SVCP posts lower net profit at SAR 59.9m in I3 of 2013

30/09/2013 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. reported SAR 59.9m net profit at the end of I3 of 2013, compared to SAR 63.7m in the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 228.51 223.21 (2.3 %)
Gross Income 85.10 80.13 (5.8 %)
Operating Income 65.95 60.89 (7.7 %)
Net Income 63.70 59.90 (6.0 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 4.25 3.99 (6.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 73.69 67.12 (8.9 %)
Gross Income 29.51 24.33 (17.6 %)
Operating Income 23.01 18.05 (21.6 %)
Net Income 22.79 17.54 (23.0 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.52 1.17 (23.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 - - - - - - -
Q2 2004 - - - - - - -
Q3 2004 - - - - - - -
Q4 2004 - - - - - - -
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 48.72 - 17.05 - 11.67 - 0.78
Q4 2006 51.47 - 14.61 - 10.39 - 0.69
Q1 2007 59.59 - 17.36 - 11.54 - 0.77
Q2 2007 54.09 - 18.48 - 14.63 - 0.98
Q3 2007 51.15 5.0 % 18.15 6.5 % 13.11 12.4 % 0.87
Q4 2007 49.96 (2.9 %) 7.72 (47.1 %) 3.91 (62.4 %) 0.26
Q1 2008 61.78 3.7 % 19.63 13.1 % 11.85 2.7 % 0.79
Q2 2008 71.86 32.9 % 18.50 0.1 % 11.82 (19.2 %) 0.79
Q3 2008 63.70 24.6 % 16.39 (9.7 %) 11.07 (15.6 %) 0.74
Q4 2008 60.52 21.1 % 16.80 117.5 % 13.48 244.5 % 0.90
Q1 2009 57.86 (6.3 %) 14.40 (26.6 %) 9.21 (22.2 %) 0.61
Q2 2009 54.85 (23.7 %) 12.64 (31.7 %) 4.36 (63.2 %) 0.29
Q3 2009 54.16 (15.0 %) 18.11 10.5 % 10.15 (8.3 %) 0.68
Q4 2009 58.25 (3.8 %) 20.61 22.7 % 18.89 40.2 % 1.26
Q1 2010 60.41 4.4 % 24.20 68.0 % 19.30 109.5 % 1.29
Q2 2010 64.28 17.2 % 24.20 91.5 % 21.66 397.3 % 1.44
Q3 2010 57.39 6.0 % 23.32 28.7 % 19.05 87.7 % 1.27
Q4 2010 62.54 7.4 % 23.84 15.7 % 16.42 (13.1 %) 1.09
Q1 2011 63.22 4.7 % 25.95 7.3 % 19.11 (1.0 %) 1.27
Q2 2011 68.17 6.0 % 30.75 27.0 % 24.13 11.4 % 1.61
Q3 2011 62.37 8.7 % 26.44 13.4 % 19.44 2.1 % 1.30
Q4 2011 67.69 8.2 % 25.82 8.3 % 20.09 22.4 % 1.34
Q1 2012 72.31 14.4 % 26.60 2.5 % 19.07 (0.2 %) 1.27
Q2 2012 82.51 21.0 % 28.99 (5.7 %) 21.84 (9.5 %) 1.46
Q3 2012 73.69 18.1 % 29.51 11.6 % 22.79 17.2 % 1.52
Q4 2012 83.08 22.7 % 31.45 21.8 % 23.74 18.2 % 1.58
Q1 2013 78.65 8.8 % 29.40 10.5 % 22.09 15.8 % 1.47
Q2 2013 77.44 (6.1 %) 26.40 (8.9 %) 20.27 (7.2 %) 1.35
Q3 2013 67.12 (8.9 %) 24.33 (17.6 %) 17.54 (23.0 %) 1.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 31.56 % 24.49 % 22.55 %
Q3 2007 31.71 % 24.86 % 22.96 %
Q4 2007 28.73 % 21.80 % 20.11 %
Q1 2008 29.49 % 22.25 % 20.05 %
Q2 2008 27.27 % 20.33 % 17.33 %
Q3 2008 25.17 % 18.30 % 15.63 %
Q4 2008 27.66 % 20.52 % 18.70 %
Q1 2009 26.03 % 20.38 % 17.95 %
Q2 2009 25.42 % 21.45 % 16.09 %
Q3 2009 27.25 % 24.05 % 16.36 %
Q4 2009 29.21 % 30.07 % 18.93 %
Q1 2010 33.19 % 34.55 % 23.14 %
Q2 2010 36.74 % 38.07 % 29.52 %
Q3 2010 38.42 % 41.11 % 32.83 %
Q4 2010 39.07 % 39.12 % 31.24 %
Q1 2011 39.33 % 39.16 % 30.81 %
Q2 2011 41.33 % 40.48 % 31.32 %
Q3 2011 41.74 % 39.93 % 30.86 %
Q4 2011 41.67 % 40.02 % 31.66 %
Q1 2012 40.51 % 38.80 % 30.58 %
Q2 2012 37.85 % 36.02 % 28.24 %
Q3 2012 37.45 % 35.66 % 28.29 %
Q4 2012 37.41 % 35.42 % 28.06 %
Q1 2013 37.54 % 35.58 % 28.45 %
Q2 2013 37.32 % 35.33 % 28.41 %
Q3 2013 36.43 % 34.49 % 27.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 15.00 - - 6.81
Q4 2006 15.00 - - 10.33
Q1 2007 15.00 - - 10.84
Q2 2007 15.00 3.22 3.22 11.83
Q3 2007 15.00 3.31 3.31 12.64
Q4 2007 15.00 2.88 2.88 13.05
Q1 2008 15.00 2.90 2.90 11.38
Q2 2008 15.00 2.71 2.71 12.50
Q3 2008 15.00 2.58 2.58 13.24
Q4 2008 15.00 3.21 3.21 14.09
Q1 2009 15.00 3.04 3.04 12.32
Q2 2009 15.00 2.54 2.54 12.65
Q3 2009 15.00 2.48 2.48 13.36
Q4 2009 15.00 2.84 2.84 14.40
Q1 2010 15.00 3.51 3.51 13.38
Q2 2010 15.00 4.67 4.67 14.81
Q3 2010 15.00 5.26 5.26 16.05
Q4 2010 15.00 5.09 5.09 16.95
Q1 2011 15.00 5.08 5.08 15.17
Q2 2011 15.00 5.25 5.25 14.78
Q3 2011 15.00 5.27 5.27 16.06
Q4 2011 15.00 5.52 5.52 15.26
Q1 2012 15.00 5.52 5.52 15.49
Q2 2012 15.00 5.36 5.36 15.67
Q3 2012 15.00 5.59 5.59 17.15
Q4 2012 15.00 5.83 5.83 14.93
Q1 2013 15.00 6.03 6.03 16.33
Q2 2013 15.00 5.93 5.93 16.16
Q3 2013 15.00 5.58 5.58 17.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 36.31 36.31 9.87
Q3 2007 34.05 34.05 8.92
Q4 2007 37.86 37.86 8.36
Q1 2008 25.35 25.35 6.46
Q2 2008 29.95 29.95 6.50
Q3 2008 19.79 19.79 3.85
Q4 2008 10.27 10.27 2.34
Q1 2009 16.29 16.29 4.02
Q2 2009 17.55 17.55 3.53
Q3 2009 16.58 16.58 3.08
Q4 2009 14.50 14.50 2.86
Q1 2010 14.06 14.06 3.69
Q2 2010 13.71 13.71 4.32
Q3 2010 11.17 11.17 3.66
Q4 2010 11.58 11.58 3.48
Q1 2011 10.67 10.67 3.58
Q2 2011 11.82 11.82 4.19
Q3 2011 11.28 11.28 3.70
Q4 2011 12.32 12.32 4.45
Q1 2012 13.64 13.64 4.86
Q2 2012 11.56 11.56 3.96
Q3 2012 11.68 11.68 3.80
Q4 2012 11.71 11.71 4.57
Q1 2013 11.36 11.36 4.19
Q2 2013 12.32 12.32 4.52
Q3 2013 13.32 13.32 4.29

Current
Market Cap (M Riyal) 622.50
Enterprise Value (EV) (M) 617.68
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (4.17)
Book Value (BV) ( Riyal) 13.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.06
Return on Average Assets (%) (TTM) (22.79 )
Return on Average Equity (%) (TTM) (26.67 )

Share Price

41.50
(0.05) (0.12 %)

Saudi Vitrified Clay Pipes Co. (SVCP)


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