SRMG posts lower net profit at SAR 12m in I2 of 2013

30/06/2013 Argaam Exclusive

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Share Price

221.80
(5.20) (2.29 %)

Saudi Research and Media Group (SRMG)

Saudi Research and Marketing Group, reported SAR 12m net profit at the end of the first half of 2013, a 60% decrease compared to the same period last year, as shown in the following table:

 



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 514.00 818.47 59.2 %
Gross Income 164.18 230.37 40.3 %
Operating Income 39.29 69.54 77.0 %
Net Income 30.70 12.21 (60.2 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 0.38 0.15 (60.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 272.33 418.02 53.5 %
Gross Income 98.06 129.11 31.7 %
Operating Income 32.09 49.76 55.1 %
Net Income 24.83 30.00 20.8 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.31 0.38 20.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 199.46 - 38.73 - (8.45) - (0.11)
Q2 2004 231.67 - 86.69 - 28.95 - 0.36
Q3 2004 206.30 - 56.16 - (1.57) - (0.02)
Q4 2004 311.95 - 88.21 - 27.64 - 0.35
Q1 2005 229.73 15.2 % 92.83 139.7 % 27.78 428.8 % 0.35
Q2 2005 291.95 26.0 % 117.85 35.9 % 56.59 95.4 % 0.71
Q3 2005 267.62 29.7 % 108.55 93.3 % 53.81 3527.2 % 0.67
Q4 2005 273.67 (12.3 %) 79.83 (9.5 %) 43.26 56.5 % 0.54
Q1 2006 257.59 12.1 % 119.72 29.0 % 61.16 120.1 % 0.76
Q2 2006 324.03 11.0 % 157.51 33.6 % 90.49 59.9 % 1.13
Q3 2006 231.24 (13.6 %) 89.90 (17.2 %) 41.65 (22.6 %) 0.52
Q4 2006 264.35 (3.4 %) 108.53 36.0 % 68.29 57.9 % 0.85
Q1 2007 245.46 (4.7 %) 107.47 (10.2 %) 55.94 (8.5 %) 0.70
Q2 2007 300.43 (7.3 %) 142.93 (9.3 %) 231.51 155.8 % 2.89
Q3 2007 237.78 2.8 % 80.14 (10.9 %) 27.20 (34.7 %) 0.34
Q4 2007 329.63 24.7 % 129.71 19.5 % 51.89 (24.0 %) 0.65
Q1 2008 272.17 10.9 % 99.32 (7.6 %) 58.00 3.7 % 0.73
Q2 2008 325.69 8.4 % 154.01 7.7 % 87.70 (62.1 %) 1.10
Q3 2008 261.35 9.9 % 96.23 20.1 % 35.97 32.3 % 0.45
Q4 2008 483.02 46.5 % 153.77 18.6 % 42.78 (17.6 %) 0.53
Q1 2009 259.97 (4.5 %) 80.13 (19.3 %) 20.50 (64.7 %) 0.26
Q2 2009 245.20 (24.7 %) 89.79 (41.7 %) 10.73 (87.8 %) 0.13
Q3 2009 248.26 (5.0 %) 77.66 (19.3 %) 3.26 (90.9 %) 0.04
Q4 2009 215.11 (55.5 %) 45.63 (70.3 %) 10.87 (74.6 %) 0.14
Q1 2010 255.97 (1.5 %) 77.42 (3.4 %) 14.79 (27.8 %) 0.18
Q2 2010 279.52 14.0 % 96.90 7.9 % 35.30 229.1 % 0.44
Q3 2010 275.27 10.9 % 78.71 1.4 % 10.80 231.0 % 0.13
Q4 2010 256.07 19.0 % 79.08 73.3 % 23.54 116.5 % 0.29
Q1 2011 250.37 (2.2 %) 80.08 3.4 % 15.05 1.8 % 0.19
Q2 2011 277.25 (0.8 %) 93.11 (3.9 %) 33.60 (4.8 %) 0.42
Q3 2011 276.95 0.6 % 79.20 0.6 % 8.77 (18.8 %) 0.11
Q4 2011 284.38 11.1 % 100.25 26.8 % 42.89 82.2 % 0.54
Q1 2012 241.66 (3.5 %) 66.12 (17.4 %) 5.87 (61.0 %) 0.07
Q2 2012 272.33 (1.8 %) 98.06 5.3 % 24.83 (26.1 %) 0.31
Q3 2012 465.18 68.0 % 121.60 53.5 % 21.24 142.3 % 0.27
Q4 2012 422.02 48.4 % 110.13 9.8 % 66.30 54.6 % 0.83
Q1 2013 400.45 65.7 % 101.26 53.1 % (17.80) (403.1 %) (0.22)
Q2 2013 418.02 53.5 % 129.11 31.7 % 30.00 20.8 % 0.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 28.42 % 15.07 % 9.23 %
Q1 2005 33.06 % 19.15 % 12.61 %
Q2 2005 34.14 % 21.59 % 14.60 %
Q3 2005 37.00 % 26.23 % 18.51 %
Q4 2005 37.54 % 23.21 % 18.06 %
Q1 2006 39.05 % 25.17 % 20.52 %
Q2 2006 41.46 % 28.59 % 23.80 %
Q3 2006 41.14 % 27.18 % 23.49 %
Q4 2006 44.16 % 27.55 % 25.76 %
Q1 2007 43.51 % 26.68 % 25.56 %
Q2 2007 43.10 % 26.25 % 25.83 %
Q3 2007 41.89 % 25.03 % 24.28 %
Q4 2007 41.34 % 23.90 % 20.82 %
Q1 2008 39.66 % 24.45 % 20.51 %
Q2 2008 39.75 % 24.23 % 19.29 %
Q3 2008 40.31 % 25.19 % 19.65 %
Q4 2008 37.50 % 21.54 % 16.72 %
Q1 2009 36.40 % 19.64 % 13.81 %
Q2 2009 33.61 % 15.17 % 8.62 %
Q3 2009 32.46 % 13.77 % 5.67 %
Q4 2009 30.27 % 10.09 % 0.98 %
Q1 2010 30.12 % 9.79 % 0.73 %
Q2 2010 29.79 % 11.72 % 3.07 %
Q3 2010 29.11 % 12.00 % 4.20 %
Q4 2010 31.13 % 14.76 % 7.91 %
Q1 2011 31.55 % 15.05 % 7.98 %
Q2 2011 31.26 % 14.75 % 7.84 %
Q3 2011 31.25 % 14.55 % 7.63 %
Q4 2011 32.38 % 14.67 % 7.97 %
Q1 2012 31.35 % 13.42 % 7.19 %
Q2 2012 31.96 % 13.21 % 6.41 %
Q3 2012 30.55 % 13.56 % 6.44 %
Q4 2012 28.25 % 12.27 % 8.44 %
Q1 2013 27.63 % 12.36 % 7.32 %
Q2 2013 27.09 % 12.81 % 6.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 80.00 - - 9.56
Q2 2004 80.00 - - 9.54
Q3 2004 80.00 - - 9.54
Q4 2004 80.00 0.58 1.09 9.90
Q1 2005 80.00 1.04 1.54 10.24
Q2 2005 80.00 1.38 1.90 10.42
Q3 2005 80.00 2.07 2.55 11.08
Q4 2005 80.00 2.27 2.40 11.57
Q1 2006 80.00 2.69 2.80 12.32
Q2 2006 80.00 3.11 3.34 13.49
Q3 2006 80.00 2.96 3.19 14.04
Q4 2006 80.00 3.27 3.47 14.94
Q1 2007 80.00 3.20 3.40 13.63
Q2 2007 80.00 4.97 3.36 16.54
Q3 2007 80.00 4.79 3.18 16.92
Q4 2007 80.00 4.58 2.90 17.51
Q1 2008 80.00 4.61 2.92 15.22
Q2 2008 80.00 2.81 2.81 16.32
Q3 2008 80.00 2.92 2.92 16.71
Q4 2008 80.00 2.81 2.81 17.20
Q1 2009 80.00 2.34 2.30 15.41
Q2 2009 80.00 1.37 1.35 15.65
Q3 2009 80.00 0.97 0.88 15.66
Q4 2009 80.00 0.57 0.12 15.79
Q1 2010 80.00 0.50 0.09 15.89
Q2 2010 80.00 0.80 0.38 15.77
Q3 2010 80.00 0.90 0.54 15.98
Q4 2010 80.00 1.06 1.06 15.82
Q1 2011 80.00 1.06 1.06 16.51
Q2 2011 80.00 1.04 1.04 15.90
Q3 2011 80.00 1.01 1.01 16.00
Q4 2011 80.00 1.25 1.09 16.05
Q1 2012 80.00 1.14 0.97 15.11
Q2 2012 80.00 1.03 0.86 15.40
Q3 2012 80.00 1.19 1.02 15.68
Q4 2012 80.00 1.48 1.48 16.10
Q1 2013 80.00 1.18 1.43 14.74
Q2 2013 80.00 1.25 1.46 15.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 25.17 23.42 5.80
Q3 2006 28.24 26.18 5.95
Q4 2006 22.78 21.48 4.99
Q1 2007 18.72 17.63 4.40
Q2 2007 10.47 15.47 3.14
Q3 2007 10.45 15.72 2.96
Q4 2007 12.82 20.28 3.35
Q1 2008 10.15 15.99 3.07
Q2 2008 15.12 15.12 2.60
Q3 2008 11.65 11.65 2.04
Q4 2008 10.55 10.55 1.72
Q1 2009 13.27 13.50 2.01
Q2 2009 22.62 23.10 1.99
Q3 2009 31.27 34.45 1.93
Q4 2009 49.39 More than 50 1.77
Q1 2010 More than 50 More than 50 1.67
Q2 2010 22.61 47.36 1.15
Q3 2010 22.13 36.87 1.24
Q4 2010 17.77 17.77 1.19
Q1 2011 17.00 17.00 1.09
Q2 2011 17.35 17.35 1.13
Q3 2011 16.60 16.60 1.05
Q4 2011 15.51 17.92 1.21
Q1 2012 21.81 25.60 1.64
Q2 2012 26.42 31.59 1.77
Q3 2012 19.45 22.67 1.47
Q4 2012 16.20 16.20 1.49
Q1 2013 18.61 15.40 1.49
Q2 2013 16.28 13.88 1.34

Business Segments (Million)

Compared With The
Period Publishing and visual and digital content Public relations and advertising sector Printing & packaging sector Others.. Disposals
Q1 2005 194.88 116.40 55.59 77.57 (214.72)
Q2 2005 225.32 141.88 69.54 107.35 (252.33)
Q3 2005 201.51 119.96 71.94 93.91 (219.69)
Q4 2005 229.27 139.69 65.17 94.61 (255.07)
Q1 2006 119.96 39.80 92.49 49.07 (43.73)
Q2 2006 364.69 61.16 102.48 43.35 (247.65)
Q3 2006 204.95 40.71 60.54 64.63 (139.60)
Q4 2006 241.11 49.35 69.34 36.59 (132.05)
Q1 2007 212.40 42.03 82.36 37.91 (129.25)
Q2 2007 286.48 60.06 82.43 38.84 (167.38)
Q3 2007 201.18 45.23 74.64 41.41 (124.67)
Q4 2007 246.18 56.02 130.60 48.03 (151.19)
Q1 2008 219.12 48.30 96.26 47.18 (138.70)
Q2 2008 288.15 67.61 95.81 54.90 (180.78)
Q3 2008 217.62 49.17 80.10 48.21 (133.76)
Q4 2008 332.91 48.71 196.09 46.34 (141.03)
Q1 2009 203.41 31.67 100.38 44.73 (120.21)
Q2 2009 214.68 37.04 79.51 45.18 (131.22)
Q3 2009 201.93 31.92 84.01 46.06 (115.65)
Q4 2009 155.15 31.62 93.42 62.49 (127.57)
Q1 2010 183.92 30.10 102.60 50.30 (110.95)
Q2 2010 212.96 35.93 112.17 45.47 (127.00)
Q3 2010 185.47 32.52 102.21 64.66 (109.59)
Q4 2010 199.38 32.94 85.42 34.85 (119.81)
Q1 2011 193.44 29.22 98.16 41.77 (112.22)
Q2 2011 210.12 35.46 118.84 34.64 (121.81)
Q3 2011 173.86 27.49 92.80 73.11 (98.86)
Q4 2011 216.91 355.70 91.18 65.90 (445.31)
Q1 2012 160.84 27.34 102.59 44.53 (93.64)
Q2 2012 228.64 33.85 111.50 27.78 (129.43)
Q3 2012 160.09 26.32 277.42 93.49 (92.13)
Q4 2012 175.83 329.87 274.38 23.20 (399.71)
Q1 2013 162.30 24.87 272.94 32.69 (92.35)
Q2 2013 185.38 34.01 279.63 18.93 (99.94)

Current
Market Cap (M Riyal) 17,744.00
Enterprise Value (EV) (M) 18,087.70
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 6.57
Book Value (BV) ( Riyal) 38.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.96
P/E (TTM) 33.76
Price/book 5.71
Return on Average Assets (%) (TTM) 8.7
Return on Average Equity (%) (TTM) 17.7

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