Saudi Ceramic incurs SAR 96 mln loss in H1

Saudi Ceramic incurs SAR 96 mln loss in H1

02/08/2018 Argaam Exclusive

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Saudi Ceramic Co. turned to a net loss of SAR 96.5 million for H1 2018, compared to a net profit of SAR 5.6 million a year earlier, on the back of lower profit margins and sales amid weaker selling prices and a slowdown in the building materials market.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 590.04 498.36 (15.5 %)
Gross Income 146.31 52.64 (64.0 %)
Operating Income 19.02 (73.14) (484.6 %)
Net Income 5.62 (96.46) (1815.1 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 0.00 (0.96) (48329.0 %)
EPS (Riyals) 0.06 (0.96) (1815.1 %)

The tile and ceramics producer posted SAR 46.5 million in net losses during the second quarter, versus net profit of SAR 5.8 million in the same period last year on lower sales, an overall slowdown in the market, and dumping of foreign goods.

 

When compared to Q1 2018, net losses narrowed by 6.9 percent, thanks to a rise in gross profit amid lower financing and zakat charges.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 274.69 241.88 (11.9 %)
Gross Income 65.29 30.26 (53.7 %)
Operating Income 2.89 (35.35) (1324.8 %)
Net Income (5.84) (46.51) (696.0 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (0.06) (0.47) (696.0 %)
EPS (Riyals) (0.06) (0.47) (696.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 231.64 16.0 % 82.09 17.6 % 44.29 18.5 %
Q2 2009 241.57 12.0 % 86.87 1.3 % 48.24 (7.5 %)
Q3 2009 237.62 5.1 % 91.51 6.0 % 53.72 1.0 %
Q4 2009 246.90 14.6 % 92.03 17.1 % 50.45 26.0 %
Q1 2010 268.19 15.8 % 100.71 22.7 % 58.07 31.1 %
Q2 2010 277.92 15.0 % 99.01 14.0 % 58.31 20.9 %
Q3 2010 254.76 7.2 % 90.23 (1.4 %) 48.42 (9.9 %)
Q4 2010 278.96 13.0 % 103.73 12.7 % 57.52 14.0 %
Q1 2011 306.36 14.2 % 112.11 11.3 % 64.93 11.8 %
Q2 2011 320.67 15.4 % 117.77 18.9 % 67.39 15.6 %
Q3 2011 269.71 5.9 % 107.50 19.1 % 55.72 15.1 %
Q4 2011 324.61 16.4 % 102.39 (1.3 %) 55.82 (3.0 %)
Q1 2012 360.16 17.6 % 112.93 0.7 % 62.03 (4.5 %)
Q2 2012 369.22 15.1 % 121.61 3.3 % 64.48 (4.3 %)
Q3 2012 346.18 28.4 % 112.91 5.0 % 58.05 4.2 %
Q4 2012 371.80 14.5 % 126.83 23.9 % 73.32 31.4 %
Q1 2013 406.29 12.8 % 152.19 34.8 % 91.03 46.8 %
Q2 2013 428.89 16.2 % 151.71 24.7 % 89.94 39.5 %
Q3 2013 383.50 10.8 % 138.68 22.8 % 76.48 31.7 %
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.61 0.4 %
Q1 2014 424.02 4.4 % 153.61 0.9 % 88.47 (2.8 %)
Q2 2014 437.62 2.0 % 152.06 0.2 % 78.86 (12.3 %)
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 56.04 (26.7 %)
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 57.35 (22.1 %)
Q1 2015 447.05 5.4 % 158.46 3.2 % 81.89 (7.4 %)
Q2 2015 444.31 1.5 % 162.61 6.9 % 86.00 9.0 %
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 66.71 19.0 %
Q4 2015 412.03 10.1 % 135.95 7.5 % 51.48 (10.2 %)
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 55.09 (32.7 %)
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 37.27 (56.7 %)
Q3 2016 232.44 (34.4 %) 54.62 (56.3 %) (9.63) (114.4 %)
Q4 2016 350.43 (15.0 %) 73.09 (46.2 %) 6.28 (87.8 %)
Q1 2017 315.35 (15.4 %) 81.02 (33.1 %) 16.13 (70.7 %)
Q2 2017 274.69 (21.0 %) 65.29 (40.1 %) 2.89 (92.3 %)
Q3 2017 224.14 (3.6 %) 24.26 (55.6 %) (29.17) (203.0 %)
Q4 2017 325.55 (7.1 %) (2.30) (103.1 %) (63.23) (1106.2 %)
Q1 2018 256.48 (18.7 %) 22.39 (72.4 %) (37.80) (334.3 %)
Q2 2018 241.88 (11.9 %) 30.26 (53.7 %) (35.35) (1324.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2009 41.11 7.2 % 0.41 - 41.11 0.41
Q2 2009 52.14 0.8 % 0.52 - 52.14 0.52
Q3 2009 52.78 5.9 % 0.53 - 52.78 0.53
Q4 2009 51.17 34.7 % 0.51 - 51.17 0.51
Q1 2010 58.38 42.0 % 0.58 - 58.38 0.58
Q2 2010 57.87 11.0 % 0.58 - 57.87 0.58
Q3 2010 46.21 (12.4 %) 0.46 - 46.21 0.46
Q4 2010 58.13 13.6 % 0.58 - 58.13 0.58
Q1 2011 59.93 2.7 % 0.60 - 59.93 0.60
Q2 2011 65.38 13.0 % 0.65 - 65.38 0.65
Q3 2011 54.15 17.2 % 0.54 - 54.15 0.54
Q4 2011 52.55 (9.6 %) 0.53 - 52.55 0.53
Q1 2012 62.60 4.5 % 0.63 - 62.60 0.63
Q2 2012 63.43 (3.0 %) 0.63 - 63.43 0.63
Q3 2012 55.51 2.5 % 0.56 - 55.51 0.56
Q4 2012 66.04 25.7 % 0.66 - 66.04 0.66
Q1 2013 82.21 31.3 % 0.82 - 82.21 0.82
Q2 2013 82.18 29.6 % 0.82 - 82.18 0.82
Q3 2013 71.80 29.4 % 0.72 - 71.80 0.72
Q4 2013 73.25 10.9 % 0.73 - 73.25 0.73
Q1 2014 87.42 6.3 % 0.87 - 87.42 0.87
Q2 2014 84.09 2.3 % 0.84 2.46 81.63 0.82
Q3 2014 78.88 9.9 % 0.79 23.24 55.64 0.56
Q4 2014 59.83 (18.3 %) 0.60 17.98 41.85 0.42
Q1 2015 84.27 (3.6 %) 0.84 - 84.27 0.84
Q2 2015 81.25 (3.4 %) 0.81 - 81.25 0.81
Q3 2015 62.65 (20.6 %) 0.63 11.48 51.17 0.51
Q4 2015 55.65 (7.0 %) 0.56 2.17 53.48 0.53
Q1 2016 47.68 (43.4 %) 0.48 - 47.68 0.48
Q2 2016 28.60 (64.8 %) 0.29 - 28.60 0.29
Q3 2016 (46.88) (174.8 %) (0.47) (25.00) (21.88) (0.22)
Q4 2016 (9.22) (116.6 %) (0.09) - (9.22) (0.09)
Q1 2017 11.47 (75.9 %) 0.11 5.42 6.04 0.06
Q2 2017 (5.84) (120.4 %) (0.06) - (5.84) (0.06)
Q3 2017 (39.91) 14.9 % (0.40) - (39.91) (0.40)
Q4 2017 (62.77) (581.2 %) (0.63) - (62.77) (0.63)
Q1 2018 (49.95) (535.5 %) (0.50) - (49.95) (0.50)
Q2 2018 (46.51) (696.0 %) (0.47) - (46.51) (0.47)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 37.44 % 30.39 % 20.32 %
Q2 2009 36.50 % 29.18 % 19.79 %
Q3 2009 36.60 % 29.14 % 19.86 %
Q4 2009 36.81 % 29.49 % 20.59 %
Q1 2010 37.33 % 30.20 % 21.57 %
Q2 2010 37.19 % 30.61 % 21.37 %
Q3 2010 36.46 % 29.64 % 20.39 %
Q4 2010 36.46 % 29.91 % 20.43 %
Q1 2011 36.23 % 30.00 % 19.87 %
Q2 2011 36.51 % 30.41 % 19.78 %
Q3 2011 37.52 % 31.14 % 20.21 %
Q4 2011 36.01 % 29.85 % 19.00 %
Q1 2012 34.55 % 28.33 % 18.40 %
Q2 2012 33.57 % 26.94 % 17.58 %
Q3 2012 32.13 % 26.07 % 16.72 %
Q4 2012 32.77 % 26.73 % 17.11 %
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %
Q3 2016 30.82 % 22.60 % 7.90 %
Q4 2016 27.45 % 20.51 % 3.47 %
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)
Q4 2017 14.76 % 11.65 % (8.99 %)
Q1 2018 10.14 % 7.13 % (14.66 %)
Q2 2018 7.12 % 3.45 % (19.00 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2009 100.00 1.81 1.81 7.02
Q2 2009 100.00 1.81 1.81 7.54
Q3 2009 100.00 1.84 1.84 8.08
Q4 2009 100.00 1.97 1.97 8.59
Q1 2010 100.00 2.14 2.14 8.41
Q2 2010 100.00 2.20 2.20 8.99
Q3 2010 100.00 2.14 2.14 9.45
Q4 2010 100.00 2.21 2.21 10.04
Q1 2011 100.00 2.22 2.22 9.75
Q2 2011 100.00 2.30 2.30 10.40
Q3 2011 100.00 2.38 2.38 10.94
Q4 2011 100.00 2.32 2.32 11.47
Q1 2012 100.00 2.35 2.35 12.10
Q2 2012 100.00 2.33 2.33 11.84
Q3 2012 100.00 2.34 2.34 12.40
Q4 2012 100.00 2.48 2.48 13.06
Q1 2013 100.00 2.67 2.67 13.88
Q2 2013 100.00 2.86 2.86 13.76
Q3 2013 100.00 3.02 3.02 14.48
Q4 2013 100.00 3.09 3.09 15.21
Q1 2014 100.00 3.15 3.15 16.08
Q2 2014 100.00 3.17 3.14 15.79
Q3 2014 100.00 3.24 2.98 16.58
Q4 2014 100.00 3.10 2.67 17.16
Q1 2015 100.00 3.07 2.63 17.99
Q2 2015 100.00 3.04 2.63 17.80
Q3 2015 100.00 2.88 2.59 18.42
Q4 2015 100.00 2.84 2.70 18.98
Q1 2016 100.00 2.47 2.34 19.46
Q2 2016 100.00 1.95 1.81 18.75
Q3 2016 100.00 0.85 1.08 18.28
Q4 2016 100.00 0.20 0.45 17.75
Q1 2017 100.00 (0.16) 0.04 18.33
Q2 2017 100.00 (0.50) (0.31) 17.77
Q3 2017 100.00 (0.43) (0.49) 17.39
Q4 2017 100.00 (0.97) (1.02) 16.30
Q1 2018 100.00 (1.58) (1.58) 15.79
Q2 2018 100.00 (1.99) (1.99) 15.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 12.45 12.45 3.21
Q2 2009 18.49 18.49 4.44
Q3 2009 16.76 16.76 3.82
Q4 2009 14.27 14.27 3.28
Q1 2010 14.20 14.20 3.62
Q2 2010 13.55 13.55 3.32
Q3 2010 16.40 16.40 3.71
Q4 2010 16.76 16.76 3.68
Q1 2011 15.43 15.43 3.52
Q2 2011 15.42 15.42 3.40
Q3 2011 14.04 14.04 3.05
Q4 2011 16.10 16.10 3.26
Q1 2012 15.81 15.81 3.07
Q2 2012 14.99 14.99 2.95
Q3 2012 13.82 13.82 2.61
Q4 2012 11.20 11.20 2.12
Q1 2013 11.72 11.72 2.25
Q2 2013 14.60 14.60 3.03
Q3 2013 14.71 14.71 3.07
Q4 2013 13.55 13.55 2.76
Q1 2014 16.31 16.31 3.19
Q2 2014 16.89 17.02 3.39
Q3 2014 16.95 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.75 2.16
Q2 2015 13.05 15.09 2.23
Q3 2015 10.18 11.34 1.59
Q4 2015 8.24 8.66 1.23
Q1 2016 7.71 8.16 0.98
Q2 2016 10.34 11.12 1.07
Q3 2016 15.77 12.43 0.73
Q4 2016 82.44 36.82 0.94
Q1 2017 NEG More than 100 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76
Q4 2017 NEG NEG 0.82
Q1 2018 NEG NEG 0.75
Q2 2018 NEG NEG 0.80

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Ceramic Pipes Company
Q1 2009 180.35 51.29 -
Q2 2009 192.03 49.55 -
Q3 2009 185.62 52.00 -
Q4 2009 176.20 70.69 -
Q1 2010 203.05 65.13 -
Q2 2010 220.80 57.12 -
Q3 2010 201.80 52.96 -
Q4 2010 206.24 72.73 -
Q1 2011 234.66 71.70 -
Q2 2011 261.21 59.46 -
Q3 2011 216.65 53.06 -
Q4 2011 235.72 88.89 -
Q1 2012 276.26 83.90 -
Q2 2012 298.52 70.70 -
Q3 2012 271.12 75.05 -
Q4 2012 285.86 85.95 -
Q1 2013 313.82 92.47 -
Q2 2013 349.20 79.69 -
Q3 2013 314.46 69.04 -
Q4 2013 300.20 81.67 -
Q1 2014 336.95 87.06 -
Q2 2014 353.97 83.66 -
Q3 2014 304.32 81.32 -
Q4 2014 294.58 79.50 -
Q1 2015 365.19 81.86 -
Q2 2015 358.31 86.00 -
Q3 2015 293.40 61.18 -
Q4 2015 307.83 104.20 -
Q1 2016 289.14 83.66 -
Q2 2016 279.81 68.04 -
Q3 2016 180.46 51.98 -
Q4 2016 245.75 104.68 -
Q1 2017 234.30 81.05 -
Q2 2017 210.46 64.23 -
Q3 2017 168.81 55.32 -
Q4 2017 222.02 103.53 -
Q1 2018 186.25 70.23 -
Q2 2018 196.18 45.70 -


Financial Ratios
Current
Market Cap (M Riyal) 2,600.00
Enterprise Value (EV) (M) 3,294.66
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.72)
Book Value (BV) ( Riyal) 14.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.83
Return on Average Assets (%) (TTM) (2.59 )
Return on Average Equity (%) (TTM) (4.91 )
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Share Price

Saudi Ceramic Co.
26.00
(2.70) (9.41 %)

Saudi Ceramic Co. (SAUDI CERAMICS)

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