (52.9 %) 0.31
Q4 2011 14,691.00 9.3 % 7,814.90 (1.6 %) 2,336.69 2.2 % 0.47
Q1 2012 11,067.36 (15.4 %) 6,329.04 (15.5 %) 2,521.16 60.3 % 0.50
Q2 2012 11,013.03 (20.7 %) 6,352.24 (20.1 %) 2,407.57 6.7 % 0.48
Q3 2012 11,429.91 (18.4 %) 6,459.29 (20.0 %) 1,953.80 25.0 % 0.39
Q4 2012 11,234.77 (23.5 %) 6,121.14 (21.7 %) 393.44 (83.2 %) 0.08
Q1 2013 11,473.88 3.7 % 6,494.46 2.6 % 1,549.96 (38.5 %) 0.31
Q2 2013 11,433.47 3.8 % 6,733.78 6.0 % 1,428.95 (40.6 %) 0.29
Q3 2013 11,426.85 0.0 % 7,193.36 11.4 % 3,385.59 73.3 % 0.68
Q4 2013 11,270.43 0.3 % 6,991.64 14.2 % 3,532.57 797.9 % 0.71
Q1 2014 10,782.89 (6.0 %) 6,211.34 (4.4 %) 2,390.94 54.3 % 0.48
Q2 2014 11,722.00 2.5 % 7,023.53 4.3 % 2,803.35 96.2 % 0.56
Q3 2014 11,754.61 2.9 % 7,620.88 5.9 % 3,371.75 (0.4 %) 0.67

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 73.96 % 49.46 % 32.82 %
Q2 2005 75.08 % 49.56 % 33.14 %
Q3 2005 75.80 % 52.15 % 36.20 %
Q4 2005 76.35 % 52.85 % 40.47 %
Q1 2006 75.76 % 51.89 % 41.11 %
Q2 2006 75.66 % 51.96 % 41.88 %
Q3 2006 75.06 % 49.38 % 40.03 %
Q4 2006 74.04 % 47.31 % 37.78 %
Q1 2007 73.47 % 46.01 % 35.94 %
Q2 2007 73.24 % 45.58 % 35.35 %
Q3 2007 73.19 % 46.72 % 35.63 %
Q4 2007 73.15 % 46.92 % 34.94 %
Q1 2008 73.84 % 47.70 % 34.56 %
Q2 2008 73.94 % 46.06 % 33.22 %
Q3 2008 75.09 % 44.13 % 29.78 %
Q4 2008 75.41 % 45.80 % 24.14 %
Q1 2009 72.94 % 45.51 % 22.10 %
Q2 2009 69.31 % 44.94 % 20.10 %
Q3 2009 64.87 % 44.00 % 18.33 %
Q4 2009 61.05 % 40.59 % 20.26 %
Q1 2010 59.13 % 38.04 % 18.46 %
Q2 2010 58.46 % 36.87 % 16.76 %
Q3 2010 58.38 % 37.29 % 16.59 %
Q4 2010 58.55 % 37.89 % 15.00 %
Q1 2011 58.56 % 38.16 % 14.11 %
Q2 2011 58.30 % 38.33 % 14.10 %
Q3 2011 57.81 % 37.38 % 12.29 %
Q4 2011 56.28 % 35.98 % 12.71 %
Q1 2012 56.23 % 36.23 % 15.29 %
Q2 2012 56.25 % 36.51 % 16.45 %
Q3 2012 55.92 % 36.12 % 18.33 %
Q4 2012 56.46 % 36.37 % 16.78 %
Q1 2013 56.32 % 36.28 % 14.97 %
Q2 2013 56.63 % 37.08 % 15.19 %
Q3 2013 58.25 % 39.08 % 18.18 %
Q4 2013 60.11 % 40.50 % 23.56 %
Q1 2014 60.41 % 41.03 % 25.29 %
Q2 2014 60.66 % 40.71 % 25.74 %
Q3 2014 61.16 % 41.37 % 25.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 5,000.00 1.96 2.04 5.94
Q2 2005 5,000.00 2.02 2.09 6.52
Q3 2005 5,000.00 2.16 2.30 6.34
Q4 2005 5,000.00 2.49 2.63 6.57
Q1 2006 5,000.00 2.57 2.72 7.25
Q2 2006 5,000.00 2.67 2.82 6.83
Q3 2006 5,000.00 2.66 2.72 6.87
Q4 2006 5,000.00 2.56 2.55 6.83
Q1 2007 5,000.00 2.42 2.41 6.78
Q2 2007 5,000.00 2.36 2.36 6.90
Q3 2007 5,000.00 2.35 2.36 7.02
Q4 2007 5,000.00 2.40 2.41 7.18
Q1 2008 5,000.00 2.47 2.47 7.31
Q2 2008 5,000.00 2.61 2.61 7.65
Q3 2008 5,000.00 2.59 2.67 7.78
Q4 2008 5,000.00 2.21 2.29 7.53
Q1 2009 5,000.00 2.10 2.21 7.48
Q2 2009 5,000.00 1.93 2.04 7.90
Q3 2009 5,000.00 1.81 1.84 8.13
Q4 2009 5,000.00 2.17 2.06 8.41
Q1 2010 5,000.00 2.03 1.89 8.50
Q2 2010 5,000.00 1.84 1.71 8.45
Q3 2010 5,000.00 2.03 1.70 8.94
Q4 2010 5,000.00 1.89 1.55 9.00
Q1 2011 5,000.00 1.85 1.48 9.05
Q2 2011 5,000.00 1.89 1.51 9.26
Q3 2011 5,000.00 1.54 1.34 9.15
Q4 2011 5,000.00 1.55 1.42 9.38
Q1 2012 5,000.00 1.74 1.64 9.81
Q2 2012 5,000.00 1.77 1.67 10.03
Q3 2012 5,000.00 1.84 1.77 10.34
Q4 2012 5,000.00 1.46 1.50 10.27
Q1 2013 5,000.00 1.26 1.35 10.34
Q2 2013 5,000.00 1.07 1.38 10.39
Q3 2013 5,000.00 1.35 1.66 10.81
Q4 2013 5,000.00 1.98 2.15 11.25
Q1 2014 5,000.00 2.15 2.27 11.40
Q2 2014 5,000.00 2.42 2.33 11.74
Q3 2014 5,000.00 2.42 2.33 12.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 20.97 20.18 6.93
Q2 2005 27.24 26.26 8.42
Q3 2005 25.89 24.33 8.84
Q4 2005 22.37 21.14 8.47
Q1 2006 25.38 23.94 8.99
Q2 2006 17.76 16.78 6.94
Q3 2006 15.09 14.72 5.83
Q4 2006 12.93 12.97 4.85
Q1 2007 10.49 10.52 3.75
Q2 2007 9.86 9.86 3.38
Q3 2007 11.02 10.99 3.69
Q4 2007 13.93 13.91 4.67
Q1 2008 10.01 10.01 3.38
Q2 2008 9.26 9.27 3.16
Q3 2008 9.93 9.64 3.30
Q4 2008 8.90 8.57 2.61
Q1 2009 7.60 7.22 2.13
Q2 2009 10.68 10.11 2.61
Q3 2009 11.12 10.95 2.47
Q4 2009 8.12 8.57 2.10
Q1 2010 9.36 10.06 2.24
Q2 2010 8.18 8.81 1.78
Q3 2010 7.64 9.08 1.73
Q4 2010 9.03 10.97 1.89
Q1 2011 8.34 10.43 1.70
Q2 2011 7.72 9.63 1.57
Q3 2011 8.86 10.17 1.49
Q4 2011 8.75 9.55 1.44
Q1 2012 9.40 9.95 1.66
Q2 2012 8.95 9.46 1.57
Q3 2012 8.61 8.99 1.54
Q4 2012 11.90 11.53 1.69
Q1 2013 12.44 11.60 1.52
Q2 2013 14.98 11.53 1.54
Q3 2013 12.78 10.43 1.60
Q4 2013 10.81 9.96 1.90
Q1 2014 12.29 11.62 2.32
Q2 2014 11.02 11.47 2.27
Q3 2014 12.29 12.76 2.47

Business Segments (Million)

Compared With The
Period GSM Landline DATA Un-allocated
Q1 2009 8,203.41 2,276.02 1,641.09 22.26
Q2 2009 8,078.78 2,660.90 1,889.14 45.31
Q3 2009 8,763.77 2,321.57 1,813.36 35.55
Q4 2009 9,042.06 2,027.64 1,903.96 55.28
Q1 2010 8,370.42 2,321.45 1,754.34 73.42
Q2 2010 8,274.92 2,514.25 1,744.81 57.26
Q3 2010 8,698.56 2,678.44 1,744.34 111.06
Q4 2010 8,815.84 2,641.88 1,897.42 88.43
Q1 2011 8,612.49 2,145.44 2,210.45 107.93
Q2 2011 9,300.53 2,165.08 2,279.18 134.88
Q3 2011 9,535.33 1,968.75 2,358.25 152.78
Q4 2011 10,460.75 2,030.05 2,539.65 (339.46)
Q1 2012 7,231.45 3,163.66 775.96 (103.71)
Q2 2012 5,953.44 2,773.26 2,747.33 (461.00)
Q3 2012 6,321.44 3,061.54 2,038.38 8.55
Q4 2012 6,534.06 3,295.52 1,450.81 (45.62)
Q1 2013 5,912.96 3,401.35 2,121.21 38.36
Q2 2013 6,276.02 3,413.90 1,645.45 98.11
Q3 2013 5,947.77 3,195.58 2,156.72 126.77
Q4 2013 6,048.69 3,174.74 2,296.23 (249.24)
Q1 2014 6,038.19 3,013.96 1,728.00 2.75
Q2 2014 6,352.36 3,157.29 2,215.10 (2.75)
Q3 2014 6,159.92 2,950.32 2,639.42 4.95

Current
Market Cap (M Riyal) 181,750.00
Enterprise Value (EV) (M) 179,307.14
Shares Outstanding ((M)) 5,000.00
EPS ( Riyal) (TTM) 2.69
Book Value (BV) ( Riyal) 16.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.06
P/E (TTM) 13.49
Price/book 2.26
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 17.4

Share Price

36.35
(0.15) (0.41 %)

Saudi Telecom Co. (STC)


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