Arabian Pipes swings to SAR 35.7 mln loss in H1 2020

Arabian Pipes swings to SAR 35.7 mln loss in H1 2020

18/08/2020 Argaam Exclusive

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Arabian Pipes Co. reported net loss after Zakat and tax of SAR 35.7 million for the first half of 2020, versus net profit of SAR 16.2 million in year-earlier period, driven by lower sales revenue and higher provisions.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 371.56 111.82 (69.9 %)
Gross Income 47.46 2.98 (93.7 %)
Operating Income 28.88 (19.16) (166.3 %)
Net Income 16.19 (35.69) (320.5 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.08 (2.38) (320.5 %)

The company incurred net loss after Zakat and tax of SAR 18.8 million for the second quarter of 2020, versus net profit of SAR 8.1 million in prior-year period, due to a slump in sales revenue by 76% on the COVID-19 outbreak.

 

On a quarter-on-quarter basis, losses widened by 11.9%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 191.53 45.36 (76.3 %)
Gross Income 25.06 4.38 (82.5 %)
Operating Income 14.89 (7.50) (150.4 %)
Net Income 8.09 (18.84) (333.0 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.54 (1.26) (333.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2020 66.45 (63.1 %) (1.40) (106.3 %) (11.66) (183.3 %)
Q2 2020 45.36 (76.3 %) 4.38 (82.5 %) (7.50) (150.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 (0.96) (182.7 %) (0.06) - (0.96) (0.06)
Q2 2011 1.32 (84.2 %) 0.09 - 1.32 0.09
Q3 2011 0.61 112.9 % 0.04 - 0.61 0.04
Q4 2011 (7.67) 6.7 % (0.51) - (7.67) (0.51)
Q1 2012 2.39 349.9 % 0.16 - 2.39 0.16
Q2 2012 3.25 147.1 % 0.22 - 3.25 0.22
Q3 2012 (7.01) (1241.0 %) (0.47) - (7.01) (0.47)
Q4 2012 (24.01) (213.2 %) (1.60) - (24.01) (1.60)
Q1 2013 (17.93) (849.0 %) (1.20) - (17.93) (1.20)
Q2 2013 (5.33) (263.9 %) (0.36) - (5.33) (0.36)
Q3 2013 (4.95) 29.4 % (0.33) - (4.95) (0.33)
Q4 2013 37.87 257.7 % 2.52 - 37.87 2.52
Q1 2014 (6.82) 62.0 % (0.45) - (6.82) (0.45)
Q2 2014 (14.05) (163.8 %) (0.94) - (14.05) (0.94)
Q3 2014 (11.48) (131.9 %) (0.77) - (11.48) (0.77)
Q4 2014 (20.27) (153.5 %) (1.35) - (20.27) (1.35)
Q1 2015 (6.33) 7.2 % (0.42) - (6.33) (0.42)
Q2 2015 (8.40) 40.2 % (0.56) - (8.40) (0.56)
Q3 2015 (8.93) 22.2 % (0.60) - (8.93) (0.60)
Q4 2015 (22.80) (12.5 %) (1.52) - (22.80) (1.52)
Q1 2016 (10.95) (73.0 %) (0.73) - (10.95) (0.73)
Q2 2016 11.17 233.0 % 0.74 - 11.17 0.74
Q3 2016 4.44 149.8 % 0.30 - 4.44 0.30
Q4 2016 (0.36) 98.4 % (0.02) - (0.36) (0.02)
Q1 2017 (2.50) 77.1 % (0.17) - (2.50) (0.17)
Q2 2017 3.12 (72.0 %) 0.21 - 3.12 0.21
Q3 2017 6.64 49.3 % 0.44 - 6.64 0.44
Q4 2017 (1.96) (449.0 %) (0.13) - (1.96) (0.13)
Q1 2018 (8.85) (253.4 %) (0.59) - (8.85) (0.59)
Q2 2018 (7.96) (354.7 %) (0.53) - (7.96) (0.53)
Q3 2018 (16.85) (353.9 %) (1.12) (3.00) (13.85) (0.92)
Q4 2018 (89.05) (4,443.1 %) (5.94) (5.72) (83.33) (5.56)
Q1 2019 8.10 191.6 % 0.54 - 8.10 0.54
Q2 2019 8.09 201.6 % 0.54 - 8.09 0.54
Q3 2019 9.19 154.5 % 0.61 - 9.19 0.61
Q4 2019 4.88 105.5 % 0.33 - 4.88 0.33
Q1 2020 (16.85) (308.0 %) (1.12) - (16.85) (1.12)
Q2 2020 (18.84) (333.0 %) (1.26) - (18.84) (1.26)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2020 11.58 % 10.85 % 0.84 %
Q2 2020 10.80 % 9.66 % (4.49 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 15.00 (0.37) (0.37) 48.82
Q2 2011 15.00 (0.84) (0.84) 48.91
Q3 2011 15.00 (0.48) (0.48) 48.95
Q4 2011 15.00 (0.45) (0.45) 48.44
Q1 2012 15.00 (0.22) (0.22) 48.60
Q2 2012 15.00 (0.09) (0.09) 48.82
Q3 2012 15.00 (0.60) (0.60) 48.35
Q4 2012 15.00 (1.69) (1.69) 46.75
Q1 2013 15.00 (3.05) (3.05) 45.55
Q2 2013 15.00 (3.62) (3.62) 45.20
Q3 2013 15.00 (3.48) (3.48) 44.87
Q4 2013 15.00 0.64 0.64 47.39
Q1 2014 15.00 1.39 1.39 46.94
Q2 2014 15.00 0.80 0.80 46.00
Q3 2014 15.00 0.37 0.37 45.26
Q4 2014 15.00 (3.51) (3.51) 43.90
Q1 2015 15.00 (3.48) (3.48) 43.48
Q2 2015 15.00 (3.10) (3.10) 42.92
Q3 2015 15.00 (2.93) (2.93) 42.33
Q4 2015 15.00 (3.10) (3.10) 40.81
Q1 2016 15.00 (3.40) (3.40) 40.08
Q2 2016 15.00 (2.10) (2.10) 40.82
Q3 2016 15.00 (1.21) (1.21) 41.12
Q4 2016 15.00 0.29 0.29 41.09
Q1 2017 15.00 0.85 0.85 40.93
Q2 2017 15.00 0.31 0.31 41.14
Q3 2017 15.00 0.46 0.46 41.58
Q4 2017 15.00 0.35 0.35 41.45
Q1 2018 15.00 (0.07) (0.07) 40.86
Q2 2018 15.00 (0.81) (0.81) 40.33
Q3 2018 15.00 (2.37) (2.17) 39.20
Q4 2018 15.00 (8.18) (7.60) 33.26
Q1 2019 15.00 (7.05) (6.47) 33.80
Q2 2019 15.00 (5.98) (5.40) 34.34
Q3 2019 15.00 (4.24) (3.86) 34.95
Q4 2019 15.00 2.02 2.02 26.87
Q1 2020 15.00 0.35 0.35 33.97
Q2 2020 15.00 (1.44) (1.44) 32.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2020 80.14 80.14 0.83
Q2 2020 NEG NEG 0.99

Analysts Estimates (Million)

Item Q2 2020 (e) Q2 2020 (a) Change‬
Average 151.00 (18.84) (112.5 %)

Estimates vs Actual (Million)

Item Q2 2020 (e) Q2 2020 (a) Change
Al Rajhi Capital 151.00 (18.84) (112.5) %


Financial Ratios
Current
Market Cap (M Riyal) 1,716.00
Enterprise Value (EV) (M) 2,080.24
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 13.09
Book Value (BV) ( Riyal) 25.92
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.61
P/E (TTM) 8.74
Price/book 4.41
Return on Average Assets (%) (TTM) 21.8
Return on Average Equity (%) (TTM) 67.3
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Share Price

Arabian Pipes Co.
114.40
4.40 4.00 %

Arabian Pipes Co. (APC)

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