Saudi Steel Pipe’s net profit surges 64% in nine-months 2015

18/10/2015 Argaam Exclusive

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Share Price

Saudi Steel Pipe Co. (SSP)

Saudi Steel Pipe Co., a manufacturer of welded steel pipes, reported a net profit of SAR 42.89 million for the first nine months of 2015; a 64 percent year-on-year (YOY) increase it attributed to stronger financial results from subsidiary Global Pipe Co., as well as cost savings related to the launch of its oil country tubular goods (OCTG) threading line.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	716.25	708.34	(1.1 %)
Gross Income	77.98	89.64	14.9 %
Operating Income	38.77	47.64	22.9 %
Net Income	26.17	42.89	63.9 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.51	0.84	63.9 %

The company’s Q3-2015 net profit rose 22 percent to SAR 8.01 million when compared to SAR 6.59 million seen in the same quarter last year. However, net profit fell 66 percent quarter-on-quarter due to a decline in sales during Ramadan and the holiday period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	241.88	179.88	(25.6 %)
Gross Income	23.65	21.52	(9.0 %)
Operating Income	9.81	8.34	(15.0 %)
Net Income	6.59	8.02	21.6 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.13	0.16	21.6 %

Item	Q2 2015	Q3 2015	Change‬
Revenues	279.97	179.88	(35.8 %)
Gross Income	38.88	21.52	(44.6 %)
Operating Income	24.70	8.34	(66.2 %)
Net Income	23.46	8.02	(65.8 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.46	0.16	(65.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	565.41	-	111.45	-	66.90	-	1.91
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	727.81	28.7 %	156.07	40.0 %	116.17	73.6 %	3.32
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	816.87	12.2 %	172.80	10.7 %	132.32	13.9 %	3.78
Q1 2009	155.80	-	40.80	-	33.61	-	0.96
Q2 2009	145.28	-	40.19	-	35.85	-	1.02
Q3 2009	130.83	-	36.93	-	30.17	-	0.59
Q4 2009	106.74	-	21.69	-	13.19	-	0.26
2009	538.65	(34.1 %)	139.61	(19.2 %)	112.83	(14.7 %)	2.21
Q1 2010	153.44	(1.5 %)	28.11	(31.1 %)	20.02	(40.4 %)	0.39
Q2 2010	168.86	16.2 %	33.00	(17.9 %)	25.16	(29.8 %)	0.49
Q3 2010	104.11	(20.4 %)	13.27	(64.1 %)	6.54	(78.3 %)	0.13
Q4 2010	166.87	56.3 %	34.15	57.4 %	21.23	60.9 %	0.42
2010	593.28	10.1 %	108.53	(22.3 %)	72.95	(35.3 %)	1.43
Q1 2011	163.11	6.3 %	28.75	2.3 %	21.01	5.0 %	0.41
Q2 2011	153.83	(8.9 %)	29.74	(9.9 %)	21.34	(15.2 %)	0.42
Q3 2011	140.14	34.6 %	17.97	35.3 %	9.40	43.7 %	0.18
Q4 2011	172.27	3.2 %	23.03	(32.6 %)	13.37	(37.0 %)	0.26
2011	629.35	6.1 %	99.49	(8.3 %)	65.12	(10.7 %)	1.28
Q1 2012	206.85	26.8 %	29.13	1.3 %	18.32	(12.8 %)	0.36
Q2 2012	187.48	21.9 %	22.88	(23.1 %)	12.38	(42.0 %)	0.24
Q3 2012	152.16	8.6 %	19.39	7.9 %	8.92	(5.1 %)	0.17
Q4 2012	179.87	4.4 %	26.57	15.4 %	14.09	5.4 %	0.28
2012	726.36	15.4 %	97.96	(1.5 %)	53.71	(17.5 %)	1.05
Q1 2013	248.48	20.1 %	37.91	30.2 %	23.11	26.2 %	0.45
Q2 2013	249.13	32.9 %	39.45	72.5 %	25.11	102.7 %	0.49
Q3 2013	172.98	13.7 %	27.95	44.1 %	16.37	83.5 %	0.32
Q4 2013	168.76	(6.2 %)	25.76	(3.0 %)	14.86	5.4 %	0.29
2013	839.34	15.6 %	131.07	33.8 %	79.44	47.9 %	1.56
Q1 2014	224.73	(9.6 %)	21.65	(42.9 %)	4.03	(82.6 %)	0.08
Q2 2014	249.65	0.2 %	32.69	(17.1 %)	15.55	(38.1 %)	0.30
Q3 2014	241.88	39.8 %	23.65	(15.4 %)	6.59	(59.7 %)	0.13
Q4 2014	141.74	(16.0 %)	19.38	(24.8 %)	5.30	(64.3 %)	0.10
2014	857.99	2.2 %	97.25	(25.8 %)	31.20	(60.7 %)	0.61
Q1 2015	248.49	10.6 %	29.24	35.0 %	11.41	183.3 %	0.22
Q2 2015	279.97	12.1 %	38.88	18.9 %	23.46	50.8 %	0.46
Q3 2015	179.88	(25.6 %)	21.52	(9.0 %)	8.02	21.6 %	0.16

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	-	-	-	-	-	-	-
2006	565.41	-	111.45	-	66.90	-	1.91
2007	727.81	28.7 %	156.07	40.0 %	116.17	73.6 %	3.32
2008	816.87	12.2 %	172.80	10.7 %	132.32	13.9 %	3.78
2009	538.65	(34.1 %)	139.61	(19.2 %)	112.83	(14.7 %)	2.21
2010	593.28	10.1 %	108.53	(22.3 %)	72.95	(35.3 %)	1.43
2011	629.35	6.1 %	99.49	(8.3 %)	65.12	(10.7 %)	1.28
2012	726.36	15.4 %	97.96	(1.5 %)	53.71	(17.5 %)	1.05
2013	839.34	15.6 %	131.07	33.8 %	79.44	47.9 %	1.56
2014	857.99	2.2 %	97.25	(25.8 %)	31.20	(60.7 %)	0.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	19.71 %	15.77 %	11.83 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	21.44 %	19.70 %	15.96 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	21.15 %	19.03 %	16.20 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	25.92 %	23.89 %	20.95 %
2009	25.92 %	23.89 %	20.95 %
Q1 2010	23.67 %	21.51 %	18.50 %
Q2 2010	21.38 %	19.23 %	15.81 %
Q3 2010	18.02 %	15.98 %	12.18 %
Q4 2010	18.29 %	16.59 %	12.30 %
2010	18.29 %	16.59 %	12.30 %
Q1 2011	18.11 %	16.61 %	12.26 %
Q2 2011	18.02 %	16.41 %	11.93 %
Q3 2011	17.73 %	16.01 %	11.70 %
Q4 2011	15.81 %	13.97 %	10.35 %
2011	15.81 %	13.97 %	10.35 %
Q1 2012	14.84 %	12.84 %	9.27 %
Q2 2012	13.16 %	11.16 %	7.57 %
Q3 2012	13.14 %	10.99 %	7.37 %
Q4 2012	13.49 %	11.08 %	7.39 %
2012	13.49 %	11.08 %	7.39 %
Q1 2013	13.90 %	11.20 %	7.62 %
Q2 2013	14.86 %	11.98 %	8.59 %
Q3 2013	15.51 %	12.68 %	9.25 %
Q4 2013	15.62 %	12.78 %	9.47 %
2013	15.62 %	12.78 %	9.47 %
Q1 2014	14.08 %	11.55 %	7.40 %
Q2 2014	13.24 %	11.01 %	6.23 %
Q3 2014	11.72 %	9.50 %	4.64 %
Q4 2014	11.35 %	9.10 %	3.67 %
2014	11.33 %	9.27 %	3.64 %
Q1 2015	11.90 %	9.69 %	4.41 %
Q2 2015	12.19 %	10.10 %	5.13 %
Q3 2015	12.82 %	10.81 %	5.79 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	19.71 %	15.77 %	11.83 %
2007	21.44 %	19.70 %	15.96 %
2008	21.15 %	19.03 %	16.20 %
2009	25.92 %	23.89 %	20.95 %
2010	18.29 %	16.59 %	12.30 %
2011	15.81 %	13.97 %	10.35 %
2012	13.49 %	11.08 %	7.39 %
2013	15.62 %	12.78 %	9.47 %
2014	11.33 %	9.27 %	3.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	26.19 %	24.41 %	21.57 %
Q2 2009	27.66 %	26.09 %	24.68 %
Q3 2009	28.23 %	26.38 %	23.06 %
Q4 2009	20.32 %	17.11 %	12.36 %
Q1 2010	18.32 %	16.07 %	13.05 %
Q2 2010	19.54 %	17.90 %	14.90 %
Q3 2010	12.75 %	11.59 %	6.28 %
Q4 2010	20.47 %	18.84 %	12.72 %
Q1 2011	17.63 %	16.19 %	12.88 %
Q2 2011	19.34 %	17.27 %	13.87 %
Q3 2011	12.82 %	11.05 %	6.71 %
Q4 2011	13.37 %	11.29 %	7.76 %
Q1 2012	14.08 %	12.06 %	8.85 %
Q2 2012	12.20 %	10.15 %	6.61 %
Q3 2012	12.74 %	10.25 %	5.86 %
Q4 2012	14.77 %	11.62 %	7.84 %
Q1 2013	15.26 %	12.27 %	9.30 %
Q2 2013	15.84 %	13.01 %	10.08 %
Q3 2013	16.16 %	13.91 %	9.46 %
Q4 2013	15.26 %	12.02 %	8.80 %
Q1 2014	9.63 %	7.75 %	1.79 %
Q2 2014	13.09 %	11.24 %	6.23 %
Q3 2014	9.78 %	7.55 %	2.73 %
Q4 2014	13.67 %	10.11 %	3.74 %
Q1 2015	11.77 %	9.97 %	4.59 %
Q2 2015	13.89 %	12.40 %	8.38 %
Q3 2015	11.97 %	10.03 %	5.03 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	35.00	-	-	13.16
Q2 2009	35.00	-	-	14.04
Q3 2009	51.00	-	-	17.29
Q4 2009	51.00	2.21	2.21	17.55
Q1 2010	51.00	1.95	1.95	15.88
Q2 2010	51.00	1.74	1.74	16.33
Q3 2010	51.00	1.27	1.27	15.92
Q4 2010	51.00	1.43	1.43	16.31
Q1 2011	51.00	1.45	1.45	15.67
Q2 2011	51.00	1.37	1.37	16.03
Q3 2011	51.00	1.43	1.43	15.43
Q4 2011	51.00	1.28	1.28	15.55
Q1 2012	51.00	1.22	1.22	15.04
Q2 2012	51.00	1.05	1.05	15.24
Q3 2012	51.00	1.04	1.04	15.38
Q4 2012	51.00	1.05	1.05	15.56
Q1 2013	51.00	1.15	1.15	15.95
Q2 2013	51.00	1.40	1.40	15.66
Q3 2013	51.00	1.54	1.54	15.19
Q4 2013	51.00	1.56	1.56	15.39
Q1 2014	51.00	1.18	1.18	15.41
Q2 2014	51.00	1.00	1.00	15.66
Q3 2014	51.00	0.80	0.80	15.75
Q4 2014	51.00	0.62	0.62	15.75
Q1 2015	51.00	0.76	0.76	15.93
Q2 2015	51.00	0.92	0.92	15.82
Q3 2015	51.00	0.94	0.96	15.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	35.00	1.91	1.91	9.39
2007	35.00	3.32	3.32	11.85
2008	35.00	3.78	3.78	12.20
2009	51.00	2.21	2.21	17.55
2010	51.00	1.43	1.43	16.31
2011	51.00	1.28	1.28	15.55
2012	51.00	1.05	1.05	15.56
2013	51.00	1.56	1.56	15.39
2014	51.00	0.61	0.61	15.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	1.80
Q4 2009	15.41	15.41	1.94
Q1 2010	16.96	16.96	2.08
Q2 2010	15.61	15.61	1.66
Q3 2010	19.09	19.09	1.53
Q4 2010	16.85	16.85	1.48
Q1 2011	16.10	16.10	1.49
Q2 2011	19.35	19.35	1.66
Q3 2011	16.49	16.49	1.53
Q4 2011	22.87	22.87	1.88
Q1 2012	23.04	23.04	1.87
Q2 2012	20.84	20.84	1.43
Q3 2012	23.10	23.10	1.56
Q4 2012	24.02	24.02	1.63
Q1 2013	22.49	22.49	1.62
Q2 2013	18.54	18.54	1.65
Q3 2013	19.45	19.45	1.97
Q4 2013	22.79	22.79	2.31
Q1 2014	31.68	31.68	2.43
Q2 2014	33.82	33.82	2.15
Q3 2014	47.24	47.24	2.41
Q4 2014	38.95	38.95	1.53
Q1 2015	37.18	37.18	1.78
Q2 2015	31.20	31.20	1.81
Q3 2015	22.33	21.87	1.37

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	15.41	15.41	1.94
2010	16.85	16.85	1.48
2011	22.87	22.87	1.88
2012	24.02	24.02	1.63
2013	22.79	22.79	2.31
2014	39.29	39.29	1.53

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	18.20	8.02	(55.9 %)

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
SNB Capital	18.20	8.02	(55.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,697.50
Enterprise Value (EV) (M)	4,239.78
Shares Outstanding ((M))	51.00
EPS ( Riyal) (TTM)	4.37
Book Value (BV) ( Riyal)	15.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.24
P/E (TTM)	16.60
Price/book	4.75
Return on Average Assets (%) (TTM)	15.6
Return on Average Equity (%) (TTM)	33.4

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Saudi Steel Pipe’s net profit surges 64% in nine-months 2015

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Share Price

Saudi Steel Pipe Co. (SSP)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Steel Pipe’s net profit surges 64% in nine-months 2015

View other reports

Share Price

Saudi Steel Pipe Co. (SSP)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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