Saudi Paper turns to net profit of SAR 9.2 mln in 9M 2020

Saudi Paper turns to net profit of SAR 9.2 mln in 9M 2020

29/10/2020 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) turned to a net profit after Zakat and tax of SAR 9.2 million for the first nine months of 2020, against a net loss of SAR 16.2 million a year earlier.

 

The nine-month period results were driven by higher sales and a decline in productions costs. However, the company’s net profit was hit by SAR 11.3 million worth of provisions, compared to a reversal of SAR 40.3 million provision a year earlier.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 398.74 412.84 3.5 %
Gross Income 70.00 120.26 71.8 %
Operating Income (7.33) 48.30 759.1 %
Net Income (16.50) 8.86 153.7 %
Average Shares 29.08 29.08 -
EPS (Riyals) (0.57) 0.30 153.7 %

In Q3 2020, the company turned to a net profit after Zakat and tax of SAR 4.1 million, against a net loss of SAR 24.2 million a year earlier, thanks to a decline in the costs of paper pulp and other production costs along with better operating efficiency. Moreover, selling, general and administrative expenses as well as finance costs decreased.

 

When compared to the previous quarter, net profit increased by 4.85, thanks to a decline in selling, general and administrative expenses as well as Zakat charges.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 121.76 124.29 2.1 %
Gross Income 28.19 38.82 37.7 %
Operating Income 2.07 15.77 662.5 %
Net Income (24.29) 3.98 116.4 %
Average Shares 29.08 29.08 -
EPS (Riyals) (0.84) 0.14 116.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 201.89 1.6 % 57.80 3.6 % 32.75 (1.5 %)
Q2 2011 230.53 10.0 % 52.33 (11.9 %) 26.44 (25.0 %)
Q3 2011 201.97 2.7 % 50.84 (8.6 %) 27.22 (16.8 %)
Q4 2011 201.28 1.3 % 49.77 (18.4 %) 25.63 (23.1 %)
Q1 2012 212.05 5.0 % 57.14 (1.1 %) 29.55 (9.8 %)
Q2 2012 204.51 (11.3 %) 59.37 13.4 % 30.57 15.6 %
Q3 2012 182.44 (9.7 %) 52.62 3.5 % 28.86 6.0 %
Q4 2012 194.87 (3.2 %) 38.32 (23.0 %) 12.99 (49.3 %)
Q1 2013 206.67 (2.5 %) 36.26 (36.5 %) 6.06 (79.5 %)
Q2 2013 212.77 4.0 % 54.49 (8.2 %) 24.00 (21.5 %)
Q3 2013 194.61 6.7 % 45.46 (13.6 %) 20.91 (27.6 %)
Q4 2013 205.69 5.6 % 33.86 (11.7 %) 4.70 (63.8 %)
Q1 2014 205.50 (0.6 %) 46.17 27.3 % 16.20 167.4 %
Q2 2014 204.50 (3.9 %) 53.10 (2.5 %) 21.00 (12.5 %)
Q3 2014 179.76 (7.6 %) 41.62 (8.4 %) 13.44 (35.7 %)
Q4 2014 167.96 (18.3 %) 38.38 13.4 % 4.28 (9.0 %)
Q1 2015 185.48 (9.7 %) 46.76 1.3 % 15.28 (5.7 %)
Q2 2015 165.36 (19.1 %) 38.39 (27.7 %) 5.76 (72.6 %)
Q3 2015 112.79 (37.3 %) 18.07 (56.6 %) (29.56) (319.9 %)
Q4 2015 137.23 (18.3 %) 18.17 (52.7 %) (31.76) (842.4 %)
Q1 2016 140.09 (24.5 %) 29.26 (37.4 %) 0.23 (98.5 %)
Q2 2016 130.25 (21.2 %) 30.69 (20.1 %) 2.21 (61.7 %)
Q3 2016 100.73 (10.7 %) 16.72 (7.4 %) (11.56) 60.9 %
Q4 2016 106.21 (22.6 %) 18.06 (0.6 %) (21.73) 31.6 %
Q1 2017 128.52 (8.3 %) 27.62 (5.6 %) 2.23 872.5 %
Q2 2017 121.39 (6.8 %) 30.89 0.6 % 5.21 136.1 %
Q3 2017 138.45 37.4 % 31.21 86.6 % 6.31 154.6 %
Q4 2017 127.46 20.0 % 34.82 92.8 % (13.91) 36.0 %
Q1 2018 170.33 32.5 % 40.08 45.1 % 13.04 485.5 %
Q2 2018 107.48 (11.5 %) 12.38 (59.9 %) (14.14) (371.4 %)
Q3 2018 114.26 (17.5 %) 13.79 (55.8 %) (16.02) (354.0 %)
Q4 2018 149.40 17.2 % 14.92 (57.2 %) (7.56) 45.7 %
Q1 2019 155.10 (8.9 %) 25.03 (37.5 %) (1.20) (109.2 %)
Q2 2019 121.88 13.4 % 16.78 35.5 % (8.19) 42.1 %
Q3 2019 121.76 6.6 % 28.19 104.4 % 2.07 112.9 %
Q4 2019 128.39 (14.1 %) 26.49 77.6 % 3.96 152.4 %
Q1 2020 145.87 (6.0 %) 41.76 66.9 % 14.96 1343.5 %
Q2 2020 142.67 17.1 % 39.68 136.5 % 17.57 314.5 %
Q3 2020 124.29 2.1 % 38.82 37.7 % 15.77 662.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 30.04 0.7 % 1.03 - 30.04 1.03
Q2 2011 23.32 (27.0 %) 0.80 - 23.32 0.80
Q3 2011 24.12 (20.1 %) 0.83 - 24.12 0.83
Q4 2011 22.94 (25.1 %) 0.79 - 22.94 0.79
Q1 2012 25.42 (15.4 %) 0.87 - 25.42 0.87
Q2 2012 26.29 12.8 % 0.90 - 26.29 0.90
Q3 2012 24.06 (0.3 %) 0.83 - 24.06 0.83
Q4 2012 26.35 14.9 % 0.91 13.96 12.39 0.43
Q1 2013 0.70 (97.3 %) 0.02 - 0.70 0.02
Q2 2013 9.34 (64.5 %) 0.32 - 9.34 0.32
Q3 2013 14.43 (40.0 %) 0.50 - 14.43 0.50
Q4 2013 (4.24) (116.1 %) (0.15) - (4.24) (0.15)
Q1 2014 8.13 1069.9 % 0.28 - 8.13 0.28
Q2 2014 12.05 29.1 % 0.41 - 12.05 0.41
Q3 2014 2.78 (80.7 %) 0.10 - 2.78 0.10
Q4 2014 2.10 149.5 % 0.07 - 2.11 0.07
Q1 2015 4.86 (40.2 %) 0.17 - 4.86 0.17
Q2 2015 (3.39) (128.1 %) (0.12) (2.00) (1.39) (0.05)
Q3 2015 (71.13) (2654.9 %) (2.45) (20.28) (50.85) (1.75)
Q4 2015 (44.37) (2212.9 %) (1.53) (6.28) (38.09) (1.31)
Q1 2016 (7.23) (248.6 %) (0.25) - (7.23) (0.25)
Q2 2016 (7.34) (116.6 %) (0.25) - (7.34) (0.25)
Q3 2016 (21.63) 69.6 % (0.74) - (21.63) (0.74)
Q4 2016 (35.19) 20.7 % (1.21) - (35.19) (1.21)
Q1 2017 (6.57) 9.0 % (0.23) - (6.57) (0.23)
Q2 2017 (3.92) 46.5 % (0.13) - (3.92) (0.13)
Q3 2017 (3.28) 84.8 % (0.11) - (3.28) (0.11)
Q4 2017 (34.89) 0.9 % (1.20) - (34.89) (1.20)
Q1 2018 4.60 170.0 % 0.16 (8.82) 13.42 0.46
Q2 2018 (10.43) (165.9 %) (0.36) 5.01 (15.44) (0.53)
Q3 2018 (37.41) (1,041.4 %) (1.29) 2.46 (39.87) (1.37)
Q4 2018 (62.49) (79.1 %) (2.15) - (62.49) (2.15)
Q1 2019 23.32 406.7 % 0.80 36.12 (12.80) (0.44)
Q2 2019 (15.53) (48.9 %) (0.53) 4.75 (20.28) (0.70)
Q3 2019 (24.29) 35.1 % (0.84) 3.00 (27.29) (0.94)
Q4 2019 (11.39) 81.8 % (0.39) (9.93) (1.46) (0.05)
Q1 2020 1.06 (95.5 %) 0.04 (3.50) 4.56 0.16
Q2 2020 3.83 124.7 % 0.13 (3.50) 7.33 0.25
Q3 2020 3.98 116.4 % 0.14 (3.50) 7.48 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 28.99 % 23.10 % 15.22 %
Q2 2011 27.39 % 21.54 % 13.79 %
Q3 2011 26.65 % 20.50 % 12.98 %
Q4 2011 25.22 % 18.16 % 12.02 %
Q1 2012 24.84 % 17.58 % 11.32 %
Q2 2012 26.48 % 18.32 % 12.05 %
Q3 2012 27.35 % 19.10 % 12.33 %
Q4 2012 26.13 % 19.15 % 11.10 %
Q1 2013 23.66 % 16.30 % 8.04 %
Q2 2013 22.80 % 15.28 % 5.83 %
Q3 2013 21.57 % 13.89 % 4.56 %
Q4 2013 20.75 % 12.92 % 2.47 %
Q1 2014 21.99 % 14.07 % 3.38 %
Q2 2014 22.04 % 13.78 % 3.75 %
Q3 2014 21.97 % 13.29 % 2.35 %
Q4 2014 23.66 % 13.85 % 3.31 %
Q1 2015 24.38 % 14.04 % 2.96 %
Q2 2015 23.64 % 12.84 % 1.20 %
Q3 2015 22.42 % 7.20 % (7.17 %)
Q4 2015 20.20 % 2.44 % (14.22 %)
Q1 2016 18.70 % 0.57 % (17.56 %)
Q2 2016 18.48 % (0.58 %) (19.89 %)
Q3 2016 18.66 % 2.32 % (14.61 %)
Q4 2016 19.85 % 4.62 % (14.96 %)
Q1 2017 19.99 % 4.89 % (15.19 %)
Q2 2017 20.42 % 5.85 % (14.73 %)
Q3 2017 21.79 % 9.17 % (9.90 %)
Q4 2017 24.14 % 9.79 % (9.43 %)
Q1 2018 24.57 % 10.73 % (5.14 %)
Q2 2018 21.79 % 7.95 % (7.39 %)
Q3 2018 19.45 % 4.90 % (14.78 %)
Q4 2018 14.99 % 5.77 % (19.28 %)
Q1 2019 12.56 % 3.49 % (24.82 %)
Q2 2019 13.04 % 4.31 % (25.05 %)
Q3 2019 15.49 % 7.56 % (22.41 %)
Q4 2019 18.30 % 9.19 % (11.73 %)
Q1 2020 21.86 % 12.37 % (8.59 %)
Q2 2020 25.27 % 16.70 % (3.13 %)
Q3 2020 27.11 % 19.14 % 3.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 29.08 4.22 4.22 21.51
Q2 2011 29.08 3.93 3.93 20.75
Q3 2011 29.08 3.72 3.72 21.58
Q4 2011 29.08 3.45 3.45 22.38
Q1 2012 29.08 3.29 3.29 23.26
Q2 2012 29.08 3.40 3.40 22.33
Q3 2012 29.08 3.39 3.39 23.17
Q4 2012 29.08 3.51 3.03 24.10
Q1 2013 29.08 2.66 2.18 22.15
Q2 2013 29.08 2.08 1.60 22.53
Q3 2013 29.08 1.75 1.27 22.96
Q4 2013 29.08 0.70 0.70 21.80
Q1 2014 29.08 0.95 0.95 22.10
Q2 2014 29.08 1.04 1.04 22.39
Q3 2014 29.08 0.64 0.64 22.49
Q4 2014 29.08 0.86 0.86 22.64
Q1 2015 29.08 0.75 0.75 22.79
Q2 2015 29.08 0.22 0.29 22.85
Q3 2015 29.08 (2.32) (1.56) 20.21
Q4 2015 29.08 (3.92) (2.94) 18.16
Q1 2016 29.08 (4.34) (3.35) 13.92
Q2 2016 29.08 (4.47) (3.56) 13.63
Q3 2016 29.08 (2.77) (2.55) 12.93
Q4 2016 29.08 (2.45) (2.45) 11.27
Q1 2017 29.08 (2.43) (2.43) 11.54
Q2 2017 29.08 (2.31) (2.31) 11.42
Q3 2017 29.08 (1.68) (1.68) 11.19
Q4 2017 29.08 (1.67) (1.67) 9.59
Q1 2018 29.08 (1.29) (0.99) 10.37
Q2 2018 29.08 (1.51) (1.38) 9.95
Q3 2018 29.08 (2.69) (2.64) 6.67
Q4 2018 29.08 (3.64) (3.59) 3.44
Q1 2019 29.08 (2.99) (4.49) 5.40
Q2 2019 29.08 (3.17) (4.66) 4.88
Q3 2019 29.08 (2.72) (4.22) 2.88
Q4 2019 29.08 (0.96) (2.13) 2.50
Q1 2020 29.08 (1.72) (1.53) 2.53
Q2 2020 29.08 (1.06) (0.58) 2.65
Q3 2020 29.08 (0.09) 0.62 2.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 13.40 13.40 2.63
Q2 2011 13.91 13.91 2.63
Q3 2011 12.92 12.92 2.22
Q4 2011 15.58 15.58 2.40
Q1 2012 19.73 19.73 2.79
Q2 2012 14.48 14.48 2.20
Q3 2012 15.16 15.16 2.22
Q4 2012 13.96 16.17 2.03
Q1 2013 17.18 20.96 2.06
Q2 2013 31.50 40.96 2.91
Q3 2013 34.54 47.62 2.63
Q4 2013 79.70 79.70 2.54
Q1 2014 85.25 85.25 3.67
Q2 2014 77.37 77.37 3.61
Q3 2014 More than 100 More than 100 3.57
Q4 2014 54.30 54.28 2.07
Q1 2015 61.85 61.82 2.03
Q2 2015 More than 100 More than 100 2.09
Q3 2015 NEG NEG 1.62
Q4 2015 NEG NEG 2.02
Q1 2016 NEG NEG 1.92
Q2 2016 NEG NEG 1.75
Q3 2016 NEG NEG 1.23
Q4 2016 NEG NEG 1.81
Q1 2017 NEG NEG 1.68
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.43
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.55
Q2 2018 NEG NEG 1.59
Q3 2018 NEG NEG 1.88
Q4 2018 NEG NEG 4.40
Q1 2019 NEG NEG 2.32
Q2 2019 NEG NEG 2.04
Q3 2019 NEG NEG 3.44
Q4 2019 NEG NEG 4.10
Q1 2020 NEG NEG 3.20
Q2 2020 NEG NEG 4.78
Q3 2020 NEG 34.69 7.69

Business Segments (Million)

Compared With The
Period Transformative Industries Trade and Others Disposals
Q1 2014 199.39 6.11 -
Q2 2014 150.92 53.58 -
Q3 2014 159.67 20.09 -
Q4 2014 146.82 21.15 -
Q1 2015 165.51 19.97 -
Q2 2015 149.60 15.76 -
Q3 2015 102.66 10.13 -
Q4 2015 80.26 56.69 -
Q1 2016 130.83 9.25 -
Q2 2016 123.39 6.85 -
Q3 2016 94.08 6.66 -
Q4 2016 66.39 39.82 -
Q1 2017 119.44 9.08 -
Q2 2017 112.05 9.34 -
Q3 2017 128.87 9.58 -
Q4 2017 73.87 53.60 -
Q1 2018 161.34 8.99 -
Q2 2018 100.00 7.48 -
Q3 2018 107.94 6.31 -
Q4 2018 141.14 8.25 -
Q1 2019 149.00 6.10 -
Q2 2019 115.81 6.07 -
Q3 2019 116.75 5.01 -
Q4 2019 123.84 4.55 -
Q1 2020 141.55 4.32 -
Q2 2020 135.36 7.31 -
Q3 2020 117.59 6.70 -


Financial Ratios
Current
Market Cap (M Riyal) 2,365.07
Enterprise Value (EV) (M) 2,834.26
Shares Outstanding ((M)) 37.07
EPS ( Riyal) (TTM) 2.80
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.88
P/E (TTM) 22.81
Price/book 4.62
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 21.5
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Share Price

Saudi Paper Manufacturing Co.
63.80
0.20 0.31 %

Saudi Paper Manufacturing Co. (SPM)

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