Saudi Ceramic turns to net profit of SAR 49.7 mln in 9M 2020

22/10/2020 Argaam Exclusive

Saudi Ceramic Co. swung to a net profit after Zakat and tax of SAR 49.7 million for the first nine months of 2020, against a net loss of SAR 6.7 million a year earlier, driven by higher sales volumes and prices, improved other income, along with a decline in general and administrative expenses. The company’s results were also backed by lower finance charges.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 875.18 1,148.38 31.2 %
Gross Income 221.89 295.36 33.1 %
Operating Income 26.68 91.45 242.8 %
Net Income (6.66) 49.66 845.5 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (0.07) 0.50 845.5 %
EPS (Riyals) (0.07) 0.50 845.5 %

The third-quarter net profit after Zakat and tax declined 6% to SAR 32.5 million, compared to a net profit of SAR 34.5 million in Q3 2019, due to adjustment of the asset life depreciation approved in Q3 2019, which fully reflected on Q3 2020 results.

 

When compared to the previous quarter, the ceramic and tile producer’s net profit surged over four times from SAR 6.6 million. The profit hike was spurred by the SAR 21 million provisions allocated in the previous quarter. In addition, the profit rise was also attributed to improved profit margins, a rise in other income and lower finance charges.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 291.73 373.05 27.9 %
Gross Income 108.78 106.96 (1.7 %)
Operating Income 45.16 40.63 (10.0 %)
Net Income 34.49 32.46 (5.9 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 0.34 0.32 (5.9 %)
EPS (Riyals) 0.34 0.32 (5.9 %)

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Share Price

Saudi Ceramic Co.
26.65
(0.35) (1.30 %)

Saudi Ceramic Co. (SAUDI CERAMICS)

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Financial Ratios
Current
Market Cap (M Riyal) 2,665.00
Enterprise Value (EV) (M) 3,359.66
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.72)
Book Value (BV) ( Riyal) 14.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.87
Return on Average Assets (%) (TTM) (2.59 )
Return on Average Equity (%) (TTM) (4.91 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 306.36 14.2 % 112.11 11.3 % 64.93 11.8 %
Q2 2011 320.67 15.4 % 117.77 18.9 % 67.39 15.6 %
Q3 2011 269.71 5.9 % 107.50 19.1 % 55.72 15.1 %
Q4 2011 324.61 16.4 % 102.39 (1.3 %) 55.82 (3.0 %)
Q1 2012 360.16 17.6 % 112.93 0.7 % 62.03 (4.5 %)
Q2 2012 369.22 15.1 % 121.61 3.3 % 64.48 (4.3 %)
Q3 2012 346.18 28.4 % 112.91 5.0 % 58.05 4.2 %
Q4 2012 371.80 14.5 % 126.83 23.9 % 73.32 31.4 %
Q1 2013 406.29 12.8 % 152.19 34.8 % 91.03 46.8 %
Q2 2013 428.89 16.2 % 151.71 24.7 % 89.94 39.5 %
Q3 2013 383.50 10.8 % 138.68 22.8 % 76.48 31.7 %
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.61 0.4 %
Q1 2014 424.02 4.4 % 153.61 0.9 % 88.47 (2.8 %)
Q2 2014 437.62 2.0 % 152.06 0.2 % 78.86 (12.3 %)
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 56.04 (26.7 %)
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 57.35 (22.1 %)
Q1 2015 447.05 5.4 % 158.46 3.2 % 81.89 (7.4 %)
Q2 2015 444.31 1.5 % 162.61 6.9 % 86.00 9.0 %
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 66.71 19.0 %
Q4 2015 412.03 10.1 % 135.95 7.5 % 51.48 (10.2 %)
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 55.09 (32.7 %)
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 37.27 (56.7 %)
Q3 2016 232.44 (34.4 %) 54.62 (56.3 %) (9.63) (114.4 %)
Q4 2016 350.43 (15.0 %) 73.09 (46.2 %) 6.28 (87.8 %)
Q1 2017 315.35 (15.4 %) 81.02 (33.1 %) 16.13 (70.7 %)
Q2 2017 274.69 (21.0 %) 65.29 (40.1 %) 2.89 (92.3 %)
Q3 2017 224.14 (3.6 %) 24.26 (55.6 %) (29.17) (203.0 %)
Q4 2017 325.55 (7.1 %) (2.30) (103.1 %) (63.23) (1106.2 %)
Q1 2018 256.48 (18.7 %) 22.39 (72.4 %) (37.80) (334.3 %)
Q2 2018 241.88 (11.9 %) 30.26 (53.7 %) (35.35) (1324.8 %)
Q3 2018 250.00 11.5 % 36.59 50.8 % (28.35) 2.8 %
Q4 2018 279.69 (14.1 %) 18.57 907.3 % (55.87) 11.6 %
Q1 2019 309.60 20.7 % 52.46 134.3 % (12.71) 66.4 %
Q2 2019 273.84 13.2 % 60.65 100.5 % (5.77) 83.7 %
Q3 2019 291.73 16.7 % 108.78 197.3 % 45.16 259.3 %
Q4 2019 359.91 28.7 % 104.68 463.8 % 33.71 160.3 %
Q1 2020 393.33 27.0 % 85.90 63.8 % 20.83 263.8 %
Q2 2020 382.00 39.5 % 102.50 69.0 % 29.99 620.2 %
Q3 2020 373.05 27.9 % 106.96 (1.7 %) 40.63 (10.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2011 59.93 2.7 % 0.60 - 59.93 0.60
Q2 2011 65.38 13.0 % 0.65 - 65.38 0.65
Q3 2011 54.15 17.2 % 0.54 - 54.15 0.54
Q4 2011 52.55 (9.6 %) 0.53 - 52.55 0.53
Q1 2012 62.60 4.5 % 0.63 - 62.60 0.63
Q2 2012 63.43 (3.0 %) 0.63 - 63.43 0.63
Q3 2012 55.51 2.5 % 0.56 - 55.51 0.56
Q4 2012 66.04 25.7 % 0.66 - 66.04 0.66
Q1 2013 82.21 31.3 % 0.82 - 82.21 0.82
Q2 2013 82.18 29.6 % 0.82 - 82.18 0.82
Q3 2013 71.80 29.4 % 0.72 - 71.80 0.72
Q4 2013 73.25 10.9 % 0.73 - 73.25 0.73
Q1 2014 87.42 6.3 % 0.87 - 87.42 0.87
Q2 2014 84.09 2.3 % 0.84 2.46 81.63 0.82
Q3 2014 78.88 9.9 % 0.79 23.24 55.64 0.56
Q4 2014 59.83 (18.3 %) 0.60 17.98 41.85 0.42
Q1 2015 84.27 (3.6 %) 0.84 - 84.27 0.84
Q2 2015 81.25 (3.4 %) 0.81 - 81.25 0.81
Q3 2015 62.65 (20.6 %) 0.63 11.48 51.17 0.51
Q4 2015 55.65 (7.0 %) 0.56 2.17 53.48 0.53
Q1 2016 47.68 (43.4 %) 0.48 - 47.68 0.48
Q2 2016 28.60 (64.8 %) 0.29 - 28.60 0.29
Q3 2016 (46.88) (174.8 %) (0.47) (25.00) (21.88) (0.22)
Q4 2016 (9.22) (116.6 %) (0.09) - (9.22) (0.09)
Q1 2017 11.47 (75.9 %) 0.11 5.42 6.04 0.06
Q2 2017 (5.84) (120.4 %) (0.06) - (5.84) (0.06)
Q3 2017 (39.91) 14.9 % (0.40) - (39.91) (0.40)
Q4 2017 (62.77) (581.2 %) (0.63) - (62.77) (0.63)
Q1 2018 (49.95) (535.5 %) (0.50) - (49.95) (0.50)
Q2 2018 (46.51) (696.0 %) (0.47) - (46.51) (0.47)
Q3 2018 (38.53) 3.5 % (0.39) - (38.53) (0.39)
Q4 2018 (79.59) (26.8 %) (0.80) - (79.59) (0.80)
Q1 2019 (25.05) 49.8 % (0.25) - (25.05) (0.25)
Q2 2019 (16.10) 65.4 % (0.16) - (16.10) (0.16)
Q3 2019 34.49 189.5 % 0.34 - 34.49 0.34
Q4 2019 13.81 117.4 % 0.14 - 13.81 0.14
Q1 2020 10.64 142.5 % 0.11 - 10.64 0.11
Q2 2020 6.56 140.7 % 0.07 - 6.56 0.07
Q3 2020 32.46 (5.9 %) 0.32 - 32.46 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 36.23 % 30.00 % 19.87 %
Q2 2011 36.51 % 30.41 % 19.78 %
Q3 2011 37.52 % 31.14 % 20.21 %
Q4 2011 36.01 % 29.85 % 19.00 %
Q1 2012 34.55 % 28.33 % 18.40 %
Q2 2012 33.57 % 26.94 % 17.58 %
Q3 2012 32.13 % 26.07 % 16.72 %
Q4 2012 32.77 % 26.73 % 17.11 %
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %
Q3 2016 30.82 % 22.60 % 7.90 %
Q4 2016 27.45 % 20.51 % 3.47 %
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)
Q4 2017 14.76 % 11.65 % (8.99 %)
Q1 2018 10.14 % 7.13 % (14.66 %)
Q2 2018 7.12 % 3.45 % (19.00 %)
Q3 2018 8.10 % 3.31 % (18.41 %)
Q4 2018 10.49 % 4.62 % (20.87 %)
Q1 2019 12.75 % 7.34 % (17.54 %)
Q2 2019 15.12 % 10.13 % (14.31 %)
Q3 2019 20.82 % 10.86 % (7.47 %)
Q4 2019 26.44 % 15.68 % 0.58 %
Q1 2020 27.30 % 15.46 % 3.25 %
Q2 2020 28.16 % 15.38 % 4.59 %
Q3 2020 26.52 % 17.13 % 4.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2011 100.00 2.22 2.22 9.75
Q2 2011 100.00 2.30 2.30 10.40
Q3 2011 100.00 2.38 2.38 10.94
Q4 2011 100.00 2.32 2.32 11.47
Q1 2012 100.00 2.35 2.35 12.10
Q2 2012 100.00 2.33 2.33 11.84
Q3 2012 100.00 2.34 2.34 12.40
Q4 2012 100.00 2.48 2.48 13.06
Q1 2013 100.00 2.67 2.67 13.88
Q2 2013 100.00 2.86 2.86 13.76
Q3 2013 100.00 3.02 3.02 14.48
Q4 2013 100.00 3.09 3.09 15.21
Q1 2014 100.00 3.15 3.15 16.08
Q2 2014 100.00 3.17 3.14 15.79
Q3 2014 100.00 3.24 2.98 16.58
Q4 2014 100.00 3.10 2.67 17.16
Q1 2015 100.00 3.07 2.63 17.99
Q2 2015 100.00 3.04 2.63 17.80
Q3 2015 100.00 2.88 2.59 18.42
Q4 2015 100.00 2.84 2.70 18.98
Q1 2016 100.00 2.47 2.34 19.46
Q2 2016 100.00 1.95 1.81 18.75
Q3 2016 100.00 0.85 1.08 18.28
Q4 2016 100.00 0.20 0.45 17.75
Q1 2017 100.00 (0.16) 0.04 18.33
Q2 2017 100.00 (0.50) (0.31) 17.77
Q3 2017 100.00 (0.43) (0.49) 17.39
Q4 2017 100.00 (0.97) (1.02) 16.30
Q1 2018 100.00 (1.58) (1.58) 15.79
Q2 2018 100.00 (1.99) (1.99) 15.33
Q3 2018 100.00 (1.98) (1.98) 14.94
Q4 2018 100.00 (2.15) (2.15) 14.16
Q1 2019 100.00 (1.90) (1.90) 13.91
Q2 2019 100.00 (1.59) (1.59) 13.72
Q3 2019 100.00 (0.86) (0.86) 13.98
Q4 2019 100.00 0.07 0.07 14.09
Q1 2020 100.00 0.43 0.43 14.20
Q2 2020 100.00 0.66 0.66 14.26
Q3 2020 100.00 0.63 0.63 14.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 15.43 15.43 3.52
Q2 2011 15.42 15.42 3.40
Q3 2011 14.04 14.04 3.05
Q4 2011 16.10 16.10 3.26
Q1 2012 15.81 15.81 3.07
Q2 2012 14.99 14.99 2.95
Q3 2012 13.82 13.82 2.61
Q4 2012 11.20 11.20 2.12
Q1 2013 11.72 11.72 2.25
Q2 2013 14.60 14.60 3.03
Q3 2013 14.71 14.71 3.07
Q4 2013 13.55 13.55 2.76
Q1 2014 16.31 16.31 3.19
Q2 2014 16.89 17.02 3.39
Q3 2014 16.95 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.75 2.16
Q2 2015 13.05 15.09 2.23
Q3 2015 10.18 11.34 1.59
Q4 2015 8.24 8.66 1.23
Q1 2016 7.71 8.16 0.98
Q2 2016 10.34 11.12 1.07
Q3 2016 15.77 12.43 0.73
Q4 2016 82.44 36.82 0.94
Q1 2017 NEG More than 100 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76
Q4 2017 NEG NEG 0.82
Q1 2018 NEG NEG 0.75
Q2 2018 NEG NEG 0.80
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.82
Q1 2019 NEG NEG 0.87
Q2 2019 NEG NEG 0.88
Q3 2019 NEG NEG 1.09
Q4 2019 More than 100 More than 100 1.54
Q1 2020 32.84 32.84 0.99
Q2 2020 30.47 30.47 1.40
Q3 2020 41.61 41.61 1.81

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Ceramic Pipes Company
Q1 2011 234.66 71.70 -
Q2 2011 261.21 59.46 -
Q3 2011 216.65 53.06 -
Q4 2011 235.72 88.89 -
Q1 2012 276.26 83.90 -
Q2 2012 298.52 70.70 -
Q3 2012 271.12 75.05 -
Q4 2012 285.86 85.95 -
Q1 2013 313.82 92.47 -
Q2 2013 349.20 79.69 -
Q3 2013 314.46 69.04 -
Q4 2013 300.20 81.67 -
Q1 2014 336.95 87.06 -
Q2 2014 353.97 83.66 -
Q3 2014 304.32 81.32 -
Q4 2014 294.58 79.50 -
Q1 2015 365.19 81.86 -
Q2 2015 358.31 86.00 -
Q3 2015 293.40 61.18 -
Q4 2015 307.83 104.20 -
Q1 2016 289.14 83.66 -
Q2 2016 279.81 68.04 -
Q3 2016 180.46 51.98 -
Q4 2016 245.75 104.68 -
Q1 2017 234.30 81.05 -
Q2 2017 210.46 64.23 -
Q3 2017 168.81 55.32 -
Q4 2017 222.02 103.53 -
Q1 2018 186.25 70.23 -
Q2 2018 196.18 45.70 -
Q3 2018 188.46 59.83 -
Q4 2018 206.96 70.31 2.42
Q1 2019 223.48 80.36 5.76
Q2 2019 213.56 54.51 5.78
Q3 2019 225.01 59.78 6.94
Q4 2019 247.44 100.91 11.56
Q1 2020 281.74 100.31 11.28
Q2 2020 301.69 72.87 7.44
Q3 2020 276.51 92.38 4.16

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (net income) Change‬ Q3 2020 (before unusual items) Change‬
Average 53.00 32.46 (38.8 %) 32.46 (38.8 %)

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (net income) Change Q3 2020 (before unusual items) Change‬
Al Rajhi Capital 53.00 32.46 (38.8) % 32.46 (38.8) %

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