SVCP’s net profit up 1% to SAR 55.2 in H1

28/07/2016 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP), a producer of clay pipes, reported a net profit of SAR 55.2 million for the first half of 2016, a 0.7 percent year-on-year increase on realizing other income during this period, compared to losses realized in the same period last year.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	188.21	182.23	(3.2 %)
Gross Income	80.67	77.97	(3.3 %)
Operating Income	64.56	58.26	(9.8 %)
Net Income	54.78	57.52	5.0 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.65	3.83	5.0 %

The company’s Q2 net profit of SAR 23.9 million fell 27 percent compared to the same quarter last year on lower sales and higher selling and operating expenses. When compared to the previous quarter, Q2 net profit saw a 23 percent drop due to lower sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	95.45	78.16	(18.1 %)
Gross Income	43.78	33.90	(22.6 %)
Operating Income	34.43	25.04	(27.3 %)
Net Income	32.80	23.90	(27.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	2.19	1.59	(27.1 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	104.08	78.16	(24.9 %)
Gross Income	44.08	33.90	(23.1 %)
Operating Income	33.22	25.04	(24.6 %)
Net Income	33.63	23.90	(28.9 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	2.24	1.59	(28.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	59.59	-	17.36	-	11.54	-	0.77
Q2 2007	54.09	-	18.48	-	14.63	-	0.98
Q3 2007	51.15	5.0 %	18.15	6.5 %	13.11	12.4 %	0.87
Q4 2007	49.96	(2.9 %)	7.72	(47.1 %)	3.91	(62.4 %)	0.26
2007	214.79	1.6 %	61.71	(12.1 %)	43.19	(12.8 %)	2.88
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	211.39	13.9 %	70.22	9.4 %	49.53	(8.5 %)	3.30
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	31.56 %	24.49 %	22.55 %
Q3 2007	31.71 %	24.86 %	22.96 %
Q4 2007	28.73 %	21.80 %	20.11 %
2007	28.73 %	21.80 %	20.11 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	33.22 %	26.38 %	23.43 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	29.13 %	21.19 %	19.36 %
Q2 2007	34.16 %	27.14 %	27.04 %
Q3 2007	35.48 %	28.25 %	25.63 %
Q4 2007	15.46 %	10.14 %	7.83 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	15.00	-	-	10.84
Q2 2007	15.00	3.22	3.22	11.83
Q3 2007	15.00	3.31	3.31	12.64
Q4 2007	15.00	2.88	2.88	13.05
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	15.00	3.30	3.30	10.33
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	36.31	36.31	9.87
Q3 2007	34.05	34.05	8.92
Q4 2007	37.86	37.86	8.36
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

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
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

Financial Ratios

	Current
Market Cap (M Riyal)	663.00
Enterprise Value (EV) (M)	658.18
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	3.25
Return on Average Assets (%) (TTM)	(22.79 )
Return on Average Equity (%) (TTM)	(26.67 )

Saudi Vitrified Clay Pipes Co. (SVCP)

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SVCP’s net profit up 1% to SAR 55.2 in H1

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

Financial Ratios

Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

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