Saudi Cable widens H1 net loss by 862%

28/07/2016 Argaam Exclusive

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Share Price

71.40
0.40 0.56 %

Saudi Cable Co. (SAUDI CABLE)

 

Saudi Cable Co. widened its net loss for the first half of 2016 by 862 percent to SAR 67.9 million, versus SAR 7.06 million in Q2-2015, on lower profit margins and lower profit share from associates.  



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 974.05 861.51 (11.6 %)
Gross Income 50.59 14.03 (72.3 %)
Operating Income (32.43) (80.86) (149.3 %)
Net Income (7.06) (85.97) (1,117.5 %)
Average Shares 4.18 4.18 -
EPS (Riyals) (1.69) (20.57) (1,117.5 %)

The cable producer incurred a net loss of SAR 18.2 million in the second quarter, versus a net profit of SAR 0.88 million in Q2-2015, due to the lower profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 475.70 474.84 (0.2 %)
Gross Income 21.25 36.89 73.6 %
Operating Income (16.63) (11.71) 29.6 %
Net Income 0.88 (18.21) (2167.3 %)
Average Shares 4.18 4.18 -
EPS (Riyals) 0.21 (4.36) (2167.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 663.84 91.7 % 121.23 222.3 % 68.70 10153.6 % 16.44
Q2 2007 815.78 98.9 % 139.15 140.1 % 70.15 198.2 % 16.78
Q3 2007 787.26 82.5 % 109.92 61.0 % 75.48 185.3 % 18.06
Q4 2007 876.46 115.0 % 194.62 92.6 % 68.46 37.0 % 16.38
Q1 2008 760.18 14.5 % 157.39 29.8 % 84.14 22.5 % 20.13
Q2 2008 977.16 19.8 % 154.52 11.0 % 86.78 23.7 % 20.76
Q3 2008 1,005.19 27.7 % 170.54 55.2 % 92.26 22.2 % 22.07
Q4 2008 756.87 (13.6 %) 70.88 (63.6 %) (51.13) (174.7 %) (12.23)
Q1 2009 645.07 (15.1 %) 108.10 (31.3 %) 46.27 (45.0 %) 11.07
Q2 2009 646.97 (33.8 %) 96.86 (37.3 %) 47.20 (45.6 %) 11.29
Q3 2009 557.04 (44.6 %) 66.20 (61.2 %) 20.11 (78.2 %) 4.81
Q4 2009 609.36 (19.5 %) 39.64 (44.1 %) (9.10) 82.2 % (2.18)
Q1 2010 492.81 (23.6 %) 29.15 (73.0 %) 1.07 (97.7 %) 0.26
Q2 2010 500.81 (22.6 %) 13.56 (86.0 %) (26.50) (156.1 %) (6.34)
Q3 2010 368.66 (33.8 %) (35.20) (153.2 %) (71.53) (455.7 %) (17.11)
Q4 2010 494.83 (18.8 %) 10.90 (72.5 %) 9.15 200.6 % 2.19
Q1 2011 829.96 68.4 % 59.02 102.4 % 20.27 1801.1 % 4.85
Q2 2011 799.29 59.6 % 60.40 345.4 % 22.56 185.1 % 5.40
Q3 2011 744.74 102.0 % 22.85 164.9 % (14.77) 79.3 % (3.53)
Q4 2011 825.57 66.8 % 1.23 (88.7 %) (22.95) (350.8 %) (5.49)
Q1 2012 917.64 10.6 % 80.03 35.6 % 25.16 24.1 % 6.02
Q2 2012 860.71 7.7 % 77.74 28.7 % 20.18 (10.6 %) 4.83
Q3 2012 615.43 (17.4 %) 39.55 73.1 % (13.68) 7.4 % (3.27)
Q4 2012 294.06 (64.4 %) (111.45) (9183.0 %) (188.07) (719.5 %) (44.99)
Q1 2013 669.34 (27.1 %) 49.07 (38.7 %) (15.41) (161.2 %) (3.69)
Q2 2013 598.42 (30.5 %) 18.51 (76.2 %) (131.75) (753.0 %) (31.52)
Q3 2013 617.36 0.3 % 46.05 16.4 % (8.04) 41.2 % (1.92)
Q4 2013 562.20 91.2 % (3.75) 96.6 % (73.92) 60.7 % (17.68)
Q1 2014 458.56 (31.5 %) 16.35 (66.7 %) (41.13) (166.9 %) (9.84)
Q2 2014 434.54 (27.4 %) 0.95 (94.8 %) (50.57) 61.6 % (12.10)
Q3 2014 394.66 (36.1 %) (1.44) (103.1 %) (50.05) (522.6 %) (11.97)
Q4 2014 404.74 (28.0 %) (19.28) (413.7 %) (59.94) 18.9 % (14.34)
Q1 2015 498.35 8.7 % 29.34 79.5 % (7.94) 80.7 % (1.90)
Q2 2015 475.70 9.5 % 21.25 2127.6 % 0.88 101.7 % 0.21
Q3 2015 491.63 24.6 % 14.82 1128.4 % (2.85) 94.3 % (0.68)
Q4 2015 449.84 11.1 % (1.25) 93.5 % 11.60 119.4 % 2.78
Q1 2016 386.66 (22.4 %) (13.77) (146.9 %) (58.66) (638.6 %) (14.03)
Q2 2016 474.84 (0.2 %) 36.89 73.6 % (18.21) (2167.3 %) (4.36)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 18.22 % 12.28 % 8.82 %
Q2 2007 18.53 % 12.64 % 9.28 %
Q3 2007 17.62 % 12.44 % 9.88 %
Q4 2007 17.97 % 11.92 % 9.00 %
Q1 2008 18.55 % 12.33 % 9.21 %
Q2 2008 18.12 % 12.31 % 9.26 %
Q3 2008 18.71 % 12.64 % 9.16 %
Q4 2008 15.81 % 10.10 % 6.06 %
Q1 2009 14.89 % 9.54 % 5.15 %
Q2 2009 14.62 % 9.42 % 4.41 %
Q3 2009 13.13 % 8.00 % 2.40 %
Q4 2009 12.64 % 8.95 % 4.25 %
Q1 2010 10.05 % 7.05 % 2.57 %
Q2 2010 6.88 % 3.91 % (0.67 %)
Q3 2010 2.39 % (0.52 %) (5.38 %)
Q4 2010 0.99 % (3.30 %) (4.73 %)
Q1 2011 2.20 % (1.83 %) (3.13 %)
Q2 2011 3.82 % (0.09 %) (0.78 %)
Q3 2011 5.34 % 1.72 % 1.30 %
Q4 2011 4.49 % 1.80 % 0.16 %
Q1 2012 5.00 % 2.04 % 0.30 %
Q2 2012 5.43 % 2.36 % 0.23 %
Q3 2012 6.17 % 2.85 % 0.27 %
Q4 2012 3.20 % (1.27 %) (5.82 %)
Q1 2013 2.25 % (2.58 %) (8.07 %)
Q2 2013 (0.20 %) (9.90 %) (16.02 %)
Q3 2013 0.10 % (9.84 %) (15.75 %)
Q4 2013 4.49 % (4.17 %) (9.36 %)
Q1 2014 3.45 % (6.29 %) (11.39 %)
Q2 2014 2.88 % (3.14 %) (8.38 %)
Q3 2014 0.65 % (5.47 %) (11.66 %)
Q4 2014 (0.20 %) (6.24 %) (11.19 %)
Q1 2015 0.55 % (4.80 %) (9.01 %)
Q2 2015 1.68 % (2.83 %) (6.95 %)
Q3 2015 2.47 % (1.15 %) (5.22 %)
Q4 2015 3.35 % (0.50 %) (5.26 %)
Q1 2016 1.17 % (2.50 %) (8.40 %)
Q2 2016 2.04 % (1.67 %) (8.43 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 4.18 40.34 40.34 210.99
Q2 2007 4.18 51.50 51.50 227.52
Q3 2007 4.18 63.23 63.23 246.94
Q4 2007 4.18 67.65 67.65 244.50
Q1 2008 4.18 71.35 71.35 273.31
Q2 2008 4.18 75.32 75.32 290.00
Q3 2008 4.18 79.34 79.34 283.05
Q4 2008 4.18 50.73 50.73 251.21
Q1 2009 4.18 41.67 41.67 262.68
Q2 2009 4.18 32.20 32.20 291.79
Q3 2009 4.18 14.94 14.94 304.80
Q4 2009 4.18 24.99 24.99 310.67
Q1 2010 4.18 14.18 14.18 306.61
Q2 2010 4.18 (3.45) (3.45) 264.76
Q3 2010 4.18 (25.37) (25.37) 275.01
Q4 2010 4.18 (21.01) (21.01) 283.16
Q1 2011 4.18 (16.42) (16.42) 280.97
Q2 2011 4.18 (4.68) (4.68) 265.98
Q3 2011 4.18 8.90 8.90 229.61
Q4 2011 4.18 1.22 1.22 241.41
Q1 2012 4.18 2.39 2.39 257.47
Q2 2012 4.18 1.82 1.82 248.95
Q3 2012 4.18 2.08 2.08 272.18
Q4 2012 4.18 (37.42) (37.42) 218.92
Q1 2013 4.18 (47.12) (47.12) 198.95
Q2 2013 4.18 (83.47) (83.47) 158.40
Q3 2013 4.18 (82.12) (82.12) 177.55
Q4 2013 4.18 (54.81) (54.81) 161.17
Q1 2014 4.18 (60.96) (60.96) 138.77
Q2 2014 4.18 (41.54) (41.54) 136.46
Q3 2014 4.18 (51.59) (51.59) 121.79
Q4 2014 4.18 (48.25) (45.30) 102.81
Q1 2015 4.18 (40.31) (37.36) 101.26
Q2 2015 4.18 (28.00) (29.50) 103.53
Q3 2015 4.18 (16.71) (23.34) 99.73
Q4 2015 4.18 0.40 (24.11) 104.06
Q1 2016 4.18 (11.73) (36.24) 95.36
Q2 2016 4.18 (16.30) (36.36) 88.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 24.98 24.98 4.78
Q2 2007 18.86 18.86 4.27
Q3 2007 18.00 18.00 4.61
Q4 2007 24.43 24.43 6.76
Q1 2008 31.30 31.30 8.17
Q2 2008 31.57 31.57 8.20
Q3 2008 20.19 20.19 5.66
Q4 2008 15.15 15.15 3.06
Q1 2009 13.08 13.08 2.08
Q2 2009 25.12 25.12 2.77
Q3 2009 69.69 69.69 3.42
Q4 2009 28.43 28.43 2.29
Q1 2010 47.96 47.96 2.22
Q2 2010 NEG NEG 1.85
Q3 2010 NEG NEG 1.62
Q4 2010 NEG NEG 1.43
Q1 2011 NEG NEG 1.39
Q2 2011 NEG NEG 1.56
Q3 2011 41.87 41.87 1.62
Q4 2011 More than 100 More than 100 1.68
Q1 2012 More than 100 More than 100 2.22
Q2 2012 More than 100 More than 100 1.72
Q3 2012 More than 100 More than 100 1.69
Q4 2012 NEG NEG 1.77
Q1 2013 NEG NEG 1.97
Q2 2013 NEG NEG 2.42
Q3 2013 NEG NEG 2.00
Q4 2013 NEG NEG 2.27
Q1 2014 NEG NEG 2.61
Q2 2014 NEG NEG 2.61
Q3 2014 NEG NEG 3.15
Q4 2014 NEG NEG 2.61
Q1 2015 NEG NEG 2.89
Q2 2015 NEG NEG 2.49
Q3 2015 NEG NEG 2.21
Q4 2015 More than 100 NEG 2.14
Q1 2016 NEG NEG 2.13
Q2 2016 NEG NEG 2.18

Business Segments (Million)

Compared With The
Period Sale of Goods Contract Revenue
Q3 2012 595.12 20.32
Q4 2012 204.37 89.69
Q1 2013 576.06 93.28
Q2 2013 522.87 75.55
Q3 2013 487.52 130.39
Q4 2013 487.40 105.39
Q1 2014 393.31 65.25
Q2 2014 414.10 20.45
Q3 2014 348.65 46.01
Q4 2014 407.12 21.44
Q1 2015 472.24 26.11
Q2 2015 461.29 14.41
Q3 2015 480.09 11.54
Q4 2015 422.83 38.96
Q1 2016 379.92 6.75
Q2 2016 444.91 29.93

Current
Market Cap (M Riyal) 476.38
Enterprise Value (EV) (M) 570.18
Shares Outstanding ((M)) 6.67
EPS ( Riyal) (TTM) (1.38)
Book Value (BV) ( Riyal) (69.08)
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book (1.03)
Return on Average Assets (%) (TTM) (1.30 )
Return on Average Equity (%) (TTM) -

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