Saudi Steel Pipe incurs SAR 167 mln losses in FY18

21/01/2019 Argaam Exclusive

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Saudi Steel Pipe Co. (SSP) sustained net losses of SAR 166.7 million for fiscal year 2018, versus net profit of SAR 19.09 million a year earlier, due to SAR 51.9 million impairment losses from TSM Arabia.

Financials (M)

Item	2017	2018	Change‬
Revenues	696.42	646.20	(7.2 %)
Gross Income	93.44	(2.07)	(102.2 %)
Operating Income	50.36	(51.42)	(202.1 %)
Net Income	19.09	(168.66)	(983.4 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.37	(3.31)	(983.4 %)

SSP also cited the allocation of SAR 30 million in provisions, weak performance of affiliated Global Pipe Co. and the lower project deliveries.

The company reported SAR 100.6 million losses in Q4 2018, against net profit of SAR 15.7 million in 2017, driven by recording SAR 51.99 million impairment losses from TSM Arabia, and allocating SAR 30 million in credit loss provisions.

Compared to the previous quarter, Q4 losses widened fourfold.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	211.75	186.29	(12.0 %)
Gross Income	28.94	(6.61)	(122.9 %)
Operating Income	17.22	(20.96)	(221.7 %)
Net Income	15.65	(102.65)	(755.8 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.31	(2.01)	(755.8 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	126.48	186.29	47.3 %
Gross Income	(11.82)	(6.61)	44.1 %
Operating Income	(23.55)	(20.96)	11.0 %
Net Income	(24.15)	(102.65)	(325.0 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.47)	(2.01)	(325.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2015	143.55	1.3 %	11.55	(40.4 %)	(1.30)	(124.6 %)	(0.03)
2015	852.09	(0.7 %)	95.78	(1.5 %)	33.38	7.0 %	0.65
Q1 2016	194.34	(21.8 %)	28.94	(1.0 %)	8.52	(25.4 %)	0.17
Q2 2016	151.35	(45.9 %)	16.01	(58.8 %)	3.04	(87.0 %)	0.06
Q3 2016	122.61	(31.8 %)	10.46	(51.4 %)	5.21	(35.0 %)	0.10
Q4 2016	136.47	(4.9 %)	(1.56)	(113.5 %)	(61.90)	(4,650.5 %)	(1.21)
2016	604.77	(29.0 %)	53.85	(43.8 %)	(45.13)	(235.2 %)	(0.88)
Q1 2017	128.01	(34.1 %)	18.12	(37.4 %)	10.21	19.8 %	0.20
Q2 2017	162.10	7.1 %	22.32	39.4 %	7.69	152.9 %	0.15
Q3 2017	194.56	58.7 %	24.07	130.1 %	(14.46)	(377.4 %)	(0.28)
Q4 2017	211.75	55.2 %	28.94	1954.9 %	15.65	125.3 %	0.31
2017	696.42	15.2 %	93.44	73.5 %	19.09	142.3 %	0.37
Q1 2018	177.14	38.4 %	16.80	(7.3 %)	(5.04)	(149.3 %)	(0.10)
Q2 2018	156.29	(3.6 %)	(0.43)	(101.9 %)	(36.83)	(578.8 %)	(0.72)
Q3 2018	126.48	(35.0 %)	(11.82)	(149.1 %)	(24.15)	(67.0 %)	(0.47)
Q4 2018	186.29	(12.0 %)	(6.61)	(122.9 %)	(102.65)	(755.8 %)	(2.01)
2018	646.20	(7.2 %)	(2.07)	(102.2 %)	(168.66)	(983.4 %)	(3.31)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	852.09	(0.7 %)	95.78	(1.5 %)	33.38	7.0 %	0.65
2016	604.77	(29.0 %)	53.85	(43.8 %)	(45.13)	(235.2 %)	(0.88)
2017	696.42	15.2 %	93.44	73.5 %	19.09	142.3 %	0.37
2018	646.20	(7.2 %)	(2.07)	(102.2 %)	(168.66)	(983.4 %)	(3.31)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2015	11.88 %	10.12 %	5.00 %
2015	11.24 %	9.48 %	4.04 %
Q1 2016	12.65 %	10.74 %	4.98 %
Q2 2016	11.66 %	9.63 %	2.88 %
Q3 2016	10.94 %	9.23 %	2.85 %
Q4 2016	8.90 %	7.52 %	(0.02 %)
2016	8.90 %	7.52 %	(0.02 %)
Q1 2017	7.99 %	7.20 %	0.29 %
Q2 2017	8.98 %	8.23 %	1.14 %
Q3 2017	10.13 %	9.54 %	1.32 %
Q4 2017	13.42 %	13.14 %	6.13 %
2017	13.42 %	13.29 %	6.13 %
Q1 2018	12.36 %	12.33 %	3.68 %
Q2 2018	9.38 %	9.68 %	0.53 %
Q3 2018	4.98 %	5.28 %	(4.37 %)
Q4 2018	(0.32 %)	(0.60 %)	(10.16 %)
2018	(0.32 %)	(0.60 %)	(10.16 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	11.24 %	9.48 %	4.04 %
2016	8.90 %	7.52 %	(0.02 %)
2017	13.42 %	13.29 %	6.13 %
2018	(0.32 %)	(0.60 %)	(10.16 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2015	8.04 %	6.07 %	(0.91 %)
Q1 2016	14.89 %	12.44 %	4.38 %
Q2 2016	10.58 %	8.92 %	2.01 %
Q3 2016	8.53 %	8.24 %	5.88 %
Q4 2016	(1.14 %)	(1.67 %)	(13.83 %)
Q1 2017	14.15 %	13.63 %	7.97 %
Q2 2017	13.77 %	12.30 %	4.75 %
Q3 2017	12.37 %	12.41 %	4.71 %
Q4 2017	13.67 %	14.17 %	7.39 %
Q1 2018	9.48 %	10.07 %	(2.84 %)
Q2 2018	(0.27 %)	(0.24 %)	(10.13 %)
Q3 2018	(9.35 %)	(9.50 %)	(19.09 %)
Q4 2018	(3.55 %)	(5.00 %)	(11.09 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2015	51.00	0.82	0.84	15.23
Q1 2016	51.00	0.76	0.78	15.38
Q2 2016	51.00	0.36	0.38	15.47
Q3 2016	51.00	0.30	0.34	15.56
Q4 2016	51.00	(0.88)	0.00	13.95
Q1 2017	51.00	(0.85)	0.03	14.16
Q2 2017	51.00	(0.76)	0.12	14.31
Q3 2017	51.00	(1.15)	0.16	14.02
Q4 2017	51.00	0.37	0.84	14.31
Q1 2018	51.00	0.08	0.54	14.20
Q2 2018	51.00	(0.80)	0.08	13.48
Q3 2018	51.00	(0.99)	(0.58)	13.01
Q4 2018	51.00	(3.31)	(1.29)	10.97

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	51.00	0.65	0.67	15.23
2016	51.00	(0.88)	0.00	13.95
2017	51.00	0.37	0.84	14.31
2018	51.00	(3.31)	(1.29)	10.97

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2015	26.67	26.03	1.43
Q1 2016	23.24	22.64	1.15
Q2 2016	50.51	47.84	1.17
Q3 2016	44.18	39.13	0.86
Q4 2016	NEG	NEG	1.37
Q1 2017	NEG	More than 100	1.19
Q2 2017	NEG	More than 100	1.08
Q3 2017	NEG	More than 100	1.21
Q4 2017	42.98	19.21	1.12
Q1 2018	More than 100	40.66	1.54
Q2 2018	NEG	More than 100	1.47
Q3 2018	NEG	NEG	1.68
Q4 2018	NEG	NEG	1.65

Period	P/E	Adjusted P/E	Price/book
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
2015	33.23	32.24	1.43
2016	NEG	NEG	1.37
2017	42.98	19.21	1.12
2018	NEG	NEG	1.65

Business Segments (Million)

Compared With The

Period	Steele Pipes	Process equipment
Q1 2016	189.38	4.96
Q2 2016	142.38	8.96
Q3 2016	108.37	14.24
Q4 2016	117.56	18.91
Q1 2017	112.31	15.70
Q2 2017	147.84	14.26
Q3 2017	166.54	28.03
Q4 2017	190.06	21.69
Q1 2018	164.97	12.17
Q2 2018	143.73	12.56
Q3 2018	112.50	13.98
Q4 2018	166.54	19.76

Period	Steele Pipes	Process equipment
2016	557.70	47.07
2017	616.74	79.68
2018	587.74	58.46

Analysts Estimates (Million)

Item	Q4 2018 (e)	Q4 2018 (a)	Change‬
Average	(6.00)	(102.65)	(1610.8 %)

Estimates vs Actual (Million)

Item	Q4 2018 (e)	Q4 2018 (a)	Change
SNB Capital	(6.00)	(102.65)	(1610.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,473.10
Enterprise Value (EV) (M)	4,015.38
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)	18.08
P/E (TTM)	15.59
Price/book	4.46
Return on Average Assets (%) (TTM)	15.6
Return on Average Equity (%) (TTM)	33.4

Saudi Steel Pipe Co. (SSP)

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Saudi Steel Pipe incurs SAR 167 mln losses in FY18

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Steel Pipe Co. (SSP)

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Saudi Steel Pipe incurs SAR 167 mln losses in FY18

View other reports

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

Business Segments (Million) Q4 2018

Revenue by Business Segment (Latest) 2018 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Steel Pipe Co. (SSP)

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Business Segments (Million)