Arabian Pipes posts SAR 7 mln profit for 9M 2017

Arabian Pipes posts SAR 7 mln profit for 9M 2017

30/10/2017 Argaam Exclusive

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Arabian Pipes Co. reported a net profit of SAR 7.26 million in the first nine months of 2017, a 56 percent year-on-year (YoY) rise, attributed to increased sales and lower freight charges.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 264.24 371.10 40.4 %
Gross Income 45.43 45.25 (0.4 %)
Operating Income 16.90 26.85 58.9 %
Net Income 4.67 7.26 55.4 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items 0.03 0.05 55.4 %
EPS (Riyals) 0.03 0.05 55.4 %

Q3 net profit jumped 50 percent YoY to SAR 6.64 million due to higher sales volumes that offset an increase in prices of raw materials.

 

Compared to the previous quarter, Q3 net earnings more than doubled.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 97.26 137.86 41.7 %
Gross Income 16.42 21.35 30.0 %
Operating Income 11.03 14.84 34.5 %
Net Income 4.44 6.64 49.3 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items 0.03 0.04 49.3 %
EPS (Riyals) 0.03 0.04 49.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 179.59 47.2 % 54.88 75.0 % 42.75 78.2 %
Q2 2008 227.78 19.8 % 51.24 (11.6 %) 39.76 (21.6 %)
Q3 2008 184.37 18.1 % 51.90 23.3 % 33.27 (6.2 %)
Q4 2008 225.10 28.4 % 63.01 22.7 % 32.51 (10.9 %)
Q1 2009 131.90 (26.6 %) 31.25 (43.1 %) 15.51 (63.7 %)
Q2 2009 87.56 (61.6 %) 22.13 (56.8 %) 10.79 (72.9 %)
Q3 2009 102.93 (44.2 %) 32.37 (37.6 %) 19.73 (40.7 %)
Q4 2009 121.71 (45.9 %) 31.10 (50.6 %) 5.38 (83.4 %)
Q1 2010 56.18 (57.4 %) 12.72 (59.3 %) 1.48 (90.5 %)
Q2 2010 95.56 9.1 % 10.23 (53.8 %) 6.05 (43.9 %)
Q3 2010 53.58 (47.9 %) 2.62 (91.9 %) (1.63) (108.3 %)
Q4 2010 50.46 (58.5 %) 3.66 (88.2 %) (8.16) (251.5 %)
Q1 2011 59.28 5.5 % 3.00 (76.4 %) (1.42) (196.2 %)
Q2 2011 49.01 (48.7 %) 6.17 (39.7 %) 0.95 (84.3 %)
Q3 2011 87.11 62.6 % 16.42 527.2 % 10.32 732.8 %
Q4 2011 79.28 57.1 % 8.42 129.8 % 2.23 127.3 %
Q1 2012 166.39 180.7 % 16.44 448.9 % 7.20 606.3 %
Q2 2012 161.94 230.4 % 14.96 142.6 % 5.31 460.2 %
Q3 2012 172.68 98.2 % 14.13 (13.9 %) 1.31 (87.3 %)
Q4 2012 178.91 125.7 % 4.05 (51.9 %) (11.94) (635.2 %)
Q1 2013 99.72 (40.1 %) 8.59 (47.8 %) (9.57) (232.9 %)
Q2 2013 110.16 (32.0 %) 11.85 (20.8 %) (4.82) (190.8 %)
Q3 2013 86.61 (49.8 %) 14.73 4.2 % 2.70 106.4 %
Q4 2013 86.75 (51.5 %) 18.07 346.1 % (5.73) 52.0 %
Q1 2014 85.65 (14.1 %) 10.29 19.8 % (0.32) 96.7 %
Q2 2014 111.35 1.1 % 4.32 (63.6 %) (7.34) (52.3 %)
Q3 2014 97.04 12.0 % 8.82 (40.1 %) (4.51) (266.7 %)
Q4 2014 91.22 5.2 % (0.45) (102.5 %) (15.32) (167.3 %)
Q1 2015 161.06 88.0 % 16.03 55.8 % 0.41 229.6 %
Q2 2015 65.06 (41.6 %) 8.39 94.3 % (2.19) 70.1 %
Q3 2015 70.08 (27.8 %) 8.17 (7.4 %) (1.35) 70.1 %
Q4 2015 76.77 (15.8 %) 4.61 1120.4 % (18.19) (18.8 %)
Q1 2016 61.54 (61.8 %) 7.53 (53.0 %) (5.85) (1520.9 %)
Q2 2016 105.45 62.1 % 21.48 156.1 % 11.72 635.3 %
Q3 2016 97.26 38.8 % 16.42 101.0 % 11.03 920.0 %
Q4 2016 100.69 31.2 % 16.69 261.9 % 11.73 164.5 %
Q1 2017 112.62 83.0 % 7.97 5.8 % 2.60 144.5 %
Q2 2017 120.62 14.4 % 15.93 (25.8 %) 9.41 (19.7 %)
Q3 2017 137.86 41.7 % 21.35 30.0 % 14.84 34.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 37.93 60.0 % 0.25 - 37.93 0.25
Q2 2008 42.14 1.7 % 0.28 - 42.14 0.28
Q3 2008 27.35 2.3 % 0.18 - 27.35 0.18
Q4 2008 9.85 (70.8 %) 0.07 (13.44) 23.29 0.16
Q1 2009 5.62 (85.2 %) 0.04 - 5.62 0.04
Q2 2009 10.63 (74.8 %) 0.07 - 10.63 0.07
Q3 2009 8.19 (70.1 %) 0.05 - 8.19 0.05
Q4 2009 0.62 (93.7 %) 0.00 - 0.62 0.00
Q1 2010 1.16 (79.4 %) 0.01 - 1.16 0.01
Q2 2010 8.32 (21.7 %) 0.06 - 8.32 0.06
Q3 2010 (4.77) (158.2 %) (0.03) - (4.77) (0.03)
Q4 2010 (8.22) (1418.4 %) (0.05) - (8.22) (0.05)
Q1 2011 (0.96) (182.7 %) (0.01) - (0.96) (0.01)
Q2 2011 1.32 (84.2 %) 0.01 - 1.32 0.01
Q3 2011 0.61 112.9 % 0.00 - 0.61 0.00
Q4 2011 (7.67) 6.7 % (0.05) - (7.67) (0.05)
Q1 2012 2.39 349.9 % 0.02 - 2.39 0.02
Q2 2012 3.25 147.1 % 0.02 - 3.25 0.02
Q3 2012 (7.01) (1241.0 %) (0.05) - (7.01) (0.05)
Q4 2012 (24.01) (213.2 %) (0.16) - (24.01) (0.16)
Q1 2013 (17.93) (849.0 %) (0.12) - (17.93) (0.12)
Q2 2013 (5.33) (263.9 %) (0.04) - (5.33) (0.04)
Q3 2013 (4.95) 29.4 % (0.03) - (4.95) (0.03)
Q4 2013 37.87 257.7 % 0.25 - 37.87 0.25
Q1 2014 (6.82) 62.0 % (0.05) - (6.82) (0.05)
Q2 2014 (14.05) (163.8 %) (0.09) - (14.05) (0.09)
Q3 2014 (11.48) (131.9 %) (0.08) - (11.48) (0.08)
Q4 2014 (20.27) (153.5 %) (0.14) - (20.27) (0.14)
Q1 2015 (6.33) 7.2 % (0.04) - (6.33) (0.04)
Q2 2015 (8.40) 40.2 % (0.06) - (8.40) (0.06)
Q3 2015 (8.93) 22.2 % (0.06) - (8.93) (0.06)
Q4 2015 (22.80) (12.5 %) (0.15) - (22.80) (0.15)
Q1 2016 (10.95) (73.0 %) (0.07) - (10.95) (0.07)
Q2 2016 11.17 233.0 % 0.07 - 11.17 0.07
Q3 2016 4.44 149.8 % 0.03 - 4.44 0.03
Q4 2016 (0.36) 98.4 % 0.00 - (0.36) 0.00
Q1 2017 (2.50) 77.1 % (0.02) - (2.50) (0.02)
Q2 2017 3.12 (72.0 %) 0.02 - 3.12 0.02
Q3 2017 6.64 49.3 % 0.04 - 6.64 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 29.43 % 25.25 % 19.94 %
Q2 2008 27.02 % 22.48 % 19.02 %
Q3 2008 27.30 % 21.35 % 18.40 %
Q4 2008 27.06 % 19.55 % 16.00 %
Q1 2009 25.67 % 17.92 % 12.79 %
Q2 2009 26.76 % 18.19 % 10.63 %
Q3 2009 27.17 % 19.44 % 8.72 %
Q4 2009 26.31 % 19.10 % 5.64 %
Q1 2010 26.69 % 19.22 % 5.59 %
Q2 2010 22.96 % 17.56 % 4.86 %
Q3 2010 17.33 % 14.80 % 1.63 %
Q4 2010 11.43 % 14.47 % (1.37 %)
Q1 2011 7.54 % 13.92 % (2.17 %)
Q2 2011 7.27 % 15.48 % (5.95 %)
Q3 2011 11.89 % 17.51 % (2.95 %)
Q4 2011 12.38 % 19.32 % (2.44 %)
Q1 2012 12.43 % 16.12 % (0.88 %)
Q2 2012 11.37 % 13.27 % (0.28 %)
Q3 2012 9.30 % 9.73 % (1.56 %)
Q4 2012 7.29 % 6.21 % (3.73 %)
Q1 2013 6.80 % 4.15 % (7.45 %)
Q2 2013 6.88 % 2.70 % (9.67 %)
Q3 2013 8.25 % 2.77 % (10.98 %)
Q4 2013 13.89 % 4.19 % 2.52 %
Q1 2014 14.88 % 5.66 % 5.63 %
Q2 2014 12.80 % 3.82 % 3.25 %
Q3 2014 10.90 % 1.66 % 1.45 %
Q4 2014 5.96 % (1.17 %) (13.66 %)
Q1 2015 6.23 % (0.71 %) (11.32 %)
Q2 2015 7.91 % 0.57 % (11.22 %)
Q3 2015 8.29 % 1.48 % (11.34 %)
Q4 2015 9.97 % 0.58 % (12.46 %)
Q1 2016 10.49 % (1.51 %) (18.68 %)
Q2 2016 13.32 % 2.94 % (10.04 %)
Q3 2016 14.68 % 6.25 % (5.32 %)
Q4 2016 17.02 % 14.33 % 1.18 %
Q1 2017 15.04 % 14.57 % 3.07 %
Q2 2017 13.22 % 13.68 % 1.09 %
Q3 2017 13.13 % 13.37 % 1.46 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2008 150.00 0.93 0.93 4.53
Q2 2008 150.00 0.94 0.94 4.50
Q3 2008 150.00 0.94 0.94 4.68
Q4 2008 150.00 0.78 0.87 4.75
Q1 2009 150.00 0.57 0.66 4.78
Q2 2009 150.00 0.36 0.45 4.85
Q3 2009 150.00 0.23 0.32 4.91
Q4 2009 150.00 0.17 0.17 4.91
Q1 2010 150.00 0.14 0.14 4.92
Q2 2010 150.00 0.12 0.12 4.98
Q3 2010 150.00 0.04 0.04 4.94
Q4 2010 150.00 (0.02) (0.02) 4.89
Q1 2011 150.00 (0.04) (0.04) 4.88
Q2 2011 150.00 (0.08) (0.08) 4.89
Q3 2011 150.00 (0.05) (0.05) 4.90
Q4 2011 150.00 (0.04) (0.04) 4.84
Q1 2012 150.00 (0.02) (0.02) 4.86
Q2 2012 150.00 (0.01) (0.01) 4.88
Q3 2012 150.00 (0.06) (0.06) 4.84
Q4 2012 150.00 (0.17) (0.17) 4.67
Q1 2013 150.00 (0.30) (0.30) 4.56
Q2 2013 150.00 (0.36) (0.36) 4.52
Q3 2013 150.00 (0.35) (0.35) 4.49
Q4 2013 150.00 0.06 0.06 4.74
Q1 2014 150.00 0.14 0.14 4.69
Q2 2014 150.00 0.08 0.08 4.60
Q3 2014 150.00 0.04 0.04 4.53
Q4 2014 150.00 (0.35) (0.35) 4.39
Q1 2015 150.00 (0.35) (0.35) 4.35
Q2 2015 150.00 (0.31) (0.31) 4.29
Q3 2015 150.00 (0.29) (0.29) 4.23
Q4 2015 150.00 (0.31) (0.31) 4.08
Q1 2016 150.00 (0.34) (0.34) 4.01
Q2 2016 150.00 (0.21) (0.21) 4.08
Q3 2016 150.00 (0.12) (0.12) 4.11
Q4 2016 150.00 0.03 0.03 4.11
Q1 2017 150.00 0.09 0.09 4.09
Q2 2017 150.00 0.03 0.03 4.11
Q3 2017 150.00 0.05 0.05 4.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 19.83 19.83 4.08
Q2 2008 27.97 27.97 5.83
Q3 2008 21.26 21.26 4.27
Q4 2008 11.98 10.75 1.97
Q1 2009 10.34 8.93 1.23
Q2 2009 20.98 16.76 1.54
Q3 2009 30.97 22.25 1.44
Q4 2009 38.09 38.09 1.30
Q1 2010 54.44 54.44 1.52
Q2 2010 49.43 49.43 1.21
Q3 2010 More than 100 More than 100 1.21
Q4 2010 NEG NEG 1.17
Q1 2011 NEG NEG 1.30
Q2 2011 NEG NEG 1.44
Q3 2011 NEG NEG 1.14
Q4 2011 NEG NEG 1.62
Q1 2012 NEG NEG 1.49
Q2 2012 NEG NEG 1.08
Q3 2012 NEG NEG 1.40
Q4 2012 NEG NEG 1.60
Q1 2013 NEG NEG 1.51
Q2 2013 NEG NEG 1.22
Q3 2013 NEG NEG 1.24
Q4 2013 More than 100 More than 100 1.36
Q1 2014 47.75 47.75 1.41
Q2 2014 86.97 86.97 1.52
Q3 2014 More than 100 More than 100 1.94
Q4 2014 NEG NEG 1.17
Q1 2015 NEG NEG 1.21
Q2 2015 NEG NEG 1.29
Q3 2015 NEG NEG 0.88
Q4 2015 NEG NEG 0.88
Q1 2016 NEG NEG 0.66
Q2 2016 NEG NEG 0.88
Q3 2016 NEG NEG 0.84
Q4 2016 More than 100 More than 100 1.15
Q1 2017 52.85 52.85 1.10
Q2 2017 More than 100 More than 100 0.86
Q3 2017 76.12 76.12 0.84


Financial Ratios
Current
Market Cap (M Riyal) 1,393.50
Enterprise Value (EV) (M) 1,688.76
Shares Outstanding ((M)) 150.00
EPS ( Riyal) (TTM) 1.12
Book Value (BV) ( Riyal) 2.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 8.15
P/E (TTM) 8.29
Price/book 3.47
Return on Average Assets (%) (TTM) 18.3
Return on Average Equity (%) (TTM) 53.0
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Share Price

Arabian Pipes Co.
9.29
(1.03) (9.98 %)

Arabian Pipes Co. (APC)

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