Arabian Pipes swings to SAR 28.7 mln profit in FY19

Arabian Pipes swings to SAR 28.7 mln profit in FY19

22/03/2020 Argaam Exclusive

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Arabian Pipes Co. reported a net profit after Zakat and tax of SAR 28.7 million for the fiscal year 2019, against a net loss of SAR 122.7 million a year earlier.

 

The annual results were backed by a 6% rise year-on-year (YoY) in sales revenue, continuous production in Riyadh and Jubail plants, and the completion of delayed projects.

 

The company also kept steel prices unchanged, and upgraded its systems to fulfill Saudi Aramco’s demand.



Financials (M)

Item 2018 2019 Change‬
Revenues 698.31 741.09 6.1 %
Gross Income (50.26) 96.47 292.0 %
Operating Income (82.33) 62.66 176.1 %
Net Income (122.70) 30.25 124.7 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items (0.76) 0.20 126.5 %
EPS (Riyals) (0.82) 0.20 124.7 %

In Q4 2019, the company turned to a net profit of SAR 3.3 million against a net loss of SAR 89 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 224.44 159.18 (29.1 %)
Gross Income (62.21) 20.67 133.2 %
Operating Income (71.92) 15.72 121.9 %
Net Income (89.05) 4.88 105.5 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items (0.56) 0.03 105.9 %
EPS (Riyals) (0.59) 0.03 105.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2017 188.51 87.2 % 7.15 (57.2 %) (0.92) (107.9 %)
Q1 2018 121.95 8.3 % 2.81 (64.7 %) (5.10) (295.9 %)
Q2 2018 165.72 37.4 % 6.82 (57.2 %) (0.26) (102.7 %)
Q3 2018 186.21 35.1 % 2.32 (89.1 %) (5.05) (134.0 %)
Q4 2018 224.44 19.1 % (62.21) (969.9 %) (71.92) (7,709.3 %)
Q1 2019 180.03 47.6 % 22.39 695.7 % 13.99 374.3 %
Q2 2019 191.53 15.6 % 25.06 267.7 % 14.89 5915.6 %
Q3 2019 210.35 13.0 % 28.35 1122.1 % 20.54 506.8 %
Q4 2019 159.18 (29.1 %) 20.67 133.2 % 15.72 121.9 %
2019 741.09 6.1 % 96.47 292.0 % 62.66 176.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q4 2017 (1.96) (449.0 %) (0.01) - (1.96) (0.01)
Q1 2018 (8.85) (253.4 %) (0.06) - (8.85) (0.06)
Q2 2018 (7.96) (354.7 %) (0.05) - (7.96) (0.05)
Q3 2018 (16.85) (353.9 %) (0.11) (3.00) (13.85) (0.09)
Q4 2018 (89.05) (4,443.1 %) (0.59) (5.72) (83.33) (0.56)
Q1 2019 8.10 191.6 % 0.05 - 8.10 0.05
Q2 2019 8.09 201.6 % 0.05 - 8.09 0.05
Q3 2019 9.19 154.5 % 0.06 - 9.19 0.06
Q4 2019 4.88 105.5 % 0.03 - 4.88 0.03
2019 30.25 124.7 % 0.20 - 30.25 0.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2017 9.36 % 9.13 % 0.95 %
Q1 2018 8.30 % 7.71 % (0.18 %)
Q2 2018 6.21 % 5.61 % (1.98 %)
Q3 2018 2.88 % 2.27 % (4.92 %)
Q4 2018 (7.20 %) (7.97 %) (16.32 %)
Q1 2019 (4.06 %) (4.77 %) (12.83 %)
Q2 2019 (1.59 %) (2.65 %) (10.35 %)
Q3 2019 1.69 % 0.55 % (7.19 %)
Q4 2019 13.02 % 12.58 % 4.08 %
2019 13.02 % 12.25 % 4.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2017 150.00 0.04 0.04 4.14
Q1 2018 150.00 (0.01) (0.01) 4.09
Q2 2018 150.00 (0.08) (0.08) 4.03
Q3 2018 150.00 (0.24) (0.22) 3.92
Q4 2018 150.00 (0.82) (0.76) 3.33
Q1 2019 150.00 (0.71) (0.65) 3.38
Q2 2019 150.00 (0.60) (0.54) 3.43
Q3 2019 150.00 (0.42) (0.39) 3.50
Q4 2019 150.00 0.20 0.20 2.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 92.21 92.21 0.79
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 0.82
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.75
Q1 2019 NEG NEG 0.78
Q2 2019 NEG NEG 0.78
Q3 2019 NEG NEG 0.94
Q4 2019 16.87 16.87 1.27

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (net income) Change‬
Average 3.80 4.88 28.39 %

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (net income) Change
OSOOL AND BAKHEET 3.80 4.88 28.4 %


Financial Ratios
Current
Market Cap (M Riyal) 1,383.00
Enterprise Value (EV) (M) 1,678.26
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) 8.09
P/E (TTM) 8.22
Price/book 3.45
Return on Average Assets (%) (TTM) 18.3
Return on Average Equity (%) (TTM) 25.7
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Share Price

Arabian Pipes Co.
9.22
0.34 3.83 %

Arabian Pipes Co. (APC)

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