Saudi Telecom’s H1 net profit drops 2% to SAR 5.1 bln

29/07/2015 Argaam Exclusive

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Share Price

Saudi Telecom Co.
36.85
(0.95) (2.51 %)

Saudi Telecom Co. (STC)

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Saudi Telecom Co.’s (STC) H1-2015 net profit fell two percent year-on-year to SAR 5.06 billion on higher operating and sales costs, as well as general and administrative expenses.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 22,504.90 24,695.63 9.7 %
Gross Income 13,234.87 14,708.08 11.1 %
Operating Income 5,627.24 6,343.18 12.7 %
Net Income 5,194.28 5,061.91 (2.5 %)
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 1.04 1.01 (2.5 %)

 

The telco's Q2-2015 net profit reached SAR 2.5 billion, nine percent lower when compared to SAR 2.8 billion recorded in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 11,722.00 12,222.15 4.3 %
Gross Income 7,023.53 7,164.16 2.0 %
Operating Income 2,961.46 2,963.44 0.1 %
Net Income 2,803.35 2,558.33 (8.7 %)
Average Shares 5,000.00 5,000.00 -
EPS (Riyals) 0.56 0.51 (8.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2014 11,848.40 5.1 % 7,300.50 4.4 % 2,442.39 (30.9 %) 0.49
Q1 2015 12,473.48 15.7 % 7,543.92 21.5 % 2,503.58 4.7 % 0.50
Q2 2015 12,222.15 4.3 % 7,164.16 2.0 % 2,558.33 (8.7 %) 0.51

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2014 61.07 % 41.16 % 23.64 %
Q1 2015 61.69 % 41.53 % 23.13 %
Q2 2015 61.35 % 41.33 % 22.39 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2014 5,000.00 2.20 2.18 12.08
Q1 2015 5,000.00 2.22 2.21 12.06
Q2 2015 5,000.00 2.18 2.16 12.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2014 11.94 12.06 2.18
Q1 2015 11.29 11.35 2.08
Q2 2015 12.41 12.48 2.23

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
Q4 2014 6,070.61 3,035.10 2,471.11 (10.68)
Q1 2015 8,440.66 3,066.91 967.15 (1.23)
Q2 2015 7,996.74 3,171.23 1,057.86 (3.68)

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 3,035.87 2,558.33 (15.7 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
Alistithmar Capital 2,761.00 2,558.33 (7.3) %
Albilad Capital 2,850.00 2,558.33 (10.2) %
Al Rajhi Capital 2,860.00 2,558.33 (10.5) %
SNB Capital 3,110.00 2,558.33 (17.7) %
KASB Capital 3,268.00 2,558.33 (21.7) %
AlJazira Capital 3,366.20 2,558.33 (24.0) %


Financial Ratios
Current
Market Cap (M Riyal) 184,250.00
Enterprise Value (EV) (M) 181,807.14
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) 16.28
P/E (TTM) 13.68
Price/book 2.29
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 17.4
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