Saudi Paper profit down 36% to SAR 8.6 mln in Q1 2023

Saudi Paper profit down 36% to SAR 8.6 mln in Q1 2023

22/05/2023 Argaam Exclusive

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Saudi Paper Manufacturing Co.’s (SPM) net profit slumped 36% to SAR 8.6 million in Q1 2023, from SAR 13.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 194.70 217.28 11.6 %
Gross Income 48.50 52.18 7.6 %
Operating Income 18.50 18.69 1.1 %
Net Income 13.30 8.55 (35.7 %)
Average Shares 32.04 37.07 15.7 %
EPS (Riyals) 0.42 0.23 (44.5 %)

The profit decline was attributed to higher financing costs (SAIBOR) despite a significant increase in sales of jumbo rolls and converting products, which led to higher gross profit, as well as selling and distribution expenses.

 

The company made an effort to consume the relatively high-cost raw material inventory during the quarter but managed to maintain profit margins. The decrease in net profit was also due to an increase in the provision for impairment of trade receivables and provision for Zakat.

 

Sequentially, the company’s net profit rose 35.1% from SAR 6.3 million in Q4 2022 on higher sales due to growing demand.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 409.97 million as of March 31, 2023, compared to SAR 225.66 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2022 146.29 3.6 % 41.10 (5.3 %) 7.01 (66.3 %)
Q3 2022 161.64 13.9 % 38.68 22.3 % 12.82 105.6 %
Q4 2022 189.25 28.6 % 43.29 172.4 % 8.84 199.2 %
Q1 2023 217.28 11.6 % 52.18 7.6 % 18.69 1.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2022 21.06 39.1 % 0.66 18.90 2.16 0.07
Q3 2022 6.21 4052.2 % 0.19 - 6.21 0.19
Q4 2022 6.33 581.1 % 0.17 5.30 1.03 0.03
Q1 2023 8.55 (35.7 %) 0.23 - 8.55 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2022 21.76 % 12.72 % 0.32 %
Q3 2022 22.19 % 13.47 % 1.24 %
Q4 2022 24.80 % 14.85 % 3.28 %
Q1 2023 24.53 % 14.41 % 2.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2022 32.04 1.11 0.06 7.69
Q3 2022 32.04 1.30 0.25 7.91
Q4 2022 37.07 1.27 0.61 10.83
Q1 2023 37.07 1.14 0.48 11.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2022 28.80 More than 100 4.14
Q3 2022 28.29 More than 100 4.63
Q4 2022 16.69 34.48 1.95
Q1 2023 23.11 54.27 2.38

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 -
Q2 2022 125.91 20.38 -
Q3 2022 149.45 12.19 -
Q4 2022 178.65 10.60 -
Q1 2023 208.92 8.36 -

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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