Saudi Steel Pipe widens 2020 net losses to SAR 34.5 mln

Saudi Steel Pipe widens 2020 net losses to SAR 34.5 mln

25/02/2021 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) widened its net loss after Zakat and tax to SAR 34.5 million in 2020 from SAR 26.8 million a year earlier.

 

The company attributed the increase in loss to an increase in administrative expenses to SAR 45.49 million, and a decline in Zakat and income tax benefits to SAR 0.72 million in 2020, from SAR 13.52 million a year earlier.

 

SSP’s profit share from its associate, Global Pipe Co., decreased to SAR 4.77 million from SAR 8.94 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Revenues 671.55 474.90 (29.3 %)
Gross Income 13.18 19.14 45.3 %
Operating Income (34.82) (32.85) 5.7 %
Net Income (26.83) (34.48) (28.5 %)
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (0.53) (0.68) (28.5 %)
EPS (Riyals) (0.53) (0.68) (28.5 %)

The fourth-quarter net profit after Zakat and tax stood at SAR 714,000.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 156.60 154.73 (1.2 %)
Gross Income (0.36) 8.11 2360.2 %
Operating Income (15.50) (0.01) 100.0 %
Net Income (2.87) 0.74 125.7 %
Average Shares 51.00 51.00 -
Earnings Per Share before unusual items (0.06) 0.01 125.7 %
EPS (Riyals) (0.06) 0.01 125.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2016 136.47 (4.9 %) (1.56) (113.5 %) (14.30) (1,191.7 %)
Q1 2017 128.01 (34.1 %) 18.12 (37.4 %) 7.78 (42.7 %)
Q2 2017 162.10 7.1 % 22.32 39.4 % 10.12 207.6 %
Q3 2017 194.56 58.7 % 24.07 130.1 % 14.23 6209.0 %
Q4 2017 211.75 55.2 % 28.94 1954.9 % 17.22 220.4 %
Q1 2018 177.14 38.4 % 16.80 (7.3 %) 5.62 (27.8 %)
Q2 2018 156.29 (3.6 %) (0.43) (101.9 %) (12.53) (223.9 %)
Q3 2018 126.48 (35.0 %) (11.82) (149.1 %) (23.55) (265.5 %)
Q4 2018 186.29 (12.0 %) (6.61) (122.9 %) (20.96) (221.7 %)
Q1 2019 195.31 10.3 % 12.53 (25.4 %) 2.33 (58.6 %)
Q2 2019 161.85 3.6 % 0.88 306.5 % (11.00) 12.2 %
Q3 2019 157.80 24.8 % 0.13 101.1 % (10.65) 54.8 %
Q4 2019 156.60 (15.9 %) (0.36) 94.6 % (15.50) 26.0 %
Q1 2020 122.34 (37.4 %) 4.49 (64.1 %) (18.03) (874.8 %)
Q2 2020 58.26 (64.0 %) (14.97) (1793.0 %) (29.08) (164.4 %)
Q3 2020 150.32 (4.7 %) 21.46 17071.2 % 12.61 218.4 %
Q4 2020 154.73 (1.2 %) 8.11 2360.2 % (0.01) 100.0 %
2020 474.90 (29.3 %) 19.14 45.3 % (32.85) 5.7 %


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 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
Q4 2016 (61.90) (4,650.5 %) (1.21) (43.03) (18.87) (0.37)
Q1 2017 10.21 19.8 % 0.20 - 10.21 0.20
Q2 2017 7.69 152.9 % 0.15 - 7.69 0.15
Q3 2017 (14.46) (377.4 %) (0.28) (23.62) 9.16 0.18
Q4 2017 15.65 125.3 % 0.31 - 15.65 0.31
Q1 2018 (5.04) (149.3 %) (0.10) - (5.04) (0.10)
Q2 2018 (36.83) (578.8 %) (0.72) (21.00) (15.83) (0.31)
Q3 2018 (24.15) (67.0 %) (0.47) - (24.15) (0.47)
Q4 2018 (102.65) (755.8 %) (2.01) (81.99) (20.66) (0.41)
Q1 2019 0.33 106.5 % 0.01 - 0.33 0.01
Q2 2019 (10.17) 72.4 % (0.20) - (10.17) (0.20)
Q3 2019 (14.12) 41.5 % (0.28) - (14.12) (0.28)
Q4 2019 (2.87) 97.2 % (0.06) - (2.87) (0.06)
Q1 2020 (17.77) (5567.7 %) (0.35) - (17.77) (0.35)
Q2 2020 (27.02) (165.8 %) (0.53) - (27.02) (0.53)
Q3 2020 9.58 167.8 % 0.19 - 9.58 0.19
Q4 2020 0.74 125.7 % 0.01 - 0.74 0.01
2020 (34.48) (28.5 %) (0.68) - (34.48) (0.68)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2016 8.90 % 7.52 % (0.02 %)
Q1 2017 7.99 % 7.20 % 0.29 %
Q2 2017 8.98 % 8.23 % 1.14 %
Q3 2017 10.13 % 9.54 % 1.32 %
Q4 2017 13.42 % 13.14 % 6.13 %
Q1 2018 12.36 % 12.33 % 3.68 %
Q2 2018 9.38 % 9.68 % 0.53 %
Q3 2018 4.98 % 5.28 % (4.37 %)
Q4 2018 (0.32 %) (0.60 %) (10.16 %)
Q1 2019 (0.95 %) (1.21 %) (9.08 %)
Q2 2019 (0.75 %) (1.12 %) (8.16 %)
Q3 2019 0.99 % 0.71 % (6.36 %)
Q4 2019 1.96 % 1.48 % (3.99 %)
Q1 2020 0.86 % (1.76 %) (7.50 %)
Q2 2020 (2.16 %) (5.78 %) (12.48 %)
Q3 2020 2.18 % (1.06 %) (7.81 %)
Q4 2020 3.93 % 2.15 % (7.10 %)
2020 4.03 % 2.55 % (7.26 %)


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 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
Q4 2016 51.00 (0.88) 0.00 13.95
Q1 2017 51.00 (0.85) 0.03 14.16
Q2 2017 51.00 (0.76) 0.12 14.31
Q3 2017 51.00 (1.15) 0.16 14.02
Q4 2017 51.00 0.37 0.84 14.31
Q1 2018 51.00 0.08 0.54 14.20
Q2 2018 51.00 (0.80) 0.08 13.48
Q3 2018 51.00 (0.99) (0.58) 13.01
Q4 2018 51.00 (3.31) (1.29) 10.97
Q1 2019 51.00 (3.20) (1.18) 10.98
Q2 2019 51.00 (2.68) (1.07) 10.78
Q3 2019 51.00 (2.48) (0.87) 10.50
Q4 2019 51.00 (0.53) (0.53) 10.35
Q1 2020 51.00 (0.88) (0.88) 10.01
Q2 2020 51.00 (1.21) (1.21) 9.48
Q3 2020 51.00 (0.75) (0.75) 9.69
Q4 2020 51.00 (0.68) (0.68) 9.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 NEG NEG 1.37
Q1 2017 NEG More than 100 1.19
Q2 2017 NEG More than 100 1.08
Q3 2017 NEG More than 100 1.21
Q4 2017 42.98 19.21 1.12
Q1 2018 More than 100 40.66 1.54
Q2 2018 NEG More than 100 1.47
Q3 2018 NEG NEG 1.68
Q4 2018 NEG NEG 1.65
Q1 2019 NEG NEG 2.17
Q2 2019 NEG NEG 2.04
Q3 2019 NEG NEG 2.02
Q4 2019 NEG NEG 2.00
Q1 2020 NEG NEG 1.45
Q2 2020 NEG NEG 1.76
Q3 2020 NEG NEG 2.40
Q4 2020 NEG NEG 2.88

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
Q4 2016 117.56 18.91
Q1 2017 112.31 15.70
Q2 2017 147.84 14.26
Q3 2017 166.54 28.03
Q4 2017 190.06 21.69
Q1 2018 164.97 12.17
Q2 2018 143.73 12.56
Q3 2018 112.50 13.98
Q4 2018 166.54 19.76
Q1 2019 176.76 18.56
Q2 2019 138.74 23.10
Q3 2019 127.23 30.57
Q4 2019 139.82 16.77
Q1 2020 111.60 10.74
Q2 2020 58.26 14.37
Q3 2020 150.31 6.23
Q4 2020 154.73 2.26

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (net income) Change‬ Q4 2020 (before unusual items) Change‬
Average 10.20 0.74 (92.8 %) 0.74 (92.8 %)

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (net income) Change Q4 2020 (before unusual items) Change‬
SNB Capital 10.20 0.74 (92.8) % 0.74 (92.8) %


Financial Ratios
Current
Market Cap (M Riyal) 2,856.00
Enterprise Value (EV) (M) 3,459.35
Shares Outstanding ((M)) 51.00
EPS ( Riyal) (TTM) 3.54
Book Value (BV) ( Riyal) 16.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.45
P/E (TTM) 15.81
Price/book 3.31
Return on Average Assets (%) (TTM) 8.9
Return on Average Equity (%) (TTM) 22.8
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Share Price

Saudi Steel Pipe Co.
56.00
3.10 5.86 %

Saudi Steel Pipe Co. (SSP)

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