SRMG net profit surges to SAR 80 mln in Q1 2019

05/05/2019 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 (SRMG) posted a net profit after zakat and tax of SAR 79.9 million, compared to net profit of SAR 11.7 million a year earlier driven by a 44 percent rise in revenue.

The company turned profitable when compared to the previous quarter, as it incurred losses from intangible asset impairments in Q4 2018.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 370.34 531.63 43.6 %
Gross Income 112.84 188.67 67.2 %
Operating Income 15.92 92.62 481.8 %
Net Income 11.74 79.88 580.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.15 1.00 580.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q3 2013 467.45 0.5 % 115.17 (5.3 %) 1.14 (94.6 %) 0.01
Q4 2013 440.14 4.3 % 74.60 (32.3 %) (43.56) (165.7 %) (0.54)
Q1 2014 414.02 3.4 % 98.79 (2.4 %) (27.56) (54.8 %) (0.34)
Q2 2014 463.96 11.0 % 113.33 (12.2 %) 6.22 (79.3 %) 0.08
Q3 2014 438.13 (6.3 %) 93.71 (18.6 %) 2.38 108.0 % 0.03
Q4 2014 427.15 (3.0 %) 90.30 21.1 % (20.35) 53.3 % (0.25)
Q1 2015 390.62 (5.7 %) 99.72 0.9 % 19.72 171.5 % 0.25
Q2 2015 396.17 (14.6 %) 101.86 (10.1 %) 17.67 184.2 % 0.22
Q3 2015 338.17 (22.8 %) 65.77 (29.8 %) (6.74) (383.5 %) (0.08)
Q4 2015 360.45 (15.6 %) 76.47 (15.3 %) (186.49) (816.7 %) (2.33)
Q1 2016 328.00 (16.0 %) 66.03 (33.8 %) 21.72 10.2 % 0.27
Q2 2016 335.24 (15.4 %) 61.76 (39.4 %) (51.64) (392.3 %) (0.65)
Q3 2016 302.92 (10.4 %) 28.39 (56.8 %) (80.60) (1,095.6 %) (1.01)
Q4 2016 480.31 33.3 % 205.14 168.3 % 53.28 128.6 % 0.67
Q1 2017 392.70 19.7 % 112.78 70.8 % 18.04 (16.9 %) 0.23
Q2 2017 395.12 17.9 % 96.79 56.7 % 6.73 113.0 % 0.08
Q3 2017 400.53 32.2 % 110.94 290.8 % 25.52 131.7 % 0.32
Q4 2017 546.76 13.8 % 125.98 (38.6 %) (3.95) (107.4 %) (0.05)
Q1 2018 370.34 (5.7 %) 112.84 0.1 % 11.74 (34.9 %) 0.15
Q2 2018 514.79 30.3 % 195.32 101.8 % 85.52 1170.1 % 1.07
Q3 2018 559.76 39.8 % 188.14 69.6 % 37.41 46.6 % 0.47
Q4 2018 646.01 18.2 % 140.73 11.7 % (50.06) (1,166.1 %) (0.63)
Q1 2019 531.63 43.6 % 188.67 67.2 % 79.88 580.3 % 1.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2013 26.68 % 11.88 % 5.66 %
Q4 2013 24.34 % 8.70 % (0.74 %)
Q1 2014 24.01 % 7.06 % (2.44 %)
Q2 2014 22.51 % 5.50 % (3.57 %)
Q3 2014 21.66 % 5.15 % (4.06 %)
Q4 2014 22.72 % 6.09 % (4.25 %)
Q1 2015 23.09 % 8.13 % (2.10 %)
Q2 2015 23.34 % 8.59 % (2.33 %)
Q3 2015 23.04 % 7.76 % (3.60 %)
Q4 2015 23.15 % 7.66 % (7.85 %)
Q1 2016 21.80 % 3.70 % (12.92 %)
Q2 2016 19.83 % (0.86 %) (17.48 %)
Q3 2016 17.54 % (5.84 %) (22.20 %)
Q4 2016 24.98 % (0.59 %) (9.30 %)
Q1 2017 27.00 % 3.53 % (3.94 %)
Q2 2017 28.20 % 6.75 % (0.16 %)
Q3 2017 31.50 % 12.62 % 6.21 %
Q4 2017 25.73 % 8.81 % 2.67 %
Q1 2018 26.07 % 8.69 % 2.34 %
Q2 2018 29.75 % 12.50 % 6.48 %
Q3 2018 31.24 % 13.12 % 6.56 %
Q4 2018 30.47 % 12.76 % 4.05 %
Q1 2019 31.65 % 15.63 % 6.78 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 80.00 1.00 1.21 15.18
Q4 2013 80.00 (0.38) (0.16) 14.63
Q1 2014 80.00 (0.50) (0.53) 14.28
Q2 2014 80.00 (0.80) (0.80) 14.37
Q3 2014 80.00 (0.78) (0.89) 14.35
Q4 2014 80.00 (0.49) (0.93) 14.04
Q1 2015 80.00 0.10 (0.45) 14.21
Q2 2015 80.00 0.24 (0.48) 14.51
Q3 2015 80.00 0.13 (0.70) 14.37
Q4 2015 80.00 (1.95) (1.46) 12.08
Q1 2016 80.00 (1.92) (2.30) 12.42
Q2 2016 80.00 (2.79) (2.98) 11.71
Q3 2016 80.00 (3.71) (3.68) 10.67
Q4 2016 80.00 (0.72) (1.68) 11.13
Q1 2017 80.00 (0.76) (0.75) 11.34
Q2 2017 80.00 (0.03) (0.03) 11.50
Q3 2017 80.00 1.29 1.29 11.72
Q4 2017 80.00 0.58 0.58 11.74
Q1 2018 80.00 0.50 0.50 11.90
Q2 2018 80.00 1.49 1.49 12.91
Q3 2018 80.00 1.63 1.63 13.16
Q4 2018 80.00 1.06 1.06 12.68
Q1 2019 80.00 1.91 1.91 13.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2013 20.19 16.62 1.32
Q4 2013 NEG NEG 1.47
Q1 2014 NEG NEG 1.39
Q2 2014 NEG NEG 1.45
Q3 2014 NEG NEG 1.47
Q4 2014 NEG NEG 1.18
Q1 2015 More than 50 NEG 1.17
Q2 2015 More than 50 NEG 1.18
Q3 2015 More than 50 NEG 0.89
Q4 2015 NEG NEG 4.78
Q1 2016 NEG NEG 3.27
Q2 2016 NEG NEG 3.51
Q3 2016 NEG NEG 1.99
Q4 2016 NEG NEG 3.04
Q1 2017 NEG NEG 2.50
Q2 2017 NEG NEG 2.58
Q3 2017 More than 50 More than 50 6.10
Q4 2017 More than 50 More than 50 5.04
Q1 2018 More than 50 More than 50 6.60
Q2 2018 More than 50 More than 50 7.60
Q3 2018 More than 50 More than 50 7.75
Q4 2018 More than 50 More than 50 6.53
Q1 2019 41.38 41.38 5.80

Business Segments (Million)

Compared With The
Period Publishing and visual and digital content Public relations and advertising sector Printing & packaging sector Others.. Disposals
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)
Q3 2013 145.77 25.85 293.68 80.86 (78.72)
Q4 2013 163.39 303.84 295.51 34.14 (356.74)
Q1 2014 150.75 21.47 285.53 34.41 (78.14)
Q2 2014 164.20 40.38 327.40 19.25 (87.27)
Q3 2014 128.41 26.79 316.65 38.73 (72.46)
Q4 2014 148.57 280.72 302.73 26.41 (331.28)
Q1 2015 154.01 26.20 282.77 11.57 (83.93)
Q2 2015 143.32 26.39 291.81 11.89 (77.24)
Q3 2015 107.86 20.90 257.88 10.09 (58.56)
Q4 2015 114.63 249.70 275.30 10.35 (289.52)
Q1 2016 102.03 63.69 254.40 10.82 (102.94)
Q2 2016 100.36 63.45 259.38 11.21 (99.16)
Q3 2016 68.20 40.77 251.33 8.55 (65.93)
Q4 2016 248.27 232.05 240.28 6.22 (246.52)
Q1 2017 145.14 145.77 242.31 5.99 (146.50)
Q2 2017 124.76 136.15 253.08 4.43 (123.31)
Q3 2017 92.03 141.64 251.48 4.42 (89.05)
Q4 2017 183.72 167.52 244.81 35.08 (84.37)
Q1 2018 133.55 165.89 202.57 9.88 (141.55)
Q2 2018 152.40 203.27 256.11 3.90 (100.89)
Q3 2018 131.23 271.10 276.34 6.09 (125.00)
Q4 2018 272.02 263.44 283.47 16.44 (189.36)
Q1 2019 201.53 231.41 202.04 10.96 (114.31)

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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