Saudi Steel Pipe net profit plunges 54% in 9M 2016

Saudi Steel Pipe net profit plunges 54% in 9M 2016

19/10/2016 Argaam Exclusive

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Saudi Steel Pipe Co.’s net profit for the first nine months of 2016 fell 54 percent year-on-year to SAR 19.7 million on a drop in deliveries related to projects, a SAR 4.4 million loss incurred on revaluation of raw material inventory, and a SAR 2 million provision for slow moving and obsolete inventory.

 

These negative factors, however, were offset by stronger financial results from subsidiary Global Pipe Co., as well as cost savings related to the launch of its oil country tubular goods threading line.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 708.34 468.30 (33.9 %)
Gross Income 89.64 55.41 (38.2 %)
Operating Income 47.64 16.63 (65.1 %)
Net Income 42.89 16.77 (60.9 %)
Average Shares 51.00 51.00 -
EPS (Riyals) 0.84 0.33 (60.9 %)

Net profit for the third quarter fell 28 percent YoY to SAR 5.8 million. Q3 profit was lower by 2 percent compared to the previous quarter as demand in the local market slowed.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 179.88 122.61 (31.8 %)
Gross Income 21.52 10.46 (51.4 %)
Operating Income 8.34 (0.23) (102.8 %)
Net Income 8.02 5.21 (35.0 %)
Average Shares 51.00 51.00 -
EPS (Riyals) 0.16 0.10 (35.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 155.80 - 40.80 - 34.46 -
Q2 2009 145.28 - 40.19 - 34.20 -
Q3 2009 130.83 - 36.93 - 30.80 -
Q4 2009 106.74 - 21.69 - 14.17 -
Q1 2010 153.44 (1.5 %) 28.11 (31.1 %) 19.93 (42.2 %)
Q2 2010 168.86 16.2 % 33.00 (17.9 %) 25.27 (26.1 %)
Q3 2010 104.11 (20.4 %) 13.27 (64.1 %) 6.79 (77.9 %)
Q4 2010 166.87 56.3 % 34.15 57.4 % 25.63 80.8 %
Q1 2011 163.11 6.3 % 28.75 2.3 % 21.04 5.6 %
Q2 2011 153.83 (8.9 %) 29.74 (9.9 %) 21.17 (16.2 %)
Q3 2011 140.14 34.6 % 17.97 35.3 % 10.02 47.4 %
Q4 2011 172.27 3.2 % 23.03 (32.6 %) 13.91 (45.7 %)
Q1 2012 206.85 26.8 % 29.13 1.3 % 19.36 (8.0 %)
Q2 2012 187.48 21.9 % 22.88 (23.1 %) 13.33 (37.1 %)
Q3 2012 152.16 8.6 % 19.39 7.9 % 9.87 (1.5 %)
Q4 2012 179.87 4.4 % 26.57 15.4 % 15.12 8.7 %
Q1 2013 248.48 20.1 % 37.91 30.2 % 24.63 27.3 %
Q2 2013 249.13 32.9 % 39.45 72.5 % 26.51 98.9 %
Q3 2013 172.98 13.7 % 27.95 44.1 % 18.02 82.6 %
Q4 2013 168.76 (6.2 %) 25.76 (3.0 %) 14.09 (6.8 %)
Q1 2014 224.73 (9.6 %) 21.65 (42.9 %) 9.05 (63.2 %)
Q2 2014 249.65 0.2 % 32.69 (17.1 %) 19.91 (24.9 %)
Q3 2014 241.88 39.8 % 23.65 (15.4 %) 9.81 (45.6 %)
Q4 2014 141.74 (16.0 %) 19.38 (24.8 %) 7.03 (50.1 %)
Q1 2015 248.49 10.6 % 29.24 35.0 % 14.61 61.3 %
Q2 2015 279.97 12.1 % 38.88 18.9 % 24.70 24.1 %
Q3 2015 179.88 (25.6 %) 21.52 (9.0 %) 8.34 (15.0 %)
Q4 2015 143.55 1.3 % 11.55 (40.4 %) (1.11) (115.8 %)
Q1 2016 194.34 (21.8 %) 28.94 (1.0 %) 13.57 (7.1 %)
Q2 2016 151.35 (45.9 %) 16.01 (58.8 %) 3.29 (86.7 %)
Q3 2016 122.61 (31.8 %) 10.46 (51.4 %) (0.23) (102.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 33.61 - 0.96 - 33.61 0.96
Q2 2009 35.85 - 1.02 - 35.85 1.02
Q3 2009 30.17 - 0.59 - 30.17 0.59
Q4 2009 13.19 - 0.26 - 13.19 0.26
Q1 2010 20.02 (40.4 %) 0.39 - 20.02 0.39
Q2 2010 25.16 (29.8 %) 0.49 - 25.16 0.49
Q3 2010 6.54 (78.3 %) 0.13 - 6.54 0.13
Q4 2010 21.23 60.9 % 0.42 - 21.23 0.42
Q1 2011 21.01 5.0 % 0.41 - 21.01 0.41
Q2 2011 21.34 (15.2 %) 0.42 - 21.34 0.42
Q3 2011 9.40 43.7 % 0.18 - 9.40 0.18
Q4 2011 13.37 (37.0 %) 0.26 - 13.37 0.26
Q1 2012 18.32 (12.8 %) 0.36 - 18.32 0.36
Q2 2012 12.38 (42.0 %) 0.24 - 12.38 0.24
Q3 2012 8.92 (5.1 %) 0.17 - 8.92 0.17
Q4 2012 14.09 5.4 % 0.28 - 14.09 0.28
Q1 2013 23.11 26.2 % 0.45 - 23.11 0.45
Q2 2013 25.11 102.7 % 0.49 - 25.11 0.49
Q3 2013 16.37 83.5 % 0.32 - 16.37 0.32
Q4 2013 14.86 5.4 % 0.29 - 14.86 0.29
Q1 2014 4.03 (82.6 %) 0.08 - 4.03 0.08
Q2 2014 15.55 (38.1 %) 0.30 - 15.55 0.30
Q3 2014 6.59 (59.7 %) 0.13 - 6.59 0.13
Q4 2014 5.30 (64.3 %) 0.10 - 5.30 0.10
Q1 2015 11.41 183.3 % 0.22 - 11.41 0.22
Q2 2015 23.46 50.8 % 0.46 - 23.46 0.46
Q3 2015 8.02 21.6 % 0.16 (1.02) 9.04 0.18
Q4 2015 (1.30) (124.6 %) (0.03) - (1.30) (0.03)
Q1 2016 8.52 (25.4 %) 0.17 - 8.52 0.17
Q2 2016 3.04 (87.0 %) 0.06 - 3.04 0.06
Q3 2016 5.21 (35.0 %) 0.10 (2.00) 7.21 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 25.92 % 23.89 % 20.95 %
Q1 2010 23.67 % 21.51 % 18.50 %
Q2 2010 21.38 % 19.23 % 15.81 %
Q3 2010 18.02 % 15.98 % 12.18 %
Q4 2010 18.29 % 16.59 % 12.30 %
Q1 2011 18.11 % 16.61 % 12.26 %
Q2 2011 18.02 % 16.41 % 11.93 %
Q3 2011 17.73 % 16.01 % 11.70 %
Q4 2011 15.81 % 13.97 % 10.35 %
Q1 2012 14.84 % 12.84 % 9.27 %
Q2 2012 13.16 % 11.16 % 7.57 %
Q3 2012 13.14 % 10.99 % 7.37 %
Q4 2012 13.49 % 11.08 % 7.39 %
Q1 2013 13.90 % 11.20 % 7.62 %
Q2 2013 14.86 % 11.98 % 8.59 %
Q3 2013 15.51 % 12.68 % 9.25 %
Q4 2013 15.62 % 12.78 % 9.47 %
Q1 2014 14.08 % 11.55 % 7.40 %
Q2 2014 13.24 % 11.01 % 6.23 %
Q3 2014 11.72 % 9.50 % 4.64 %
Q4 2014 11.35 % 9.10 % 3.67 %
Q1 2015 11.90 % 9.69 % 4.41 %
Q2 2015 12.19 % 10.10 % 5.13 %
Q3 2015 12.82 % 10.81 % 5.79 %
Q4 2015 11.88 % 10.12 % 5.00 %
Q1 2016 12.65 % 10.74 % 4.98 %
Q2 2016 11.66 % 9.63 % 2.88 %
Q3 2016 10.94 % 9.23 % 2.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 35.00 - - 13.16
Q2 2009 35.00 - - 14.04
Q3 2009 51.00 - - 17.29
Q4 2009 51.00 2.21 2.21 17.55
Q1 2010 51.00 1.95 1.95 15.88
Q2 2010 51.00 1.74 1.74 16.33
Q3 2010 51.00 1.27 1.27 15.92
Q4 2010 51.00 1.43 1.43 16.31
Q1 2011 51.00 1.45 1.45 15.67
Q2 2011 51.00 1.37 1.37 16.03
Q3 2011 51.00 1.43 1.43 15.43
Q4 2011 51.00 1.28 1.28 15.55
Q1 2012 51.00 1.22 1.22 15.04
Q2 2012 51.00 1.05 1.05 15.24
Q3 2012 51.00 1.04 1.04 15.38
Q4 2012 51.00 1.05 1.05 15.56
Q1 2013 51.00 1.15 1.15 15.95
Q2 2013 51.00 1.40 1.40 15.66
Q3 2013 51.00 1.54 1.54 15.19
Q4 2013 51.00 1.56 1.56 15.39
Q1 2014 51.00 1.18 1.18 15.41
Q2 2014 51.00 1.00 1.00 15.66
Q3 2014 51.00 0.80 0.80 15.75
Q4 2014 51.00 0.62 0.62 15.75
Q1 2015 51.00 0.76 0.76 15.93
Q2 2015 51.00 0.92 0.92 15.82
Q3 2015 51.00 0.94 0.96 15.44
Q4 2015 51.00 0.82 0.84 15.23
Q1 2016 51.00 0.76 0.78 15.38
Q2 2016 51.00 0.36 0.38 15.47
Q3 2016 51.00 0.30 0.34 15.56

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - 1.80
Q4 2009 15.41 15.41 1.94
Q1 2010 16.96 16.96 2.08
Q2 2010 15.61 15.61 1.66
Q3 2010 19.09 19.09 1.53
Q4 2010 16.85 16.85 1.48
Q1 2011 16.10 16.10 1.49
Q2 2011 19.35 19.35 1.66
Q3 2011 16.49 16.49 1.53
Q4 2011 22.87 22.87 1.88
Q1 2012 23.04 23.04 1.87
Q2 2012 20.84 20.84 1.43
Q3 2012 23.10 23.10 1.56
Q4 2012 24.02 24.02 1.63
Q1 2013 22.49 22.49 1.62
Q2 2013 18.54 18.54 1.65
Q3 2013 19.45 19.45 1.97
Q4 2013 22.79 22.79 2.31
Q1 2014 31.68 31.68 2.43
Q2 2014 33.82 33.82 2.15
Q3 2014 47.24 47.24 2.41
Q4 2014 38.95 38.95 1.53
Q1 2015 37.18 37.18 1.78
Q2 2015 31.20 31.20 1.81
Q3 2015 22.33 21.87 1.37
Q4 2015 26.67 26.03 1.43
Q1 2016 23.24 22.64 1.15
Q2 2016 50.51 47.84 1.17
Q3 2016 44.18 39.13 0.86

Business Segments (Million)

Compared With The
Period Steele Pipes Process equipment
Q1 2016 189.38 4.96
Q2 2016 142.38 8.96
Q3 2016 108.37 14.24

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 9.00 5.21 (42.1 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
SNB Capital 9.00 5.21 (42.1) %


Financial Ratios
Current
Market Cap (M Riyal) 3,483.30
Enterprise Value (EV) (M) 4,028.11
Shares Outstanding ((M)) 51.00
EPS ( Riyal) (TTM) 4.22
Book Value (BV) ( Riyal) 16.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.18
P/E (TTM) 16.18
Price/book 4.14
Return on Average Assets (%) (TTM) 11.1
Return on Average Equity (%) (TTM) 28.6
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Share Price

Saudi Steel Pipe Co.
68.30
1.10 1.64 %

Saudi Steel Pipe Co. (SSP)

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