FIPCO posts higher net profit at SAR 6.93m in Q1 of 2014

31/03/2014 Argaam Exclusive

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Share Price

Filing and Packing Materials Manufacturing Co. (FIPCO)

Filing & Packing Materials Manufacturing Company, reported SAR 6.93m net profit at the end of the first quarter of 2014, compared to SAR 6.91m in the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 56.46 48.90 (13.4 %)
Gross Income 11.90 11.96 0.5 %
Operating Income 7.75 7.84 1.1 %
Net Income 6.91 6.93 0.3 %
Average Shares 11.50 11.50 -
EPS (Riyals) 0.60 0.60 0.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 30.03 28.9 % 4.11 4.8 % 1.69 35.9 % 0.15
Q2 2005 30.04 29.9 % 4.24 14.0 % 2.32 18.4 % 0.20
Q3 2005 31.87 20.1 % 6.88 47.8 % 3.53 45.6 % 0.31
Q4 2005 29.57 6.7 % 3.79 2.3 % 2.18 86.9 % 0.19
Q1 2006 31.94 6.4 % 5.27 28.3 % 2.96 75.6 % 0.26
Q2 2006 31.82 5.9 % 5.67 33.8 % 3.39 46.0 % 0.29
Q3 2006 33.57 5.4 % 5.65 (17.9 %) 2.72 (22.8 %) 0.24
Q4 2006 35.00 18.4 % 4.72 24.5 % 3.27 50.2 % 0.28
Q1 2007 34.48 8.0 % 5.17 (2.0 %) 3.11 5.1 % 0.27
Q2 2007 38.18 20.0 % 6.83 20.5 % 4.53 33.5 % 0.39
Q3 2007 34.64 3.2 % 5.03 (11.1 %) 2.83 3.9 % 0.25
Q4 2007 37.76 7.9 % 6.07 28.6 % 4.05 23.9 % 0.35
Q1 2008 40.50 17.5 % 6.55 26.7 % 4.40 41.2 % 0.38
Q2 2008 45.77 19.9 % 6.52 (4.5 %) 4.03 (10.9 %) 0.35
Q3 2008 50.73 46.4 % 9.49 88.8 % 6.91 144.4 % 0.60
Q4 2008 40.84 8.2 % 4.77 (21.5 %) 2.19 (46.0 %) 0.19
Q1 2009 34.28 (15.4 %) 8.21 25.3 % 7.22 64.2 % 0.63
Q2 2009 31.43 (31.3 %) 6.08 (6.7 %) 4.05 0.4 % 0.35
Q3 2009 37.16 (26.7 %) 7.82 (17.6 %) 4.01 (41.9 %) 0.35
Q4 2009 37.73 (7.6 %) 8.29 73.8 % 4.51 106.2 % 0.39
Q1 2010 43.53 27.0 % 9.48 15.5 % 6.28 (13.1 %) 0.55
Q2 2010 40.82 29.9 % 7.00 15.1 % 2.94 (27.3 %) 0.26
Q3 2010 44.90 20.8 % 8.72 11.5 % 5.98 49.0 % 0.52
Q4 2010 41.40 9.7 % 10.45 26.1 % 6.43 42.5 % 0.56
Q1 2011 43.67 0.3 % 10.57 11.5 % 6.59 5.0 % 0.57
Q2 2011 54.33 33.1 % 7.08 1.1 % 3.84 30.3 % 0.33
Q3 2011 48.57 8.2 % 4.62 (47.0 %) 0.41 (93.2 %) 0.04
Q4 2011 59.27 43.2 % 9.72 (7.0 %) 4.88 (24.0 %) 0.42
Q1 2012 52.58 20.4 % 11.62 9.9 % 7.22 9.4 % 0.63
Q2 2012 54.80 0.9 % 11.62 64.1 % 7.24 88.6 % 0.63
Q3 2012 51.69 6.4 % 9.64 108.7 % 5.28 1191.7 % 0.46
Q4 2012 47.58 (19.7 %) 10.15 4.4 % 4.96 1.6 % 0.43
Q1 2013 56.46 7.4 % 11.90 2.4 % 6.91 (4.2 %) 0.60
Q2 2013 57.13 4.3 % 11.26 (3.1 %) 6.61 (8.6 %) 0.57
Q3 2013 52.00 0.6 % 11.02 14.3 % 5.76 9.0 % 0.50
Q4 2013 48.75 2.5 % 10.34 1.8 % 6.19 25.0 % 0.54
Q1 2014 48.90 (13.4 %) 11.96 0.5 % 6.93 0.3 % 0.60

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 15.07 % 15.60 % 6.74 %
Q2 2005 14.62 % 14.90 % 6.64 %
Q3 2005 15.83 % 15.66 % 7.27 %
Q4 2005 15.65 % 16.37 % 7.99 %
Q1 2006 16.36 % 17.31 % 8.90 %
Q2 2006 17.27 % 17.96 % 9.63 %
Q3 2006 16.06 % 17.00 % 8.87 %
Q4 2006 16.11 % 16.75 % 9.33 %
Q1 2007 15.73 % 16.16 % 9.27 %
Q2 2007 15.84 % 15.17 % 9.65 %
Q3 2007 15.28 % 14.63 % 9.65 %
Q4 2007 15.92 % 14.88 % 10.01 %
Q1 2008 16.20 % 14.76 % 10.46 %
Q2 2008 15.23 % 14.37 % 9.65 %
Q3 2008 16.38 % 15.30 % 11.10 %
Q4 2008 15.37 % 13.91 % 9.86 %
Q1 2009 16.89 % 15.21 % 11.86 %
Q2 2009 18.15 % 16.36 % 12.95 %
Q3 2009 18.70 % 15.79 % 12.16 %
Q4 2009 21.62 % 18.53 % 14.08 %
Q1 2010 21.13 % 18.10 % 12.58 %
Q2 2010 20.47 % 16.92 % 11.14 %
Q3 2010 20.06 % 17.15 % 11.81 %
Q4 2010 20.89 % 17.78 % 12.67 %
Q1 2011 21.51 % 18.16 % 12.85 %
Q2 2011 19.98 % 16.82 % 12.39 %
Q3 2011 17.41 % 14.31 % 9.18 %
Q4 2011 15.54 % 12.44 % 7.64 %
Q1 2012 15.39 % 12.20 % 7.61 %
Q2 2012 17.46 % 14.20 % 9.17 %
Q3 2012 19.51 % 16.14 % 11.27 %
Q4 2012 20.82 % 17.69 % 11.95 %
Q1 2013 20.57 % 17.59 % 11.58 %
Q2 2013 20.18 % 17.26 % 11.16 %
Q3 2013 20.80 % 17.60 % 11.37 %
Q4 2013 20.77 % 17.38 % 11.88 %
Q1 2014 21.56 % 18.07 % 12.33 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 11.50 0.63 0.63 6.57
Q2 2005 11.50 0.66 0.66 6.77
Q3 2005 11.50 0.76 0.76 7.07
Q4 2005 11.50 0.84 0.84 6.55
Q1 2006 11.50 0.96 0.96 6.80
Q2 2006 11.50 1.05 1.05 7.10
Q3 2006 11.50 0.98 0.98 7.34
Q4 2006 11.50 1.07 1.07 6.90
Q1 2007 11.50 1.09 1.09 7.17
Q2 2007 11.50 1.19 1.19 7.57
Q3 2007 11.50 1.19 1.19 7.81
Q4 2007 11.50 1.26 1.26 7.84
Q1 2008 11.50 1.37 1.37 8.22
Q2 2008 11.50 1.33 1.33 8.57
Q3 2008 11.50 1.69 1.69 9.17
Q4 2008 11.50 1.52 1.52 9.27
Q1 2009 11.50 1.77 1.77 9.90
Q2 2009 11.50 1.77 1.77 10.25
Q3 2009 11.50 1.52 1.52 10.60
Q4 2009 11.50 1.72 1.72 10.99
Q1 2010 11.50 1.64 1.64 11.44
Q2 2010 11.50 1.54 1.54 11.70
Q3 2010 11.50 1.71 1.71 12.22
Q4 2010 11.50 1.88 1.88 12.76
Q1 2011 11.50 1.91 1.91 13.33
Q2 2011 11.50 1.99 1.99 12.59
Q3 2011 11.50 1.50 1.50 12.63
Q4 2011 11.50 1.37 1.37 13.05
Q1 2012 11.50 1.42 1.42 13.68
Q2 2012 11.50 1.72 1.72 13.17
Q3 2012 11.50 2.14 2.14 13.63
Q4 2012 11.50 2.15 2.15 14.06
Q1 2013 11.50 2.12 2.12 14.57
Q2 2013 11.50 2.07 2.07 14.14
Q3 2013 11.50 2.11 2.11 14.64
Q4 2013 11.50 2.22 2.22 15.14
Q1 2014 11.50 2.22 2.22 15.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 34.23 34.23 3.28
Q2 2005 52.89 52.89 5.16
Q3 2005 75.11 75.11 8.03
Q4 2005 More than 100 More than 100 13.26
Q1 2006 73.24 73.24 10.29
Q2 2006 More than 100 More than 100 15.50
Q3 2006 More than 100 More than 100 19.57
Q4 2006 36.77 36.77 5.72
Q1 2007 45.54 45.54 6.90
Q2 2007 38.46 38.46 6.03
Q3 2007 43.17 43.17 6.60
Q4 2007 41.33 41.33 6.66
Q1 2008 28.29 28.29 4.73
Q2 2008 29.99 29.99 4.66
Q3 2008 15.75 15.75 2.90
Q4 2008 17.27 17.27 2.84
Q1 2009 12.40 12.40 2.22
Q2 2009 18.40 18.40 3.18
Q3 2009 24.31 24.31 3.48
Q4 2009 24.23 24.23 3.79
Q1 2010 21.29 21.29 3.05
Q2 2010 17.04 17.04 2.25
Q3 2010 16.16 16.16 2.27
Q4 2010 15.37 15.37 2.26
Q1 2011 14.10 14.10 2.02
Q2 2011 17.02 17.02 2.68
Q3 2011 22.58 22.58 2.68
Q4 2011 36.58 36.58 3.83
Q1 2012 35.19 35.19 3.66
Q2 2012 21.32 21.32 2.78
Q3 2012 18.97 18.97 2.98
Q4 2012 21.52 21.52 3.29
Q1 2013 22.59 22.59 3.29
Q2 2013 22.36 22.36 3.27
Q3 2013 23.49 23.49 3.38
Q4 2013 23.70 23.70 3.47
Q1 2014 25.15 25.15 3.54

Current
Market Cap (M Riyal) 598.00
Enterprise Value (EV) (M) 644.29
Shares Outstanding ((M)) 11.50
EPS ( Riyal) (TTM) 1.12
Book Value (BV) ( Riyal) 12.67
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 46.54
P/E (TTM) 46.54
Price/book 4.10
Return on Average Assets (%) (TTM) 4.3
Return on Average Equity (%) (TTM) 9.2

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