Saudi industrial posts lower net profit at SAR 6.5m in I1 of 2013

31/03/2013 Argaam Exclusive

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Share Price

Saudi Industrial Development Co.
9.82
0.21 2.19 %

Saudi Industrial Development Co. (SIDC)

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Saudi Industrial Development Co., produces ceramics and spring mattresses, reported SAR 6.5m net profit at the end of the first quarter of 2013, compared to SAR 9.1m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 75.20 79.81 6.1 %
Gross Income 23.07 23.39 1.4 %
Operating Income 10.33 6.84 (33.8 %)
Net Income 9.15 6.55 (28.4 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.23 0.16 (28.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 109.18 11.1 % 20.75 (22.9 %) (0.17) (104.1 %) 0.00
Q2 2004 90.55 4.1 % 16.94 12.5 % 3.41 273.5 % 0.09
Q3 2004 117.02 31.9 % 23.99 110.7 % 0.01 100.2 % 0.00
Q4 2004 110.95 30.1 % 21.16 65.1 % (1.26) 78.7 % (0.03)
Q1 2005 97.68 (10.5 %) 11.90 (42.6 %) (3.99) (2,259.8 %) (0.10)
Q2 2005 108.38 19.7 % 12.09 (28.6 %) (4.60) (235.0 %) (0.12)
Q3 2005 124.62 6.5 % 13.69 (42.9 %) (5.80) (96816.7 %) (0.15)
Q4 2005 106.79 (3.8 %) 12.46 (41.1 %) (14.37) (1,043.9 %) (0.36)
Q1 2006 97.20 (0.5 %) 10.39 (12.7 %) (5.48) (37.3 %) (0.14)
Q2 2006 109.04 0.6 % 18.74 54.9 % (2.50) 45.6 % (0.06)
Q3 2006 117.30 (5.9 %) 18.01 31.5 % (1.60) 72.4 % (0.04)
Q4 2006 106.73 (0.1 %) 12.27 (1.5 %) (9.64) 32.9 % (0.24)
Q1 2007 110.02 13.2 % 12.12 16.7 % (3.93) 28.2 % (0.10)
Q2 2007 82.57 (24.3 %) 14.73 (21.4 %) (2.73) (9.3 %) (0.07)
Q3 2007 71.01 (39.5 %) 10.59 (41.2 %) (3.30) (105.5 %) (0.08)
Q4 2007 59.82 (43.9 %) 15.93 29.9 % 21.73 325.5 % 0.54
Q1 2008 55.14 (49.9 %) 11.22 (7.5 %) (1.25) 68.3 % (0.03)
Q2 2008 66.14 (19.9 %) 13.12 (10.9 %) (3.09) (13.2 %) (0.08)
Q3 2008 72.26 1.8 % 10.43 (1.5 %) (4.90) (48.5 %) (0.12)
Q4 2008 56.80 (5.1 %) 12.16 (23.7 %) 3.71 (82.9 %) 0.09
Q1 2009 51.84 (6.0 %) 6.99 (37.7 %) (2.75) (120.9 %) (0.07)
Q2 2009 58.02 (12.3 %) 12.36 (5.9 %) 0.97 131.5 % 0.02
Q3 2009 60.79 (15.9 %) 13.07 25.3 % 0.13 102.7 % 0.00
Q4 2009 51.76 (8.9 %) 15.85 30.4 % (1.83) (149.2 %) (0.05)
Q1 2010 52.62 1.5 % 12.19 74.5 % 0.14 105.0 % 0.00
Q2 2010 60.51 4.3 % 14.47 17.2 % 101.10 10279.5 % 2.53
Q3 2010 64.95 6.8 % 17.70 35.5 % 9.73 7328.2 % 0.24
Q4 2010 54.02 4.4 % 11.01 (30.6 %) (10.36) (466.7 %) (0.26)
Q1 2011 64.36 22.3 % 15.94 30.8 % 4.26 3008.8 % 0.11
Q2 2011 80.50 33.0 % 18.57 28.3 % 5.67 (94.4 %) 0.14
Q3 2011 82.51 27.0 % 26.05 47.1 % 12.09 24.3 % 0.30
Q4 2011 73.15 35.4 % 17.98 63.4 % 2.60 125.1 % 0.07
Q1 2012 75.20 16.8 % 23.07 44.7 % 9.15 114.8 % 0.23
Q2 2012 81.73 1.5 % 25.04 34.8 % 10.54 85.9 % 0.26
Q3 2012 84.68 2.6 % 25.10 (3.6 %) 8.90 (26.4 %) 0.22
Q4 2012 72.82 (0.4 %) 21.47 19.4 % 4.58 75.9 % 0.11
Q1 2013 79.81 6.1 % 23.39 1.4 % 6.55 (28.4 %) 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 16.21 % 7.39 % (3.20 %)
Q2 2004 16.56 % 8.41 % (1.73 %)
Q3 2004 18.53 % 10.27 % (0.66 %)
Q4 2004 19.37 % 11.11 % 0.47 %
Q1 2005 17.78 % 10.10 % (0.44 %)
Q2 2005 15.93 % 7.68 % (2.27 %)
Q3 2005 13.32 % 5.11 % (3.54 %)
Q4 2005 11.46 % 3.18 % (6.57 %)
Q1 2006 11.13 % 2.53 % (6.92 %)
Q2 2006 12.63 % 3.90 % (6.43 %)
Q3 2006 13.85 % 4.66 % (5.57 %)
Q4 2006 13.81 % 4.05 % (4.47 %)
Q1 2007 13.80 % 3.79 % (3.99 %)
Q2 2007 13.71 % 2.96 % (4.30 %)
Q3 2007 13.42 % 2.23 % (5.29 %)
Q4 2007 16.50 % 3.34 % 3.64 %
Q1 2008 19.54 % 4.15 % 5.38 %
Q2 2008 20.17 % 4.34 % 5.59 %
Q3 2008 20.01 % 5.04 % 4.93 %
Q4 2008 18.74 % 6.91 % (2.21 %)
Q1 2009 17.28 % 5.52 % (2.84 %)
Q2 2009 17.55 % 5.13 % (1.24 %)
Q3 2009 19.59 % 6.24 % 0.91 %
Q4 2009 21.70 % 6.73 % (1.56 %)
Q1 2010 23.95 % 8.97 % (0.26 %)
Q2 2010 24.63 % 9.21 % (0.90 %)
Q3 2010 26.20 % 9.99 % 1.30 %
Q4 2010 23.86 % 6.85 % (2.41 %)
Q1 2011 24.25 % 7.41 % (0.60 %)
Q2 2011 23.96 % 8.26 % 1.77 %
Q3 2011 25.43 % 10.24 % 4.13 %
Q4 2011 26.13 % 12.45 % 8.19 %
Q1 2012 27.51 % 13.92 % 9.48 %
Q2 2012 29.47 % 15.73 % 11.00 %
Q3 2012 28.97 % 14.70 % 9.91 %
Q4 2012 30.11 % 15.19 % 10.54 %
Q1 2013 29.78 % 13.90 % 9.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 40.00 (0.30) (0.30) 7.74
Q2 2004 40.00 (0.16) (0.16) 7.83
Q3 2004 40.00 (0.07) (0.07) 7.83
Q4 2004 40.00 0.05 0.05 7.80
Q1 2005 40.00 (0.05) (0.05) 7.70
Q2 2005 40.00 (0.25) (0.25) 7.58
Q3 2005 40.00 (0.39) (0.39) 7.44
Q4 2005 40.00 (0.72) (0.72) 5.12
Q1 2006 40.00 (0.76) (0.76) 10.12
Q2 2006 40.00 (0.70) (0.70) 9.02
Q3 2006 40.00 (0.60) (0.60) 7.48
Q4 2006 40.00 (0.48) (0.48) 5.35
Q1 2007 40.00 (0.44) (0.44) 5.45
Q2 2007 40.00 (0.45) (0.45) 5.15
Q3 2007 40.00 (0.49) (0.49) 5.75
Q4 2007 40.00 0.29 0.29 9.06
Q1 2008 40.00 0.36 0.36 9.29
Q2 2008 40.00 0.35 0.35 9.26
Q3 2008 40.00 0.31 0.31 7.30
Q4 2008 40.00 (0.14) (0.14) 5.86
Q1 2009 40.00 (0.18) (0.18) 6.14
Q2 2009 40.00 (0.07) (0.07) 6.77
Q3 2009 40.00 0.05 0.05 7.28
Q4 2009 40.00 (0.09) (0.09) 7.27
Q1 2010 40.00 (0.01) (0.01) 7.71
Q2 2010 40.00 2.49 (0.05) 7.92
Q3 2010 40.00 2.73 0.07 8.34
Q4 2010 40.00 2.52 (0.14) 8.09
Q1 2011 40.00 2.62 (0.04) 8.19
Q2 2011 40.00 0.23 0.12 8.34
Q3 2011 40.00 0.29 0.29 8.48
Q4 2011 40.00 0.62 0.62 8.46
Q1 2012 40.00 0.74 0.74 8.69
Q2 2012 40.00 0.86 0.86 8.95
Q3 2012 40.00 0.78 0.78 9.17
Q4 2012 40.00 0.83 0.83 9.26
Q1 2013 40.00 0.76 0.76 9.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 NEG NEG 1.99
Q2 2004 NEG NEG 2.97
Q3 2004 NEG NEG 4.31
Q4 2004 More than 50 More than 50 4.01
Q1 2005 NEG NEG 3.21
Q2 2005 NEG NEG 4.58
Q3 2005 NEG NEG 7.93
Q4 2005 NEG NEG 16.89
Q1 2006 NEG NEG 4.31
Q2 2006 NEG NEG 5.49
Q3 2006 NEG NEG 9.96
Q4 2006 NEG NEG 4.63
Q1 2007 NEG NEG 3.44
Q2 2007 NEG NEG 3.44
Q3 2007 NEG NEG 3.69
Q4 2007 More than 50 More than 50 2.79
Q1 2008 49.11 49.11 1.91
Q2 2008 47.53 47.53 1.81
Q3 2008 33.60 33.60 1.44
Q4 2008 NEG NEG 1.26
Q1 2009 NEG NEG 1.38
Q2 2009 NEG NEG 1.48
Q3 2009 More than 50 More than 50 1.33
Q4 2009 NEG NEG 1.26
Q1 2010 NEG NEG 1.16
Q2 2010 3.58 NEG 1.12
Q3 2010 3.17 More than 50 1.04
Q4 2010 3.68 NEG 1.14
Q1 2011 4.18 NEG 1.34
Q2 2011 More than 50 More than 50 1.77
Q3 2011 44.59 44.79 1.53
Q4 2011 22.83 22.83 1.66
Q1 2012 41.88 41.88 3.56
Q2 2012 17.28 17.28 1.66
Q3 2012 21.81 21.81 1.85
Q4 2012 19.66 19.66 1.76
Q1 2013 24.48 24.48 1.99

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Sheet Iron
Q1 2013 68.42 11.38 -


Financial Ratios
Current
Market Cap (M Riyal) 392.80
Enterprise Value (EV) (M) 410.42
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (1.87)
Book Value (BV) ( Riyal) 2.34
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.19
Return on Average Assets (%) (TTM) (31.27 )
Return on Average Equity (%) (TTM) (58.47 )
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