Zamil Industrial Investment's profit rises 1% to SAR 263 mln in FY15

20/01/2016 Argaam Exclusive

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Zamil Industrial Investment Co. (ZAMIL INDUST)

 

Zamil Industrial Investment Co., one of Saudi Arabia's largest industrial companies, reported a net profit of SAR 263 million for the 2015 fiscal year; a one percent year-on-year (YOY) rise the company mainly attributed to improved operating margins, higher income from affiliates and lower financial charges and Zakat.

 

 



Financials (M)

Item 2014 2015 Change‬
Revenues 5,455.42 5,488.60 0.6 %
Gross Income 1,347.39 1,305.28 (3.1 %)
Operating Income 405.88 407.52 0.4 %
Net Income 260.34 263.01 1.0 %
Average Shares 60.00 60.00 -
EPS (Riyals) 4.34 4.38 1.0 %

 

Zamil’s Q4-2015 net profit declined 12 percent YOY to SAR 57.45 million on higher provisions for goodwill impairment and currency fluctuations. Profit for the period was 0.01 percent lower when compared to the previous quarter.

 



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 1,485.87 1,452.53 (2.2 %)
Gross Income 400.78 374.57 (6.5 %)
Operating Income 119.90 126.56 5.6 %
Net Income 64.92 57.45 (11.5 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.08 0.96 (11.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 594.71 10.6 % 122.83 6.2 % 44.13 102.3 % 0.74
Q2 2006 740.43 13.2 % 160.66 26.4 % 52.81 69.8 % 0.88
Q3 2006 778.49 21.2 % 166.42 28.9 % 57.77 65.0 % 0.96
Q4 2006 753.97 40.9 % 183.25 40.0 % 36.94 100.4 % 0.62
Q1 2007 815.46 37.1 % 160.71 30.8 % 44.85 1.6 % 0.75
Q2 2007 958.15 29.4 % 200.42 24.7 % 57.79 9.4 % 0.96
Q3 2007 1,006.68 29.3 % 194.62 16.9 % 58.69 1.6 % 0.98
Q4 2007 900.97 19.5 % 179.15 (2.2 %) 45.16 22.3 % 0.75
Q1 2008 1,007.87 23.6 % 196.12 22.0 % 50.36 12.3 % 0.84
Q2 2008 1,285.95 34.2 % 264.00 31.7 % 73.06 26.4 % 1.22
Q3 2008 1,306.70 29.8 % 269.09 38.3 % 81.69 39.2 % 1.36
Q4 2008 949.08 5.3 % 236.37 31.9 % 20.03 (55.7 %) 0.33
Q1 2009 1,141.18 13.2 % 234.34 19.5 % 52.47 4.2 % 0.87
Q2 2009 1,148.58 (10.7 %) 224.21 (15.1 %) 59.84 (18.1 %) 1.00
Q3 2009 944.65 (27.7 %) 218.84 (18.7 %) 53.83 (34.1 %) 0.90
Q4 2009 970.00 2.2 % 274.38 16.1 % 64.01 219.6 % 1.07
Q1 2010 927.09 (18.8 %) 221.50 (5.5 %) 55.05 4.9 % 0.92
Q2 2010 1,078.27 (6.1 %) 242.72 8.3 % 63.01 5.3 % 1.05
Q3 2010 963.43 2.0 % 212.14 (3.1 %) 31.74 (41.0 %) 0.53
Q4 2010 1,049.63 8.2 % 319.07 16.3 % 61.33 (4.2 %) 1.02
Q1 2011 966.72 4.3 % 220.82 (0.3 %) 36.76 (33.2 %) 0.61
Q2 2011 1,325.21 22.9 % 281.04 15.8 % 47.93 (23.9 %) 0.80
Q3 2011 1,167.19 21.1 % 259.49 22.3 % 33.55 5.7 % 0.56
Q4 2011 1,268.58 20.9 % 289.88 (9.1 %) 35.95 (41.4 %) 0.60
Q1 2012 1,102.10 14.0 % 240.61 9.0 % 37.51 2.1 % 0.63
Q2 2012 1,344.79 1.5 % 283.54 0.9 % 55.77 16.4 % 0.93
Q3 2012 1,281.54 9.8 % 273.15 5.3 % 46.79 39.4 % 0.78
Q4 2012 1,626.45 28.2 % 367.82 26.9 % 61.39 70.7 % 1.02
Q1 2013 1,242.94 12.8 % 299.76 24.6 % 62.69 67.1 % 1.04
Q2 2013 1,431.03 6.4 % 314.89 11.1 % 63.60 14.0 % 1.06
Q3 2013 1,374.40 7.2 % 316.78 16.0 % 48.96 4.6 % 0.82
Q4 2013 1,365.61 (16.0 %) 375.38 2.1 % 60.11 (2.1 %) 1.00
Q1 2014 1,292.86 4.0 % 305.51 1.9 % 66.01 5.3 % 1.10
Q2 2014 1,386.01 (3.1 %) 316.09 0.4 % 73.02 14.8 % 1.22
Q3 2014 1,290.68 (6.1 %) 311.69 (1.6 %) 56.39 15.2 % 0.94
Q4 2014 1,485.87 8.8 % 400.78 6.8 % 64.92 8.0 % 1.08
Q1 2015 1,258.95 (2.6 %) 305.42 0.0 % 73.73 11.7 % 1.23
Q2 2015 1,438.81 3.8 % 317.26 0.4 % 74.36 1.8 % 1.24
Q3 2015 1,338.31 3.7 % 308.04 (1.2 %) 57.46 1.9 % 0.96
Q4 2015 1,452.53 (2.2 %) 374.57 (6.5 %) 57.45 (11.5 %) 0.96
2015 5,488.60 0.6 % 1,305.28 (3.1 %) 263.01 1.0 % 4.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 21.02 % 8.93 % 5.30 %
Q2 2006 21.63 % 9.69 % 5.99 %
Q3 2006 21.93 % 10.28 % 6.54 %
Q4 2006 22.08 % 10.20 % 6.68 %
Q1 2007 21.73 % 10.26 % 6.23 %
Q2 2007 21.50 % 10.07 % 5.97 %
Q3 2007 20.91 % 9.71 % 5.61 %
Q4 2007 19.96 % 9.80 % 5.61 %
Q1 2008 19.89 % 9.82 % 5.47 %
Q2 2008 19.85 % 9.68 % 5.41 %
Q3 2008 20.18 % 9.87 % 5.56 %
Q4 2008 21.22 % 9.98 % 4.95 %
Q1 2009 21.44 % 10.06 % 4.85 %
Q2 2009 21.21 % 9.94 % 4.71 %
Q3 2009 21.84 % 10.06 % 4.45 %
Q4 2009 22.64 % 11.43 % 5.47 %
Q1 2010 23.53 % 11.80 % 5.83 %
Q2 2010 24.42 % 11.94 % 6.02 %
Q3 2010 24.14 % 11.15 % 5.43 %
Q4 2010 24.77 % 10.10 % 5.25 %
Q1 2011 24.51 % 9.65 % 4.75 %
Q2 2011 24.00 % 9.48 % 4.13 %
Q3 2011 23.96 % 9.63 % 3.98 %
Q4 2011 22.24 % 8.46 % 3.26 %
Q1 2012 22.02 % 8.53 % 3.19 %
Q2 2012 21.99 % 8.65 % 3.33 %
Q3 2012 21.76 % 8.72 % 3.52 %
Q4 2012 21.76 % 9.60 % 3.76 %
Q1 2013 22.28 % 9.83 % 4.12 %
Q2 2013 22.49 % 9.71 % 4.20 %
Q3 2013 22.90 % 9.63 % 4.17 %
Q4 2013 24.14 % 10.06 % 4.35 %
Q1 2014 24.02 % 9.98 % 4.37 %
Q2 2014 24.24 % 10.24 % 4.58 %
Q3 2014 24.53 % 10.52 % 4.79 %
Q4 2014 24.45 % 10.36 % 4.95 %
Q1 2015 24.61 % 10.47 % 5.13 %
Q2 2015 24.39 % 10.36 % 5.10 %
Q3 2015 24.11 % 10.22 % 5.08 %
Q4 2015 23.78 % 10.38 % 5.99 %
2015 23.78 % 10.38 % 5.99 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 60.00 2.14 2.14 10.31
Q2 2006 60.00 2.51 2.51 10.96
Q3 2006 60.00 2.89 2.89 11.82
Q4 2006 60.00 3.19 3.19 12.36
Q1 2007 60.00 3.21 3.21 11.92
Q2 2007 60.00 3.29 3.29 12.90
Q3 2007 60.00 3.30 3.30 13.94
Q4 2007 60.00 3.44 3.44 14.87
Q1 2008 60.00 3.53 3.53 14.41
Q2 2008 60.00 3.79 3.79 15.59
Q3 2008 60.00 4.17 4.17 16.77
Q4 2008 60.00 3.75 3.75 17.14
Q1 2009 60.00 3.79 3.79 16.82
Q2 2009 60.00 3.57 3.57 17.93
Q3 2009 60.00 3.10 3.10 18.83
Q4 2009 60.00 3.84 3.84 19.92
Q1 2010 60.00 3.88 3.88 19.82
Q2 2010 60.00 3.93 3.93 20.71
Q3 2010 60.00 3.56 3.56 20.56
Q4 2010 60.00 3.52 3.52 21.48
Q1 2011 60.00 3.21 3.21 22.04
Q2 2011 60.00 2.96 2.96 22.08
Q3 2011 60.00 2.99 2.99 21.72
Q4 2011 60.00 2.57 2.57 22.49
Q1 2012 60.00 2.58 2.58 23.22
Q2 2012 60.00 2.71 2.71 23.14
Q3 2012 60.00 2.93 2.93 23.25
Q4 2012 60.00 3.36 3.36 24.15
Q1 2013 60.00 3.78 3.78 25.12
Q2 2013 60.00 3.91 3.91 25.26
Q3 2013 60.00 3.94 3.94 25.37
Q4 2013 60.00 3.92 3.92 26.81
Q1 2014 60.00 3.98 3.98 27.95
Q2 2014 60.00 4.13 4.13 28.10
Q3 2014 60.00 4.26 4.26 28.01
Q4 2014 60.00 4.34 4.50 29.04
Q1 2015 60.00 4.47 4.63 30.27
Q2 2015 60.00 4.49 4.65 30.44
Q3 2015 60.00 4.51 4.67 30.36
Q4 2015 60.00 4.38 5.48 31.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 31.95 31.95 6.65
Q2 2006 35.47 35.47 8.11
Q3 2006 32.31 32.31 7.89
Q4 2006 16.95 16.95 4.38
Q1 2007 17.35 17.35 4.67
Q2 2007 16.12 16.12 4.11
Q3 2007 19.06 19.06 4.52
Q4 2007 19.99 19.99 4.63
Q1 2008 16.38 16.38 4.02
Q2 2008 20.89 20.89 5.08
Q3 2008 17.76 17.76 4.42
Q4 2008 11.42 11.42 2.50
Q1 2009 8.83 8.83 1.99
Q2 2009 12.70 12.70 2.53
Q3 2009 15.45 15.45 2.54
Q4 2009 10.93 10.93 2.10
Q1 2010 12.99 12.99 2.54
Q2 2010 11.09 11.09 2.11
Q3 2010 12.85 12.85 2.23
Q4 2010 9.95 9.95 1.63
Q1 2011 10.64 10.64 1.55
Q2 2011 10.63 10.63 1.43
Q3 2011 9.12 9.12 1.26
Q4 2011 11.36 11.36 1.30
Q1 2012 13.01 13.01 1.45
Q2 2012 10.43 10.43 1.22
Q3 2012 10.06 10.06 1.27
Q4 2012 9.38 9.38 1.30
Q1 2013 8.87 8.87 1.33
Q2 2013 10.47 10.47 1.62
Q3 2013 12.04 12.04 1.87
Q4 2013 11.09 11.09 1.62
Q1 2014 12.88 12.88 1.83
Q2 2014 13.81 13.81 2.03
Q3 2014 15.97 15.97 2.43
Q4 2014 10.83 10.44 1.62
Q1 2015 13.01 12.55 1.92
Q2 2015 12.58 12.14 1.86
Q3 2015 8.87 8.56 1.32
Q4 2015 7.43 5.94 1.04

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry concrete Headquarters & Others
Q1 2009 345.25 754.86 41.08 - -
Q2 2009 485.30 622.54 40.74 - -
Q3 2009 399.97 501.99 42.70 - -
Q4 2009 345.99 571.96 52.06 - -
Q1 2010 337.70 545.52 43.87 - -
Q2 2010 460.85 572.51 44.91 - -
Q3 2010 397.27 524.28 41.88 - -
Q4 2010 440.40 566.99 42.24 - -
Q1 2011 348.74 531.70 45.03 41.25 -
Q2 2011 547.89 611.56 125.18 40.58 -
Q3 2011 448.14 606.75 76.96 35.34 -
Q4 2011 491.57 666.96 77.81 32.24 -
Q1 2012 349.88 628.69 95.40 28.13 -
Q2 2012 537.38 681.91 85.93 39.57 -
Q3 2012 508.89 660.32 70.70 41.48 0.15
Q4 2012 788.41 718.44 70.93 47.27 1.39
Q1 2013 474.88 647.71 71.77 - 48.58
Q2 2013 648.27 657.97 75.26 - 49.53
Q3 2013 602.72 655.39 74.09 - 42.20
Q4 2013 502.51 736.22 77.52 - 49.36
Q1 2014 502.69 658.11 73.96 - 58.11
Q2 2014 610.58 637.54 78.32 - 59.58
Q3 2014 601.45 571.21 74.93 - 43.08
Q4 2014 749.08 668.66 65.73 - 2.40
Q1 2015 547.19 628.68 81.12 - 1.96
Q2 2015 698.85 650.62 87.67 - 1.67
Q3 2015 569.05 694.71 73.52 - 1.03
Q4 2015 661.12 709.80 79.08 - 2.53

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average 66.70 57.45 (13.9 %)

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
OSOOL AND BAKHEET 66.70 57.45 (13.9) %

Current
Market Cap (M Riyal) 1,312.80
Enterprise Value (EV) (M) 3,147.99
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (4.64)
Book Value (BV) ( Riyal) 7.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.01
Return on Average Assets (%) (TTM) (4.52 )
Return on Average Equity (%) (TTM) (47.02 )

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