Saudi Steel Pipe Co.’s net profit for the first nine months of 2016 fell 54 percent year-on-year to SAR 19.7 million on a drop in deliveries related to projects, a SAR 4.4 million loss incurred on revaluation of raw material inventory, and a SAR 2 million provision for slow moving and obsolete inventory.
These negative factors, however, were offset by stronger financial results from subsidiary Global Pipe Co., as well as cost savings related to the launch of its oil country tubular goods threading line.
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Revenues | 708.34 | 468.30 | (33.9 %) |
| Gross Income | 89.64 | 55.41 | (38.2 %) |
| Operating Income | 47.64 | 16.63 | (65.1 %) |
| Net Income | 42.89 | 16.77 | (60.9 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.84 | 0.33 | (60.9 %) |
Net profit for the third quarter fell 28 percent YoY to SAR 5.8 million. Q3 profit was lower by 2 percent compared to the previous quarter as demand in the local market slowed.
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 179.88 | 122.61 | (31.8 %) |
| Gross Income | 21.52 | 10.46 | (51.4 %) |
| Operating Income | 8.34 | (0.23) | (102.8 %) |
| Net Income | 8.02 | 5.21 | (35.0 %) |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.16 | 0.10 | (35.0 %) |
| Item | Q2 2016 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 151.35 | 122.61 | (19.0 %) |
| Gross Income | 16.01 | 10.46 | (34.7 %) |
| Operating Income | 3.29 | (0.23) | (107.1 %) |
| Net Income | 3.04 | 5.21 | 71.4 % |
| Average Shares | 51.00 | 51.00 | - |
| EPS (Riyals) | 0.06 | 0.10 | 71.4 % |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2007 | - | - | - | - | - | - | - |
| Q2 2007 | - | - | - | - | - | - | - |
| Q3 2007 | - | - | - | - | - | - | - |
| Q4 2007 | - | - | - | - | - | - | - |
| 2007 | 727.81 | 28.7 % | 156.07 | 40.0 % | 116.17 | 73.6 % | 3.32 |
| Q1 2008 | - | - | - | - | - | - | - |
| Q2 2008 | - | - | - | - | - | - | - |
| Q3 2008 | - | - | - | - | - | - | - |
| Q4 2008 | - | - | - | - | - | - | - |
| 2008 | 816.87 | 12.2 % | 172.80 | 10.7 % | 132.32 | 13.9 % | 3.78 |
| Q1 2009 | 155.80 | - | 40.80 | - | 33.61 | - | 0.96 |
| Q2 2009 | 145.28 | - | 40.19 | - | 35.85 | - | 1.02 |
| Q3 2009 | 130.83 | - | 36.93 | - | 30.17 | - | 0.59 |
| Q4 2009 | 106.74 | - | 21.69 | - | 13.19 | - | 0.26 |
| 2009 | 538.65 | (34.1 %) | 139.61 | (19.2 %) | 112.83 | (14.7 %) | 2.21 |
| Q1 2010 | 153.44 | (1.5 %) | 28.11 | (31.1 %) | 20.02 | (40.4 %) | 0.39 |
| Q2 2010 | 168.86 | 16.2 % | 33.00 | (17.9 %) | 25.16 | (29.8 %) | 0.49 |
| Q3 2010 | 104.11 | (20.4 %) | 13.27 | (64.1 %) | 6.54 | (78.3 %) | 0.13 |
| Q4 2010 | 166.87 | 56.3 % | 34.15 | 57.4 % | 21.23 | 60.9 % | 0.42 |
| 2010 | 593.28 | 10.1 % | 108.53 | (22.3 %) | 72.95 | (35.3 %) | 1.43 |
| Q1 2011 | 163.11 | 6.3 % | 28.75 | 2.3 % | 21.01 | 5.0 % | 0.41 |
| Q2 2011 | 153.83 | (8.9 %) | 29.74 | (9.9 %) | 21.34 | (15.2 %) | 0.42 |
| Q3 2011 | 140.14 | 34.6 % | 17.97 | 35.3 % | 9.40 | 43.7 % | 0.18 |
| Q4 2011 | 172.27 | 3.2 % | 23.03 | (32.6 %) | 13.37 | (37.0 %) | 0.26 |
| 2011 | 629.35 | 6.1 % | 99.49 | (8.3 %) | 65.12 | (10.7 %) | 1.28 |
| Q1 2012 | 206.85 | 26.8 % | 29.13 | 1.3 % | 18.32 | (12.8 %) | 0.36 |
| Q2 2012 | 187.48 | 21.9 % | 22.88 | (23.1 %) | 12.38 | (42.0 %) | 0.24 |
| Q3 2012 | 152.16 | 8.6 % | 19.39 | 7.9 % | 8.92 | (5.1 %) | 0.17 |
| Q4 2012 | 179.87 | 4.4 % | 26.57 | 15.4 % | 14.09 | 5.4 % | 0.28 |
| 2012 | 726.36 | 15.4 % | 97.96 | (1.5 %) | 53.71 | (17.5 %) | 1.05 |
| Q1 2013 | 248.48 | 20.1 % | 37.91 | 30.2 % | 23.11 | 26.2 % | 0.45 |
| Q2 2013 | 249.13 | 32.9 % | 39.45 | 72.5 % | 25.11 | 102.7 % | 0.49 |
| Q3 2013 | 172.98 | 13.7 % | 27.95 | 44.1 % | 16.37 | 83.5 % | 0.32 |
| Q4 2013 | 168.76 | (6.2 %) | 25.76 | (3.0 %) | 14.86 | 5.4 % | 0.29 |
| 2013 | 839.34 | 15.6 % | 131.07 | 33.8 % | 79.44 | 47.9 % | 1.56 |
| Q1 2014 | 224.73 | (9.6 %) | 21.65 | (42.9 %) | 4.03 | (82.6 %) | 0.08 |
| Q2 2014 | 249.65 | 0.2 % | 32.69 | (17.1 %) | 15.55 | (38.1 %) | 0.30 |
| Q3 2014 | 241.88 | 39.8 % | 23.65 | (15.4 %) | 6.59 | (59.7 %) | 0.13 |
| Q4 2014 | 141.74 | (16.0 %) | 19.38 | (24.8 %) | 5.30 | (64.3 %) | 0.10 |
| 2014 | 857.99 | 2.2 % | 97.25 | (25.8 %) | 31.20 | (60.7 %) | 0.61 |
| Q1 2015 | 248.49 | 10.6 % | 29.24 | 35.0 % | 11.41 | 183.3 % | 0.22 |
| Q2 2015 | 279.97 | 12.1 % | 38.88 | 18.9 % | 23.46 | 50.8 % | 0.46 |
| Q3 2015 | 179.88 | (25.6 %) | 21.52 | (9.0 %) | 8.02 | 21.6 % | 0.16 |
| Q4 2015 | 143.55 | 1.3 % | 11.55 | (40.4 %) | (1.30) | (124.6 %) | (0.03) |
| 2015 | 852.09 | (0.7 %) | 95.78 | (1.5 %) | 33.38 | 7.0 % | 0.65 |
| Q1 2016 | 194.34 | (21.8 %) | 28.94 | (1.0 %) | 8.52 | (25.4 %) | 0.17 |
| Q2 2016 | 151.35 | (45.9 %) | 16.01 | (58.8 %) | 3.04 | (87.0 %) | 0.06 |
| Q3 2016 | 122.61 | (31.8 %) | 10.46 | (51.4 %) | 5.21 | (35.0 %) | 0.10 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2006 | 565.41 | - | 111.45 | - | 66.90 | - | 1.91 |
| 2007 | 727.81 | 28.7 % | 156.07 | 40.0 % | 116.17 | 73.6 % | 3.32 |
| 2008 | 816.87 | 12.2 % | 172.80 | 10.7 % | 132.32 | 13.9 % | 3.78 |
| 2009 | 538.65 | (34.1 %) | 139.61 | (19.2 %) | 112.83 | (14.7 %) | 2.21 |
| 2010 | 593.28 | 10.1 % | 108.53 | (22.3 %) | 72.95 | (35.3 %) | 1.43 |
| 2011 | 629.35 | 6.1 % | 99.49 | (8.3 %) | 65.12 | (10.7 %) | 1.28 |
| 2012 | 726.36 | 15.4 % | 97.96 | (1.5 %) | 53.71 | (17.5 %) | 1.05 |
| 2013 | 839.34 | 15.6 % | 131.07 | 33.8 % | 79.44 | 47.9 % | 1.56 |
| 2014 | 857.99 | 2.2 % | 97.25 | (25.8 %) | 31.20 | (60.7 %) | 0.61 |
| 2015 | 852.09 | (0.7 %) | 95.78 | (1.5 %) | 33.38 | 7.0 % | 0.65 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | - | - | - |
| 2007 | 21.44 % | 19.70 % | 15.96 % |
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| 2008 | 21.15 % | 19.03 % | 16.20 % |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | 25.92 % | 23.89 % | 20.95 % |
| 2009 | 25.92 % | 23.89 % | 20.95 % |
| Q1 2010 | 23.67 % | 21.51 % | 18.50 % |
| Q2 2010 | 21.38 % | 19.23 % | 15.81 % |
| Q3 2010 | 18.02 % | 15.98 % | 12.18 % |
| Q4 2010 | 18.29 % | 16.59 % | 12.30 % |
| 2010 | 18.29 % | 16.59 % | 12.30 % |
| Q1 2011 | 18.11 % | 16.61 % | 12.26 % |
| Q2 2011 | 18.02 % | 16.41 % | 11.93 % |
| Q3 2011 | 17.73 % | 16.01 % | 11.70 % |
| Q4 2011 | 15.81 % | 13.97 % | 10.35 % |
| 2011 | 15.81 % | 13.97 % | 10.35 % |
| Q1 2012 | 14.84 % | 12.84 % | 9.27 % |
| Q2 2012 | 13.16 % | 11.16 % | 7.57 % |
| Q3 2012 | 13.14 % | 10.99 % | 7.37 % |
| Q4 2012 | 13.49 % | 11.08 % | 7.39 % |
| 2012 | 13.49 % | 11.08 % | 7.39 % |
| Q1 2013 | 13.90 % | 11.20 % | 7.62 % |
| Q2 2013 | 14.86 % | 11.98 % | 8.59 % |
| Q3 2013 | 15.51 % | 12.68 % | 9.25 % |
| Q4 2013 | 15.62 % | 12.78 % | 9.47 % |
| 2013 | 15.62 % | 12.78 % | 9.47 % |
| Q1 2014 | 14.08 % | 11.55 % | 7.40 % |
| Q2 2014 | 13.24 % | 11.01 % | 6.23 % |
| Q3 2014 | 11.72 % | 9.50 % | 4.64 % |
| Q4 2014 | 11.35 % | 9.10 % | 3.67 % |
| 2014 | 11.33 % | 9.27 % | 3.64 % |
| Q1 2015 | 11.90 % | 9.69 % | 4.41 % |
| Q2 2015 | 12.19 % | 10.10 % | 5.13 % |
| Q3 2015 | 12.82 % | 10.81 % | 5.79 % |
| Q4 2015 | 11.88 % | 10.12 % | 5.00 % |
| 2015 | 11.24 % | 9.48 % | 4.04 % |
| Q1 2016 | 12.65 % | 10.74 % | 4.98 % |
| Q2 2016 | 11.66 % | 9.63 % | 2.88 % |
| Q3 2016 | 10.94 % | 9.23 % | 2.85 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2006 | 19.71 % | 15.77 % | 11.83 % |
| 2007 | 21.44 % | 19.70 % | 15.96 % |
| 2008 | 21.15 % | 19.03 % | 16.20 % |
| 2009 | 25.92 % | 23.89 % | 20.95 % |
| 2010 | 18.29 % | 16.59 % | 12.30 % |
| 2011 | 15.81 % | 13.97 % | 10.35 % |
| 2012 | 13.49 % | 11.08 % | 7.39 % |
| 2013 | 15.62 % | 12.78 % | 9.47 % |
| 2014 | 11.33 % | 9.27 % | 3.64 % |
| 2015 | 11.24 % | 9.48 % | 4.04 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | - | - | - |
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| Q1 2009 | 26.19 % | 24.41 % | 21.57 % |
| Q2 2009 | 27.66 % | 26.09 % | 24.68 % |
| Q3 2009 | 28.23 % | 26.38 % | 23.06 % |
| Q4 2009 | 20.32 % | 17.11 % | 12.36 % |
| Q1 2010 | 18.32 % | 16.07 % | 13.05 % |
| Q2 2010 | 19.54 % | 17.90 % | 14.90 % |
| Q3 2010 | 12.75 % | 11.59 % | 6.28 % |
| Q4 2010 | 20.47 % | 18.84 % | 12.72 % |
| Q1 2011 | 17.63 % | 16.19 % | 12.88 % |
| Q2 2011 | 19.34 % | 17.27 % | 13.87 % |
| Q3 2011 | 12.82 % | 11.05 % | 6.71 % |
| Q4 2011 | 13.37 % | 11.29 % | 7.76 % |
| Q1 2012 | 14.08 % | 12.06 % | 8.85 % |
| Q2 2012 | 12.20 % | 10.15 % | 6.61 % |
| Q3 2012 | 12.74 % | 10.25 % | 5.86 % |
| Q4 2012 | 14.77 % | 11.62 % | 7.84 % |
| Q1 2013 | 15.26 % | 12.27 % | 9.30 % |
| Q2 2013 | 15.84 % | 13.01 % | 10.08 % |
| Q3 2013 | 16.16 % | 13.91 % | 9.46 % |
| Q4 2013 | 15.26 % | 12.02 % | 8.80 % |
| Q1 2014 | 9.63 % | 7.75 % | 1.79 % |
| Q2 2014 | 13.09 % | 11.24 % | 6.23 % |
| Q3 2014 | 9.78 % | 7.55 % | 2.73 % |
| Q4 2014 | 13.67 % | 10.11 % | 3.74 % |
| Q1 2015 | 11.77 % | 9.97 % | 4.59 % |
| Q2 2015 | 13.89 % | 12.40 % | 8.38 % |
| Q3 2015 | 11.97 % | 10.03 % | 5.03 % |
| Q4 2015 | 8.04 % | 6.07 % | (0.91 %) |
| Q1 2016 | 14.89 % | 12.44 % | 4.38 % |
| Q2 2016 | 10.58 % | 8.92 % | 2.01 % |
| Q3 2016 | 8.53 % | 8.24 % | 5.88 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2007 | - | - | - | - |
| Q2 2007 | - | - | - | - |
| Q3 2007 | - | - | - | - |
| Q4 2007 | - | - | - | - |
| Q1 2008 | - | - | - | - |
| Q2 2008 | - | - | - | - |
| Q3 2008 | - | - | - | - |
| Q4 2008 | - | - | - | - |
| Q1 2009 | 35.00 | - | - | 13.16 |
| Q2 2009 | 35.00 | - | - | 14.04 |
| Q3 2009 | 51.00 | - | - | 17.29 |
| Q4 2009 | 51.00 | 2.21 | 2.21 | 17.55 |
| Q1 2010 | 51.00 | 1.95 | 1.95 | 15.88 |
| Q2 2010 | 51.00 | 1.74 | 1.74 | 16.33 |
| Q3 2010 | 51.00 | 1.27 | 1.27 | 15.92 |
| Q4 2010 | 51.00 | 1.43 | 1.43 | 16.31 |
| Q1 2011 | 51.00 | 1.45 | 1.45 | 15.67 |
| Q2 2011 | 51.00 | 1.37 | 1.37 | 16.03 |
| Q3 2011 | 51.00 | 1.43 | 1.43 | 15.43 |
| Q4 2011 | 51.00 | 1.28 | 1.28 | 15.55 |
| Q1 2012 | 51.00 | 1.22 | 1.22 | 15.04 |
| Q2 2012 | 51.00 | 1.05 | 1.05 | 15.24 |
| Q3 2012 | 51.00 | 1.04 | 1.04 | 15.38 |
| Q4 2012 | 51.00 | 1.05 | 1.05 | 15.56 |
| Q1 2013 | 51.00 | 1.15 | 1.15 | 15.95 |
| Q2 2013 | 51.00 | 1.40 | 1.40 | 15.66 |
| Q3 2013 | 51.00 | 1.54 | 1.54 | 15.19 |
| Q4 2013 | 51.00 | 1.56 | 1.56 | 15.39 |
| Q1 2014 | 51.00 | 1.18 | 1.18 | 15.41 |
| Q2 2014 | 51.00 | 1.00 | 1.00 | 15.66 |
| Q3 2014 | 51.00 | 0.80 | 0.80 | 15.75 |
| Q4 2014 | 51.00 | 0.62 | 0.62 | 15.75 |
| Q1 2015 | 51.00 | 0.76 | 0.76 | 15.93 |
| Q2 2015 | 51.00 | 0.92 | 0.92 | 15.82 |
| Q3 2015 | 51.00 | 0.94 | 0.96 | 15.44 |
| Q4 2015 | 51.00 | 0.82 | 0.84 | 15.23 |
| Q1 2016 | 51.00 | 0.76 | 0.78 | 15.38 |
| Q2 2016 | 51.00 | 0.36 | 0.38 | 15.47 |
| Q3 2016 | 51.00 | 0.30 | 0.34 | 15.56 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2006 | 35.00 | 1.91 | 1.91 | 9.39 |
| 2007 | 35.00 | 3.32 | 3.32 | 11.85 |
| 2008 | 35.00 | 3.78 | 3.78 | 12.20 |
| 2009 | 51.00 | 2.21 | 2.21 | 17.55 |
| 2010 | 51.00 | 1.43 | 1.43 | 16.31 |
| 2011 | 51.00 | 1.28 | 1.28 | 15.55 |
| 2012 | 51.00 | 1.05 | 1.05 | 15.56 |
| 2013 | 51.00 | 1.56 | 1.56 | 15.39 |
| 2014 | 51.00 | 0.61 | 0.61 | 15.75 |
| 2015 | 51.00 | 0.65 | 0.67 | 15.23 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2007 | - | - | - |
| Q2 2007 | - | - | - |
| Q3 2007 | - | - | - |
| Q4 2007 | - | - | - |
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | 1.80 |
| Q4 2009 | 15.41 | 15.41 | 1.94 |
| Q1 2010 | 16.96 | 16.96 | 2.08 |
| Q2 2010 | 15.61 | 15.61 | 1.66 |
| Q3 2010 | 19.09 | 19.09 | 1.53 |
| Q4 2010 | 16.85 | 16.85 | 1.48 |
| Q1 2011 | 16.10 | 16.10 | 1.49 |
| Q2 2011 | 19.35 | 19.35 | 1.66 |
| Q3 2011 | 16.49 | 16.49 | 1.53 |
| Q4 2011 | 22.87 | 22.87 | 1.88 |
| Q1 2012 | 23.04 | 23.04 | 1.87 |
| Q2 2012 | 20.84 | 20.84 | 1.43 |
| Q3 2012 | 23.10 | 23.10 | 1.56 |
| Q4 2012 | 24.02 | 24.02 | 1.63 |
| Q1 2013 | 22.49 | 22.49 | 1.62 |
| Q2 2013 | 18.54 | 18.54 | 1.65 |
| Q3 2013 | 19.45 | 19.45 | 1.97 |
| Q4 2013 | 22.79 | 22.79 | 2.31 |
| Q1 2014 | 31.68 | 31.68 | 2.43 |
| Q2 2014 | 33.82 | 33.82 | 2.15 |
| Q3 2014 | 47.24 | 47.24 | 2.41 |
| Q4 2014 | 38.95 | 38.95 | 1.53 |
| Q1 2015 | 37.18 | 37.18 | 1.78 |
| Q2 2015 | 31.20 | 31.20 | 1.81 |
| Q3 2015 | 22.33 | 21.87 | 1.37 |
| Q4 2015 | 26.67 | 26.03 | 1.43 |
| Q1 2016 | 23.24 | 22.64 | 1.15 |
| Q2 2016 | More than 50 | 47.84 | 1.17 |
| Q3 2016 | 44.18 | 39.13 | 0.86 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2006 | - | - | - |
| 2007 | - | - | - |
| 2008 | - | - | - |
| 2009 | 15.41 | 15.41 | 1.94 |
| 2010 | 16.85 | 16.85 | 1.48 |
| 2011 | 22.87 | 22.87 | 1.88 |
| 2012 | 24.02 | 24.02 | 1.63 |
| 2013 | 22.79 | 22.79 | 2.31 |
| 2014 | 39.29 | 39.29 | 1.53 |
| 2015 | 33.23 | 32.24 | 1.43 |
Q3 2016
2016
| Period | Steele Pipes | Process equipment |
|---|---|---|
| Q1 2016 | 189.38 | 4.96 |
| Q2 2016 | 142.38 | 8.96 |
| Q3 2016 | 108.37 | 14.24 |
| Period | Steele Pipes | Process equipment |
|---|
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Average | 9.00 | 5.21 | (42.1 %) |
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| SNB Capital | 9.00 | 5.21 | (42.1) % |
| Current | |
| Market Cap (M Riyal) | 3,723.00 |
| Enterprise Value (EV) (M) | 4,265.28 |
| Shares Outstanding ((M)) | 51.00 |
| EPS ( Riyal) (TTM) | 4.37 |
| Book Value (BV) ( Riyal) | 15.25 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 19.38 |
| P/E (TTM) | 16.71 |
| Price/book | 4.79 |
| Return on Average Assets (%) (TTM) | 15.6 |
| Return on Average Equity (%) (TTM) | 33.4 |
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