Saudi Printing trims H1 losses by 24% as zakat expenses drop

23/07/2018 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC)

Saudi Printing and Packaging Co. (SPPC) shrank losses by 24.08 percent year-on-year (YoY) to SAR 21.72 million for the first half of 2018, driven by decreased zakat expenses and a cost-cutting strategy.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	495.39	458.68	(7.4 %)
Gross Income	80.39	62.77	(21.9 %)
Operating Income	4.59	0.20	(95.6 %)
Net Income	(28.61)	(21.72)	24.1 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.48)	(0.36)	24.1 %

SPPC narrowed losses by 76.03 percent YoY at SAR 3.07 million in Q2 due to lower marketing, selling, general and administrative expenses.

On quarter-on-quarter basis, losses also dropped by 83.55 percent for the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	253.08	256.11	1.2 %
Gross Income	40.06	37.75	(5.8 %)
Operating Income	2.63	6.25	137.8 %
Net Income	(12.81)	(3.07)	76.1 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.21)	(0.05)	76.1 %

Item	Q1 2018	Q2 2018	Change‬
Revenues	202.57	256.11	26.4 %
Gross Income	25.02	37.75	50.9 %
Operating Income	(6.05)	6.25	203.3 %
Net Income	(18.66)	(3.07)	83.6 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.31)	(0.05)	83.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	100.38	(12.8 %)	25.16	(20.5 %)	15.70	(48.1 %)	0.26
Q2 2009	79.51	(31.0 %)	25.07	(32.1 %)	11.37	(68.5 %)	0.19
Q3 2009	84.01	(14.6 %)	29.08	(13.2 %)	17.61	(61.3 %)	0.29
Q4 2009	93.42	(31.4 %)	(11.27)	(130.7 %)	20.36	(47.4 %)	0.34
2009	357.32	(23.1 %)	68.03	(51.0 %)	65.04	(56.8 %)	1.08
Q1 2010	102.60	2.2 %	19.04	(24.3 %)	7.17	(54.3 %)	0.12
Q2 2010	112.17	41.1 %	24.72	(1.4 %)	16.83	48.0 %	0.28
Q3 2010	102.21	21.7 %	17.71	(39.1 %)	6.87	(61.0 %)	0.11
Q4 2010	85.42	(8.6 %)	13.49	219.7 %	4.33	(78.7 %)	0.07
2010	402.40	12.6 %	74.96	10.2 %	35.20	(45.9 %)	0.59
Q1 2011	98.16	(4.3 %)	18.90	(0.7 %)	7.63	6.4 %	0.13
Q2 2011	118.84	5.9 %	23.50	(4.9 %)	12.53	(25.5 %)	0.21
Q3 2011	92.80	(9.2 %)	17.46	(1.4 %)	6.20	(9.7 %)	0.10
Q4 2011	91.18	6.7 %	15.75	16.7 %	9.64	122.4 %	0.16
2011	400.98	(0.4 %)	75.61	0.9 %	36.00	2.3 %	0.60
Q1 2012	102.60	4.5 %	19.78	4.6 %	8.13	6.5 %	0.14
Q2 2012	111.50	(6.2 %)	21.50	(8.5 %)	10.38	(17.2 %)	0.17
Q3 2012	277.42	198.9 %	56.49	223.5 %	20.03	222.9 %	0.33
Q4 2012	274.38	200.9 %	53.01	236.6 %	86.02	792.6 %	1.43
2012	765.90	91.0 %	150.77	99.4 %	124.56	246.0 %	2.08
Q1 2013	272.94	166.0 %	57.72	191.8 %	13.71	68.6 %	0.23
Q2 2013	279.63	150.8 %	63.34	194.6 %	20.19	94.5 %	0.34
Q3 2013	293.68	5.9 %	60.32	6.8 %	14.42	(28.0 %)	0.24
Q4 2013	295.51	7.7 %	53.46	0.9 %	0.64	(99.3 %)	0.01
2013	1,141.77	49.1 %	234.83	55.8 %	51.90	(58.3 %)	0.87
Q1 2014	285.53	4.6 %	59.64	3.3 %	9.46	(31.0 %)	0.16
Q2 2014	327.40	17.1 %	68.59	8.3 %	12.50	(38.1 %)	0.21
Q3 2014	316.65	7.8 %	57.85	(4.1 %)	12.07	(16.3 %)	0.20
Q4 2014	303.01	2.5 %	58.66	9.7 %	4.85	659.7 %	0.08
2014	1,232.33	7.9 %	244.45	4.1 %	45.38	(12.6 %)	0.76
Q1 2015	282.77	(1.0 %)	61.95	3.9 %	11.61	22.7 %	0.19
Q2 2015	291.81	(10.9 %)	68.07	(0.8 %)	28.21	125.7 %	0.47
Q3 2015	257.88	(18.6 %)	55.98	(3.2 %)	10.89	(9.8 %)	0.18
Q4 2015	275.30	(9.1 %)	46.35	(21.0 %)	(29.74)	(713.7 %)	(0.50)
2015	1,107.76	(10.1 %)	232.84	(4.7 %)	21.65	(52.3 %)	0.36
Q1 2016	254.40	(10.0 %)	55.46	(10.5 %)	3.82	(67.1 %)	0.06
Q2 2016	259.38	(11.1 %)	55.65	(18.2 %)	0.39	(98.6 %)	0.01
Q3 2016	251.33	(2.5 %)	40.49	(27.7 %)	(11.51)	(205.6 %)	(0.19)
Q4 2016	240.29	(12.7 %)	37.63	(18.8 %)	(26.16)	12.1 %	(0.44)
2016	1,005.39	(9.2 %)	189.23	(18.7 %)	(33.46)	(254.5 %)	(0.56)
Q1 2017	242.31	(4.8 %)	40.33	(27.3 %)	(15.80)	(514.2 %)	(0.26)
Q2 2017	253.08	(2.4 %)	40.06	(28.0 %)	(12.81)	(3385.4 %)	(0.21)
Q3 2017	251.48	0.1 %	41.74	3.1 %	(4.58)	60.2 %	(0.08)
Q4 2017	244.81	1.9 %	35.16	(6.6 %)	(36.26)	(38.6 %)	(0.60)
2017	991.68	(1.4 %)	157.29	(16.9 %)	(69.45)	(107.6 %)	(1.16)
Q1 2018	202.57	(16.4 %)	25.02	(38.0 %)	(18.66)	(18.1 %)	(0.31)
Q2 2018	256.11	1.2 %	37.75	(5.8 %)	(3.07)	76.1 %	(0.05)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	464.91	25.6 %	138.75	3.5 %	150.53	9.5 %	2.51
2009	357.32	(23.1 %)	68.03	(51.0 %)	65.04	(56.8 %)	1.08
2010	402.40	12.6 %	74.96	10.2 %	35.20	(45.9 %)	0.59
2011	400.98	(0.4 %)	75.61	0.9 %	36.00	2.3 %	0.60
2012	765.90	91.0 %	150.77	99.4 %	124.56	246.0 %	2.08
2013	1,141.77	49.1 %	234.83	55.8 %	51.90	(58.3 %)	0.87
2014	1,232.33	7.9 %	244.45	4.1 %	45.38	(12.6 %)	0.76
2015	1,107.76	(10.1 %)	232.84	(4.7 %)	21.65	(52.3 %)	0.36
2016	1,005.39	(9.2 %)	189.23	(18.7 %)	(33.46)	(254.5 %)	(0.56)
2017	991.68	(1.4 %)	157.29	(16.9 %)	(69.45)	(107.6 %)	(1.16)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	29.38 %	26.39 %	23.08 %
Q2 2009	29.06 %	26.12 %	21.65 %
Q3 2009	29.00 %	27.14 %	16.65 %
Q4 2009	19.04 %	14.25 %	0.45 %
2009	19.04 %	14.25 %	0.45 %
Q1 2010	17.22 %	12.76 %	(1.03 %)
Q2 2010	15.70 %	11.45 %	0.20 %
Q3 2010	12.23 %	8.32 %	(1.24 %)
Q4 2010	18.63 %	14.20 %	8.75 %
2010	18.63 %	14.20 %	8.75 %
Q1 2011	18.80 %	14.71 %	8.96 %
Q2 2011	18.19 %	15.05 %	7.75 %
Q3 2011	18.56 %	15.40 %	7.77 %
Q4 2011	18.86 %	16.66 %	8.98 %
2011	18.86 %	16.66 %	8.98 %
Q1 2012	18.87 %	16.72 %	9.00 %
Q2 2012	18.71 %	16.48 %	8.63 %
Q3 2012	19.48 %	16.02 %	8.27 %
Q4 2012	19.69 %	14.73 %	6.21 %
2012	19.69 %	14.73 %	6.21 %
Q1 2013	20.16 %	14.67 %	5.68 %
Q2 2013	20.88 %	14.87 %	5.70 %
Q3 2013	20.91 %	14.56 %	5.12 %
Q4 2013	20.57 %	14.15 %	4.29 %
2013	20.57 %	14.15 %	4.29 %
Q1 2014	20.51 %	13.73 %	3.84 %
Q2 2014	20.13 %	12.73 %	3.05 %
Q3 2014	19.55 %	11.82 %	2.80 %
Q4 2014	19.86 %	11.55 %	1.08 %
2014	19.84 %	11.53 %	1.62 %
Q1 2015	20.09 %	10.94 %	0.46 %
Q2 2015	20.64 %	11.57 %	0.56 %
Q3 2015	21.55 %	11.40 %	(0.97 %)
Q4 2015	20.98 %	10.00 %	(0.66 %)
2015	21.02 %	10.43 %	(0.63 %)
Q1 2016	20.93 %	10.03 %	(0.97 %)
Q2 2016	20.39 %	9.10 %	(2.39 %)
Q3 2016	19.03 %	8.58 %	(2.98 %)
Q4 2016	18.82 %	8.52 %	(4.04 %)
2016	18.82 %	8.52 %	(4.04 %)
Q1 2017	17.53 %	7.41 %	(5.48 %)
Q2 2017	16.06 %	6.54 %	(6.71 %)
Q3 2017	16.18 %	7.34 %	(6.01 %)
Q4 2017	15.86 %	8.23 %	(4.96 %)
2017	15.86 %	8.80 %	(4.96 %)
Q1 2018	14.91 %	8.18 %	(5.46 %)
Q2 2018	14.63 %	8.59 %	(4.43 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	29.84 %	26.72 %	24.10 %
2009	19.04 %	14.25 %	0.45 %
2010	18.63 %	14.20 %	8.75 %
2011	18.86 %	16.66 %	8.98 %
2012	19.69 %	14.73 %	6.21 %
2013	20.57 %	14.15 %	4.29 %
2014	19.84 %	11.53 %	1.62 %
2015	21.02 %	10.43 %	(0.63 %)
2016	18.82 %	8.52 %	(4.04 %)
2017	15.86 %	8.80 %	(4.96 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	25.06 %	20.25 %	12.44 %
Q2 2009	31.53 %	26.31 %	15.49 %
Q3 2009	34.61 %	31.00 %	15.16 %
Q4 2009	(12.06 %)	(17.54 %)	(38.48 %)
Q1 2010	18.56 %	14.91 %	6.99 %
Q2 2010	22.04 %	17.78 %	15.00 %
Q3 2010	17.32 %	14.95 %	6.72 %
Q4 2010	15.79 %	7.73 %	5.07 %
Q1 2011	19.25 %	17.02 %	7.78 %
Q2 2011	19.78 %	18.76 %	10.54 %
Q3 2011	18.82 %	16.44 %	6.69 %
Q4 2011	17.27 %	13.76 %	10.57 %
Q1 2012	19.28 %	17.25 %	7.93 %
Q2 2012	19.29 %	18.05 %	9.31 %
Q3 2012	20.36 %	15.49 %	7.22 %
Q4 2012	19.32 %	11.67 %	3.29 %
Q1 2013	21.15 %	15.48 %	5.02 %
Q2 2013	22.65 %	16.80 %	7.22 %
Q3 2013	20.54 %	14.28 %	4.91 %
Q4 2013	18.09 %	10.29 %	0.22 %
Q1 2014	20.89 %	13.73 %	3.17 %
Q2 2014	20.95 %	12.67 %	3.82 %
Q3 2014	18.27 %	10.63 %	3.81 %
Q4 2014	19.36 %	9.22 %	(6.69 %)
Q1 2015	21.91 %	11.13 %	0.46 %
Q2 2015	23.33 %	15.44 %	4.64 %
Q3 2015	21.71 %	9.70 %	(2.16 %)
Q4 2015	16.84 %	3.35 %	(6.01 %)
Q1 2016	21.80 %	11.39 %	(0.74 %)
Q2 2016	21.46 %	12.37 %	(0.39 %)
Q3 2016	16.11 %	7.56 %	(4.58 %)
Q4 2016	15.66 %	2.33 %	(10.89 %)
Q1 2017	16.65 %	6.97 %	(6.52 %)
Q2 2017	15.83 %	9.11 %	(5.06 %)
Q3 2017	16.60 %	10.69 %	(1.82 %)
Q4 2017	14.36 %	6.06 %	(6.52 %)
Q1 2018	12.35 %	6.47 %	(9.21 %)
Q2 2018	14.74 %	10.64 %	(1.20 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	60.00	2.27	1.73	11.96
Q2 2009	60.00	1.85	1.50	12.12
Q3 2009	60.00	1.39	1.11	12.41
Q4 2009	60.00	1.08	0.03	12.75
Q1 2010	60.00	0.94	(0.06)	12.87
Q2 2010	60.00	1.03	0.01	13.15
Q3 2010	60.00	0.85	(0.08)	13.27
Q4 2010	60.00	0.59	0.59	12.50
Q1 2011	60.00	0.59	0.59	13.53
Q2 2011	60.00	0.52	0.52	13.22
Q3 2011	60.00	0.51	0.51	13.32
Q4 2011	60.00	0.60	0.60	12.58
Q1 2012	60.00	0.61	0.61	12.19
Q2 2012	60.00	0.57	0.57	12.36
Q3 2012	60.00	0.80	0.80	12.69
Q4 2012	60.00	2.08	0.79	14.13
Q1 2013	60.00	2.17	0.89	13.82
Q2 2013	60.00	2.33	1.05	14.17
Q3 2013	60.00	2.24	0.96	14.41
Q4 2013	60.00	0.82	0.82	14.44
Q1 2014	60.00	0.75	0.74	14.59
Q2 2014	60.00	0.62	0.61	14.80
Q3 2014	60.00	0.58	0.57	15.00
Q4 2014	60.00	0.65	0.22	15.20
Q1 2015	60.00	0.68	0.09	15.39
Q2 2015	60.00	0.95	0.11	15.86
Q3 2015	60.00	0.93	(0.18)	16.04
Q4 2015	60.00	0.35	(0.12)	15.56
Q1 2016	60.00	0.22	(0.17)	15.49
Q2 2016	60.00	(0.24)	(0.42)	15.50
Q3 2016	60.00	(0.62)	(0.52)	15.33
Q4 2016	60.00	(0.56)	(0.68)	14.90
Q1 2017	60.00	(0.88)	(0.91)	14.62
Q2 2017	60.00	(1.10)	(1.10)	14.41
Q3 2017	60.00	(0.99)	(0.99)	14.33
Q4 2017	60.00	(1.16)	(0.82)	13.69
Q1 2018	60.00	(1.21)	(0.87)	13.38
Q2 2018	60.00	(1.04)	(0.70)	13.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	60.00	2.51	1.87	13.20
2009	60.00	1.08	0.03	12.75
2010	60.00	0.59	0.59	12.50
2011	60.00	0.60	0.60	12.58
2012	60.00	2.08	0.79	14.13
2013	60.00	0.87	0.82	14.44
2014	60.00	0.76	0.33	15.20
2015	60.00	0.36	(0.12)	15.56
2016	60.00	(0.56)	(0.68)	14.90
2017	60.00	(1.16)	(0.82)	13.69

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	8.83	11.55	1.67
Q2 2009	9.17	11.37	1.40
Q3 2009	12.20	15.27	1.37
Q4 2009	15.22	More than 50	1.29
Q1 2010	16.77	NEG	1.23
Q2 2010	12.59	More than 50	0.99
Q3 2010	15.40	NEG	0.99
Q4 2010	21.90	21.90	1.03
Q1 2011	19.85	19.85	0.87
Q2 2011	26.21	26.21	1.04
Q3 2011	26.19	26.19	1.01
Q4 2011	32.50	32.50	1.55
Q1 2012	48.16	48.16	2.40
Q2 2012	46.46	46.46	2.15
Q3 2012	44.09	44.09	2.79
Q4 2012	17.82	46.68	2.62
Q1 2013	16.60	40.65	2.60
Q2 2013	16.34	36.32	2.69
Q3 2013	10.27	24.07	1.60
Q4 2013	29.23	29.23	1.65
Q1 2014	31.88	32.16	1.63
Q2 2014	41.25	41.71	1.72
Q3 2014	45.67	46.21	1.76
Q4 2014	28.86	More than 50	1.23
Q1 2015	26.70	More than 50	1.19
Q2 2015	18.93	More than 50	1.13
Q3 2015	15.64	NEG	0.90
Q4 2015	More than 50	NEG	1.69
Q1 2016	More than 50	NEG	1.31
Q2 2016	NEG	NEG	1.25
Q3 2016	NEG	NEG	0.76
Q4 2016	NEG	NEG	1.35
Q1 2017	NEG	NEG	1.17
Q2 2017	NEG	NEG	1.00
Q3 2017	NEG	NEG	1.62
Q4 2017	NEG	NEG	1.47
Q1 2018	NEG	NEG	1.43
Q2 2018	NEG	NEG	1.47

Period	P/E	Adjusted P/E	Price/book
2008	5.58	7.50	1.06
2009	15.22	More than 50	1.29
2010	21.90	21.90	1.03
2011	32.50	32.50	1.55
2012	17.82	46.68	2.62
2013	27.57	29.23	1.65
2014	24.72	More than 50	1.23
2015	More than 50	NEG	1.69
2016	NEG	NEG	1.35
2017	NEG	NEG	1.47

Business Segments (Million)

Compared With The

Period	packing and packaging	Printing	Other sectors & Investment activities	elimination
Q1 2009	-	103.59	-	-
Q2 2009	-	82.89	-	-
Q3 2009	-	94.15	-	-
Q4 2009	-	161.09	-	-
Q1 2010	-	102.60	-	-
Q2 2010	-	112.17	-	-
Q3 2010	-	102.21	-	-
Q4 2010	-	85.42	-	-
Q1 2011	-	98.16	-	-
Q2 2011	-	118.84	-	-
Q3 2011	-	92.80	-	-
Q4 2011	-	(9.66)	-	-
Q1 2012	29.69	72.91	-	-
Q2 2012	30.51	80.99	-	-
Q3 2012	206.27	71.15	-	-
Q4 2012	216.41	57.98	-	-
Q1 2013	216.79	56.15	-	-
Q2 2013	222.49	57.14	-	-
Q3 2013	242.49	51.19	-	-
Q4 2013	242.09	53.41	-	-
Q1 2014	235.63	49.90	-	-
Q2 2014	269.22	58.18	-	-
Q3 2014	262.24	54.42	-	-
Q4 2014	244.76	57.97	-	-
Q1 2015	235.46	47.31	-	-
Q2 2015	236.52	55.29	-	-
Q3 2015	221.53	36.35	-	-
Q4 2015	204.76	70.54	-	-
Q1 2016	208.55	47.30	-	(1.45)
Q2 2016	214.83	47.79	-	(3.25)
Q3 2016	197.67	57.99	-	(4.33)
Q4 2016	188.44	49.00	-	-
Q1 2017	197.04	46.58	-	(1.31)
Q2 2017	216.03	44.79	-	(7.74)
Q3 2017	186.12	70.43	-	(5.08)
Q4 2017	179.00	51.68	-	-
Q1 2018	176.21	30.72	-	(4.36)
Q2 2018	207.48	57.96	-	(9.32)

Period	packing and packaging	Printing	Other sectors & Investment activities	elimination
2008	-	503.33	24.14	-
2009	-	441.72	-	-
2010	-	402.40	-	-
2011	100.84	300.14	-	-
2012	482.88	283.02	-	-
2013	923.87	217.90	-	-
2014	1,011.85	220.47	-	-
2015	898.27	209.49	-	-
2016	809.49	195.92	-	-
2017	778.19	213.49	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	830.40
Enterprise Value (EV) (M)	1,586.54
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	(2.33)
Book Value (BV) ( Riyal)	7.98
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.73
Return on Average Assets (%) (TTM)	(8.87 )
Return on Average Equity (%) (TTM)	(25.35 )

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Saudi Printing trims H1 losses by 24% as zakat expenses drop

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Share Price

Saudi Printing and Packaging Co. (SPPC)

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) 2018 Q2

Financial Ratios

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Saudi Printing trims H1 losses by 24% as zakat expenses drop

View other reports

Share Price

Saudi Printing and Packaging Co. (SPPC)

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) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Financial Ratios

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Business Segments (Million)