Taiba net profit falls 28% to SAR 106.9 mln in 9M 2020

Taiba net profit falls 28% to SAR 106.9 mln in 9M 2020

03/11/2020 Argaam Exclusive

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Taiba Investments Co. reported a net profit after Zakat and tax of SAR 106.9 million for the first nine months of 2020, a 28% decline, compared to SAR 148.4 million in the year-earlier period.

 

The company cited lower revenues on COVID-19 pandemic in addition to a decrease in operating, marketing, general and administrative expenses for the profit drop.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 340.35 177.81 (47.8 %)
Gross Income 200.81 105.36 (47.5 %)
Operating Income 153.24 72.39 (52.8 %)
Net Income 148.38 106.91 (28.0 %)
Average Shares 157.84 160.46 1.7 %
EPS (Riyals) 0.94 0.67 (29.1 %)

The firm turned to losses of SAR 23.5 million in Q3 2020 due to lower revenues on COVID-19 pandemic as well as registering an additional provision for the impairment of trade receivables.

 

It also witnessed a decline in operating, sales and marketing expenses in Q3 2020.

 

On a sequential basis, Taiba turned to losses in Q3 2020.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 137.53 61.39 (55.4 %)
Gross Income 85.44 37.91 (55.6 %)
Operating Income 72.32 26.85 (62.9 %)
Net Income 67.85 (23.48) (134.6 %)
Average Shares 157.84 160.46 1.7 %
EPS (Riyals) 0.43 (0.15) (134.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 63.16 57.4 % 36.42 86.7 % 22.73 119.5 %
Q2 2011 65.48 45.7 % 46.07 127.6 % 35.05 307.4 %
Q3 2011 151.81 136.0 % 117.77 272.2 % 104.99 333.0 %
Q4 2011 113.33 15.3 % 85.92 33.6 % 74.44 91.7 %
Q1 2012 199.06 215.2 % 109.88 201.7 % 93.81 312.8 %
Q2 2012 77.33 18.1 % 63.74 38.4 % 54.35 55.1 %
Q3 2012 83.66 (44.9 %) 54.53 (53.7 %) 44.89 (57.2 %)
Q4 2012 86.54 (23.6 %) 59.06 (31.3 %) 47.39 (36.3 %)
Q1 2013 94.20 (52.7 %) 66.75 (39.3 %) 54.84 (41.5 %)
Q2 2013 88.73 14.7 % 58.08 (8.9 %) 48.07 (11.6 %)
Q3 2013 90.47 8.1 % 56.12 2.9 % 48.32 7.6 %
Q4 2013 104.91 21.2 % 67.12 13.6 % 55.50 17.1 %
Q1 2014 115.88 23.0 % 75.86 13.6 % 58.88 7.4 %
Q2 2014 116.76 31.6 % 58.90 1.4 % 47.83 (0.5 %)
Q3 2014 157.34 73.9 % 95.10 69.4 % 86.86 79.8 %
Q4 2014 111.08 5.9 % 50.42 (24.9 %) 37.40 (32.6 %)
Q1 2015 118.58 2.3 % 73.91 (2.6 %) 62.19 5.6 %
Q2 2015 115.00 (1.5 %) 63.96 8.6 % 53.99 12.9 %
Q3 2015 136.45 (13.3 %) 82.86 (12.9 %) 71.18 (18.1 %)
Q4 2015 106.12 (4.5 %) 59.60 18.2 % 47.08 25.9 %
Q1 2016 118.12 (0.4 %) 69.94 (5.4 %) 52.71 (15.2 %)
Q2 2016 156.21 35.8 % 71.54 11.9 % 61.09 13.1 %
Q3 2016 138.80 1.7 % 85.27 2.9 % 74.94 5.3 %
Q4 2016 110.08 3.7 % 60.81 2.0 % 48.99 4.1 %
Q1 2017 106.19 (10.1 %) 63.20 (9.6 %) 50.97 (3.3 %)
Q2 2017 118.26 (24.3 %) 67.68 (5.4 %) 57.35 (6.1 %)
Q3 2017 131.40 (5.3 %) 82.10 (3.7 %) 65.12 (13.1 %)
Q4 2017 101.21 (8.1 %) 59.09 (2.8 %) 43.51 (11.2 %)
Q1 2018 102.26 (3.7 %) 60.96 (3.5 %) 49.69 (2.5 %)
Q2 2018 107.58 (9.0 %) 64.53 (4.6 %) 48.50 (15.4 %)
Q3 2018 134.57 2.4 % 86.06 4.8 % 73.91 13.5 %
Q4 2018 61.87 (38.9 %) 45.83 (22.4 %) 30.78 (29.3 %)
Q1 2019 94.53 (7.6 %) 51.74 (15.1 %) 38.05 (23.4 %)
Q2 2019 108.29 0.7 % 63.63 (1.4 %) 42.87 (11.6 %)
Q3 2019 137.53 2.2 % 85.44 (0.7 %) 72.32 (2.1 %)
Q4 2019 47.18 (23.7 %) 41.04 (10.4 %) 25.03 (18.7 %)
Q1 2020 85.00 (10.1 %) 53.64 3.7 % 42.47 11.6 %
Q2 2020 31.42 (71.0 %) 14.98 (76.5 %) 3.07 (92.8 %)
Q3 2020 61.39 (55.4 %) 37.91 (55.6 %) 26.85 (62.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 38.90 171.3 % 0.26 19.00 19.90 0.13
Q2 2011 32.24 95.0 % 0.21 - 32.24 0.21
Q3 2011 88.72 360.7 % 0.59 (18.81) 107.53 0.72
Q4 2011 76.88 83.2 % 0.51 - 76.88 0.51
Q1 2012 267.87 588.6 % 1.79 158.65 109.22 0.73
Q2 2012 44.02 36.5 % 0.29 2.14 41.88 0.28
Q3 2012 55.04 (38.0 %) 0.37 (0.01) 55.05 0.37
Q4 2012 39.51 (48.6 %) 0.26 39.74 (0.23) 0.00
Q1 2013 73.06 (72.7 %) 0.49 - 73.06 0.49
Q2 2013 63.56 44.4 % 0.42 - 63.56 0.42
Q3 2013 62.93 14.3 % 0.42 - 62.93 0.42
Q4 2013 64.47 63.2 % 0.43 - 64.47 0.43
Q1 2014 59.50 (18.6 %) 0.40 - 59.50 0.40
Q2 2014 59.18 (6.9 %) 0.39 - 59.18 0.39
Q3 2014 817.17 1198.5 % 5.45 826.15 (8.98) (0.06)
Q4 2014 278.38 331.8 % 1.86 263.09 15.29 0.10
Q1 2015 202.30 240.0 % 1.35 130.58 71.73 0.48
Q2 2015 57.00 (3.7 %) 0.38 2.74 54.26 0.36
Q3 2015 102.14 (87.5 %) 0.68 - 102.14 0.68
Q4 2015 75.48 (72.9 %) 0.50 - 75.48 0.50
Q1 2016 49.22 (75.7 %) 0.33 - 49.22 0.33
Q2 2016 68.02 19.3 % 0.45 - 68.02 0.45
Q3 2016 74.98 (26.6 %) 0.50 - 74.98 0.50
Q4 2016 54.95 (27.2 %) 0.37 - 54.95 0.37
Q1 2017 52.53 6.7 % 0.35 - 52.53 0.35
Q2 2017 49.18 (27.7 %) 0.33 - 49.18 0.33
Q3 2017 61.99 (17.3 %) 0.41 - 61.99 0.41
Q4 2017 (17.67) (132.1 %) (0.12) - (17.67) (0.12)
Q1 2018 27.21 (48.2 %) 0.18 (4.00) 31.21 0.21
Q2 2018 46.48 (5.5 %) 0.31 - 46.48 0.31
Q3 2018 60.11 (3.0 %) 0.40 (4.07) 64.18 0.43
Q4 2018 (69.45) (293.1 %) (0.46) (67.95) (1.50) (0.01)
Q1 2019 31.29 15.0 % 0.20 - 31.29 0.20
Q2 2019 49.24 5.9 % 0.31 - 49.24 0.31
Q3 2019 67.85 12.9 % 0.43 - 67.85 0.43
Q4 2019 23.48 133.8 % 0.15 - 23.05 0.15
Q1 2020 50.57 61.6 % 0.32 7.73 42.84 0.27
Q2 2020 79.82 62.1 % 0.50 59.87 19.95 0.12
Q3 2020 (23.48) (134.6 %) (0.15) (43.36) 19.88 0.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 56.38 % 45.01 % 36.08 %
Q2 2011 61.27 % 51.92 % 38.92 %
Q3 2011 69.86 % 63.57 % 53.24 %
Q4 2011 72.68 % 68.27 % 60.07 %
Q1 2012 67.90 % 65.78 % 61.52 %
Q2 2012 69.68 % 67.60 % 61.96 %
Q3 2012 66.35 % 63.04 % 59.79 %
Q4 2012 64.31 % 60.44 % 46.11 %
Q1 2013 71.43 % 64.48 % 49.68 %
Q2 2013 67.52 % 60.76 % 54.21 %
Q3 2013 66.68 % 60.74 % 55.38 %
Q4 2013 65.57 % 62.76 % 69.79 %
Q1 2014 64.30 % 61.26 % 62.62 %
Q2 2014 60.28 % 59.24 % 57.49 %
Q3 2014 60.01 % 59.16 % 35.20 %
Q4 2014 55.94 % 56.98 % 24.95 %
Q1 2015 55.25 % 57.44 % 27.24 %
Q2 2015 56.45 % 57.78 % 26.35 %
Q3 2015 56.36 % 57.51 % 50.60 %
Q4 2015 58.88 % 57.89 % 63.76 %
Q1 2016 58.10 % 55.83 % 59.09 %
Q2 2016 54.93 % 52.81 % 57.05 %
Q3 2016 55.15 % 53.30 % 51.56 %
Q4 2016 54.96 % 52.77 % 47.24 %
Q1 2017 54.92 % 53.82 % 48.99 %
Q2 2017 58.51 % 57.27 % 48.94 %
Q3 2017 58.76 % 55.99 % 46.93 %
Q4 2017 59.52 % 56.18 % 31.95 %
Q1 2018 59.55 % 56.16 % 27.52 %
Q2 2018 60.27 % 55.30 % 27.58 %
Q3 2018 60.73 % 56.89 % 27.87 %
Q4 2018 63.35 % 59.02 % 34.55 %
Q1 2019 62.27 % 56.89 % 35.24 %
Q2 2019 61.93 % 54.76 % 35.87 %
Q3 2019 61.32 % 53.33 % 36.52 %
Q4 2019 62.41 % 53.77 % 44.24 %
Q1 2020 64.48 % 56.20 % 48.41 %
Q2 2020 64.79 % 57.52 % 51.04 %
Q3 2020 65.59 % 57.17 % 46.99 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 150.00 0.78 0.65 19.53
Q2 2011 150.00 0.88 0.76 19.10
Q3 2011 150.00 1.35 1.34 19.55
Q4 2011 150.00 1.58 1.58 20.23
Q1 2012 150.00 3.10 2.17 22.59
Q2 2012 150.00 3.18 2.24 21.67
Q3 2012 150.00 2.96 1.89 22.01
Q4 2012 150.00 2.71 1.37 22.42
Q1 2013 150.00 1.41 1.13 22.50
Q2 2013 150.00 1.54 1.28 22.54
Q3 2013 150.00 1.59 1.33 22.38
Q4 2013 150.00 1.76 1.76 23.24
Q1 2014 150.00 1.67 1.67 23.58
Q2 2014 150.00 1.64 1.64 23.15
Q3 2014 150.00 6.67 1.16 27.49
Q4 2014 150.00 8.09 0.83 26.65
Q1 2015 150.00 9.05 0.91 28.77
Q2 2015 150.00 9.03 0.88 28.21
Q3 2015 150.00 4.27 1.62 25.82
Q4 2015 150.00 2.91 2.02 25.68
Q1 2016 150.00 1.89 1.87 24.02
Q2 2016 150.00 1.97 1.97 23.59
Q3 2016 150.00 1.78 1.78 23.91
Q4 2016 150.00 1.65 1.65 25.37
Q1 2017 150.00 1.67 1.67 25.53
Q2 2017 150.00 1.54 1.54 24.74
Q3 2017 150.00 1.46 1.46 24.08
Q4 2017 150.00 0.97 0.97 23.90
Q1 2018 150.00 0.80 0.83 24.30
Q2 2018 150.00 0.79 0.81 24.13
Q3 2018 150.00 0.77 0.83 25.11
Q4 2018 150.00 0.43 0.94 23.86
Q1 2019 157.84 0.43 0.89 23.77
Q2 2019 157.84 0.45 0.91 23.72
Q3 2019 157.84 0.50 0.93 23.31
Q4 2019 157.84 1.09 1.09 22.92
Q1 2020 160.46 1.19 1.14 21.70
Q2 2020 160.46 1.38 0.96 22.93
Q3 2020 160.46 0.81 0.66 23.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 39.74 47.47 1.58
Q2 2011 31.78 37.10 1.47
Q3 2011 21.81 21.83 1.50
Q4 2011 21.18 21.20 1.65
Q1 2012 14.21 20.30 1.95
Q2 2012 10.50 14.94 1.54
Q3 2012 13.79 21.63 1.85
Q4 2012 15.92 31.43 1.92
Q1 2013 37.41 46.64 2.35
Q2 2013 38.31 46.26 2.62
Q3 2013 46.52 55.80 3.31
Q4 2013 38.87 38.87 2.94
Q1 2014 46.17 46.17 3.27
Q2 2014 45.23 45.23 3.21
Q3 2014 12.05 69.22 2.92
Q4 2014 8.73 84.81 2.65
Q1 2015 8.21 81.14 2.58
Q2 2015 8.50 87.09 2.72
Q3 2015 14.50 38.11 2.40
Q4 2015 22.06 31.75 2.50
Q1 2016 30.91 31.22 2.44
Q2 2016 29.33 29.33 2.44
Q3 2016 33.63 33.63 2.51
Q4 2016 42.34 42.34 2.75
Q1 2017 46.14 46.14 3.02
Q2 2017 47.64 47.64 2.97
Q3 2017 49.66 49.66 3.01
Q4 2017 62.03 62.03 2.53
Q1 2018 66.85 64.70 2.21
Q2 2018 69.41 67.14 2.26
Q3 2018 64.70 60.50 1.99
Q4 2018 More than 100 56.41 2.21
Q1 2019 More than 100 53.22 2.10
Q2 2019 More than 100 51.47 1.94
Q3 2019 95.21 51.16 2.01
Q4 2019 47.21 47.33 2.21
Q1 2020 33.79 35.30 1.86
Q2 2020 33.95 48.98 2.05
Q3 2020 62.13 76.62 2.19

Business Segments (Million)

Compared With The
Period Tourism Activity Properties for development and sale Real Estate Management Adjustments Agricultural Activity Marketing Consultancy , Training & Information System
Q1 2016 13.64 96.46 - - 0.84 - -
Q2 2016 44.59 122.26 - (4.57) 1.11 - -
Q3 2016 14.38 127.34 - (3.29) 0.38 - -
Q4 2016 9.71 100.26 - - 0.10 - -
Q1 2017 7.25 96.93 - - 2.01 - -
Q2 2017 10.57 107.65 - (1.63) 1.67 - -
Q3 2017 11.79 118.72 - - 0.89 - -
Q4 2017 2.86 95.81 - - 0.91 - -
Q1 2018 28.88 63.66 13.16 (4.32) 0.88 - -
Q2 2018 32.36 65.61 13.86 (5.46) 1.21 - -
Q3 2018 56.10 68.50 13.62 (5.21) 1.57 - -
Q1 2019 31.48 52.33 14.71 (5.57) 1.57 - -
Q2 2019 37.94 54.98 19.03 (5.33) 1.67 - -
Q3 2019 69.11 53.66 20.59 (7.44) 1.60 - -
Q4 2019 28.01 55.24 (47.04) 9.63 1.33 - -
Q1 2020 27.21 56.84 1.16 (1.50) 1.29 - -
Q2 2020 1.77 29.01 0.18 0.05 0.41 - -
Q3 2020 9.81 51.07 0.21 (0.23) 0.53 - -

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (a) Change‬
Average 21.00 (23.48) (211.8 %)

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (a) Change
SNB Capital 21.00 (23.48) (211.8) %


Financial Ratios
Current
Market Cap (M Riyal) 10,170.96
Enterprise Value (EV) (M) 11,496.39
Shares Outstanding ((M)) 260.46
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 25.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.04
P/E (TTM) 45.50
Price/book 1.52
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.2
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Share Price

Taiba Investments Co.
39.05
1.85 4.97 %

Taiba Investments Co. (TAIBA)

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