Saudi Vitrified Clay Pipes’ H1 profit slumps 51%

02/08/2017 Argaam Exclusive

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Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. reported a net profit of SAR 28 million in the first half of 2017, a 51.3 percent plunge year-on-year (YoY) as sales declined due to lower demand and a general market slowdown.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	182.23	107.40	(41.1 %)
Gross Income	77.97	45.00	(42.3 %)
Operating Income	58.26	30.13	(48.3 %)
Net Income	57.52	28.01	(51.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	3.83	1.87	(51.3 %)

Net profit for the second quarter dropped 33 percent YoY to SAR 16 million, also due to lower sales.

When compared to the previous quarter, Q2 2017 net profit rose 34.4 percent, driven by lower cost of goods sold (COGS).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	78.16	53.58	(31.5 %)
Gross Income	33.90	25.35	(25.2 %)
Operating Income	25.04	17.67	(29.4 %)
Net Income	23.90	16.05	(32.8 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.59	1.07	(32.8 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	53.83	53.58	(0.5 %)
Gross Income	19.65	25.35	29.0 %
Operating Income	12.46	17.67	41.8 %
Net Income	11.96	16.05	34.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.80	1.07	34.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	61.78	3.7 %	19.63	13.1 %	11.85	2.7 %	0.79
Q2 2008	71.86	32.9 %	18.50	0.1 %	11.82	(19.2 %)	0.79
Q3 2008	63.70	24.6 %	16.39	(9.7 %)	11.07	(15.6 %)	0.74
Q4 2008	60.52	21.1 %	16.80	117.5 %	13.48	244.5 %	0.90
2008	257.86	20.1 %	71.33	15.6 %	48.22	11.6 %	3.21
Q1 2009	57.86	(6.3 %)	14.40	(26.6 %)	9.21	(22.2 %)	0.61
Q2 2009	54.85	(23.7 %)	12.64	(31.7 %)	4.36	(63.2 %)	0.29
Q3 2009	54.16	(15.0 %)	18.11	10.5 %	10.15	(8.3 %)	0.68
Q4 2009	58.25	(3.8 %)	20.61	22.7 %	18.89	40.2 %	1.26
2009	225.12	(12.7 %)	65.76	(7.8 %)	42.61	(11.6 %)	2.84
Q1 2010	60.41	4.4 %	24.20	68.0 %	19.30	109.5 %	1.29
Q2 2010	64.28	17.2 %	24.20	91.5 %	21.66	397.3 %	1.44
Q3 2010	57.39	6.0 %	23.32	28.7 %	19.05	87.7 %	1.27
Q4 2010	62.54	7.4 %	23.84	15.7 %	16.42	(13.1 %)	1.09
2010	244.62	8.7 %	95.56	45.3 %	76.42	79.4 %	5.09
Q1 2011	63.22	4.7 %	25.95	7.3 %	19.11	(1.0 %)	1.27
Q2 2011	68.17	6.0 %	30.75	27.0 %	24.13	11.4 %	1.61
Q3 2011	62.37	8.7 %	26.44	13.4 %	19.44	2.1 %	1.30
Q4 2011	67.69	8.2 %	25.82	8.3 %	20.09	22.4 %	1.34
2011	261.45	6.9 %	108.96	14.0 %	82.77	8.3 %	5.52
Q1 2012	72.31	14.4 %	26.60	2.5 %	19.07	(0.2 %)	1.27
Q2 2012	82.51	21.0 %	28.99	(5.7 %)	21.84	(9.5 %)	1.46
Q3 2012	73.69	18.1 %	29.51	11.6 %	22.79	17.2 %	1.52
Q4 2012	83.08	22.7 %	31.45	21.8 %	23.74	18.2 %	1.58
2012	311.58	19.2 %	116.55	7.0 %	87.44	5.6 %	5.83
Q1 2013	78.65	8.8 %	29.40	10.5 %	22.09	15.8 %	1.47
Q2 2013	77.44	(6.1 %)	26.40	(8.9 %)	20.27	(7.2 %)	1.35
Q3 2013	67.12	(8.9 %)	24.33	(17.6 %)	17.54	(23.0 %)	1.17
Q4 2013	80.20	(3.5 %)	29.94	(4.8 %)	24.52	3.3 %	1.63
2013	303.42	(2.6 %)	110.07	(5.6 %)	84.43	(3.4 %)	5.63
Q1 2014	75.65	(3.8 %)	30.35	3.2 %	22.69	2.7 %	1.51
Q2 2014	87.35	12.8 %	34.47	30.6 %	27.87	37.5 %	1.86
Q3 2014	88.15	31.3 %	33.22	36.6 %	26.00	48.2 %	1.73
Q4 2014	91.59	14.2 %	36.81	22.9 %	24.02	(2.0 %)	1.60
2014	342.74	13.0 %	134.85	22.5 %	100.58	19.1 %	6.71
Q1 2015	92.76	22.6 %	36.87	21.5 %	21.96	(3.2 %)	1.46
Q2 2015	95.45	9.3 %	43.78	27.0 %	32.80	17.7 %	2.19
Q3 2015	90.56	2.7 %	42.29	27.3 %	21.71	(16.5 %)	1.45
Q4 2015	111.54	21.8 %	42.14	14.5 %	26.76	11.4 %	1.78
2015	390.30	13.9 %	165.08	22.4 %	103.22	2.6 %	6.88
Q1 2016	104.08	12.2 %	44.08	19.5 %	33.63	53.1 %	2.24
Q2 2016	78.16	(18.1 %)	33.90	(22.6 %)	23.90	(27.1 %)	1.59
Q3 2016	58.01	(35.9 %)	20.69	(51.1 %)	12.14	(44.1 %)	0.81
Q4 2016	53.37	(52.2 %)	15.18	(64.0 %)	3.59	(86.6 %)	0.24
2016	293.61	(24.8 %)	113.84	(31.0 %)	73.25	(29.0 %)	4.88
Q1 2017	53.83	(48.3 %)	19.65	(55.4 %)	11.96	(64.4 %)	0.80
Q2 2017	53.58	(31.5 %)	25.35	(25.2 %)	16.05	(32.8 %)	1.07

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	214.79	1.6 %	61.71	(12.1 %)	43.19	(12.8 %)	2.88
2008	257.86	20.1 %	71.33	15.6 %	48.22	11.6 %	3.21
2009	225.12	(12.7 %)	65.76	(7.8 %)	42.61	(11.6 %)	2.84
2010	244.62	8.7 %	95.56	45.3 %	76.42	79.4 %	5.09
2011	261.45	6.9 %	108.96	14.0 %	82.77	8.3 %	5.52
2012	311.58	19.2 %	116.55	7.0 %	87.44	5.6 %	5.83
2013	303.42	(2.6 %)	110.07	(5.6 %)	84.43	(3.4 %)	5.63
2014	342.74	13.0 %	134.85	22.5 %	100.58	19.1 %	6.71
2015	390.30	13.9 %	165.08	22.4 %	103.22	2.6 %	6.88
2016	293.61	(24.8 %)	113.84	(31.0 %)	73.25	(29.0 %)	4.88

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	29.49 %	22.25 %	20.05 %
Q2 2008	27.27 %	20.33 %	17.33 %
Q3 2008	25.17 %	18.30 %	15.63 %
Q4 2008	27.66 %	20.52 %	18.70 %
2008	27.66 %	20.52 %	18.70 %
Q1 2009	26.03 %	20.38 %	17.95 %
Q2 2009	25.42 %	21.45 %	16.09 %
Q3 2009	27.25 %	24.05 %	16.36 %
Q4 2009	29.21 %	30.07 %	18.93 %
2009	29.21 %	30.07 %	18.93 %
Q1 2010	33.19 %	34.55 %	23.14 %
Q2 2010	36.74 %	38.07 %	29.52 %
Q3 2010	38.42 %	41.11 %	32.83 %
Q4 2010	39.07 %	39.12 %	31.24 %
2010	39.07 %	39.12 %	31.24 %
Q1 2011	39.33 %	39.16 %	30.81 %
Q2 2011	41.33 %	40.48 %	31.32 %
Q3 2011	41.74 %	39.93 %	30.86 %
Q4 2011	41.67 %	40.02 %	31.66 %
2011	41.67 %	40.02 %	31.66 %
Q1 2012	40.51 %	38.80 %	30.58 %
Q2 2012	37.85 %	36.02 %	28.24 %
Q3 2012	37.45 %	35.66 %	28.29 %
Q4 2012	37.41 %	35.42 %	28.06 %
2012	37.41 %	35.42 %	28.06 %
Q1 2013	37.54 %	35.58 %	28.45 %
Q2 2013	37.32 %	35.33 %	28.41 %
Q3 2013	36.43 %	34.49 %	27.31 %
Q4 2013	36.28 %	34.75 %	27.82 %
2013	36.28 %	34.75 %	27.82 %
Q1 2014	36.96 %	35.23 %	28.30 %
Q2 2014	38.38 %	36.89 %	29.85 %
Q3 2014	38.62 %	37.06 %	30.51 %
Q4 2014	39.34 %	37.06 %	29.35 %
2014	39.34 %	37.06 %	29.35 %
Q1 2015	39.29 %	37.21 %	27.75 %
Q2 2015	40.95 %	38.13 %	28.48 %
Q3 2015	43.13 %	39.64 %	27.13 %
Q4 2015	42.30 %	38.33 %	26.45 %
2015	42.29 %	38.33 %	26.45 %
Q1 2016	42.90 %	37.45 %	28.61 %
Q2 2016	42.26 %	36.82 %	27.58 %
Q3 2016	40.03 %	34.57 %	27.41 %
Q4 2016	38.77 %	31.96 %	24.95 %
2016	38.77 %	31.96 %	24.95 %
Q1 2017	36.74 %	30.24 %	21.19 %
Q2 2017	36.96 %	29.40 %	19.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	28.73 %	21.80 %	20.11 %
2008	27.66 %	20.52 %	18.70 %
2009	29.21 %	30.07 %	18.93 %
2010	39.07 %	39.12 %	31.24 %
2011	41.67 %	40.02 %	31.66 %
2012	37.41 %	35.42 %	28.06 %
2013	36.28 %	34.75 %	27.82 %
2014	39.34 %	37.06 %	29.35 %
2015	42.29 %	38.33 %	26.45 %
2016	38.77 %	31.96 %	24.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	31.78 %	22.79 %	19.18 %
Q2 2008	25.74 %	19.68 %	16.45 %
Q3 2008	25.73 %	18.81 %	17.38 %
Q4 2008	27.76 %	21.00 %	22.27 %
Q1 2009	24.89 %	22.33 %	15.92 %
Q2 2009	23.05 %	24.09 %	7.94 %
Q3 2009	33.44 %	29.25 %	18.74 %
Q4 2009	35.38 %	44.13 %	32.43 %
Q1 2010	40.06 %	39.56 %	31.94 %
Q2 2010	37.65 %	38.60 %	33.70 %
Q3 2010	40.64 %	42.48 %	33.20 %
Q4 2010	38.12 %	36.15 %	26.25 %
Q1 2011	41.05 %	39.70 %	30.22 %
Q2 2011	45.11 %	43.48 %	35.40 %
Q3 2011	42.39 %	40.05 %	31.17 %
Q4 2011	38.14 %	36.79 %	29.68 %
Q1 2012	36.79 %	35.17 %	26.37 %
Q2 2012	35.13 %	33.10 %	26.47 %
Q3 2012	40.05 %	37.98 %	30.93 %
Q4 2012	37.86 %	35.68 %	28.58 %
Q1 2013	37.38 %	35.85 %	28.08 %
Q2 2013	34.10 %	31.91 %	26.18 %
Q3 2013	36.24 %	34.41 %	26.14 %
Q4 2013	37.33 %	36.70 %	30.58 %
Q1 2014	40.12 %	37.81 %	29.99 %
Q2 2014	39.47 %	38.18 %	31.91 %
Q3 2014	37.68 %	35.63 %	29.49 %
Q4 2014	40.19 %	36.76 %	26.23 %
Q1 2015	39.75 %	38.23 %	23.67 %
Q2 2015	45.86 %	41.67 %	34.36 %
Q3 2015	46.70 %	41.85 %	23.97 %
Q4 2015	37.78 %	32.69 %	24.00 %
Q1 2016	42.35 %	34.86 %	32.31 %
Q2 2016	43.37 %	39.51 %	30.57 %
Q3 2016	35.66 %	30.99 %	20.93 %
Q4 2016	28.43 %	16.33 %	6.72 %
Q1 2017	36.50 %	29.75 %	22.21 %
Q2 2017	47.32 %	40.35 %	29.96 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	15.00	2.90	2.90	11.38
Q2 2008	15.00	2.71	2.71	12.50
Q3 2008	15.00	2.58	2.58	13.24
Q4 2008	15.00	3.21	3.21	14.09
Q1 2009	15.00	3.04	3.04	12.32
Q2 2009	15.00	2.54	2.54	12.65
Q3 2009	15.00	2.48	2.48	13.36
Q4 2009	15.00	2.84	2.84	14.40
Q1 2010	15.00	3.51	3.51	13.38
Q2 2010	15.00	4.67	4.67	14.81
Q3 2010	15.00	5.26	5.26	16.05
Q4 2010	15.00	5.09	5.09	16.95
Q1 2011	15.00	5.08	5.08	15.17
Q2 2011	15.00	5.25	5.25	14.78
Q3 2011	15.00	5.27	5.27	16.06
Q4 2011	15.00	5.52	5.52	15.26
Q1 2012	15.00	5.52	5.52	15.49
Q2 2012	15.00	5.36	5.36	15.67
Q3 2012	15.00	5.59	5.59	17.15
Q4 2012	15.00	5.83	5.83	14.93
Q1 2013	15.00	6.03	6.03	16.33
Q2 2013	15.00	5.93	5.93	16.16
Q3 2013	15.00	5.58	5.58	17.32
Q4 2013	15.00	5.63	5.63	15.41
Q1 2014	15.00	5.67	5.67	15.63
Q2 2014	15.00	6.17	6.17	16.20
Q3 2014	15.00	6.74	6.74	16.64
Q4 2014	15.00	6.71	6.71	16.81
Q1 2015	15.00	6.66	6.66	16.77
Q2 2015	15.00	6.99	6.99	17.46
Q3 2015	15.00	6.70	6.70	18.91
Q4 2015	15.00	6.88	6.88	17.69
Q1 2016	15.00	7.66	7.66	21.19
Q2 2016	15.00	7.07	7.07	21.29
Q3 2016	15.00	6.43	6.43	22.10
Q4 2016	15.00	4.88	4.88	22.37
Q1 2017	15.00	3.44	3.44	22.13
Q2 2017	15.00	2.92	2.92	23.20

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	15.00	2.88	2.88	13.05
2008	15.00	3.21	3.21	14.09
2009	15.00	2.84	2.84	14.40
2010	15.00	5.09	5.09	16.95
2011	15.00	5.52	5.52	15.26
2012	15.00	5.83	5.83	14.93
2013	15.00	5.63	5.63	15.41
2014	15.00	6.71	6.71	16.81
2015	15.00	6.88	6.88	17.69
2016	15.00	4.88	4.88	22.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	25.35	25.35	6.46
Q2 2008	29.95	29.95	6.50
Q3 2008	19.79	19.79	3.85
Q4 2008	10.27	10.27	2.34
Q1 2009	16.29	16.29	4.02
Q2 2009	17.55	17.55	3.53
Q3 2009	16.58	16.58	3.08
Q4 2009	14.50	14.50	2.86
Q1 2010	14.06	14.06	3.69
Q2 2010	13.71	13.71	4.32
Q3 2010	11.17	11.17	3.66
Q4 2010	11.58	11.58	3.48
Q1 2011	10.67	10.67	3.58
Q2 2011	11.82	11.82	4.19
Q3 2011	11.28	11.28	3.70
Q4 2011	12.32	12.32	4.45
Q1 2012	13.64	13.64	4.86
Q2 2012	11.56	11.56	3.96
Q3 2012	11.68	11.68	3.80
Q4 2012	11.71	11.71	4.57
Q1 2013	11.36	11.36	4.19
Q2 2013	12.32	12.32	4.52
Q3 2013	13.32	13.32	4.29
Q4 2013	12.97	12.97	4.74
Q1 2014	15.48	15.48	5.61
Q2 2014	15.78	15.78	6.02
Q3 2014	15.73	15.73	6.37
Q4 2014	13.43	13.43	5.36
Q1 2015	15.10	15.10	5.99
Q2 2015	14.27	14.27	5.71
Q3 2015	12.39	12.39	4.39
Q4 2015	13.67	13.67	5.32
Q1 2016	10.75	10.75	3.89
Q2 2016	13.02	13.02	4.32
Q3 2016	10.57	10.57	3.07
Q4 2016	14.70	14.70	3.21
Q1 2017	16.42	16.42	2.55
Q2 2017	17.19	17.19	2.16

Period	P/E	Adjusted P/E	Price/book
2007	37.86	37.86	8.36
2008	10.27	10.27	2.34
2009	14.50	14.50	2.86
2010	11.58	11.58	3.48
2011	12.32	12.32	4.45
2012	11.71	11.71	4.57
2013	12.97	12.97	4.74
2014	13.43	13.43	5.36
2015	13.67	13.67	5.32
2016	14.70	14.70	3.21

Financial Ratios

	Current
Market Cap (M Riyal)	619.50
Enterprise Value (EV) (M)	574.82
Shares Outstanding ((M))	15.00
EPS ( Riyal) (TTM)	(4.17)
Book Value (BV) ( Riyal)	13.58
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.04
Return on Average Assets (%) (TTM)	(23.45 )
Return on Average Equity (%) (TTM)	(26.66 )

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Saudi Vitrified Clay Pipes’ H1 profit slumps 51%

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Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Saudi Vitrified Clay Pipes’ H1 profit slumps 51%

View other reports

Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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