MEPCO’s net profit up 45% in FY16
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Middle East Paper Company (MEPCO), a manufacturer of cardboard and industrial paper, reported a net profit of SAR 79.85 million for the fiscal year 2016, a 45 percent year-on-year rise on higher other income mainly due to a non-recurring gain recognized on claim of expropriated land and premises by National Water Company; and increase in fair value gain on derivative financial instruments, despite higher financial charges.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 681.17 | 634.41 | (6.9 %) |
| Gross Income | 172.86 | 131.28 | (24.1 %) |
| Operating Income | 81.87 | 32.52 | (60.3 %) |
| Net Income | 55.12 | 94.91 | 72.2 % |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.83 | 1.42 | 72.2 % |
The company reported a net loss of SAR 16.8 million for Q4-2016 versus a net profit of SAR 2.8 million in the same period last year, on the back of the drop in average selling prices of paper products, higher cost of sales, particularly due to high energy costs.
During the period, general and administrative expenses and financial charges rose, while the fair value of derivative financial instruments and other revenue fell.
The net loss for Q4 compared with a net loss of SAR 2.1 million for Q3-2016.
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 139.50 | 144.91 | 3.9 % |
| Gross Income | 35.70 | 25.36 | (29.0 %) |
| Operating Income | 10.55 | (1.29) | (112.2 %) |
| Net Income | 2.77 | (12.46) | (550.0 %) |
| Average Shares | 66.67 | 66.67 | - |
| EPS (Riyals) | 0.04 | (0.19) | (550.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 176.54 | (4.4 %) | 48.80 | 3.5 % | 24.52 | (12.9 %) |
| Q2 2016 | 164.82 | (10.5 %) | 28.37 | (41.1 %) | 3.01 | (88.6 %) |
| Q3 2016 | 148.13 | (14.3 %) | 28.76 | (31.3 %) | 6.28 | (62.8 %) |
| Q4 2016 | 144.91 | 3.9 % | 25.36 | (29.0 %) | (1.29) | (112.2 %) |
| 2016 | 634.41 | (6.9 %) | 131.28 | (24.1 %) | 32.52 | (60.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 16.78 | (27.7 %) | 0.25 | - | 16.78 | 0.25 |
| Q2 2016 | 88.31 | 351.3 % | 1.32 | 91.96 | (3.65) | (0.05) |
| Q3 2016 | 2.28 | (76.2 %) | 0.03 | - | 2.28 | 0.03 |
| Q4 2016 | (12.46) | (550.0 %) | (0.19) | - | (12.46) | (0.19) |
| 2016 | 94.91 | 72.2 % | 1.42 | 91.96 | 2.94 | 0.04 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 25.93 % | 25.91 % | 7.23 % |
| Q2 2016 | 23.67 % | 22.33 % | 3.90 % |
| Q3 2016 | 22.52 % | 20.72 % | 2.89 % |
| Q4 2016 | 20.69 % | 17.73 % | 0.46 % |
| 2016 | 20.69 % | 17.73 % | 0.46 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 66.67 | 0.73 | 0.73 | 9.62 |
| Q2 2016 | 66.67 | 1.76 | 0.38 | 10.57 |
| Q3 2016 | 66.67 | 1.65 | 0.27 | 10.59 |
| Q4 2016 | 66.67 | 1.42 | 0.04 | 10.40 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 24.74 | 24.74 | 1.88 |
| Q2 2016 | 10.23 | 47.15 | 1.71 |
| Q3 2016 | 8.19 | 49.60 | 1.28 |
| Q4 2016 | 11.33 | More than 100 | 1.55 |
Business Segments (Million)
Q4 2016
| Period | The industrial sector | The commercial sector | Disposals |
|---|---|---|---|
| Q1 2016 | 167.90 | 61.40 | (52.77) |
| Q2 2016 | 147.30 | 58.38 | (40.87) |
| Q3 2016 | 137.14 | 62.02 | (51.03) |
| Q4 2016 | 139.15 | 59.06 | (53.30) |
Analysts Estimates (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| Average | (0.60) | (12.46) | (1977.3 %) |
Estimates vs Actual (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | (0.60) | (12.46) | (1977.3) % |
| Current | |
| Market Cap (M Riyal) | 3,289.13 |
| Enterprise Value (EV) (M) | 3,277.68 |
| Shares Outstanding ((M)) | 86.67 |
| EPS ( Riyal) (TTM) | (0.80) |
| Book Value (BV) ( Riyal) | 19.07 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | Neg |
| P/E (TTM) | NEG |
| Price/book | 1.99 |
| Return on Average Assets (%) (TTM) | (3.04 ) |
| Return on Average Equity (%) (TTM) | (5.01 ) |
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