Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Seera reported a weaker-than-expected set of Q3 19 results with a net income of SAR64mn, increasing 4.4% yoy. This compares to a net loss of SAR344mn in Q3 18. This is lower than the NCBC and consensus estimates of SAR81mn and SAR71mn, respectively. We believe earnings deviation is due to lower margins and higher non-opex. Seera recorded a one-off of SAR4.7mn in Q3 19. Adjusting for the one-offs, net income stood at SAR69mn.
Seera (formerly Altayyar Travel Group) reported a lower-than-expected Q2 19 results with a net income of SAR65mn, down 39% yoy (+37% qoq). This is lower than NCBC estimates of SAR72mn. We believe earnings deviations is due to one-off charges of SAR11mn. Adjusting for the one-offs, net income stood at SAR76mn, slightly higher than our estimates.
Altayyar has made another major announcement to sell its 30% investment in Thakher for SAR377mn. This is significantly lower than the book value of SAR799mn. An investment loss of SAR422mn will be recorded on Q3 18 results while the proceeds of SAR377mn will be received in Q4 18. Therefore, we revise 2018f net income downward to SAR26mn. We remain Overweight on the stock with a revised PT of SAR26.0.
Q1 2016 revenues reached SAR1,959m (down 9% from SAR2,152m in Q1 2015). The operating profit declined by 31.7% to SAR205m bringing down the net profit to SAR194m (-32.2% yoy and -9.77% qoq) due to an addition to impairment loss recorded on investment in associates and on intangible assets. This drop was mainly due to a decrease in sales of the traditional travel industry and domestic tourism as well as lower ticket prices and the ticket tax.
Al Tayyar recorded a Q4 2015 sales increase of 14.9% compared to Q3 2015. EBIT declined by 15.9% to SAR227M compared to SAR270M in Q3 2015. The net income amounted to SAR215M, a 19% decline compared to the previous quarter. This was on the back of the opening of 30 new branches, as well as a rise of 19% and 12%, in the general and administrative expenses, and selling and marketing expenses, respectively.
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