Saudi Paper net profit slips 5% to SAR 13.3 mln in Q1 2022

Saudi Paper net profit slips 5% to SAR 13.3 mln in Q1 2022

24/04/2022 Argaam Exclusive

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Saudi Paper Manufacturing Co.'s (SPM) net profit after Zakat and tax fell to SAR 13.3 million in Q1 2022, down 5% from SAR 14.1 million in the prior-year period.

 

The profit decline resulted from rising raw material costs, escalating domestic and global shipping costs, along with increased selling and administrative expenses due to higher sales and incremental administrative and financing expenses.

 

This drop was offset by a significant increase in revenues, resulting in higher gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 158.49 194.70 22.8 %
Gross Income 45.12 48.50 7.5 %
Operating Income 19.48 18.50 (5.0 %)
Net Income 14.06 13.30 (5.4 %)
Average Shares 32.04 32.04 -
EPS (Riyals) 0.44 0.42 (5.4 %)

On a sequential basis, Q1 2022 net profit after Zakat and tax reported a 14-fold rise from SAR 930,000 in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, rose 14% to SAR 225.7 million in Q1 2022, from SAR 197.7 million in the year-ago period.

 

In December 2020, SPM board of directors approved increasing the company's capital from SAR 92 million to SAR 192 million via a rights issue. The weighted average number of shares outstanding for Q1 2022 totaled 19.2 million and 18.8 million for the same quarter a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2020 119.25 (7.1 %) 26.61 0.5 % 12.97 227.5 %
Q1 2021 158.49 8.6 % 45.12 8.0 % 19.48 30.2 %
Q2 2021 141.26 (1.0 %) 43.41 9.4 % 20.81 18.4 %
Q3 2021 141.86 14.1 % 31.63 (18.5 %) 6.23 (60.5 %)
Q4 2021 147.19 23.4 % 15.89 (40.3 %) (8.91) (168.7 %)
Q1 2022 194.70 22.8 % 48.50 7.5 % 18.50 (5.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2020 6.24 154.8 % 0.21 (3.15) 9.39 0.32
Q1 2021 14.06 1231.1 % 0.44 - 14.06 0.44
Q2 2021 15.14 295.5 % 0.47 - 15.14 0.47
Q3 2021 0.15 (96.2 %) 0.00 - 0.15 0.00
Q4 2021 0.93 (85.1 %) 0.03 14.52 (13.59) (0.42)
Q1 2022 13.30 (5.4 %) 0.42 - 13.30 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2022 22.31 % 15.05 % 2.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 32.04 0.92 0.47 7.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 36.76 72.34 4.81

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 -
Q1 2022 175.39 19.30 -

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

Share Price

Saudi Paper Manufacturing Co. (SPM)


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