SVCP’s net profit falls 13% in 9M 2019

27/10/2019 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) reported a net profit after zakat and tax of SAR 3.68 million for the first nine months of 2019, a 13.4 percent year-on-year (YoY) decrease on lower sales driven by weak demand amid slowdown of projects.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	90.27	82.02	(9.1 %)
Gross Income	21.86	23.45	7.3 %
Operating Income	6.72	6.24	(7.1 %)
Net Income	4.25	3.68	(13.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.28	0.25	(13.4 %)

In Q3 2019, net profit dropped about 7.5 percent YoY to SAR 1.47 million, due to lower sales driven by weak demand amid slowdown of projects.

On a sequential basis, Q3 net profit more than doubled on higher sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	29.45	28.36	(3.7 %)
Gross Income	7.59	7.85	3.4 %
Operating Income	2.46	2.45	(0.3 %)
Net Income	1.59	1.45	(8.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.11	0.10	(8.6 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	23.53	28.36	20.5 %
Gross Income	7.33	7.85	7.0 %
Operating Income	1.36	2.45	79.9 %
Net Income	0.61	1.45	136.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.04	0.10	136.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2010	244.62	8.7 %	95.56	45.3 %	76.42	79.4 %	5.09
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
2011	261.45	6.9 %	108.96	14.0 %	82.77	8.3 %	5.52
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
2012	311.58	19.2 %	116.55	7.0 %	87.44	5.6 %	5.83
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
Q4 2013	80.20	(3.5 %)	29.94	(4.8 %)	24.52	3.3 %	1.63
2013	303.42	(2.6 %)	110.07	(5.6 %)	84.43	(3.4 %)	5.63
Q1 2014	75.65	(3.8 %)	30.35	3.2 %	22.69	2.7 %	1.51
Q2 2014	87.35	12.8 %	34.47	30.6 %	27.87	37.5 %	1.86
Q3 2014	88.15	31.3 %	33.22	36.6 %	26.00	48.2 %	1.73
Q4 2014	91.59	14.2 %	36.81	22.9 %	24.02	(2.0 %)	1.60
2014	342.74	13.0 %	134.85	22.5 %	100.58	19.1 %	6.71
Q1 2015	92.76	22.6 %	36.87	21.5 %	21.96	(3.2 %)	1.46
Q2 2015	95.45	9.3 %	43.78	27.0 %	32.80	17.7 %	2.19
Q3 2015	90.56	2.7 %	42.29	27.3 %	21.71	(16.5 %)	1.45
Q4 2015	111.54	21.8 %	42.14	14.5 %	26.76	11.4 %	1.78
2015	390.30	13.9 %	165.08	22.4 %	103.22	2.6 %	6.88
Q1 2016	104.08	12.2 %	44.08	19.5 %	33.63	53.1 %	2.24
Q2 2016	78.16	(18.1 %)	33.90	(22.6 %)	23.90	(27.1 %)	1.59
Q3 2016	58.01	(35.9 %)	20.69	(51.1 %)	12.14	(44.1 %)	0.81
Q4 2016	53.37	(52.2 %)	15.18	(64.0 %)	3.59	(86.6 %)	0.24
2016	293.61	(24.8 %)	113.84	(31.0 %)	73.25	(29.0 %)	4.88
Q1 2017	53.83	(48.3 %)	19.65	(55.4 %)	11.96	(64.4 %)	0.80
Q2 2017	53.58	(31.5 %)	25.35	(25.2 %)	16.05	(32.8 %)	1.07
Q3 2017	24.40	(57.9 %)	6.36	(69.2 %)	1.34	(88.9 %)	0.09
Q4 2017	32.55	(39.0 %)	5.09	(66.5 %)	(0.39)	(111.0 %)	(0.03)
2017	164.36	(44.0 %)	56.45	(50.4 %)	28.95	(60.5 %)	1.93
Q1 2018	31.84	(40.8 %)	7.93	(59.7 %)	1.78	(85.1 %)	0.12
Q2 2018	28.98	(45.9 %)	6.34	(75.0 %)	0.88	(94.5 %)	0.06
Q3 2018	29.45	20.7 %	7.59	19.3 %	1.59	18.3 %	0.11
Q4 2018	27.69	(14.9 %)	3.90	(23.4 %)	0.14	135.5 %	0.01
2018	117.96	(28.2 %)	25.76	(54.4 %)	4.39	(84.8 %)	0.29
Q1 2019	30.13	(5.4 %)	8.26	4.3 %	1.60	(10.1 %)	0.11
Q2 2019	23.53	(18.8 %)	7.33	15.6 %	0.61	(30.1 %)	0.04
Q3 2019	28.36	(3.7 %)	7.85	3.4 %	1.45	(8.6 %)	0.10

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	225.12	(12.7 %)	65.76	(7.8 %)	42.61	(11.6 %)	2.84
2010	244.62	8.7 %	95.56	45.3 %	76.42	79.4 %	5.09
2011	261.45	6.9 %	108.96	14.0 %	82.77	8.3 %	5.52
2012	311.58	19.2 %	116.55	7.0 %	87.44	5.6 %	5.83
2013	303.42	(2.6 %)	110.07	(5.6 %)	84.43	(3.4 %)	5.63
2014	342.74	13.0 %	134.85	22.5 %	100.58	19.1 %	6.71
2015	390.30	13.9 %	165.08	22.4 %	103.22	2.6 %	6.88
2016	293.61	(24.8 %)	113.84	(31.0 %)	73.25	(29.0 %)	4.88
2017	164.36	(44.0 %)	56.45	(50.4 %)	28.95	(60.5 %)	1.93
2018	117.96	(28.2 %)	25.76	(54.4 %)	4.39	(84.8 %)	0.29

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
Q4 2013	36.28 %	34.75 %	27.82 %
2013	36.28 %	34.75 %	27.82 %
Q1 2014	36.96 %	35.23 %	28.30 %
Q2 2014	38.38 %	36.89 %	29.85 %
Q3 2014	38.62 %	37.06 %	30.51 %
Q4 2014	39.34 %	37.06 %	29.35 %
2014	39.34 %	37.06 %	29.35 %
Q1 2015	39.29 %	37.21 %	27.75 %
Q2 2015	40.95 %	38.13 %	28.48 %
Q3 2015	43.13 %	39.64 %	27.13 %
Q4 2015	42.30 %	38.33 %	26.45 %
2015	42.29 %	38.33 %	26.45 %
Q1 2016	42.90 %	37.45 %	28.61 %
Q2 2016	42.26 %	36.82 %	27.58 %
Q3 2016	40.03 %	34.57 %	27.41 %
Q4 2016	38.77 %	31.96 %	24.95 %
2016	38.77 %	31.96 %	24.95 %
Q1 2017	36.74 %	30.24 %	21.19 %
Q2 2017	36.96 %	29.40 %	19.99 %
Q3 2017	35.93 %	27.59 %	17.78 %
Q4 2017	34.35 %	27.33 %	17.62 %
2017	34.35 %	27.33 %	17.62 %
Q1 2018	31.42 %	24.73 %	13.19 %
Q2 2018	21.84 %	15.99 %	3.06 %
Q3 2018	21.94 %	16.43 %	3.14 %
Q4 2018	21.83 %	18.45 %	3.72 %
2018	21.83 %	18.45 %	3.72 %
Q1 2019	22.45 %	18.43 %	3.62 %
Q2 2019	24.44 %	19.05 %	3.56 %
Q3 2019	24.92 %	18.51 %	3.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	29.21 %	30.07 %	18.93 %
2010	39.07 %	39.12 %	31.24 %
2011	41.67 %	40.02 %	31.66 %
2012	37.41 %	35.42 %	28.06 %
2013	36.28 %	34.75 %	27.82 %
2014	39.34 %	37.06 %	29.35 %
2015	42.29 %	38.33 %	26.45 %
2016	38.77 %	31.96 %	24.95 %
2017	34.35 %	27.33 %	17.62 %
2018	21.83 %	18.45 %	3.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	40.06 %	39.56 %	31.94 %
Q2 2010	37.65 %	38.60 %	33.70 %
Q3 2010	40.64 %	42.48 %	33.20 %
Q4 2010	38.12 %	36.15 %	26.25 %
Q1 2011	41.05 %	39.70 %	30.22 %
Q2 2011	45.11 %	43.48 %	35.40 %
Q3 2011	42.39 %	40.05 %	31.17 %
Q4 2011	38.14 %	36.79 %	29.68 %
Q1 2012	36.79 %	35.17 %	26.37 %
Q2 2012	35.13 %	33.10 %	26.47 %
Q3 2012	40.05 %	37.98 %	30.93 %
Q4 2012	37.86 %	35.68 %	28.58 %
Q1 2013	37.38 %	35.85 %	28.08 %
Q2 2013	34.10 %	31.91 %	26.18 %
Q3 2013	36.24 %	34.41 %	26.14 %
Q4 2013	37.33 %	36.70 %	30.58 %
Q1 2014	40.12 %	37.81 %	29.99 %
Q2 2014	39.47 %	38.18 %	31.91 %
Q3 2014	37.68 %	35.63 %	29.49 %
Q4 2014	40.19 %	36.76 %	26.23 %
Q1 2015	39.75 %	38.23 %	23.67 %
Q2 2015	45.86 %	41.67 %	34.36 %
Q3 2015	46.70 %	41.85 %	23.97 %
Q4 2015	37.78 %	32.69 %	24.00 %
Q1 2016	42.35 %	34.86 %	32.31 %
Q2 2016	43.37 %	39.51 %	30.57 %
Q3 2016	35.66 %	30.99 %	20.93 %
Q4 2016	28.43 %	16.33 %	6.72 %
Q1 2017	36.50 %	29.75 %	22.21 %
Q2 2017	47.32 %	40.35 %	29.96 %
Q3 2017	26.08 %	19.44 %	5.50 %
Q4 2017	15.64 %	7.83 %	(1.21 %)
Q1 2018	24.89 %	19.80 %	5.60 %
Q2 2018	21.89 %	18.08 %	3.03 %
Q3 2018	25.77 %	20.67 %	5.39 %
Q4 2018	14.07 %	14.91 %	0.51 %
Q1 2019	27.42 %	19.82 %	5.32 %
Q2 2019	31.17 %	20.88 %	2.61 %
Q3 2019	27.68 %	18.68 %	5.11 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2013	15.00	5.63	5.63	15.41
Q1 2014	15.00	5.67	5.67	15.63
Q2 2014	15.00	6.17	6.17	16.20
Q3 2014	15.00	6.74	6.74	16.64
Q4 2014	15.00	6.71	6.71	16.81
Q1 2015	15.00	6.66	6.66	16.77
Q2 2015	15.00	6.99	6.99	17.46
Q3 2015	15.00	6.70	6.70	18.91
Q4 2015	15.00	6.88	6.88	17.69
Q1 2016	15.00	7.66	7.66	21.19
Q2 2016	15.00	7.07	7.07	21.29
Q3 2016	15.00	6.43	6.43	22.10
Q4 2016	15.00	4.88	4.88	22.37
Q1 2017	15.00	3.44	3.44	22.13
Q2 2017	15.00	2.92	2.92	23.20
Q3 2017	15.00	2.20	2.20	21.79
Q4 2017	15.00	1.93	1.93	20.32
Q1 2018	15.00	1.25	1.25	19.78
Q2 2018	15.00	0.24	0.24	19.78
Q3 2018	15.00	0.26	0.26	19.89
Q4 2018	15.00	0.29	0.29	19.54
Q1 2019	15.00	0.28	0.28	19.65
Q2 2019	15.00	0.26	0.26	19.69
Q3 2019	15.00	0.25	0.25	19.79

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	15.00	2.84	2.84	14.40
2010	15.00	5.09	5.09	16.95
2011	15.00	5.52	5.52	15.26
2012	15.00	5.83	5.83	14.93
2013	15.00	5.63	5.63	15.41
2014	15.00	6.71	6.71	16.81
2015	15.00	6.88	6.88	17.69
2016	15.00	4.88	4.88	22.37
2017	15.00	1.93	1.93	20.32
2018	15.00	0.29	0.29	19.54

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2013	12.97	12.97	4.74
Q1 2014	15.48	15.48	5.61
Q2 2014	15.78	15.78	6.02
Q3 2014	15.73	15.73	6.37
Q4 2014	13.43	13.43	5.36
Q1 2015	15.10	15.10	5.99
Q2 2015	14.27	14.27	5.71
Q3 2015	12.39	12.39	4.39
Q4 2015	13.67	13.67	5.32
Q1 2016	10.75	10.75	3.89
Q2 2016	13.02	13.02	4.32
Q3 2016	10.57	10.57	3.07
Q4 2016	14.70	14.70	3.21
Q1 2017	16.42	16.42	2.55
Q2 2017	17.19	17.19	2.16
Q3 2017	23.02	23.02	2.32
Q4 2017	29.98	29.98	2.85
Q1 2018	41.29	41.29	2.61
Q2 2018	More than 100	More than 100	2.53
Q3 2018	More than 100	More than 100	2.46
Q4 2018	More than 100	More than 100	2.67
Q1 2019	More than 100	More than 100	2.47
Q2 2019	More than 100	More than 100	2.13
Q3 2019	More than 100	More than 100	2.45

Period	P/E	Adjusted P/E	Price/book
2009	14.50	14.50	2.86
2010	11.58	11.58	3.48
2011	12.32	12.32	4.45
2012	11.71	11.71	4.57
2013	12.97	12.97	4.74
2014	13.43	13.43	5.36
2015	13.67	13.67	5.32
2016	14.70	14.70	3.21
2017	29.98	29.98	2.85
2018	More than 100	More than 100	2.67

Financial Ratios

	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 )

Saudi Vitrified Clay Pipes Co. (SVCP)

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SVCP’s net profit falls 13% in 9M 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

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SVCP’s net profit falls 13% in 9M 2019

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

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