Al Abdullatif’s profit tumbles 78% in 9M 2016

19/10/2016 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. (ALABDULLATIF)

 

Al Abdullatif Industrial Investment Co., a manufacturer of woven carpets and blankets, reported a net profit of SAR 27.9 million for the first nine months of 2016, a plunge of 78 percent year-on-year (YoY) due to lower sales along with higher cost of goods sold, general and administrative expenses. Exceptional losses from the fire that took place in November 2014, also weighed on the profit. 



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 855.04 578.59 (32.3 %)
Gross Income 176.79 83.44 (52.8 %)
Operating Income 141.15 54.08 (61.7 %)
Net Income 126.94 28.91 (77.2 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 1.56 0.36 (77.2 %)

The third-quarter net profit slumped 94.5 percent YoY to SAR 1.5 million, hurt by higher administrative and financing expenses as well as losses from investments in associates. The profit for the period fell 88 percent compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 238.11 134.88 (43.4 %)
Gross Income 39.97 17.04 (57.4 %)
Operating Income 29.66 7.42 (75.0 %)
Net Income 27.63 1.51 (94.5 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.34 0.02 (94.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 223.32 14.7 % 58.55 1.2 % 48.01 3.6 % 0.59
Q2 2007 251.11 16.9 % 59.31 4.5 % 45.99 4.7 % 0.57
Q3 2007 282.52 41.4 % 68.88 7.8 % 54.77 4.2 % 0.67
Q4 2007 309.24 22.9 % 70.31 14.3 % 51.30 4.6 % 0.63
Q1 2008 278.26 24.6 % 64.31 9.8 % 51.55 7.4 % 0.63
Q2 2008 312.61 24.5 % 67.68 14.1 % 50.07 8.9 % 0.62
Q3 2008 291.57 3.2 % 75.45 9.5 % 71.63 30.8 % 0.88
Q4 2008 256.46 (17.1 %) 43.35 (38.3 %) 28.05 (45.3 %) 0.35
Q1 2009 231.35 (16.9 %) 37.91 (41.1 %) 26.01 (49.5 %) 0.32
Q2 2009 219.76 (29.7 %) 61.57 (9.0 %) 45.83 (8.5 %) 0.56
Q3 2009 240.33 (17.6 %) 71.18 (5.7 %) 57.08 (20.3 %) 0.70
Q4 2009 304.61 18.8 % 57.96 33.7 % 39.64 41.3 % 0.49
Q1 2010 265.73 14.9 % 55.54 46.5 % 41.51 59.6 % 0.51
Q2 2010 271.88 23.7 % 53.53 (13.1 %) 38.44 (16.1 %) 0.47
Q3 2010 297.75 23.9 % 57.43 (19.3 %) 40.14 (29.7 %) 0.49
Q4 2010 303.64 (0.3 %) 49.05 (15.4 %) 32.34 (18.4 %) 0.40
Q1 2011 317.36 19.4 % 51.95 (6.5 %) 35.44 (14.6 %) 0.44
Q2 2011 345.00 26.9 % 59.84 11.8 % 41.91 9.0 % 0.52
Q3 2011 345.60 16.1 % 58.96 2.7 % 40.97 2.1 % 0.50
Q4 2011 329.51 8.5 % 56.94 16.1 % 37.65 16.4 % 0.46
Q1 2012 372.38 17.3 % 75.15 44.7 % 55.54 56.7 % 0.68
Q2 2012 385.35 11.7 % 95.89 60.2 % 69.68 66.3 % 0.86
Q3 2012 363.82 5.3 % 93.84 59.2 % 70.95 73.2 % 0.87
Q4 2012 332.98 1.1 % 87.77 54.1 % 67.51 79.3 % 0.83
Q1 2013 358.93 (3.6 %) 87.37 16.3 % 67.92 22.3 % 0.84
Q2 2013 349.55 (9.3 %) 92.06 (4.0 %) 70.67 1.4 % 0.87
Q3 2013 319.13 (12.3 %) 79.14 (15.7 %) 65.46 (7.7 %) 0.81
Q4 2013 320.36 (3.8 %) 70.41 (19.8 %) 62.78 (7.0 %) 0.77
Q1 2014 336.82 (6.2 %) 74.99 (14.2 %) 59.93 (11.8 %) 0.74
Q2 2014 339.16 (3.0 %) 71.44 (22.4 %) 63.87 (9.6 %) 0.79
Q3 2014 309.82 (2.9 %) 64.54 (18.4 %) 46.27 (29.3 %) 0.57
Q4 2014 339.26 5.9 % 53.02 (24.7 %) 30.34 (51.7 %) 0.37
Q1 2015 310.93 (7.7 %) 60.86 (18.8 %) 45.04 (24.9 %) 0.55
Q2 2015 306.01 (9.8 %) 75.96 6.3 % 54.27 (15.0 %) 0.67
Q3 2015 238.11 (23.1 %) 39.97 (38.1 %) 27.63 (40.3 %) 0.34
Q4 2015 244.22 (28.0 %) 30.96 (41.6 %) 12.28 (59.5 %) 0.15
Q1 2016 229.10 (26.3 %) 39.66 (34.8 %) 14.76 (67.2 %) 0.18
Q2 2016 214.61 (29.9 %) 26.74 (64.8 %) 12.64 (76.7 %) 0.16
Q3 2016 134.88 (43.4 %) 17.04 (57.4 %) 1.51 (94.5 %) 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 27.06 % 29.98 % 21.75 %
Q2 2007 26.27 % 28.84 % 21.12 %
Q3 2007 24.62 % 27.37 % 19.61 %
Q4 2007 24.11 % 27.03 % 18.76 %
Q1 2008 23.44 % 26.25 % 18.16 %
Q2 2008 22.93 % 25.57 % 17.56 %
Q3 2008 23.31 % 25.52 % 18.84 %
Q4 2008 22.02 % 24.79 % 17.68 %
Q1 2009 20.55 % 23.82 % 16.10 %
Q2 2009 21.85 % 26.33 % 17.17 %
Q3 2009 22.58 % 28.14 % 16.56 %
Q4 2009 22.95 % 28.27 % 16.92 %
Q1 2010 23.90 % 29.14 % 17.86 %
Q2 2010 22.00 % 26.85 % 16.32 %
Q3 2010 19.69 % 24.14 % 14.01 %
Q4 2010 18.93 % 23.38 % 13.38 %
Q1 2011 17.80 % 21.77 % 12.29 %
Q2 2011 17.27 % 20.72 % 11.86 %
Q3 2011 16.76 % 19.86 % 11.49 %
Q4 2011 17.02 % 20.07 % 11.66 %
Q1 2012 18.02 % 20.24 % 12.64 %
Q2 2012 20.03 % 21.24 % 14.23 %
Q3 2012 22.18 % 23.01 % 16.11 %
Q4 2012 24.24 % 24.76 % 18.13 %
Q1 2013 25.32 % 25.86 % 19.16 %
Q2 2013 25.69 % 26.61 % 19.71 %
Q3 2013 25.46 % 26.10 % 19.49 %
Q4 2013 24.41 % 25.11 % 18.21 %
Q1 2014 23.88 % 24.76 % 17.63 %
Q2 2014 22.50 % 23.48 % 16.45 %
Q3 2014 21.54 % 22.62 % 15.59 %
Q4 2014 19.92 % 21.13 % 14.40 %
Q1 2015 19.23 % 20.66 % 13.83 %
Q2 2015 20.09 % 21.69 % 14.27 %
Q3 2015 19.24 % 21.29 % 13.56 %
Q4 2015 18.90 % 20.55 % 12.67 %
Q1 2016 18.34 % 20.33 % 11.70 %
Q2 2016 14.83 % 17.28 % 8.36 %
Q3 2016 13.90 % 16.68 % 6.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 81.25 2.38 2.38 11.80
Q2 2007 81.25 2.41 2.41 12.37
Q3 2007 81.25 2.43 2.43 13.04
Q4 2007 81.25 2.46 2.46 13.67
Q1 2008 81.25 2.51 2.51 14.31
Q2 2008 81.25 2.56 2.56 13.72
Q3 2008 81.25 2.76 2.76 14.61
Q4 2008 81.25 2.48 2.48 14.95
Q1 2009 81.25 2.16 2.16 15.27
Q2 2009 81.25 2.11 2.11 15.84
Q3 2009 81.25 1.93 1.93 16.54
Q4 2009 81.25 2.07 2.07 17.03
Q1 2010 81.25 2.27 2.27 17.54
Q2 2010 81.25 2.17 2.17 14.51
Q3 2010 81.25 1.97 1.97 15.00
Q4 2010 81.25 1.88 1.88 13.90
Q1 2011 81.25 1.80 1.80 14.34
Q2 2011 81.25 1.84 1.84 13.85
Q3 2011 81.25 1.85 1.85 14.36
Q4 2011 81.25 1.92 1.92 14.82
Q1 2012 81.25 2.17 2.17 14.01
Q2 2012 81.25 2.51 2.51 14.86
Q3 2012 81.25 2.88 2.88 15.74
Q4 2012 81.25 3.25 3.25 15.32
Q1 2013 81.25 3.40 3.40 16.15
Q2 2013 81.25 3.41 3.41 15.77
Q3 2013 81.25 3.34 3.26 16.58
Q4 2013 81.25 3.28 3.02 15.35
Q1 2014 81.25 3.19 2.88 16.09
Q2 2014 81.25 3.10 2.66 15.87
Q3 2014 81.25 2.87 2.51 16.44
Q4 2014 81.25 2.47 2.35 15.32
Q1 2015 81.25 2.28 2.21 15.87
Q2 2015 81.25 2.17 2.22 16.04
Q3 2015 81.25 1.94 1.99 16.38
Q4 2015 81.25 1.71 1.71 15.28
Q1 2016 81.25 1.34 1.47 15.46
Q2 2016 81.25 0.83 0.95 15.02
Q3 2016 81.25 0.51 0.63 15.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 19.74 19.74 3.98
Q2 2007 24.10 24.10 4.69
Q3 2007 19.47 19.47 3.63
Q4 2007 22.26 22.26 4.01
Q1 2008 21.23 21.23 3.72
Q2 2008 25.62 25.62 4.77
Q3 2008 27.05 27.05 5.12
Q4 2008 18.00 18.00 2.98
Q1 2009 17.29 17.29 2.45
Q2 2009 20.13 20.13 2.68
Q3 2009 23.24 23.24 2.71
Q4 2009 19.96 19.96 2.43
Q1 2010 19.86 19.86 2.57
Q2 2010 13.06 13.06 1.96
Q3 2010 15.46 15.46 2.03
Q4 2010 15.40 15.40 2.08
Q1 2011 15.10 15.10 1.90
Q2 2011 14.37 14.37 1.91
Q3 2011 13.21 13.21 1.71
Q4 2011 13.86 13.86 1.79
Q1 2012 13.52 13.52 2.09
Q2 2012 9.96 9.96 1.68
Q3 2012 10.11 10.11 1.85
Q4 2012 9.77 9.77 2.07
Q1 2013 9.51 9.51 2.00
Q2 2013 11.91 11.91 2.57
Q3 2013 13.16 13.48 2.65
Q4 2013 12.48 13.57 2.67
Q1 2014 13.47 14.91 2.67
Q2 2014 13.70 15.95 2.68
Q3 2014 16.70 19.10 2.91
Q4 2014 13.52 14.20 2.18
Q1 2015 17.04 17.59 2.45
Q2 2015 18.55 18.07 2.50
Q3 2015 17.83 17.31 2.11
Q4 2015 17.48 17.48 1.96
Q1 2016 13.39 12.26 1.16
Q2 2016 21.12 18.37 1.17
Q3 2016 25.09 20.15 0.85

Business Segments (Million)

Compared With The
Period Carpets & Rugs and affiliate products Blankets Sector
Q1 2015 286.09 24.83
Q2 2015 295.47 10.54
Q3 2015 229.65 8.47
Q4 2015 214.14 30.14
Q1 2016 212.62 16.49
Q2 2016 201.70 7.87
Q3 2016 132.35 7.56

Current
Market Cap (M Riyal) 1,543.75
Enterprise Value (EV) (M) 1,724.10
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (0.66)
Book Value (BV) ( Riyal) 14.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.28
Return on Average Assets (%) (TTM) (3.40 )
Return on Average Equity (%) (TTM) (4.33 )

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