SPM posts higher net profit at SAR 20.2m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Saudi Paper Manufacturing Co.
73.00
(1.90) (2.54 %)

Saudi Paper Manufacturing Co. (SPM)

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Saudi Paper Manufacturing Company, a manufacturer of tissue rolls and waste paper recycling, reported SAR 20.2m net profit at the end of the first half of 2014, a 102% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 419.45 409.99 (2.3 %)
Gross Income 90.75 99.26 9.4 %
Operating Income 30.06 37.19 23.7 %
Net Income 10.03 20.19 101.2 %
Average Shares 29.08 29.08 -
EPS (Riyals) 0.34 0.69 101.2 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 212.77 204.50 (3.9 %)
Gross Income 54.49 53.10 (2.5 %)
Operating Income 24.00 21.00 (12.5 %)
Net Income 9.34 12.05 29.1 %
Average Shares 29.08 29.08 -
EPS (Riyals) 0.32 0.41 29.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 84.98 - 30.13 - 18.78 - 0.65
Q4 2005 82.26 - 31.69 - 15.30 - 0.53
Q1 2006 80.05 - 27.24 - 17.43 - 0.60
Q2 2006 89.73 - 29.88 - 17.80 - 0.61
Q3 2006 93.52 10.0 % 28.36 (5.9 %) 17.94 (4.5 %) 0.62
Q4 2006 102.30 24.4 % 24.75 (21.9 %) 15.60 2.0 % 0.54
Q1 2007 98.36 22.9 % 29.93 9.9 % 18.61 6.7 % 0.64
Q2 2007 111.70 24.5 % 36.81 23.2 % 22.28 25.2 % 0.77
Q3 2007 111.89 19.6 % 33.02 16.4 % 20.59 14.8 % 0.71
Q4 2007 121.66 18.9 % 36.43 47.2 % 21.16 35.6 % 0.73
Q1 2008 125.22 27.3 % 39.35 31.5 % 22.51 21.0 % 0.77
Q2 2008 136.40 22.1 % 41.58 13.0 % 23.55 5.7 % 0.81
Q3 2008 117.86 5.3 % 35.21 6.6 % 16.51 (19.8 %) 0.57
Q4 2008 126.43 3.9 % 36.41 (0.1 %) 21.86 3.3 % 0.75
Q1 2009 110.05 (12.1 %) 42.59 8.2 % 22.63 0.5 % 0.78
Q2 2009 141.44 3.7 % 43.01 3.4 % 19.15 (18.7 %) 0.66
Q3 2009 140.32 19.1 % 46.21 31.2 % 24.68 49.5 % 0.85
Q4 2009 166.02 31.3 % 54.40 49.4 % 27.56 26.1 % 0.95
Q1 2010 198.66 80.5 % 55.79 31.0 % 29.83 31.9 % 1.03
Q2 2010 209.51 48.1 % 59.42 38.1 % 31.95 66.8 % 1.10
Q3 2010 196.70 40.2 % 55.64 20.4 % 30.17 22.2 % 1.04
Q4 2010 198.71 19.7 % 61.01 12.2 % 30.62 11.1 % 1.05
Q1 2011 201.89 1.6 % 57.80 3.6 % 30.04 0.7 % 1.03
Q2 2011 230.53 10.0 % 52.33 (11.9 %) 23.32 (27.0 %) 0.80
Q3 2011 201.97 2.7 % 50.84 (8.6 %) 24.12 (20.1 %) 0.83
Q4 2011 201.28 1.3 % 49.77 (18.4 %) 22.94 (25.1 %) 0.79
Q1 2012 212.05 5.0 % 57.14 (1.1 %) 25.42 (15.4 %) 0.87
Q2 2012 204.51 (11.3 %) 59.37 13.4 % 26.29 12.8 % 0.90
Q3 2012 182.44 (9.7 %) 52.62 3.5 % 24.06 (0.3 %) 0.83
Q4 2012 194.87 (3.2 %) 38.32 (23.0 %) 26.35 14.9 % 0.91
Q1 2013 206.67 (2.5 %) 36.26 (36.5 %) 0.70 (97.3 %) 0.02
Q2 2013 212.77 4.0 % 54.49 (8.2 %) 9.34 (64.5 %) 0.32
Q3 2013 194.61 6.7 % 45.46 (13.6 %) 14.43 (40.0 %) 0.50
Q4 2013 205.69 5.6 % 33.86 (11.7 %) (4.24) (116.1 %) (0.15)
Q1 2014 205.50 (0.6 %) 46.17 27.3 % 8.13 1069.9 % 0.28
Q2 2014 204.50 (3.9 %) 53.10 (2.5 %) 12.05 29.1 % 0.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 35.29 % 29.60 % 20.56 %
Q3 2006 33.91 % 29.97 % 19.81 %
Q4 2006 30.15 % 27.54 % 18.81 %
Q1 2007 29.41 % 26.61 % 18.22 %
Q2 2007 29.53 % 26.33 % 18.34 %
Q3 2007 29.35 % 25.78 % 18.17 %
Q4 2007 30.70 % 25.92 % 18.63 %
Q1 2008 30.95 % 25.81 % 18.39 %
Q2 2008 30.37 % 25.03 % 17.73 %
Q3 2008 30.44 % 24.41 % 16.71 %
Q4 2008 30.15 % 24.40 % 16.69 %
Q1 2009 31.75 % 25.08 % 17.23 %
Q2 2009 31.71 % 23.75 % 16.17 %
Q3 2009 32.46 % 25.35 % 17.04 %
Q4 2009 33.38 % 26.48 % 16.85 %
Q1 2010 30.85 % 24.27 % 15.66 %
Q2 2010 30.21 % 24.79 % 15.96 %
Q3 2010 29.22 % 23.62 % 15.50 %
Q4 2010 28.85 % 22.97 % 15.25 %
Q1 2011 28.99 % 23.10 % 15.22 %
Q2 2011 27.39 % 21.54 % 13.79 %
Q3 2011 26.65 % 20.50 % 12.98 %
Q4 2011 25.22 % 18.16 % 12.02 %
Q1 2012 24.84 % 17.58 % 11.32 %
Q2 2012 26.48 % 18.32 % 12.05 %
Q3 2012 27.35 % 19.10 % 12.33 %
Q4 2012 26.13 % 19.15 % 11.10 %
Q1 2013 23.66 % 16.30 % 8.04 %
Q2 2013 22.80 % 15.28 % 5.83 %
Q3 2013 21.57 % 13.89 % 4.56 %
Q4 2013 20.75 % 12.92 % 2.47 %
Q1 2014 21.99 % 14.07 % 3.38 %
Q2 2014 22.04 % 13.78 % 3.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 29.08 - - 8.52
Q4 2005 29.08 - - 8.26
Q1 2006 29.08 - - 8.44
Q2 2006 29.08 2.38 2.38 9.47
Q3 2006 29.08 2.35 2.35 10.09
Q4 2006 29.08 2.36 2.36 10.63
Q1 2007 29.08 2.41 2.41 11.26
Q2 2007 29.08 2.56 2.56 11.69
Q3 2007 29.08 2.65 2.65 12.33
Q4 2007 29.08 2.84 2.84 13.13
Q1 2008 29.08 2.98 2.98 13.88
Q2 2008 29.08 3.02 3.02 14.10
Q3 2008 29.08 2.88 2.88 14.68
Q4 2008 29.08 2.90 2.90 15.37
Q1 2009 29.08 2.91 2.91 16.14
Q2 2009 29.08 2.76 2.76 15.76
Q3 2009 29.08 3.04 3.04 16.61
Q4 2009 29.08 3.23 3.23 17.56
Q1 2010 29.08 3.48 3.48 18.57
Q2 2010 29.08 3.92 3.92 18.37
Q3 2010 29.08 4.11 4.11 19.44
Q4 2010 29.08 4.21 4.21 20.46
Q1 2011 29.08 4.22 4.22 21.51
Q2 2011 29.08 3.93 3.93 20.75
Q3 2011 29.08 3.72 3.72 21.58
Q4 2011 29.08 3.45 3.45 22.38
Q1 2012 29.08 3.29 3.29 23.26
Q2 2012 29.08 3.40 3.40 22.33
Q3 2012 29.08 3.39 3.39 23.17
Q4 2012 29.08 3.51 3.03 24.10
Q1 2013 29.08 2.66 2.18 22.15
Q2 2013 29.08 2.08 1.60 22.53
Q3 2013 29.08 1.75 1.27 22.96
Q4 2013 29.08 0.70 0.70 21.80
Q1 2014 29.08 0.95 0.95 22.10
Q2 2014 29.08 1.04 1.04 22.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 More than 50 More than 50 17.94
Q3 2006 More than 50 More than 50 15.75
Q4 2006 24.93 24.93 5.55
Q1 2007 27.79 27.79 5.93
Q2 2007 24.58 24.58 5.38
Q3 2007 25.32 25.32 5.44
Q4 2007 28.15 28.15 6.09
Q1 2008 22.55 22.55 4.84
Q2 2008 27.78 27.78 5.95
Q3 2008 30.28 30.28 5.94
Q4 2008 33.65 33.65 6.35
Q1 2009 23.88 23.88 4.30
Q2 2009 26.85 26.85 4.69
Q3 2009 23.83 23.83 4.36
Q4 2009 21.98 21.98 4.05
Q1 2010 20.60 20.60 3.86
Q2 2010 17.70 17.70 3.78
Q3 2010 16.57 16.57 3.50
Q4 2010 16.23 16.23 3.34
Q1 2011 13.40 13.40 2.63
Q2 2011 13.91 13.91 2.63
Q3 2011 12.92 12.92 2.22
Q4 2011 15.58 15.58 2.40
Q1 2012 19.73 19.73 2.79
Q2 2012 14.48 14.48 2.20
Q3 2012 15.16 15.16 2.22
Q4 2012 13.96 16.17 2.03
Q1 2013 17.18 20.96 2.06
Q2 2013 31.50 40.96 2.91
Q3 2013 34.54 47.62 2.63
Q4 2013 More than 50 More than 50 2.54
Q1 2014 More than 50 More than 50 3.67
Q2 2014 More than 50 More than 50 3.61

Business Segments (Million)

Compared With The
Period Manufacturing sectors Trade and Others Disposals
Q1 2014 199.39 6.11 -
Q2 2014 150.92 53.58 -


Financial Ratios
Current
Market Cap (M Riyal) 2,706.11
Enterprise Value (EV) (M) 3,091.07
Shares Outstanding ((M)) 37.07
EPS ( Riyal) (TTM) 2.71
Book Value (BV) ( Riyal) 13.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.03
P/E (TTM) 26.89
Price/book 5.32
Return on Average Assets (%) (TTM) 9.5
Return on Average Equity (%) (TTM) 21.9
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