Saudi Ground Services Co. (SGS) reported a net profit of SAR 437.5 million in the first nine months of 2017, a 24.8 percent year-on-year (YoY) decline attributed to a drop of SAR 119.2 million in revenue and a rise of SAR 87.1 million in general and administrative expenses (G&A).
| Item | 9m 2016 | 9m 2017 | Change |
|---|---|---|---|
| Revenues | 2,119.49 | 2,000.30 | (5.6 %) |
| Gross Income | 760.58 | 696.98 | (8.4 %) |
| Operating Income | 579.21 | 428.48 | (26.0 %) |
| Net Income | 581.67 | 437.45 | (24.8 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 3.09 | 2.33 | (24.8 %) |
Profit for the third quarter came in at SAR 160 million, a fall of 17.4 percent YoY, due to lower revenue, higher G&A expenses, and increased provisions.
On a sequential basis however, profit for Q3 jumped 31 percent on higher revenue, including revenue from Hajj.
| Item | Q3 2016 | Q3 2017 | Change |
|---|---|---|---|
| Revenues | 741.27 | 697.26 | (5.9 %) |
| Gross Income | 251.31 | 227.75 | (9.4 %) |
| Operating Income | 190.80 | 159.06 | (16.6 %) |
| Net Income | 193.71 | 160.05 | (17.4 %) |
| Average Shares | 188.00 | 188.00 | - |
| EPS (Riyals) | 1.03 | 0.85 | (17.4 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2017 | 643.79 | (6.1 %) | 222.66 | (13.4 %) | 155.12 | (19.3 %) | 0.83 |
| Q2 2017 | 659.26 | (4.8 %) | 246.56 | (2.3 %) | 122.28 | (37.6 %) | 0.65 |
| Q3 2017 | 697.26 | (5.9 %) | 227.75 | (9.4 %) | 160.05 | (17.4 %) | 0.85 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 33.15 % | 27.84 % | 24.16 % |
| Q2 2017 | 33.35 % | 25.45 % | 21.69 % |
| Q3 2017 | 33.01 % | 24.68 % | 20.77 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 188.00 | 3.45 | 3.45 | 15.36 |
| Q2 2017 | 188.00 | 3.06 | 3.06 | 15.36 |
| Q3 2017 | 188.00 | 2.88 | 2.88 | 15.56 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 14.87 | 14.87 | 3.34 |
| Q2 2017 | 14.71 | 14.71 | 2.93 |
| Q3 2017 | 15.01 | 15.01 | 2.78 |
| Item | Q3 2017 (e) | Q3 2017 (a) | Change |
|---|---|---|---|
| Average | 154.95 | 160.05 | 3.29 % |
| Item | Q3 2017 (e) | Q3 2017 (a) | Change |
|---|---|---|---|
| Sico | 151.00 | 160.05 | 6.0 % |
| Alistithmar Capital | 144.68 | 160.05 | 10.6 % |
| SNB Capital | 181.00 | 160.05 | (11.6) % |
| Arbah Capital | 143.10 | 160.05 | 11.8 % |
| Current | |
| Market Cap (M Riyal) | 9,644.40 |
| Enterprise Value (EV) (M) | 8,876.24 |
| Shares Outstanding ((M)) | 188.00 |
| EPS ( Riyal) (TTM) | 1.29 |
| Book Value (BV) ( Riyal) | 12.78 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 41.38 |
| P/E (TTM) | 39.75 |
| Price/book | 4.01 |
| Return on Average Assets (%) (TTM) | 5.6 |
| Return on Average Equity (%) (TTM) | 10.7 |
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