Al Tayyar's H1 net profit drops 45%

09/08/2018 Argaam Exclusive

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Share Price

25.70
(0.55) (2.10 %)

Seera Group Holding (SEERA)

Al Tayyar Travel Group reported a net profit of SAR 193 million for H1 2018, down 44.70 percent year-on-year (YoY), from SAR 349 million.

 

The decline was attributed to growing competition on the price front, change in business terms with major government clients and a 21 percent increase in selling, general and administrative (SG&A) expenses.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 1,040.13 1,012.62 (2.6 %)
Gross Income 781.99 760.47 (2.8 %)
Operating Income 419.19 322.60 (23.0 %)
Net Income 348.66 192.79 (44.7 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 1.16 0.64 (44.7 %)

Al Tayyar’s Q2 net profit plunged 49.53 percent YoY to SAR 107 million due to tough competition, change in terms with major government clients, change in product mix and margin, and higher SG&A expenses.

 

Quarter-on-quarter, the profit for the current period rose 24 percent, supported by an increase in revenue and seasonal factors.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 573.51 530.92 (7.4 %)
Gross Income 435.40 404.98 (7.0 %)
Operating Income 249.21 178.94 (28.2 %)
Net Income 211.94 107.22 (49.4 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.71 0.36 (49.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
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
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
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
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
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
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
Q1 2017 466.62 (12.8 %) 346.59 (14.0 %) 136.73 (28.4 %) 0.46
Q2 2017 573.51 (7.7 %) 435.40 (17.1 %) 211.94 (28.6 %) 0.71
Q3 2017 489.02 (6.6 %) 354.22 (7.8 %) 131.77 (29.5 %) 0.44
Q4 2017 577.87 24.4 % 466.87 30.4 % 16.36 (88.2 %) 0.05
Q1 2018 481.71 3.2 % 355.48 2.6 % 85.57 (37.4 %) 0.29
Q2 2018 530.92 (7.4 %) 404.98 (7.0 %) 107.22 (49.4 %) 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 21.09 % 14.53 % 13.36 %
Q3 2012 21.06 % 14.61 % 13.38 %
Q4 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 %
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 %
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 %
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 %
Q1 2017 77.75 % 49.56 % 38.81 %
Q2 2017 75.16 % 45.21 % 33.14 %
Q3 2017 74.95 % 42.99 % 30.56 %
Q4 2017 76.08 % 42.76 % 27.11 %
Q1 2018 75.96 % 41.52 % 25.34 %
Q2 2018 76.05 % 39.38 % 17.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2017 300.00 2.25 2.24 19.90
Q3 2017 300.00 2.06 2.03 20.03
Q4 2017 300.00 1.66 1.90 20.12
Q1 2018 300.00 1.49 1.79 20.02
Q2 2018 300.00 1.14 1.21 20.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2017 9.65 9.68 1.09
Q3 2017 11.73 11.92 1.21
Q4 2017 11.41 9.93 0.94
Q1 2018 13.50 11.18 1.00
Q2 2018 16.53 15.54 0.92

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 - - - -
Q2 2017 136.84 36.13 366.27 14.15 19.78 14.97 - - - (14.62)
Q3 2017 154.44 53.65 258.80 19.68 - 26.23 - - - (17.88)
Q4 2017 145.68 44.29 555.26 - 6.66 21.31 - - - (195.33)
Q1 2018 151.78 45.42 269.24 11.85 10.54 20.00 - - - (27.13)
Q2 2018 131.80 48.00 326.63 26.92 6.68 15.00 - - - (24.12)

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 166.03 107.22 (35.4 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
AlJazira Capital 153.80 107.22 (30.3) %
SNB Capital 156.00 107.22 (31.3) %
OSOOL AND BAKHEET 188.30 107.22 (43.1) %

Current
Market Cap (M Riyal) 7,710.00
Enterprise Value (EV) (M) 9,136.21
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 50
P/E (TTM) 31.19
Price/book 1.15
Return on Average Assets (%) (TTM) 2.4
Return on Average Equity (%) (TTM) 4.1

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