Red Sea widens losses in Q1 2019

09/05/2019 Argaam Exclusive

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Share Price

29.70
(0.55) (1.82 %)

Red Sea International Company (RED SEA)

Red Sea International Co. reported a net loss of SAR 18.8 million for the first quarter of 2019 from a loss of SAR 15.4 million in the same period last year on lower rental revenue.

When compared to previous quarter, the company has narrowed losses as there was no impairment of property and equipment in the current quarter as compared to SAR 11.8 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 147.68 119.24 (19.3 %)
Gross Income 10.57 7.01 (33.7 %)
Operating Income (12.95) (14.72) (13.7 %)
Net Income (15.42) (17.97) (16.6 %)
Average Shares 30.23 30.23 -
EPS (Riyals) (0.51) (0.59) (16.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 147.00 (52.2 %) 46.64 (43.0 %) 24.15 (58.3 %) 0.80
Q2 2010 162.97 4.8 % 34.84 (16.0 %) 14.52 (22.0 %) 0.48
Q3 2010 173.14 2.0 % 42.15 17.4 % (2.30) (109.4 %) (0.08)
Q4 2010 261.60 19.6 % 65.32 38.8 % 24.67 8.6 % 0.82
Q1 2011 205.27 39.6 % 51.53 10.5 % 32.23 33.5 % 1.07
Q2 2011 188.78 15.8 % 37.52 7.7 % 21.38 47.3 % 0.71
Q3 2011 189.04 9.2 % 24.07 (42.9 %) 12.75 653.4 % 0.42
Q4 2011 192.49 (26.4 %) 35.07 (46.3 %) 11.53 (53.3 %) 0.38
Q1 2012 221.00 7.7 % 51.72 0.4 % 31.56 (2.1 %) 1.04
Q2 2012 196.45 4.1 % 46.11 22.9 % 30.72 43.7 % 1.02
Q3 2012 244.47 29.3 % 62.13 158.1 % 25.28 98.2 % 0.84
Q4 2012 202.92 5.4 % 63.70 81.6 % 33.07 186.8 % 1.09
Q1 2013 205.42 (7.0 %) 53.67 3.8 % 31.72 0.5 % 1.05
Q2 2013 223.45 13.7 % 55.04 19.4 % 33.12 7.8 % 1.10
Q3 2013 271.60 11.1 % 80.29 29.2 % 44.42 75.7 % 1.47
Q4 2013 270.94 33.5 % 87.24 37.0 % 43.52 31.6 % 1.44
Q1 2014 268.97 30.9 % 72.41 34.9 % 43.52 37.2 % 1.44
Q2 2014 267.63 19.8 % 67.50 22.7 % 40.78 23.1 % 1.35
Q3 2014 283.60 4.4 % 75.60 (5.8 %) 43.12 (2.9 %) 1.43
Q4 2014 284.75 5.1 % 79.64 (8.7 %) 29.27 (32.7 %) 0.97
Q1 2015 275.44 2.4 % 67.16 (7.3 %) 30.04 (31.0 %) 0.99
Q2 2015 237.15 (11.4 %) 58.82 (12.9 %) 17.02 (58.3 %) 0.56
Q3 2015 228.40 (19.5 %) 48.40 (36.0 %) 1.95 (95.5 %) 0.06
Q4 2015 286.90 0.8 % 80.13 0.6 % 27.10 (7.4 %) 0.90
Q1 2016 271.78 (1.3 %) 74.95 11.6 % 31.77 5.8 % 1.05
Q2 2016 267.32 12.7 % 70.01 19.0 % 31.16 83.1 % 1.03
Q3 2016 251.25 10.0 % 60.44 24.9 % 10.50 439.6 % 0.35
Q4 2016 240.07 (16.3 %) 57.94 (27.7 %) 16.91 (37.6 %) 0.56
Q1 2017 227.33 (16.4 %) 45.28 (39.6 %) 8.70 (72.6 %) 0.29
Q2 2017 198.79 (25.6 %) 29.52 (57.8 %) (5.57) (117.9 %) (0.18)
Q3 2017 186.23 (25.9 %) 23.47 (61.2 %) (12.66) (220.6 %) (0.42)
Q4 2017 160.77 (33.0 %) (23.12) (139.9 %) (55.77) (429.8 %) (1.84)
Q1 2018 147.68 (35.0 %) 10.57 (76.6 %) (15.42) (277.1 %) (0.51)
Q2 2018 201.18 1.2 % 19.38 (34.4 %) (9.82) (76.1 %) (0.32)
Q3 2018 188.50 1.2 % 15.75 (32.9 %) (13.78) (8.8 %) (0.46)
Q4 2018 121.26 (24.6 %) 32.06 238.7 % (46.73) 16.2 % (1.55)
Q1 2019 119.24 (19.3 %) 7.01 (33.7 %) (17.97) (16.6 %) (0.59)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 24.76 % 20.68 % 13.01 %
Q2 2010 23.55 % 20.77 % 12.29 %
Q3 2010 24.32 % 20.64 % 8.42 %
Q4 2010 25.37 % 20.80 % 13.66 %
Q1 2011 24.14 % 19.95 % 13.68 %
Q2 2011 23.71 % 19.80 % 14.08 %
Q3 2011 21.12 % 18.17 % 15.60 %
Q4 2011 19.11 % 17.38 % 10.04 %
Q1 2012 18.75 % 18.31 % 9.76 %
Q2 2012 19.65 % 20.12 % 10.83 %
Q3 2012 22.83 % 21.20 % 11.60 %
Q4 2012 25.86 % 24.17 % 13.95 %
Q1 2013 26.57 % 24.38 % 14.22 %
Q2 2013 26.77 % 24.06 % 14.06 %
Q3 2013 27.97 % 25.56 % 15.75 %
Q4 2013 28.44 % 25.00 % 15.73 %
Q1 2014 28.50 % 24.75 % 15.90 %
Q2 2014 28.49 % 25.28 % 15.96 %
Q3 2014 27.75 % 26.09 % 15.67 %
Q4 2014 26.71 % 26.19 % 14.18 %
Q1 2015 26.08 % 25.83 % 12.89 %
Q2 2015 26.02 % 24.40 % 11.05 %
Q3 2015 24.76 % 21.56 % 7.63 %
Q4 2015 24.76 % 20.33 % 7.40 %
Q1 2016 25.61 % 20.64 % 7.60 %
Q2 2016 25.94 % 21.75 % 8.72 %
Q3 2016 26.51 % 22.60 % 9.33 %
Q4 2016 25.56 % 22.50 % 8.77 %
Q1 2017 23.70 % 21.09 % 6.82 %
Q2 2017 21.06 % 18.07 % 3.33 %
Q3 2017 18.33 % 15.29 % 0.87 %
Q4 2017 9.72 % 7.52 % (8.45 %)
Q1 2018 5.83 % 3.96 % (12.89 %)
Q2 2018 4.35 % 3.42 % (13.46 %)
Q3 2018 3.24 % 3.51 % (13.58 %)
Q4 2018 11.81 % 9.95 % (11.23 %)
Q1 2019 11.77 % 10.01 % (12.14 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 30.23 2.97 2.97 23.99
Q2 2010 30.23 2.84 2.84 22.49
Q3 2010 30.23 1.95 1.95 22.41
Q4 2010 30.23 2.02 3.37 23.21
Q1 2011 30.23 2.29 3.63 24.28
Q2 2011 30.23 2.51 3.86 24.01
Q3 2011 30.23 3.01 4.36 24.33
Q4 2011 30.23 2.58 2.58 24.54
Q1 2012 30.23 2.55 2.55 25.48
Q2 2012 30.23 2.86 2.86 25.13
Q3 2012 30.23 3.28 3.28 25.99
Q4 2012 30.23 3.99 3.99 27.21
Q1 2013 30.23 3.99 3.99 28.30
Q2 2013 30.23 4.07 4.07 27.54
Q3 2013 30.23 4.71 4.71 28.21
Q4 2013 30.23 5.05 5.05 29.59
Q1 2014 30.23 5.44 5.44 31.03
Q2 2014 30.23 5.70 5.70 29.90
Q3 2014 30.23 5.65 5.65 31.25
Q4 2014 30.23 5.18 5.18 32.11
Q1 2015 30.23 4.74 4.74 32.79
Q2 2015 30.23 3.95 3.95 31.31
Q3 2015 30.23 2.59 2.59 31.31
Q4 2015 30.23 2.52 2.52 32.05
Q1 2016 30.23 2.57 2.57 30.61
Q2 2016 30.23 3.04 3.04 30.07
Q3 2016 30.23 3.33 3.33 30.40
Q4 2016 30.23 2.99 2.99 30.81
Q1 2017 30.23 2.23 2.23 31.18
Q2 2017 30.23 1.01 1.01 29.57
Q3 2017 30.23 0.24 0.24 29.16
Q4 2017 30.23 (2.16) (2.16) 27.03
Q1 2018 30.23 (2.96) (2.96) 26.10
Q2 2018 30.23 (3.10) (3.10) 25.69
Q3 2018 30.23 (3.13) (3.13) 25.22
Q4 2018 30.23 (2.84) (2.45) 23.53
Q1 2019 30.23 (2.92) (2.53) 22.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 20.19 20.19 2.50
Q2 2010 18.71 18.71 2.36
Q3 2010 20.51 20.51 1.79
Q4 2010 26.67 15.99 2.32
Q1 2011 23.33 14.68 2.20
Q2 2011 20.43 13.30 2.14
Q3 2011 14.46 9.99 1.79
Q4 2011 16.83 16.83 1.77
Q1 2012 20.69 20.69 2.07
Q2 2012 13.03 13.03 1.48
Q3 2012 12.55 12.55 1.58
Q4 2012 10.34 10.34 1.52
Q1 2013 11.72 11.72 1.65
Q2 2013 12.14 12.14 1.80
Q3 2013 12.59 12.59 2.10
Q4 2013 14.33 14.33 2.45
Q1 2014 20.60 20.60 3.61
Q2 2014 20.56 20.56 3.92
Q3 2014 21.22 21.22 3.84
Q4 2014 13.85 13.85 2.24
Q1 2015 16.63 16.63 2.40
Q2 2015 19.69 19.69 2.49
Q3 2015 18.17 18.17 1.50
Q4 2015 19.25 19.25 1.51
Q1 2016 18.59 18.59 1.56
Q2 2016 16.51 16.51 1.67
Q3 2016 13.28 13.28 1.45
Q4 2016 19.62 19.62 1.90
Q1 2017 22.48 22.48 1.60
Q2 2017 38.15 38.15 1.30
Q3 2017 More than 100 More than 100 1.40
Q4 2017 NEG NEG 1.40
Q1 2018 NEG NEG 1.36
Q2 2018 NEG NEG 1.45
Q3 2018 NEG NEG 1.19
Q4 2018 NEG NEG 1.34
Q1 2019 NEG NEG 1.36

Business Segments (Million)

Compared With The
Period Manufacture & sale property Leasing Paints
Q1 2010 123.13 23.86 -
Q2 2010 138.04 24.94 -
Q3 2010 147.60 25.54 -
Q4 2010 232.96 28.64 -
Q1 2011 174.05 31.22 -
Q2 2011 147.47 41.30 -
Q3 2011 137.09 51.95 -
Q4 2011 126.68 65.81 -
Q1 2012 158.87 62.12 -
Q2 2012 124.75 71.70 -
Q3 2012 172.46 72.02 -
Q4 2012 124.61 78.31 -
Q1 2013 133.49 71.86 0.07
Q2 2013 144.10 78.09 1.27
Q3 2013 198.44 70.55 2.61
Q4 2013 187.31 81.05 2.57
Q1 2014 177.96 87.55 3.46
Q2 2014 161.40 101.21 5.02
Q3 2014 190.82 85.23 7.56
Q4 2014 193.96 86.47 4.32
Q1 2015 165.59 101.37 8.48
Q2 2015 125.78 99.86 11.52
Q3 2015 109.04 107.64 11.72
Q4 2015 144.92 129.91 12.08
Q1 2016 144.90 109.31 17.57
Q2 2016 142.61 106.14 18.57
Q3 2016 140.72 99.25 11.29
Q4 2016 135.03 88.92 19.05
Q1 2017 128.22 84.72 14.39
Q2 2017 105.23 81.14 12.42
Q3 2017 98.66 76.24 11.33
Q4 2017 77.69 74.08 9.00
Q1 2018 70.54 64.99 12.16
Q2 2018 123.48 67.30 10.40
Q3 2018 110.77 66.99 10.74
Q4 2018 41.44 67.39 12.43
Q1 2019 54.21 55.69 9.35

Current
Market Cap (M Riyal) 897.83
Enterprise Value (EV) (M) 1,401.40
Shares Outstanding ((M)) 30.23
EPS ( Riyal) (TTM) (0.75)
Book Value (BV) ( Riyal) 2.57
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 11.55
Return on Average Assets (%) (TTM) (1.40 )
Return on Average Equity (%) (TTM) (25.47 )

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