Maadaniyah posts higher net profit at SAR 3m in Q1 of 2013

31/03/2013 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (MAADANIYAH)

National Metal Manufacturing and Casting Company "Maadaniyah", which is specialized in metallurgic industries, including engineering and manufacturing industries, reported SAR 3m net profit at the end of the first quarter of 2013, compared to SAR 2.9m in the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 95.35 98.87 3.7 %
Gross Income 9.66 11.23 16.3 %
Operating Income 3.95 4.53 14.8 %
Net Income 2.85 2.96 3.9 %
Average Shares 29.95 29.95 -
EPS (Riyals) 0.10 0.10 3.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 27.84 35.3 % 5.33 58.2 % 2.24 117.4 % 0.11
Q2 2004 31.31 24.3 % 6.87 68.5 % 3.83 261.2 % 0.17
Q3 2004 35.31 69.9 % 10.08 284.6 % 7.29 1870.8 % 0.32
Q4 2004 41.92 67.7 % 10.54 203.8 % 7.04 1155.4 % 0.31
Q1 2005 42.73 53.5 % 9.60 80.3 % 7.03 214.6 % 0.31
Q2 2005 56.30 79.8 % 11.36 65.3 % 7.86 105.5 % 0.34
Q3 2005 53.88 52.6 % 6.68 (33.8 %) 3.30 (54.7 %) 0.14
Q4 2005 50.36 20.1 % 4.98 (52.8 %) 1.24 (82.5 %) 0.05
Q1 2006 59.75 39.9 % 4.12 (57.1 %) (1.53) (121.8 %) (0.05)
Q2 2006 70.44 25.1 % 7.63 (32.8 %) 2.67 (66.1 %) 0.09
Q3 2006 75.60 40.3 % 14.61 118.9 % 9.57 189.6 % 0.32
Q4 2006 78.88 56.6 % 14.24 185.9 % 7.27 487.9 % 0.24
Q1 2007 70.87 18.6 % 11.54 180.4 % 5.89 484.9 % 0.20
Q2 2007 91.63 30.1 % 16.79 120.1 % 9.50 256.0 % 0.32
Q3 2007 101.56 34.3 % 18.40 25.9 % 10.49 9.6 % 0.35
Q4 2007 100.86 27.9 % 17.86 25.4 % (5.19) (171.5 %) (0.17)
Q1 2008 112.58 58.9 % 25.65 122.3 % 17.28 193.2 % 0.58
Q2 2008 149.60 63.3 % 42.30 152.0 % 28.60 201.2 % 0.96
Q3 2008 158.31 55.9 % 43.17 134.6 % 21.30 103.0 % 0.71
Q4 2008 79.78 (20.9 %) (36.91) (306.7 %) (26.98) (419.5 %) (0.90)
Q1 2009 78.36 (30.4 %) 7.43 (71.1 %) 1.04 (94.0 %) 0.03
Q2 2009 84.53 (43.5 %) 8.75 (79.3 %) 2.18 (92.4 %) 0.07
Q3 2009 73.70 (53.4 %) 13.83 (68.0 %) 6.99 (67.2 %) 0.23
Q4 2009 82.59 3.5 % 13.82 137.4 % 5.33 119.7 % 0.18
Q1 2010 92.24 17.7 % 15.14 103.9 % 8.16 686.1 % 0.27
Q2 2010 92.80 9.8 % 17.71 102.3 % 10.17 367.5 % 0.34
Q3 2010 64.06 (13.1 %) 7.71 (44.2 %) 1.40 (80.0 %) 0.05
Q4 2010 68.73 (16.8 %) 3.43 (75.2 %) (3.01) (156.6 %) (0.10)
Q1 2011 89.62 (2.8 %) 8.42 (44.4 %) 1.21 (85.2 %) 0.04
Q2 2011 96.90 4.4 % 11.78 (33.5 %) 2.41 (76.3 %) 0.08
Q3 2011 82.88 29.4 % 8.12 5.2 % 1.16 (17.1 %) 0.04
Q4 2011 92.06 33.9 % 5.80 69.3 % (1.59) 47.2 % (0.05)
Q1 2012 95.35 6.4 % 9.66 14.7 % 2.85 135.2 % 0.10
Q2 2012 109.40 12.9 % 10.75 (8.7 %) 3.07 27.7 % 0.10
Q3 2012 107.83 30.1 % 9.68 19.3 % 1.84 58.7 % 0.06
Q4 2012 88.09 (4.3 %) 5.32 (8.4 %) (1.88) (18.4 %) (0.06)
Q1 2013 98.87 3.7 % 11.23 16.3 % 2.96 3.9 % 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 15.68 % 14.28 % 4.28 %
Q2 2004 17.42 % 16.30 % 6.66 %
Q3 2004 21.55 % 20.46 % 11.65 %
Q4 2004 24.06 % 22.85 % 14.95 %
Q1 2005 24.52 % 23.65 % 16.65 %
Q2 2005 23.59 % 22.81 % 16.58 %
Q3 2005 19.59 % 18.76 % 12.96 %
Q4 2005 16.04 % 15.44 % 9.56 %
Q1 2006 12.31 % 11.53 % 4.93 %
Q2 2006 9.98 % 9.04 % 2.42 %
Q3 2006 12.23 % 11.22 % 4.66 %
Q4 2006 14.26 % 12.92 % 6.31 %
Q1 2007 16.23 % 15.03 % 8.76 %
Q2 2007 18.04 % 16.92 % 10.50 %
Q3 2007 17.78 % 16.47 % 10.16 %
Q4 2007 17.70 % 16.16 % 10.58 %
Q1 2008 19.35 % 17.42 % 12.38 %
Q2 2008 22.43 % 20.23 % 15.60 %
Q3 2008 24.74 % 22.45 % 15.80 %
Q4 2008 14.83 % 12.80 % 8.81 %
Q1 2009 12.01 % 10.15 % 5.78 %
Q2 2009 5.60 % 3.82 % (0.75 %)
Q3 2009 (2.18 %) (3.83 %) (5.40 %)
Q4 2009 13.73 % 11.66 % 4.93 %
Q1 2010 15.47 % 13.44 % 6.86 %
Q2 2010 17.72 % 15.51 % 9.04 %
Q3 2010 16.39 % 14.11 % 7.61 %
Q4 2010 13.84 % 11.82 % 5.26 %
Q1 2011 11.83 % 9.61 % 3.10 %
Q2 2011 9.81 % 7.40 % 0.63 %
Q3 2011 9.39 % 6.99 % 0.52 %
Q4 2011 9.44 % 6.85 % 0.88 %
Q1 2012 9.63 % 7.16 % 1.31 %
Q2 2012 9.04 % 6.80 % 1.45 %
Q3 2012 8.87 % 6.54 % 1.52 %
Q4 2012 8.84 % 6.42 % 1.47 %
Q1 2013 9.15 % 6.54 % 1.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 21.02 0.20 0.20 4.04
Q2 2004 22.89 0.31 0.31 4.97
Q3 2004 22.89 0.61 0.61 5.29
Q4 2004 22.89 0.89 0.89 5.60
Q1 2005 22.89 1.10 1.10 5.90
Q2 2005 22.89 1.28 1.28 6.25
Q3 2005 22.89 1.10 1.10 6.39
Q4 2005 22.89 0.85 0.85 6.45
Q1 2006 29.95 0.36 0.36 9.23
Q2 2006 29.95 0.19 0.19 9.32
Q3 2006 29.95 0.40 0.40 9.64
Q4 2006 29.95 0.60 0.60 9.88
Q1 2007 29.95 0.85 0.87 10.08
Q2 2007 29.95 1.08 1.11 10.40
Q3 2007 29.95 1.11 1.16 10.75
Q4 2007 29.95 0.69 1.29 10.57
Q1 2008 29.95 1.07 1.68 11.15
Q2 2008 29.95 1.71 2.42 11.54
Q3 2008 29.95 2.07 2.75 12.25
Q4 2008 29.95 1.34 1.47 11.35
Q1 2009 29.95 0.80 0.90 11.39
Q2 2009 29.94 (0.08) (0.10) 11.10
Q3 2009 29.94 (0.56) (0.57) 11.33
Q4 2009 29.94 0.52 0.53 11.51
Q1 2010 29.94 0.76 0.76 11.78
Q2 2010 29.94 1.02 1.03 11.69
Q3 2010 29.94 0.84 0.84 11.74
Q4 2010 29.94 0.56 0.56 11.64
Q1 2011 29.94 0.33 0.33 11.68
Q2 2011 29.94 0.07 0.07 11.76
Q3 2011 29.94 0.06 0.06 11.80
Q4 2011 29.94 0.11 0.11 11.75
Q1 2012 29.95 0.16 0.16 11.84
Q2 2012 29.95 0.18 0.18 11.94
Q3 2012 29.95 0.21 0.21 12.00
Q4 2012 29.95 0.20 0.20 11.94
Q1 2013 29.95 0.20 0.20 12.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 More than 50 More than 50 5.38
Q2 2004 More than 50 More than 50 4.51
Q3 2004 48.62 48.62 5.59
Q4 2004 33.17 33.17 5.28
Q1 2005 40.23 40.23 7.50
Q2 2005 More than 50 More than 50 13.03
Q3 2005 More than 50 More than 50 12.75
Q4 2005 More than 50 More than 50 14.02
Q1 2006 More than 50 More than 50 4.89
Q2 2006 More than 50 More than 50 9.18
Q3 2006 More than 50 More than 50 8.63
Q4 2006 More than 50 More than 50 3.53
Q1 2007 39.32 38.54 3.31
Q2 2007 32.01 31.00 3.31
Q3 2007 42.92 40.81 4.42
Q4 2007 More than 50 32.94 4.02
Q1 2008 31.87 20.30 3.06
Q2 2008 26.57 18.77 3.93
Q3 2008 21.47 16.15 3.63
Q4 2008 15.88 14.49 1.88
Q1 2009 25.56 22.72 1.80
Q2 2009 NEG NEG 2.47
Q3 2009 NEG NEG 2.37
Q4 2009 47.94 47.34 2.16
Q1 2010 31.06 30.79 1.99
Q2 2010 19.35 19.23 1.69
Q3 2010 24.21 24.02 1.73
Q4 2010 More than 50 More than 50 2.42
Q1 2011 More than 50 More than 50 2.26
Q2 2011 More than 50 More than 50 2.17
Q3 2011 More than 50 More than 50 2.01
Q4 2011 More than 50 More than 50 2.88
Q1 2012 More than 50 More than 50 3.34
Q2 2012 More than 50 More than 50 2.11
Q3 2012 More than 50 More than 50 2.44
Q4 2012 More than 50 More than 50 2.30
Q1 2013 More than 50 More than 50 3.05

Business Segments (Million)

Compared With The
Period Manufacturing sectors engineering industries sector & metal
Q1 2011 67.95 21.67
Q2 2011 70.27 26.63
Q3 2011 59.67 23.21
Q4 2011 70.37 21.69
Q1 2012 63.98 31.37
Q2 2012 78.07 31.33
Q3 2012 80.22 27.62
Q4 2012 62.45 25.63
Q1 2013 69.05 29.81

Current
Market Cap (M Riyal) 597.55
Enterprise Value (EV) (M) 570.24
Shares Outstanding ((M)) 35.40
EPS ( Riyal) (TTM) (0.96)
Book Value (BV) ( Riyal) 6.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.74
Return on Average Assets (%) (TTM) (8.05 )
Return on Average Equity (%) (TTM) (12.85 )

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