Saudi Paper 2021 net profit jumps to SAR 30.3 mln; Q4 down to SAR 930,000

Saudi Paper 2021 net profit jumps to SAR 30.3 mln; Q4 down to SAR 930,000

24/03/2022 Argaam Exclusive

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Saudi Paper Manufacturing Co.’s (SPM) net profit after Zakat and tax more than doubled to SAR 30.3 million in 2021, compared to SAR 15.1 million a year earlier.

 

This profit surge was driven by higher sales, lower financing expenses and decreased Zakat provisions.

 

The paper manufacturer also recorded other income from the judgment issued in its favor of regarding the sale of land in 2017.



Financials (M)

Item 2020 2021 Change‬
Revenues 532.09 588.80 10.7 %
Gross Income 146.87 136.05 (7.4 %)
Operating Income 61.27 37.62 (38.6 %)
Net Income 15.10 30.28 100.5 %
Average Shares 29.08 32.04 10.2 %
EPS (Riyals) 0.52 0.95 82.0 %

The fourth-quarter net profit after Zakat and tax plummeted 85% to SAR 930,000, from SAR 6.42 million.

 

On a sequential basis, the company’s net profit rose over fivefold from SAR 150,000.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 119.25 147.19 23.4 %
Gross Income 26.61 15.89 (40.3 %)
Operating Income 12.97 (8.91) (168.7 %)
Net Income 6.24 0.93 (85.1 %)
Average Shares 29.08 32.04 10.2 %
EPS (Riyals) 0.21 0.03 (86.5 %)

Shareholders’ equity, after minority interest, increased to SAR 212.56 million in 2021, from SAR 89.16 million in 2020.

 

Retained earnings stood at SAR 24.77 million, or 12.9% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 212.05 5.0 % 57.14 (1.1 %) 25.42 (15.4 %) 0.87
Q2 2012 204.51 (11.3 %) 59.37 13.4 % 26.29 12.8 % 0.90
Q3 2012 182.44 (9.7 %) 52.62 3.5 % 24.06 (0.3 %) 0.83
Q4 2012 194.87 (3.2 %) 38.32 (23.0 %) 26.35 14.9 % 0.91
Q1 2013 206.67 (2.5 %) 36.26 (36.5 %) 0.70 (97.3 %) 0.02
Q2 2013 212.77 4.0 % 54.49 (8.2 %) 9.34 (64.5 %) 0.32
Q3 2013 194.61 6.7 % 45.46 (13.6 %) 14.43 (40.0 %) 0.50
Q4 2013 205.69 5.6 % 33.86 (11.7 %) (4.24) (116.1 %) (0.15)
Q1 2014 205.50 (0.6 %) 46.17 27.3 % 8.13 1069.9 % 0.28
Q2 2014 204.50 (3.9 %) 53.10 (2.5 %) 12.05 29.1 % 0.41
Q3 2014 179.76 (7.6 %) 41.62 (8.4 %) 2.78 (80.7 %) 0.10
Q4 2014 167.96 (18.3 %) 38.38 13.4 % 2.10 149.5 % 0.07
Q1 2015 185.48 (9.7 %) 46.76 1.3 % 4.86 (40.2 %) 0.17
Q2 2015 165.36 (19.1 %) 38.39 (27.7 %) (3.39) (128.1 %) (0.12)
Q3 2015 112.79 (37.3 %) 18.07 (56.6 %) (71.13) (2654.9 %) (2.45)
Q4 2015 137.23 (18.3 %) 18.17 (52.7 %) (44.37) (2212.9 %) (1.53)
Q1 2016 140.09 (24.5 %) 29.26 (37.4 %) (7.23) (248.6 %) (0.25)
Q2 2016 130.25 (21.2 %) 30.69 (20.1 %) (7.34) (116.6 %) (0.25)
Q3 2016 100.73 (10.7 %) 16.72 (7.4 %) (21.63) 69.6 % (0.74)
Q4 2016 106.21 (22.6 %) 18.06 (0.6 %) (35.19) 20.7 % (1.21)
Q1 2017 128.52 (8.3 %) 27.62 (5.6 %) (6.57) 9.0 % (0.23)
Q2 2017 121.39 (6.8 %) 30.89 0.6 % (3.92) 46.5 % (0.13)
Q3 2017 138.45 37.4 % 31.21 86.6 % (3.28) 84.8 % (0.11)
Q4 2017 127.46 20.0 % 34.82 92.8 % (34.89) 0.9 % (1.20)
Q1 2018 170.33 32.5 % 40.08 45.1 % 4.60 170.0 % 0.16
Q2 2018 107.48 (11.5 %) 12.38 (59.9 %) (10.43) (165.9 %) (0.36)
Q3 2018 114.26 (17.5 %) 13.79 (55.8 %) (37.41) (1,041.4 %) (1.29)
Q4 2018 149.40 17.2 % 14.92 (57.2 %) (62.49) (79.1 %) (2.15)
Q1 2019 155.10 (8.9 %) 25.03 (37.5 %) 23.32 406.7 % 0.80
Q2 2019 121.88 13.4 % 16.78 35.5 % (15.53) (48.9 %) (0.53)
Q3 2019 121.76 6.6 % 28.19 104.4 % (24.29) 35.1 % (0.84)
Q4 2019 128.39 (14.1 %) 26.49 77.6 % (11.39) 81.8 % (0.39)
Q1 2020 145.87 (6.0 %) 41.76 66.9 % 1.06 (95.5 %) 0.04
Q2 2020 142.67 17.1 % 39.68 136.5 % 3.83 124.7 % 0.13
Q3 2020 124.29 2.1 % 38.82 37.7 % 3.98 116.4 % 0.14
Q4 2020 119.25 (7.1 %) 26.61 0.5 % 6.24 154.8 % 0.21
Q1 2021 158.49 8.6 % 45.12 8.0 % 14.06 1231.1 % 0.44
Q2 2021 141.26 (1.0 %) 43.41 9.4 % 15.14 295.5 % 0.47
Q3 2021 141.86 14.1 % 31.63 (18.5 %) 0.15 (96.2 %) 0.00
Q4 2021 147.19 23.4 % 15.89 (40.3 %) 0.93 (85.1 %) 0.03
2021 588.80 10.7 % 136.05 (7.4 %) 30.28 100.5 % 0.95

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2020 27.60 % 21.50 % 5.40 %
Q1 2021 27.58 % 21.93 % 7.02 %
Q2 2021 28.34 % 22.72 % 8.48 %
Q3 2021 26.17 % 20.36 % 6.91 %
Q4 2021 23.11 % 16.01 % 2.68 %
2021 23.11 % 16.01 % 2.68 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 29.08 0.52 0.99 3.07
Q1 2021 32.04 0.88 1.19 6.17
Q2 2021 32.04 1.23 1.44 6.68
Q3 2021 32.04 1.11 1.21 6.68
Q4 2021 32.04 0.95 0.49 6.64

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 95.11 49.95 16.11
Q1 2021 44.94 33.01 6.39
Q2 2021 36.83 31.51 6.79
Q3 2021 38.36 35.24 6.38
Q4 2021 33.41 64.21 4.76

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 -
Q4 2020 110.23 9.02 -
Q1 2021 146.16 12.33 -
Q2 2021 131.07 10.20 -
Q3 2021 132.73 9.13 -
Q4 2021 131.76 15.43 -


Financial Ratios
Current
Market Cap (M Riyal) 2,898.87
Enterprise Value (EV) (M) 3,298.65
Shares Outstanding ((M)) 37.07
EPS ( Riyal) (TTM) 2.71
Book Value (BV) ( Riyal) 13.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.89
P/E (TTM) 28.80
Price/book 5.70
Return on Average Assets (%) (TTM) 9.2
Return on Average Equity (%) (TTM) 21.9
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Share Price

Saudi Paper Manufacturing Co.
78.20
0.20 0.26 %

Saudi Paper Manufacturing Co. (SPM)

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