Vitrified Clay profit down 3% to SAR 22 mln in Q1

Vitrified Clay profit down 3% to SAR 22 mln in Q1

20/04/2015 Argaam Exclusive

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Saudi Vitrified Clay Pipe Co. (SVCP), a producer of clay pipes, reported a net profit of SAR 21.9 million for first quarter, 3 percent lower compared to the same period in 2014.

 

First quarter’s drop was mainly attributed to foreign exchange losses, despite higher sales.



Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 75.65 92.76 22.6 %
Gross Income 30.35 36.87 21.5 %
Operating Income 23.47 30.10 28.2 %
Net Income 22.69 21.96 (3.2 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.51 1.46 (3.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 48.72 - 17.05 - 12.22 -
Q4 2006 51.47 - 14.61 - 11.18 -
Q1 2007 59.59 - 17.36 - 11.64 -
Q2 2007 54.09 - 18.48 - 13.81 -
Q3 2007 51.15 5.0 % 18.15 6.5 % 13.50 10.5 %
Q4 2007 49.96 (2.9 %) 7.72 (47.1 %) 3.88 (65.3 %)
Q1 2008 61.78 3.7 % 19.63 13.1 % 13.09 12.5 %
Q2 2008 71.86 32.9 % 18.50 0.1 % 13.15 (4.8 %)
Q3 2008 63.70 24.6 % 16.39 (9.7 %) 10.99 (18.6 %)
Q4 2008 60.52 21.1 % 16.80 117.5 % 11.63 199.9 %
Q1 2009 57.86 (6.3 %) 14.40 (26.6 %) 9.36 (28.5 %)
Q2 2009 54.85 (23.7 %) 12.64 (31.7 %) 6.82 (48.1 %)
Q3 2009 54.16 (15.0 %) 18.11 10.5 % 12.00 9.2 %
Q4 2009 58.25 (3.8 %) 20.61 22.7 % 20.45 75.9 %
Q1 2010 60.41 4.4 % 24.20 68.0 % 18.69 99.8 %
Q2 2010 64.28 17.2 % 24.20 91.5 % 19.72 189.1 %
Q3 2010 57.39 6.0 % 23.32 28.7 % 19.16 59.7 %
Q4 2010 62.54 7.4 % 23.84 15.7 % 17.24 (15.7 %)
Q1 2011 63.22 4.7 % 25.95 7.3 % 20.32 8.7 %
Q2 2011 68.17 6.0 % 30.75 27.0 % 24.83 25.9 %
Q3 2011 62.37 8.7 % 26.44 13.4 % 20.11 5.0 %
Q4 2011 67.69 8.2 % 25.82 8.3 % 19.99 15.9 %
Q1 2012 72.31 14.4 % 26.60 2.5 % 20.56 1.2 %
Q2 2012 82.51 21.0 % 28.99 (5.7 %) 22.38 (9.9 %)
Q3 2012 73.69 18.1 % 29.51 11.6 % 23.01 14.4 %
Q4 2012 83.08 22.7 % 31.45 21.8 % 24.50 22.6 %
Q1 2013 78.65 8.8 % 29.40 10.5 % 23.16 12.7 %
Q2 2013 77.44 (6.1 %) 26.40 (8.9 %) 19.68 (12.0 %)
Q3 2013 67.12 (8.9 %) 24.33 (17.6 %) 18.05 (21.6 %)
Q4 2013 80.20 (3.5 %) 29.94 (4.8 %) 24.29 (0.9 %)
Q1 2014 75.65 (3.8 %) 30.35 3.2 % 23.47 1.3 %
Q2 2014 87.35 12.8 % 34.47 30.6 % 28.20 43.3 %
Q3 2014 88.15 31.3 % 33.22 36.6 % 26.23 45.3 %
Q4 2014 91.59 14.2 % 36.81 22.9 % 28.47 17.2 %
Q1 2015 92.76 22.6 % 36.87 21.5 % 30.10 28.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 11.67 - 0.78 - 11.67 0.78
Q4 2006 10.39 - 0.69 - 10.39 0.69
Q1 2007 11.54 - 0.77 - 11.54 0.77
Q2 2007 14.63 - 0.98 - 14.63 0.98
Q3 2007 13.11 12.4 % 0.87 - 13.11 0.87
Q4 2007 3.91 (62.4 %) 0.26 - 3.91 0.26
Q1 2008 11.85 2.7 % 0.79 - 11.85 0.79
Q2 2008 11.82 (19.2 %) 0.79 - 11.82 0.79
Q3 2008 11.07 (15.6 %) 0.74 - 11.07 0.74
Q4 2008 13.48 244.5 % 0.90 - 13.48 0.90
Q1 2009 9.21 (22.2 %) 0.61 - 9.21 0.61
Q2 2009 4.36 (63.2 %) 0.29 - 4.36 0.29
Q3 2009 10.15 (8.3 %) 0.68 - 10.15 0.68
Q4 2009 18.89 40.2 % 1.26 - 18.89 1.26
Q1 2010 19.30 109.5 % 1.29 - 19.30 1.29
Q2 2010 21.66 397.3 % 1.44 - 21.66 1.44
Q3 2010 19.05 87.7 % 1.27 - 19.05 1.27
Q4 2010 16.42 (13.1 %) 1.09 - 16.42 1.09
Q1 2011 19.11 (1.0 %) 1.27 - 19.11 1.27
Q2 2011 24.13 11.4 % 1.61 - 24.13 1.61
Q3 2011 19.44 2.1 % 1.30 - 19.44 1.30
Q4 2011 20.09 22.4 % 1.34 - 20.09 1.34
Q1 2012 19.07 (0.2 %) 1.27 - 19.07 1.27
Q2 2012 21.84 (9.5 %) 1.46 - 21.84 1.46
Q3 2012 22.79 17.2 % 1.52 - 22.79 1.52
Q4 2012 23.74 18.2 % 1.58 - 23.74 1.58
Q1 2013 22.09 15.8 % 1.47 - 22.09 1.47
Q2 2013 20.27 (7.2 %) 1.35 - 20.27 1.35
Q3 2013 17.54 (23.0 %) 1.17 - 17.54 1.17
Q4 2013 24.52 3.3 % 1.63 - 24.52 1.63
Q1 2014 22.69 2.7 % 1.51 - 22.69 1.51
Q2 2014 27.87 37.5 % 1.86 - 27.87 1.86
Q3 2014 26.00 48.2 % 1.73 - 26.00 1.73
Q4 2014 24.02 (2.0 %) 1.60 - 24.02 1.60
Q1 2015 21.96 (3.2 %) 1.46 - 21.96 1.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 31.56 % 24.49 % 22.55 %
Q3 2007 31.71 % 24.86 % 22.96 %
Q4 2007 28.73 % 21.80 % 20.11 %
Q1 2008 29.49 % 22.25 % 20.05 %
Q2 2008 27.27 % 20.33 % 17.33 %
Q3 2008 25.17 % 18.30 % 15.63 %
Q4 2008 27.66 % 20.52 % 18.70 %
Q1 2009 26.03 % 20.38 % 17.95 %
Q2 2009 25.42 % 21.45 % 16.09 %
Q3 2009 27.25 % 24.05 % 16.36 %
Q4 2009 29.21 % 30.07 % 18.93 %
Q1 2010 33.19 % 34.55 % 23.14 %
Q2 2010 36.74 % 38.07 % 29.52 %
Q3 2010 38.42 % 41.11 % 32.83 %
Q4 2010 39.07 % 39.12 % 31.24 %
Q1 2011 39.33 % 39.16 % 30.81 %
Q2 2011 41.33 % 40.48 % 31.32 %
Q3 2011 41.74 % 39.93 % 30.86 %
Q4 2011 41.67 % 40.02 % 31.66 %
Q1 2012 40.51 % 38.80 % 30.58 %
Q2 2012 37.85 % 36.02 % 28.24 %
Q3 2012 37.45 % 35.66 % 28.29 %
Q4 2012 37.41 % 35.42 % 28.06 %
Q1 2013 37.54 % 35.58 % 28.45 %
Q2 2013 37.32 % 35.33 % 28.41 %
Q3 2013 36.43 % 34.49 % 27.31 %
Q4 2013 36.28 % 34.75 % 27.82 %
Q1 2014 36.96 % 35.23 % 28.30 %
Q2 2014 38.38 % 36.89 % 29.85 %
Q3 2014 38.62 % 37.06 % 30.51 %
Q4 2014 39.34 % 37.06 % 29.35 %
Q1 2015 39.29 % 37.21 % 27.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 15.00 - - 6.81
Q4 2006 15.00 - - 10.33
Q1 2007 15.00 - - 10.84
Q2 2007 15.00 3.22 3.22 11.83
Q3 2007 15.00 3.31 3.31 12.64
Q4 2007 15.00 2.88 2.88 13.05
Q1 2008 15.00 2.90 2.90 11.38
Q2 2008 15.00 2.71 2.71 12.50
Q3 2008 15.00 2.58 2.58 13.24
Q4 2008 15.00 3.21 3.21 14.09
Q1 2009 15.00 3.04 3.04 12.32
Q2 2009 15.00 2.54 2.54 12.65
Q3 2009 15.00 2.48 2.48 13.36
Q4 2009 15.00 2.84 2.84 14.40
Q1 2010 15.00 3.51 3.51 13.38
Q2 2010 15.00 4.67 4.67 14.81
Q3 2010 15.00 5.26 5.26 16.05
Q4 2010 15.00 5.09 5.09 16.95
Q1 2011 15.00 5.08 5.08 15.17
Q2 2011 15.00 5.25 5.25 14.78
Q3 2011 15.00 5.27 5.27 16.06
Q4 2011 15.00 5.52 5.52 15.26
Q1 2012 15.00 5.52 5.52 15.49
Q2 2012 15.00 5.36 5.36 15.67
Q3 2012 15.00 5.59 5.59 17.15
Q4 2012 15.00 5.83 5.83 14.93
Q1 2013 15.00 6.03 6.03 16.33
Q2 2013 15.00 5.93 5.93 16.16
Q3 2013 15.00 5.58 5.58 17.32
Q4 2013 15.00 5.63 5.63 15.41
Q1 2014 15.00 5.67 5.67 15.63
Q2 2014 15.00 6.17 6.17 16.20
Q3 2014 15.00 6.74 6.74 16.64
Q4 2014 15.00 6.71 6.71 16.81
Q1 2015 15.00 6.66 6.66 16.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 36.31 36.31 9.87
Q3 2007 34.05 34.05 8.92
Q4 2007 37.86 37.86 8.36
Q1 2008 25.35 25.35 6.46
Q2 2008 29.95 29.95 6.50
Q3 2008 19.79 19.79 3.85
Q4 2008 10.27 10.27 2.34
Q1 2009 16.29 16.29 4.02
Q2 2009 17.55 17.55 3.53
Q3 2009 16.58 16.58 3.08
Q4 2009 14.50 14.50 2.86
Q1 2010 14.06 14.06 3.69
Q2 2010 13.71 13.71 4.32
Q3 2010 11.17 11.17 3.66
Q4 2010 11.58 11.58 3.48
Q1 2011 10.67 10.67 3.58
Q2 2011 11.82 11.82 4.19
Q3 2011 11.28 11.28 3.70
Q4 2011 12.32 12.32 4.45
Q1 2012 13.64 13.64 4.86
Q2 2012 11.56 11.56 3.96
Q3 2012 11.68 11.68 3.80
Q4 2012 11.71 11.71 4.57
Q1 2013 11.36 11.36 4.19
Q2 2013 12.32 12.32 4.52
Q3 2013 13.32 13.32 4.29
Q4 2013 12.97 12.97 4.74
Q1 2014 15.48 15.48 5.61
Q2 2014 15.78 15.78 6.02
Q3 2014 15.73 15.73 6.37
Q4 2014 13.43 13.43 5.36
Q1 2015 15.10 15.10 5.99


Financial Ratios
Current
Market Cap (M Riyal) 550.50
Enterprise Value (EV) (M) 550.64
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (8.65)
Book Value (BV) ( Riyal) 8.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.16
Return on Average Assets (%) (TTM) (48.80 )
Return on Average Equity (%) (TTM) (65.79 )
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Share Price

Saudi Vitrified Clay Pipes Co.
36.50
(0.65) (1.75 %)

Saudi Vitrified Clay Pipes Co. (SVCP)

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