Arabian Pipes swings to SAR 1 mln profit in Q1 2021

Arabian Pipes swings to SAR 1 mln profit in Q1 2021

30/06/2021 Argaam Exclusive

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Arabian Pipes Co. posted a net profit after Zakat and tax of SAR 1 million in Q1 2021, against a net loss of SAR 16.8 million a year earlier.

 

The company attributed the profit to the 94% growth year-on-year (YoY) in sales to SAR 129.3 million from SAR 66.5 million.

 

The firm was able to deliver the orders that were delayed due to the COVID-19 pandemic as well as decrease in the cost of goods sold. This increased gross profit margin for Q1 2021 compared to same period of 2020.

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 66.45 129.34 94.6 %
Gross Income (1.40) 13.71 1076.4 %
Operating Income (11.66) 5.16 144.3 %
Net Income (16.85) 0.95 105.6 %
Average Shares 15.00 15.00 -
EPS (Riyals) (1.12) 0.06 105.6 %

On a sequential basis, the company turned to profit from a net loss of SAR 156.2 million on higher sales.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2020 162.04 (23.0 %) 6.24 (78.0 %) (2.82) (113.7 %)
Q4 2020 95.43 (40.0 %) (140.52) (780.0 %) (152.17) (1067.9 %)
Q1 2021 129.34 94.6 % 13.71 1076.4 % 5.16 144.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2020 (3.45) (137.6 %) (0.23) - (3.45) (0.23)
Q4 2020 (156.20) (3301.5 %) (10.41) - (156.20) (10.41)
Q1 2021 0.95 105.6 % 0.06 - 0.95 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2020 6.90 % 5.58 % (7.91 %)
Q4 2020 (35.55 %) (39.15 %) (52.90 %)
Q1 2021 (26.88 %) (29.58 %) (41.08 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 15.00 (2.28) (2.28) 32.59
Q4 2020 15.00 (13.02) (13.02) 11.08
Q1 2021 15.00 (11.84) (11.84) 13.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 NEG NEG 1.47
Q4 2020 NEG NEG 4.32
Q1 2021 NEG NEG 4.33


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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