Amiantit swings to SAR 57 mln net loss in 9M 2016

17/10/2016 Argaam Exclusive

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Share Price

25.00
(0.65) (2.53 %)

Saudi Arabian Amiantit Co. (AMIANTIT)

 

Saudi Arabian Amiantit Co., which manufactures pipe systems, swung to a net loss of SAR 56.9 million in the first nine months of 2016, compared to a SAR 78.9 million profit in the same period last year on lower domestic sales for its Saudi subsidiaries due to a slowdown in construction activities. 

 

The company cited lower activity this period for some of its subsidiaries in Germany and Spain, as well as SAR 28.4 million in provisions recorded by its German subsidiary PWT during Q1-2016 to cover a claim on one of its projects in Iraq. The first nine months period was also marked by higher financial charges due to a rise in costs charged by banks.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 2,165.12 1,117.71 (48.4 %)
Gross Income 375.28 169.52 (54.8 %)
Operating Income 174.75 41.13 (76.5 %)
Net Income 78.90 (31.24) (139.6 %)
Average Shares 30.25 30.25 -
EPS (Riyals) 2.61 (1.03) (139.6 %)

The firm reported a net loss of SAR 32.9 million in Q3-2016, compared to a profit of SAR 27.1 million in same quarter last year and a profit of SAR 3.3 million in the previous quarter. Overall, construction activities in Q3 were subdued. The sector was hit even harder by weaker seasonal demand due to Eid holidays and lower sales prices.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 720.15 284.77 (60.5 %)
Gross Income 140.43 45.91 (67.3 %)
Operating Income 71.25 (3.06) (104.3 %)
Net Income 27.06 (33.58) (224.1 %)
Average Shares 30.25 30.25 -
EPS (Riyals) 0.89 (1.11) (224.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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
Q4 2015 743.51 8.1 % 104.91 (13.5 %) 22.47 13.0 % 0.74
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 0.51 (98.0 %) 0.02
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 1.56 (94.0 %) 0.05
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (33.58) (224.1 %) (1.11)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2015 15.50 % 10.89 % 2.92 %
Q2 2015 15.65 % 10.91 % 3.01 %
Q3 2015 17.05 % 12.54 % 3.98 %
Q4 2015 16.16 % 12.06 % 3.49 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 30.25 3.35 3.35 48.38
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 More than 100 More than 100 3.85
Q2 2007 78.76 78.76 3.23
Q3 2007 98.56 98.56 4.85
Q4 2007 More than 100 More than 100 5.19
Q1 2008 71.49 71.49 4.90
Q2 2008 67.52 67.52 6.51
Q3 2008 33.10 55.61 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 51.02 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
Q4 2015 17.74 17.74 1.23
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination 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 - -
Q4 2015 626.64 116.87 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 25.00 (33.58) (234.3 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Riyad Capital 25.00 (33.58) (234.3) %

Current
Market Cap (M Riyal) 1,113.75
Enterprise Value (EV) (M) 1,231.43
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 6.69
Book Value (BV) ( Riyal) 20.30
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 3.74
Price/book 1.23
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 48.1

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