Al Tayyar’s net profit down 28% in Q1

11/05/2017 Argaam Exclusive

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Seera Group Holding (SEERA)

Al Tayyar Travel Group reported a net profit of SAR 137 million for the first quarter 2017, a 28.3 percent year-on-year decline on lower revenue and lower profit margin due to a decline in some prices of some services in order to maintain market share.

The group’s net profit fell 3.5 percent quarter-on-quarter due to lower revenue despite a decrease in selling & distribution expenses as well as general & administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2016	Q1 2017	Change‬
Revenues	534.96	466.62	(12.8 %)
Gross Income	402.93	346.59	(14.0 %)
Operating Income	241.23	169.37	(29.8 %)
Net Income	191.05	136.73	(28.4 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	0.64	0.46	(28.4 %)

Item	Q4 2016	Q1 2017	Change‬
Revenues	464.67	466.62	0.4 %
Gross Income	358.07	346.59	(3.2 %)
Operating Income	153.74	169.37	10.2 %
Net Income	139.03	136.73	(1.7 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	0.46	0.46	(1.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	2,771.45	-	463.05	-	279.28	-	0.98
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	3,068.99	10.7 %	647.26	39.8 %	395.72	41.7 %	1.38
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	3,824.22	24.6 %	889.76	37.5 %	496.31	25.4 %	1.73
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	1,103.48	-	249.93	-	174.23	-	0.61
Q4 2011	1,254.91	-	217.35	-	113.07	-	0.40
2011	4,607.41	20.5 %	1,029.35	15.7 %	611.98	23.3 %	2.14
Q1 2012	1,352.82	-	241.76	-	152.87	-	0.53
Q2 2012	1,407.64	-	370.46	-	243.96	-	0.85
Q3 2012	1,300.42	17.8 %	289.76	15.9 %	201.34	15.6 %	0.70
Q4 2012	1,329.07	5.9 %	246.57	13.4 %	157.21	39.0 %	0.55
2012	5,389.95	17.0 %	1,148.55	11.6 %	755.37	23.4 %	2.64
Q1 2013	1,554.96	14.9 %	301.55	24.7 %	217.90	42.5 %	0.76
Q2 2013	1,670.42	18.7 %	402.69	8.7 %	336.18	37.8 %	1.17
Q3 2013	1,441.91	10.9 %	298.39	3.0 %	214.87	6.7 %	0.75
Q4 2013	1,592.99	19.9 %	338.79	37.4 %	208.27	32.5 %	0.73
2013	6,260.27	16.1 %	1,341.42	16.8 %	977.22	29.4 %	3.41
Q1 2014	1,790.31	15.1 %	363.26	20.5 %	280.00	28.5 %	0.98
Q2 2014	1,977.95	18.4 %	476.19	18.3 %	363.69	8.2 %	1.27
Q3 2014	1,759.46	22.0 %	375.62	25.9 %	243.77	13.5 %	0.85
Q4 2014	2,185.93	37.2 %	408.06	20.4 %	231.47	11.1 %	0.81
2014	7,711.37	23.2 %	1,620.86	20.8 %	1,118.93	14.5 %	3.91
Q1 2015	2,152.58	20.2 %	441.08	21.4 %	285.63	2.0 %	1.00
Q2 2015	2,386.89	20.7 %	545.42	14.5 %	395.55	8.8 %	1.38
Q3 2015	1,906.81	8.4 %	387.72	3.2 %	265.12	8.8 %	0.93
Q4 2015	2,184.77	(0.1 %)	416.77	2.1 %	215.26	(7.0 %)	0.75
2015	8,631.04	11.9 %	1,800.33	11.1 %	1,161.56	3.8 %	4.06
Q1 2016	534.96	(75.1 %)	402.93	(8.6 %)	191.05	(33.1 %)	0.64
Q2 2016	621.39	(74.0 %)	525.22	(3.7 %)	296.85	(25.0 %)	0.99
Q3 2016	523.45	(72.5 %)	384.37	(0.9 %)	186.84	(29.5 %)	0.62
Q4 2016	464.67	(78.7 %)	358.07	(14.1 %)	139.03	(35.4 %)	0.46
2016	2,144.47	(75.2 %)	1,670.60	(7.2 %)	813.77	(29.9 %)	2.71
Q1 2017	466.62	(12.8 %)	346.59	(14.0 %)	136.73	(28.4 %)	0.46

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	-	-	-
2008	2,771.45	-	463.05	-	279.28	-	0.98
2009	3,068.99	10.7 %	647.26	39.8 %	395.72	41.7 %	1.38
2010	3,824.22	24.6 %	889.76	37.5 %	496.31	25.4 %	1.73
2011	4,607.41	20.5 %	1,029.35	15.7 %	611.98	23.3 %	2.14
2012	5,389.95	17.0 %	1,148.55	11.6 %	755.37	23.4 %	2.64
2013	6,260.27	16.1 %	1,341.42	16.8 %	977.22	29.4 %	3.41
2014	7,711.37	23.2 %	1,620.86	20.8 %	1,118.93	14.5 %	3.91
2015	8,631.04	11.9 %	1,800.33	11.1 %	1,161.56	3.8 %	4.06
2016	2,144.47	(75.2 %)	1,670.60	(7.2 %)	813.77	(29.9 %)	2.71

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	16.71 %	10.54 %	10.08 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	21.09 %	13.39 %	12.89 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	23.27 %	14.59 %	12.98 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	22.34 %	15.02 %	13.28 %
Q1 2012	-	-	-
Q2 2012	21.09 %	14.53 %	13.36 %
Q3 2012	21.06 %	14.61 %	13.38 %
Q4 2012	21.31 %	15.13 %	14.01 %
2012	21.31 %	15.13 %	14.01 %
Q1 2013	21.61 %	15.53 %	14.63 %
Q2 2013	21.19 %	15.31 %	14.96 %
Q3 2013	20.83 %	14.88 %	14.86 %
Q4 2013	21.43 %	15.01 %	14.99 %
2013	21.43 %	15.01 %	14.99 %
Q1 2014	21.60 %	15.06 %	14.99 %
Q2 2014	21.71 %	15.24 %	15.23 %
Q3 2014	21.82 %	15.06 %	14.92 %
Q4 2014	21.04 %	14.66 %	14.53 %
2014	21.02 %	14.63 %	14.53 %
Q1 2015	21.06 %	14.63 %	14.31 %
Q2 2015	20.86 %	14.45 %	14.23 %
Q3 2015	20.65 %	14.19 %	14.36 %
Q4 2015	20.75 %	13.90 %	14.24 %
2015	20.86 %	13.90 %	14.24 %
Q1 2016	24.99 %	16.54 %	16.52 %
Q2 2016	33.02 %	21.81 %	20.75 %
Q3 2016	44.75 %	29.96 %	26.09 %
Q4 2016	77.90 %	51.05 %	41.27 %
2016	77.90 %	51.05 %	41.27 %
Q1 2017	77.75 %	49.56 %	38.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	16.71 %	10.54 %	10.08 %
2009	21.09 %	13.39 %	12.89 %
2010	23.27 %	14.59 %	12.98 %
2011	22.34 %	15.02 %	13.28 %
2012	21.31 %	15.13 %	14.01 %
2013	21.43 %	15.01 %	14.99 %
2014	21.02 %	14.63 %	14.53 %
2015	20.86 %	13.90 %	14.24 %
2016	77.90 %	51.05 %	41.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	22.65 %	16.71 %	15.79 %
Q4 2011	17.32 %	10.05 %	9.01 %
Q1 2012	17.87 %	11.97 %	11.30 %
Q2 2012	26.32 %	19.28 %	17.33 %
Q3 2012	22.28 %	16.69 %	15.48 %
Q4 2012	18.55 %	12.41 %	11.83 %
Q1 2013	19.39 %	13.83 %	13.87 %
Q2 2013	24.11 %	17.91 %	18.05 %
Q3 2013	20.69 %	14.80 %	15.01 %
Q4 2013	21.27 %	13.32 %	12.87 %
Q1 2014	20.29 %	14.14 %	14.01 %
Q2 2014	24.07 %	18.08 %	18.40 %
Q3 2014	21.35 %	14.17 %	13.80 %
Q4 2014	18.67 %	12.38 %	12.04 %
Q1 2015	20.49 %	14.10 %	13.27 %
Q2 2015	22.85 %	16.86 %	17.41 %
Q3 2015	20.33 %	13.01 %	14.43 %
Q4 2015	19.08 %	11.23 %	11.55 %
Q1 2016	75.32 %	49.44 %	40.36 %
Q2 2016	84.52 %	62.21 %	55.61 %
Q3 2016	73.43 %	49.97 %	37.17 %
Q4 2016	77.06 %	39.19 %	27.74 %
Q1 2017	74.28 %	42.59 %	29.30 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	286.19	-	-	4.39
Q4 2011	286.19	-	-	4.09
Q1 2012	286.19	-	-	4.62
Q2 2012	286.19	2.39	2.39	5.48
Q3 2012	286.19	2.49	2.49	5.48
Q4 2012	286.19	2.64	2.64	6.02
Q1 2013	286.19	2.87	2.86	6.05
Q2 2013	286.19	3.19	3.06	7.22
Q3 2013	286.19	3.24	3.11	7.13
Q4 2013	286.19	3.41	3.28	7.86
Q1 2014	286.19	3.63	3.40	7.88
Q2 2014	286.19	3.73	3.62	9.26
Q3 2014	286.19	3.83	3.71	9.12
Q4 2014	286.19	3.91	3.92	9.93
Q1 2015	286.19	3.93	4.04	10.83
Q2 2015	286.19	4.04	4.22	12.25
Q3 2015	286.19	4.12	4.33	13.14
Q4 2015	286.19	4.06	4.29	13.88
Q1 2016	300.00	3.56	3.86	16.80
Q2 2016	300.00	3.23	3.63	17.77
Q3 2016	300.00	2.97	3.36	18.39
Q4 2016	300.00	2.71	2.95	18.67
Q1 2017	300.00	2.53	2.69	19.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	286.19	0.98	0.98	2.78
2009	286.19	1.38	1.38	3.72
2010	286.19	1.73	1.73	4.05
2011	286.19	2.14	2.14	4.09
2012	286.19	2.64	2.64	6.02
2013	286.19	3.41	3.28	7.86
2014	286.19	3.91	3.92	9.93
2015	286.19	4.06	4.29	13.88
2016	300.00	2.71	2.95	18.67

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	7.97	7.97	3.48
Q3 2012	7.52	7.52	3.41
Q4 2012	7.03	7.03	3.08
Q1 2013	9.26	9.28	4.39
Q2 2013	9.07	9.45	4.01
Q3 2013	12.30	12.79	5.58
Q4 2013	13.78	14.35	5.99
Q1 2014	17.26	18.42	7.96
Q2 2014	17.68	18.20	7.12
Q3 2014	20.73	21.37	8.70
Q4 2014	16.73	16.71	6.59
Q1 2015	18.82	18.32	6.83
Q2 2015	17.93	17.18	5.91
Q3 2015	13.59	12.91	4.25
Q4 2015	13.06	12.35	3.82
Q1 2016	6.89	6.34	1.46
Q2 2016	7.81	6.94	1.42
Q3 2016	6.53	5.77	1.05
Q4 2016	9.45	8.69	1.37
Q1 2017	8.50	8.01	1.12

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	7.03	7.03	3.08
2013	13.78	14.35	5.99
2014	16.73	16.71	6.59
2015	13.06	12.35	3.82
2016	9.45	8.69	1.37

Business Segments (Million)

Compared With The

Period	Tourism	Transportation	Ticketing	Hospitality sector	Other sectors	Property rentals	Airline tickets / Travel and Tourism Reservations	Shipping	Transportation and other	Eliminations
Q3 2011	-	-	-	-	-	-	1,044.47	47.70	11.32	-
Q4 2011	-	-	-	-	-	-	1,189.54	46.23	19.15	-
Q1 2012	-	-	-	-	-	-	1,320.08	21.04	11.69	-
Q2 2012	-	-	-	-	-	-	1,368.45	27.20	12.00	-
Q3 2012	-	-	-	-	-	-	1,246.42	33.22	20.78	-
Q4 2012	-	-	-	-	-	-	1,273.55	35.14	20.38	-
Q1 2013	-	-	-	-	-	-	1,520.17	22.99	11.80	-
Q2 2013	-	-	-	-	-	-	1,619.05	34.37	16.99	-
Q3 2013	-	-	-	-	-	-	1,388.81	34.46	18.64	-
Q4 2013	-	-	-	-	-	-	1,537.72	37.37	17.90	-
Q1 2014	-	-	-	-	-	-	1,742.78	33.01	14.52	-
Q2 2014	-	-	-	-	-	-	1,925.79	39.55	12.62	-
Q3 2014	-	-	-	-	-	-	1,690.47	49.80	19.19	-
Q4 2014	-	-	-	-	-	-	2,098.82	39.06	45.78	-
Q1 2015	-	-	-	-	-	-	2,046.43	32.89	73.26	-
Q2 2015	-	-	-	-	-	-	2,257.11	51.89	77.88	-
Q3 2015	-	-	-	-	-	-	1,787.27	38.38	81.06	-
Q4 2015	-	-	-	-	-	-	2,055.07	36.69	93.11	-
Q1 2016	149.27	23.18	357.28	-	4.34	8.72	-	-	-	(7.83)
Q2 2016	120.62	26.28	467.13	-	4.97	10.29	-	-	-	(7.91)
Q3 2016	156.10	25.72	333.85	-	4.83	12.15	-	-	-	(9.20)
Q4 2016	96.70	32.27	315.63	-	4.27	18.86	-	-	-	(3.06)
Q1 2017	145.68	25.85	282.25	8.95	2.93	0.97	-	-	-	-

Period	Tourism	Transportation	Ticketing	Hospitality sector	Other sectors	Property rentals	Airline tickets / Travel and Tourism Reservations	Shipping	Transportation and other	Eliminations
2011	-	-	-	-	-	-	4,415.83	137.36	54.22	-
2012	-	-	-	-	-	-	5,208.50	116.59	64.85	-
2013	-	-	-	-	-	-	6,065.75	129.19	65.33	-
2014	-	-	-	-	-	-	7,457.86	161.41	92.10	-
2015	-	-	-	-	-	-	8,145.88	159.85	325.31	-
2016	522.68	107.46	1,473.89	-	18.42	50.02	-	-	-	(28.00)

Analysts Estimates (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change‬
Average	167.57	136.73	(18.4 %)

Estimates vs Actual (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change
AlJazira Capital	141.70	136.73	(3.5) %
OSOOL AND BAKHEET	175.00	136.73	(21.9) %
SNB Capital	186.00	136.73	(26.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,605.00
Enterprise Value (EV) (M)	9,007.84
Shares Outstanding ((M))	300.00
EPS ( Riyal) (TTM)	0.82
Book Value (BV) ( Riyal)	22.37
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	30.78
Price/book	1.13
Return on Average Assets (%) (TTM)	2.4
Return on Average Equity (%) (TTM)	4.1

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Al Tayyar’s net profit down 28% in Q1

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Share Price

Seera Group Holding (SEERA)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

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Al Tayyar’s net profit down 28% in Q1

View other reports

Share Price

Seera Group Holding (SEERA)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2017

Revenue by Business Segment (Latest) 2017 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)