Amiantit’s net profit rises 26% in nine-months 2015

19/10/2015 Argaam Exclusive

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Saudi Arabian Amiantit Co. (AMIANTIT)

Saudi Arabian Amiantit Co., a manufacturer of pipe systems, reported a net profit of SAR 78.9 million in the first nine months of 2015, marking a 26 percent year-on-year (YOY) increase due to improved gross profit, higher sales prices and lower manufacturing costs.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	2,037.73	2,165.12	6.3 %
Gross Income	303.67	375.28	23.6 %
Operating Income	115.16	174.75	51.8 %
Net Income	62.73	78.90	25.8 %
Average Shares	30.25	30.25	-
EPS (Riyals)	2.07	2.61	25.8 %

The company posted a Q3-2015 net profit of SAR 27.1 million; an increase of 54 percent compared to the same quarter in 2014. A stronger performance from Amiantit’s affiliates in Qatar and Morocco, as well lower exchange rates were among the other factors to support growth during the period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	623.25	720.15	15.5 %
Gross Income	85.34	140.43	64.6 %
Operating Income	21.56	71.25	230.6 %
Net Income	17.58	27.06	54.0 %
Average Shares	30.25	30.25	-
EPS (Riyals)	0.58	0.89	54.0 %

Item	Q2 2015	Q3 2015	Change‬
Revenues	713.61	720.15	0.9 %
Gross Income	113.95	140.43	23.2 %
Operating Income	46.13	71.25	54.5 %
Net Income	25.98	27.06	4.2 %
Average Shares	30.25	30.25	-
EPS (Riyals)	0.86	0.89	4.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	519.92	5.9 %	107.84	26.4 %	0.65	103.5 %	0.02
Q2 2006	860.76	38.5 %	145.74	58.6 %	8.73	1522.5 %	0.29
Q3 2006	667.32	38.1 %	138.32	16.8 %	11.42	1831.5 %	0.38
Q4 2006	611.83	(31.8 %)	90.61	(18.3 %)	0.02	(99.7 %)	0.00
2006	2,659.83	6.7 %	482.51	18.7 %	20.82	339.6 %	0.69
Q1 2007	613.69	18.0 %	135.31	25.5 %	15.34	2252.8 %	0.51
Q2 2007	782.48	(9.1 %)	178.08	22.2 %	24.41	179.6 %	0.81
Q3 2007	902.37	35.2 %	180.90	30.8 %	24.15	111.5 %	0.80
Q4 2007	803.21	31.3 %	190.54	110.3 %	0.21	775.0 %	0.01
2007	3,101.75	16.6 %	684.84	41.9 %	64.10	207.9 %	2.12
Q1 2008	928.53	51.3 %	204.59	51.2 %	45.69	197.9 %	1.51
Q2 2008	1,141.49	45.9 %	227.73	27.9 %	71.01	190.9 %	2.35
Q3 2008	1,006.48	11.5 %	237.35	31.2 %	98.07	306.2 %	3.24
Q4 2008	949.94	18.3 %	257.89	35.3 %	20.55	9685.7 %	0.68
2008	4,026.44	29.8 %	927.55	35.4 %	235.32	267.1 %	7.78
Q1 2009	846.90	(8.8 %)	207.27	1.3 %	48.02	5.1 %	1.59
Q2 2009	897.71	(21.4 %)	249.95	9.8 %	40.51	(43.0 %)	1.34
Q3 2009	777.35	(22.8 %)	218.13	(8.1 %)	72.35	(26.2 %)	2.39
Q4 2009	770.92	(18.8 %)	188.83	(26.8 %)	41.60	102.4 %	1.38
2009	3,292.89	(18.2 %)	864.18	(6.8 %)	202.48	(14.0 %)	6.69
Q1 2010	732.74	(13.5 %)	207.54	0.1 %	50.01	4.1 %	1.65
Q2 2010	812.18	(9.5 %)	203.74	(18.5 %)	45.56	12.5 %	1.51
Q3 2010	739.56	(4.9 %)	156.67	(28.2 %)	42.45	(41.3 %)	1.40
Q4 2010	793.01	2.9 %	158.62	(16.0 %)	27.09	(34.9 %)	0.90
2010	3,077.50	(6.5 %)	726.57	(15.9 %)	165.10	(18.5 %)	5.46
Q1 2011	778.88	6.3 %	156.48	(24.6 %)	34.30	(31.4 %)	1.13
Q2 2011	854.41	5.2 %	159.22	(21.9 %)	38.88	(14.7 %)	1.29
Q3 2011	907.62	22.7 %	155.76	(0.6 %)	43.59	2.7 %	1.44
Q4 2011	1,021.73	28.8 %	171.43	8.1 %	34.47	27.3 %	1.14
2011	3,562.63	15.8 %	642.89	(11.5 %)	151.25	(8.4 %)	5.00
Q1 2012	900.02	15.6 %	155.91	(0.4 %)	35.18	2.6 %	1.16
Q2 2012	895.92	4.9 %	149.05	(6.4 %)	30.39	(21.8 %)	1.00
Q3 2012	768.69	(15.3 %)	116.21	(25.4 %)	16.22	(62.8 %)	0.54
Q4 2012	890.16	(12.9 %)	135.41	(21.0 %)	29.55	(14.3 %)	0.98
2012	3,454.80	(3.0 %)	556.58	(13.4 %)	111.34	(26.4 %)	3.68
Q1 2013	859.19	(4.5 %)	140.28	(10.0 %)	30.33	(13.8 %)	1.00
Q2 2013	830.39	(7.3 %)	144.39	(3.1 %)	30.66	0.9 %	1.01
Q3 2013	760.81	(1.0 %)	101.09	(13.0 %)	17.59	8.5 %	0.58
Q4 2013	680.29	(23.6 %)	84.24	(37.8 %)	34.02	15.1 %	1.12
2013	3,130.67	(9.4 %)	470.01	(15.6 %)	112.61	1.1 %	3.72
Q1 2014	697.61	(18.8 %)	107.91	(23.1 %)	20.59	(32.1 %)	0.68
Q2 2014	716.87	(13.7 %)	110.43	(23.5 %)	24.56	(19.9 %)	0.81
Q3 2014	623.25	(18.1 %)	85.34	(15.6 %)	17.58	(0.1 %)	0.58
Q4 2014	688.06	1.1 %	121.35	44.0 %	19.89	(41.5 %)	0.66
2014	2,725.79	(12.9 %)	425.03	(9.6 %)	82.62	(26.6 %)	2.73
Q1 2015	731.36	4.8 %	110.60	2.5 %	25.86	25.6 %	0.85
Q2 2015	713.61	(0.5 %)	113.95	3.2 %	25.98	5.8 %	0.86
Q3 2015	720.15	15.5 %	140.43	64.6 %	27.06	54.0 %	0.89

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	2,492.52	34.2 %	406.57	8.8 %	(8.69)	83.6 %	(0.29)
2006	2,659.83	6.7 %	482.51	18.7 %	20.82	339.6 %	0.69
2007	3,101.75	16.6 %	684.84	41.9 %	64.10	207.9 %	2.12
2008	4,026.44	29.8 %	927.55	35.4 %	235.32	267.1 %	7.78
2009	3,292.89	(18.2 %)	864.18	(6.8 %)	202.48	(14.0 %)	6.69
2010	3,077.50	(6.5 %)	726.57	(15.9 %)	165.10	(18.5 %)	5.46
2011	3,562.63	15.8 %	642.89	(11.5 %)	151.25	(8.4 %)	5.00
2012	3,454.80	(3.0 %)	556.58	(13.4 %)	111.34	(26.4 %)	3.68
2013	3,130.67	(9.4 %)	470.01	(15.6 %)	112.61	1.1 %	3.72
2014	2,725.79	(12.9 %)	425.03	(9.6 %)	82.62	(26.6 %)	2.73

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	17.02 %	7.19 %	0.42 %
Q2 2006	17.49 %	8.72 %	0.68 %
Q3 2006	17.07 %	9.07 %	1.01 %
Q4 2006	18.14 %	11.15 %	0.78 %
2006	18.14 %	11.15 %	0.78 %
Q1 2007	18.52 %	11.71 %	1.29 %
Q2 2007	20.27 %	13.11 %	1.91 %
Q3 2007	20.10 %	13.53 %	2.20 %
Q4 2007	22.08 %	16.07 %	2.07 %
2007	22.08 %	16.07 %	2.07 %
Q1 2008	22.07 %	17.45 %	2.76 %
Q2 2008	21.29 %	15.54 %	3.74 %
Q3 2008	22.17 %	16.36 %	3.30 %
Q4 2008	23.04 %	19.10 %	3.68 %
2008	23.04 %	19.10 %	3.68 %
Q1 2009	23.58 %	19.87 %	3.82 %
Q2 2009	25.73 %	25.25 %	3.25 %
Q3 2009	26.88 %	25.73 %	5.23 %
Q4 2009	26.24 %	23.90 %	6.15 %
2009	26.24 %	23.90 %	6.15 %
Q1 2010	27.19 %	25.10 %	6.43 %
Q2 2010	26.45 %	22.38 %	6.77 %
Q3 2010	24.77 %	19.88 %	5.88 %
Q4 2010	23.61 %	16.90 %	5.28 %
2010	23.61 %	16.90 %	5.28 %
Q1 2011	21.63 %	13.99 %	4.62 %
Q2 2011	19.93 %	12.29 %	4.20 %
Q3 2011	18.90 %	12.83 %	3.96 %
Q4 2011	18.05 %	13.35 %	3.97 %
2011	18.05 %	13.35 %	3.97 %
Q1 2012	17.44 %	12.52 %	3.93 %
Q2 2012	16.97 %	12.55 %	3.79 %
Q3 2012	16.52 %	12.19 %	3.23 %
Q4 2012	16.11 %	10.92 %	3.22 %
2012	16.11 %	10.92 %	3.22 %
Q1 2013	15.85 %	10.97 %	3.12 %
Q2 2013	16.02 %	10.93 %	3.19 %
Q3 2013	15.60 %	10.61 %	3.24 %
Q4 2013	15.01 %	9.47 %	3.60 %
2013	15.01 %	9.47 %	3.60 %
Q1 2014	14.74 %	8.73 %	3.46 %
Q2 2014	14.14 %	8.17 %	3.35 %
Q3 2014	14.27 %	7.67 %	2.74 %
Q4 2014	15.59 %	10.14 %	2.76 %
2014	15.59 %	10.14 %	2.76 %
Q1 2015	15.50 %	10.89 %	2.92 %
Q2 2015	15.65 %	10.91 %	3.01 %
Q3 2015	17.05 %	12.54 %	3.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	16.31 %	6.43 %	(0.35 %)
2006	18.14 %	11.15 %	0.78 %
2007	22.08 %	16.07 %	2.07 %
2008	23.04 %	19.10 %	3.68 %
2009	26.24 %	23.90 %	6.15 %
2010	23.61 %	16.90 %	5.28 %
2011	18.05 %	13.35 %	3.97 %
2012	16.11 %	10.92 %	3.22 %
2013	15.01 %	9.47 %	3.60 %
2014	15.59 %	10.14 %	2.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	20.74 %	9.91 %	0.13 %
Q2 2006	16.93 %	10.51 %	1.01 %
Q3 2006	20.73 %	15.93 %	1.71 %
Q4 2006	14.81 %	7.91 %	0.00 %
Q1 2007	22.05 %	12.57 %	2.50 %
Q2 2007	22.76 %	15.20 %	3.12 %
Q3 2007	20.05 %	16.55 %	2.68 %
Q4 2007	23.72 %	19.05 %	0.03 %
Q1 2008	22.03 %	18.82 %	4.92 %
Q2 2008	19.95 %	9.59 %	6.22 %
Q3 2008	23.58 %	19.59 %	1.10 %
Q4 2008	27.15 %	30.29 %	2.16 %
Q1 2009	24.47 %	22.38 %	5.67 %
Q2 2009	27.84 %	28.96 %	4.51 %
Q3 2009	28.06 %	20.08 %	9.31 %
Q4 2009	24.49 %	23.52 %	5.40 %
Q1 2010	28.32 %	27.37 %	6.82 %
Q2 2010	25.09 %	19.00 %	5.61 %
Q3 2010	21.18 %	9.63 %	5.74 %
Q4 2010	20.00 %	11.84 %	3.10 %
Q1 2011	20.09 %	15.09 %	4.07 %
Q2 2011	18.64 %	12.44 %	4.00 %
Q3 2011	17.16 %	12.12 %	4.58 %
Q4 2011	16.78 %	13.86 %	3.32 %
Q1 2012	17.32 %	11.49 %	3.91 %
Q2 2012	16.64 %	12.56 %	3.39 %
Q3 2012	15.12 %	10.38 %	2.11 %
Q4 2012	15.21 %	9.15 %	3.32 %
Q1 2013	16.33 %	11.73 %	3.53 %
Q2 2013	17.39 %	12.51 %	3.69 %
Q3 2013	13.29 %	8.95 %	2.31 %
Q4 2013	12.38 %	3.48 %	5.00 %
Q1 2014	15.47 %	9.13 %	2.95 %
Q2 2014	15.40 %	10.86 %	3.26 %
Q3 2014	13.69 %	6.93 %	(0.57 %)
Q4 2014	17.64 %	13.32 %	5.05 %
Q1 2015	15.12 %	11.99 %	3.54 %
Q2 2015	15.97 %	10.96 %	3.64 %
Q3 2015	19.50 %	13.93 %	3.76 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	30.25	0.35	0.35	38.44
Q2 2006	30.25	0.62	0.62	38.90
Q3 2006	30.25	0.98	0.98	39.70
Q4 2006	30.25	0.69	0.69	39.53
Q1 2007	30.25	1.17	1.17	39.78
Q2 2007	30.25	1.69	1.69	41.21
Q3 2007	30.25	2.11	2.11	42.96
Q4 2007	30.25	2.12	2.12	43.65
Q1 2008	30.25	3.12	3.12	45.55
Q2 2008	30.25	4.66	4.66	48.38
Q3 2008	30.25	7.11	4.23	50.03
Q4 2008	30.25	7.78	4.90	49.16
Q1 2009	30.25	7.86	4.98	49.56
Q2 2009	30.25	6.85	3.97	50.07
Q3 2009	30.25	6.00	6.00	53.26
Q4 2009	30.25	6.69	6.69	54.61
Q1 2010	30.25	6.76	6.76	55.73
Q2 2010	30.25	6.93	6.93	51.81
Q3 2010	30.25	5.94	5.94	54.65
Q4 2010	30.25	5.46	5.38	55.67
Q1 2011	30.25	4.94	4.77	52.16
Q2 2011	30.25	4.72	4.40	53.65
Q3 2011	30.25	4.76	4.37	53.45
Q4 2011	30.25	5.00	4.68	54.07
Q1 2012	30.25	5.03	4.79	49.86
Q2 2012	30.25	4.75	4.67	49.88
Q3 2012	30.25	3.84	3.83	50.71
Q4 2012	30.25	3.68	3.68	51.84
Q1 2013	30.25	3.52	3.52	48.60
Q2 2013	30.25	3.53	3.53	49.30
Q3 2013	30.25	3.58	3.58	50.25
Q4 2013	30.25	3.72	3.72	51.72
Q1 2014	30.25	3.40	3.40	48.42
Q2 2014	30.25	3.20	3.16	49.07
Q3 2014	30.25	3.20	2.46	47.58
Q4 2014	30.25	2.73	2.49	47.45
Q1 2015	30.25	2.91	2.66	46.73
Q2 2015	30.25	2.95	2.75	47.55
Q3 2015	30.25	3.27	3.76	48.19

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	30.25	(0.29)	(0.29)	38.56
2006	30.25	0.69	0.69	39.53
2007	30.25	2.12	2.12	43.65
2008	30.25	7.78	4.90	49.16
2009	30.25	6.69	6.69	54.61
2010	30.25	5.46	5.38	55.67
2011	30.25	5.00	4.68	54.07
2012	30.25	3.68	3.68	51.84
2013	30.25	3.72	3.72	51.72
2014	30.25	2.73	2.49	47.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	More than 50	More than 50	8.18
Q2 2006	More than 50	More than 50	7.54
Q3 2006	More than 50	More than 50	9.99
Q4 2006	More than 50	More than 50	3.75
Q1 2007	More than 50	More than 50	3.85
Q2 2007	More than 50	More than 50	3.23
Q3 2007	More than 50	More than 50	4.85
Q4 2007	More than 50	More than 50	5.19
Q1 2008	More than 50	More than 50	4.90
Q2 2008	More than 50	More than 50	6.51
Q3 2008	33.10	More than 50	4.70
Q4 2008	15.08	23.92	2.39
Q1 2009	13.27	20.95	2.10
Q2 2009	21.46	37.00	2.94
Q3 2009	24.83	24.83	2.80
Q4 2009	22.95	22.95	2.81
Q1 2010	24.10	24.10	2.92
Q2 2010	16.79	16.79	2.24
Q3 2010	21.10	21.10	2.29
Q4 2010	25.09	25.47	2.46
Q1 2011	23.41	24.23	2.22
Q2 2011	25.42	27.29	2.24
Q3 2011	20.88	22.73	1.86
Q4 2011	21.46	22.94	1.98
Q1 2012	25.84	27.12	2.61
Q2 2012	21.26	21.64	2.02
Q3 2012	27.39	27.52	2.08
Q4 2012	26.25	26.25	1.86
Q1 2013	26.50	26.50	1.92
Q2 2013	26.24	26.24	1.88
Q3 2013	26.28	26.28	1.87
Q4 2013	27.48	27.48	1.98
Q1 2014	32.53	32.53	2.28
Q2 2014	35.73	36.16	2.33
Q3 2014	39.27	More than 50	2.64
Q4 2014	31.79	34.92	1.83
Q1 2015	28.72	31.36	1.79
Q2 2015	29.98	32.23	1.86
Q3 2015	21.02	18.27	1.42

Period	P/E	Adjusted P/E	Price/book
2005	NEG	NEG	14.60
2006	More than 50	More than 50	3.75
2007	More than 50	More than 50	5.19
2008	15.08	23.92	2.39
2009	22.95	22.95	2.81
2010	25.09	25.47	2.46
2011	21.46	22.94	1.98
2012	26.25	26.25	1.86
2013	27.48	27.48	1.98
2014	31.79	34.92	1.83

Business Segments (Million)

Compared With The

Period	Pipe Manufacturing and technology	Water Management	Technology
Q1 2011	683.75	85.40	9.73
Q2 2011	744.17	104.28	5.96
Q3 2011	767.42	135.61	4.58
Q4 2011	885.54	131.95	4.23
Q1 2012	821.06	75.10	3.86
Q2 2012	802.62	89.59	3.72
Q3 2012	677.99	76.51	5.19
Q4 2012	764.72	115.91	9.53
Q1 2013	800.56	58.63	-
Q2 2013	750.55	79.84	-
Q3 2013	645.51	115.28	-
Q4 2013	583.55	96.74	-
Q1 2014	615.72	81.89	-
Q2 2014	700.99	15.88	-
Q3 2014	586.18	37.07	-
Q4 2014	619.72	68.35	-
Q1 2015	664.05	67.31	-
Q2 2015	652.32	61.29	-
Q3 2015	641.38	78.77	-

Period	Pipe Manufacturing and technology	Water Management	Technology
2011	3,080.89	457.24	24.51
2012	3,075.38	357.12	22.30
2013	2,780.19	350.49	-
2014	2,522.60	203.19	-

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	21.00	27.06	28.88 %

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
Riyad Capital	21.00	27.06	28.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,196.17
Enterprise Value (EV) (M)	1,313.85
Shares Outstanding ((M))	44.55
EPS ( Riyal) (TTM)	6.72
Book Value (BV) ( Riyal)	20.41
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	4.02
Price/book	1.32
Return on Average Assets (%) (TTM)	13.2
Return on Average Equity (%) (TTM)	48.1

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Amiantit’s net profit rises 26% in nine-months 2015

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Share Price

Saudi Arabian Amiantit Co. (AMIANTIT)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Amiantit’s net profit rises 26% in nine-months 2015

View other reports

Share Price

Saudi Arabian Amiantit Co. (AMIANTIT)

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

Business Segments (Million) Q3 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)