SAPTCO posts lower net profit at SAR 43.5m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Saudi Public Transport Co. (SAPTCO)

Saudi Public Transportation Company (SAPTCO), which provides local inter-city transportation services, reported SAR 43.5m net profit at the end of the first half of 2014, a 23% decrease compared to the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	459.72	461.09	0.3 %
Gross Income	83.80	72.35	(13.7 %)
Operating Income	41.85	31.72	(24.2 %)
Net Income	56.29	43.54	(22.7 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.45	0.35	(22.7 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	257.03	229.77	(10.6 %)
Gross Income	55.86	30.87	(44.7 %)
Operating Income	32.73	11.28	(65.6 %)
Net Income	36.21	22.44	(38.0 %)
Average Shares	125.00	125.00	-
EPS (Riyals)	0.29	0.18	(38.0 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	231.31	229.77	(0.7 %)
Gross Income	41.48	30.87	(25.6 %)
Operating Income	20.44	11.28	(44.8 %)
Net Income	21.10	22.44	6.4 %
Average Shares	125.00	125.00	-
EPS (Riyals)	0.17	0.18	6.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	183.82	2.3 %	59.67	13.0 %	41.00	3.3 %	0.33
Q2 2005	123.72	2.9 %	8.14	87.6 %	4.09	169.2 %	0.03
Q3 2005	157.48	7.7 %	39.88	42.4 %	47.43	181.5 %	0.38
Q4 2005	171.26	11.0 %	28.85	25.7 %	32.88	235.3 %	0.26
2005	636.28	6.0 %	136.54	26.3 %	125.40	107.5 %	1.00
Q1 2006	184.77	0.5 %	56.51	(5.3 %)	49.69	21.2 %	0.40
Q2 2006	137.23	10.9 %	17.81	118.7 %	237.19	5706.4 %	1.90
Q3 2006	166.10	5.5 %	32.61	(18.2 %)	1.22	(97.4 %)	0.01
Q4 2006	227.57	32.9 %	66.03	128.9 %	26.96	(18.0 %)	0.22
2006	715.67	12.5 %	172.96	26.7 %	315.06	151.3 %	2.52
Q1 2007	161.84	(12.4 %)	28.36	(49.8 %)	19.95	(59.8 %)	0.16
Q2 2007	147.42	7.4 %	14.41	(19.0 %)	1.28	(99.5 %)	0.01
Q3 2007	183.48	10.5 %	42.81	31.3 %	35.11	2768.3 %	0.28
Q4 2007	239.61	5.3 %	48.28	(26.9 %)	45.65	69.3 %	0.37
2007	732.35	2.3 %	133.86	(22.6 %)	101.98	(67.6 %)	0.82
Q1 2008	140.91	(12.9 %)	5.50	(80.6 %)	(5.18)	(126.0 %)	(0.04)
Q2 2008	161.03	9.2 %	4.26	(70.5 %)	(49.32)	(3952.8 %)	(0.39)
Q3 2008	206.34	12.5 %	42.95	0.3 %	24.64	(29.8 %)	0.20
Q4 2008	258.19	7.8 %	72.88	50.9 %	59.96	31.3 %	0.48
2008	766.47	4.7 %	125.59	(6.2 %)	30.10	(70.5 %)	0.24
Q1 2009	145.40	3.2 %	5.86	6.6 %	(8.97)	(73.0 %)	(0.07)
Q2 2009	163.63	1.6 %	1.27	(70.3 %)	(7.11)	85.6 %	(0.06)
Q3 2009	204.48	(0.9 %)	26.96	(37.2 %)	6.01	(75.6 %)	0.05
Q4 2009	238.92	(7.5 %)	68.58	(5.9 %)	41.99	(30.0 %)	0.34
2009	752.43	(1.8 %)	102.67	(18.2 %)	31.93	6.1 %	0.26
Q1 2010	136.94	(5.8 %)	4.16	(29.0 %)	(8.52)	5.1 %	(0.07)
Q2 2010	165.76	1.3 %	16.87	1233.8 %	4.53	163.8 %	0.04
Q3 2010	205.35	0.4 %	30.79	14.2 %	9.22	53.4 %	0.07
Q4 2010	238.23	(0.3 %)	66.23	(3.4 %)	44.78	6.6 %	0.36
2010	746.27	(0.8 %)	118.05	15.0 %	50.02	56.6 %	0.40
Q1 2011	132.57	(3.2 %)	(18.30)	(539.9 %)	(31.07)	(264.9 %)	(0.25)
Q2 2011	191.05	15.3 %	36.32	115.3 %	19.92	339.5 %	0.16
Q3 2011	219.01	6.7 %	50.69	64.6 %	26.26	184.7 %	0.21
Q4 2011	267.34	12.2 %	71.91	8.6 %	50.16	12.0 %	0.40
2011	809.97	8.5 %	140.62	19.1 %	65.27	30.5 %	0.52
Q1 2012	167.03	26.0 %	10.16	155.5 %	6.72	121.6 %	0.05
Q2 2012	202.52	6.0 %	27.50	(24.3 %)	16.99	(14.7 %)	0.14
Q3 2012	239.32	9.3 %	43.28	(14.6 %)	16.83	(35.9 %)	0.13
Q4 2012	306.07	14.5 %	79.65	10.8 %	33.28	(33.7 %)	0.27
2012	914.93	13.0 %	160.59	14.2 %	73.82	13.1 %	0.59
Q1 2013	202.69	21.4 %	27.94	175.0 %	20.08	198.7 %	0.16
Q2 2013	257.03	26.9 %	55.86	103.1 %	36.21	113.1 %	0.29
Q3 2013	224.84	(6.1 %)	11.77	(72.8 %)	(13.11)	(177.9 %)	(0.10)
Q4 2013	283.29	(7.4 %)	78.77	(1.1 %)	34.40	3.4 %	0.28
2013	967.85	5.8 %	174.35	8.6 %	77.58	5.1 %	0.62
Q1 2014	231.31	14.1 %	41.48	48.4 %	21.10	5.1 %	0.17
Q2 2014	229.77	(10.6 %)	30.87	(44.7 %)	22.44	(38.0 %)	0.18

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	600.48	4.7 %	108.10	15.1 %	60.43	12.7 %	0.48
2005	636.28	6.0 %	136.54	26.3 %	125.40	107.5 %	1.00
2006	715.67	12.5 %	172.96	26.7 %	315.06	151.3 %	2.52
2007	732.35	2.3 %	133.86	(22.6 %)	101.98	(67.6 %)	0.82
2008	766.47	4.7 %	125.59	(6.2 %)	30.10	(70.5 %)	0.24
2009	752.43	(1.8 %)	102.67	(18.2 %)	31.93	6.1 %	0.26
2010	746.27	(0.8 %)	118.05	15.0 %	50.02	56.6 %	0.40
2011	809.97	8.5 %	140.62	19.1 %	65.27	30.5 %	0.52
2012	914.93	13.0 %	160.59	14.2 %	73.82	13.1 %	0.59
2013	967.85	5.8 %	174.35	8.6 %	77.58	5.1 %	0.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	19.01 %	29.66 %	10.21 %
Q2 2005	19.53 %	28.68 %	11.80 %
Q3 2005	21.09 %	28.53 %	16.52 %
Q4 2005	21.46 %	28.57 %	19.71 %
2005	21.46 %	28.57 %	19.71 %
Q1 2006	20.93 %	28.81 %	21.04 %
Q2 2006	21.98 %	30.29 %	56.43 %
Q3 2006	20.59 %	29.61 %	48.68 %
Q4 2006	24.17 %	31.04 %	44.02 %
2006	24.17 %	31.04 %	44.02 %
Q1 2007	20.90 %	27.97 %	41.19 %
Q2 2007	20.12 %	26.68 %	7.03 %
Q3 2007	21.05 %	27.58 %	11.56 %
Q4 2007	18.28 %	25.95 %	13.93 %
2007	18.28 %	25.95 %	13.93 %
Q1 2008	15.60 %	23.87 %	10.80 %
Q2 2008	13.91 %	21.87 %	8.08 %
Q3 2008	13.50 %	21.36 %	6.43 %
Q4 2008	16.39 %	23.42 %	8.14 %
2008	16.39 %	23.42 %	8.14 %
Q1 2009	16.34 %	22.72 %	7.61 %
Q2 2009	15.90 %	23.10 %	8.86 %
Q3 2009	13.86 %	21.02 %	6.47 %
Q4 2009	13.64 %	20.66 %	4.24 %
2009	13.64 %	20.66 %	4.24 %
Q1 2010	13.57 %	21.40 %	4.35 %
Q2 2010	15.62 %	24.08 %	5.90 %
Q3 2010	16.12 %	24.70 %	6.32 %
Q4 2010	15.82 %	26.19 %	6.70 %
2010	15.82 %	26.19 %	6.70 %
Q1 2011	12.88 %	23.15 %	3.51 %
Q2 2011	14.99 %	24.44 %	5.41 %
Q3 2011	17.28 %	26.00 %	7.48 %
Q4 2011	17.36 %	25.59 %	7.88 %
2011	17.36 %	25.59 %	7.88 %
Q1 2012	20.02 %	28.33 %	10.77 %
Q2 2012	18.72 %	27.41 %	10.19 %
Q3 2012	17.44 %	26.62 %	8.89 %
Q4 2012	17.55 %	24.11 %	6.57 %
2012	17.55 %	24.11 %	6.57 %
Q1 2013	18.76 %	25.40 %	8.00 %
Q2 2013	20.57 %	26.75 %	9.60 %
Q3 2013	17.69 %	24.37 %	6.72 %
Q4 2013	18.01 %	24.80 %	7.09 %
2013	18.01 %	24.80 %	7.09 %
Q1 2014	18.85 %	25.06 %	7.90 %
Q2 2014	16.81 %	23.25 %	5.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	18.00 %	30.37 %	10.06 %
2005	21.46 %	28.57 %	19.71 %
2006	24.17 %	31.04 %	44.02 %
2007	18.28 %	25.95 %	13.93 %
2008	16.39 %	23.42 %	8.14 %
2009	13.64 %	20.66 %	4.24 %
2010	15.82 %	26.19 %	6.70 %
2011	17.36 %	25.59 %	7.88 %
2012	17.55 %	24.11 %	6.57 %
2013	18.01 %	24.80 %	7.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	32.46 %	39.27 %	22.30 %
Q2 2005	6.58 %	16.74 %	3.30 %
Q3 2005	25.32 %	29.76 %	30.12 %
Q4 2005	16.85 %	24.53 %	19.20 %
Q1 2006	30.59 %	40.04 %	26.89 %
Q2 2006	12.98 %	24.99 %	172.84 %
Q3 2006	19.63 %	27.07 %	0.74 %
Q4 2006	29.02 %	30.27 %	11.85 %
Q1 2007	17.52 %	28.20 %	12.33 %
Q2 2007	9.78 %	19.05 %	0.87 %
Q3 2007	23.33 %	30.56 %	19.13 %
Q4 2007	20.15 %	25.14 %	19.05 %
Q1 2008	3.90 %	18.06 %	(3.68 %)
Q2 2008	2.64 %	10.44 %	(10.55 %)
Q3 2008	20.81 %	27.73 %	11.94 %
Q4 2008	28.23 %	31.01 %	23.22 %
Q1 2009	4.03 %	14.48 %	(6.17 %)
Q2 2009	0.77 %	12.47 %	(4.34 %)
Q3 2009	13.18 %	19.91 %	2.94 %
Q4 2009	28.71 %	30.66 %	17.58 %
Q1 2010	3.04 %	18.16 %	(6.22 %)
Q2 2010	10.18 %	24.62 %	2.73 %
Q3 2010	14.99 %	22.20 %	4.49 %
Q4 2010	27.80 %	35.33 %	18.80 %
Q1 2011	(13.81 %)	0.89 %	(24.51 %)
Q2 2011	19.01 %	29.62 %	10.46 %
Q3 2011	23.14 %	27.89 %	11.95 %
Q4 2011	26.90 %	33.08 %	18.76 %
Q1 2012	6.08 %	19.83 %	(3.21 %)
Q2 2012	13.58 %	25.66 %	8.03 %
Q3 2012	18.08 %	24.96 %	7.03 %
Q4 2012	26.02 %	24.77 %	10.58 %
Q1 2013	13.79 %	26.61 %	5.22 %
Q2 2013	21.73 %	30.87 %	14.28 %
Q3 2013	5.24 %	14.38 %	(5.83 %)
Q4 2013	27.81 %	26.26 %	12.14 %
Q1 2014	17.93 %	27.53 %	8.94 %
Q2 2014	13.44 %	23.92 %	5.04 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	125.00	0.49	0.49	8.67
Q2 2005	125.00	0.57	0.57	8.70
Q3 2005	125.00	0.82	0.82	9.08
Q4 2005	125.00	1.00	1.00	8.86
Q1 2006	125.00	1.07	1.07	9.25
Q2 2006	125.00	2.94	2.94	11.15
Q3 2006	125.00	2.57	2.57	11.16
Q4 2006	125.00	2.52	2.52	11.46
Q1 2007	125.00	2.28	2.28	11.61
Q2 2007	125.00	0.40	0.40	11.03
Q3 2007	125.00	0.67	0.67	11.37
Q4 2007	125.00	0.82	0.82	11.91
Q1 2008	125.00	0.61	0.61	11.80
Q2 2008	125.00	0.21	0.47	10.96
Q3 2008	125.00	0.13	0.38	11.02
Q4 2008	125.00	0.24	0.50	11.31
Q1 2009	125.00	0.21	0.47	11.21
Q2 2009	125.00	0.55	0.55	10.71
Q3 2009	125.00	0.40	0.40	10.78
Q4 2009	125.00	0.26	0.26	11.10
Q1 2010	125.00	0.26	0.26	11.08
Q2 2010	125.00	0.35	0.35	11.09
Q3 2010	125.00	0.38	0.38	11.18
Q4 2010	125.00	0.40	0.40	11.56
Q1 2011	125.00	0.22	0.21	11.32
Q2 2011	125.00	0.34	0.33	10.98
Q3 2011	125.00	0.48	0.47	11.15
Q4 2011	125.00	0.52	0.51	11.59
Q1 2012	125.00	0.82	0.73	11.66
Q2 2012	125.00	0.80	0.70	11.22
Q3 2012	125.00	0.73	0.62	11.37
Q4 2012	125.00	0.59	0.48	11.66
Q1 2013	125.00	0.70	0.61	11.82
Q2 2013	125.00	0.85	0.77	11.59
Q3 2013	125.00	0.61	0.53	11.49
Q4 2013	125.00	0.62	0.55	11.76
Q1 2014	125.00	0.63	0.63	11.47
Q2 2014	125.00	0.52	0.43	11.59

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	125.00	0.48	0.48	8.34
2005	125.00	1.00	1.00	8.86
2006	125.00	2.52	2.52	11.46
2007	125.00	0.82	0.82	11.91
2008	125.00	0.24	0.50	11.31
2009	125.00	0.26	0.26	11.10
2010	125.00	0.40	0.40	11.56
2011	125.00	0.52	0.51	11.59
2012	125.00	0.59	0.48	11.66
2013	125.00	0.62	0.55	11.76

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	44.78	44.78	2.55
Q2 2005	More than 50	More than 50	4.16
Q3 2005	49.84	49.84	4.49
Q4 2005	More than 50	More than 50	6.02
Q1 2006	41.02	41.02	4.75
Q2 2006	13.14	13.14	3.46
Q3 2006	15.42	15.42	3.55
Q4 2006	6.82	6.82	1.50
Q1 2007	7.10	7.10	1.39
Q2 2007	33.52	33.52	1.20
Q3 2007	21.38	21.38	1.25
Q4 2007	21.45	21.45	1.47
Q1 2008	22.77	22.77	1.19
Q2 2008	More than 50	29.87	1.28
Q3 2008	More than 50	25.33	0.88
Q4 2008	29.49	14.22	0.63
Q1 2009	38.01	17.05	0.71
Q2 2009	15.42	15.41	0.79
Q3 2009	20.92	20.92	0.77
Q4 2009	32.10	32.10	0.74
Q1 2010	32.62	32.62	0.76
Q2 2010	21.30	21.30	0.68
Q3 2010	19.98	19.98	0.68
Q4 2010	18.37	18.37	0.64
Q1 2011	36.18	38.17	0.70
Q2 2011	21.59	22.30	0.67
Q3 2011	15.24	15.62	0.65
Q4 2011	17.52	17.92	0.79
Q1 2012	22.80	25.84	1.61
Q2 2012	17.23	19.77	1.23
Q3 2012	23.08	26.88	1.47
Q4 2012	27.94	34.32	1.42
Q1 2013	23.09	26.46	1.36
Q2 2013	18.15	20.01	1.33
Q3 2013	34.66	39.81	1.85
Q4 2013	43.66	49.39	2.30
Q1 2014	44.37	44.32	2.43
Q2 2014	More than 50	More than 50	3.23

Period	P/E	Adjusted P/E	Price/book
2004	42.36	42.36	2.46
2005	More than 50	More than 50	6.02
2006	6.82	6.82	1.50
2007	21.45	21.45	1.47
2008	29.49	14.22	0.63
2009	32.10	32.10	0.74
2010	18.37	18.37	0.64
2011	17.52	17.92	0.79
2012	27.94	34.32	1.42
2013	43.66	49.39	2.30

Business Segments (Million)

Compared With The

Period	passenger transport segment	Specialized Services	Headquarters
Q1 2009	104.29	30.12	10.99
Q2 2009	119.01	32.68	11.94
Q3 2009	165.83	23.11	15.54
Q4 2009	137.50	91.05	10.38
Q1 2010	104.16	32.60	0.18
Q2 2010	122.63	40.99	2.15
Q3 2010	173.65	28.76	2.94
Q4 2010	139.84	94.33	4.06
Q1 2011	100.55	29.37	2.65
Q2 2011	132.68	53.76	4.60
Q3 2011	181.27	31.57	6.17
Q4 2011	135.85	123.87	7.62
Q1 2012	124.99	34.08	7.96
Q2 2012	144.58	45.22	12.72
Q3 2012	187.00	36.82	15.49
Q4 2012	159.17	132.84	14.07
Q1 2013	145.80	41.59	15.30
Q2 2013	188.07	51.54	17.43
Q3 2013	171.24	35.47	18.12
Q4 2013	152.60	112.75	17.94
Q1 2014	148.11	66.07	17.14
Q2 2014	149.33	59.60	20.84

Period	passenger transport segment	Specialized Services	Headquarters
2008	508.37	214.59	43.51
2009	526.63	176.95	48.85
2010	540.28	196.68	9.32
2011	550.35	238.58	21.04
2012	615.74	248.96	50.24
2013	657.72	241.35	68.79

Financial Ratios

	Current
Market Cap (M Riyal)	2,295.00
Enterprise Value (EV) (M)	3,164.63
Shares Outstanding ((M))	125.00
EPS ( Riyal) (TTM)	(0.32)
Book Value (BV) ( Riyal)	6.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.65
Return on Average Assets (%) (TTM)	(0.98 )
Return on Average Equity (%) (TTM)	(4.52 )

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SAPTCO posts lower net profit at SAR 43.5m in I2 of 2014

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Share Price

Saudi Public Transport Co. (SAPTCO)

Financials (M)

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) 2014 Q2

Financial Ratios

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SAPTCO posts lower net profit at SAR 43.5m in I2 of 2014

View other reports

Share Price

Saudi Public Transport Co. (SAPTCO)

Financials (M)

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) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)