SVCP's H1 net profit rises 8% to SAR 55 mln

14/07/2015 Argaam Exclusive

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Saudi Vitrified Clay Pipe Co.'s (SVCP) net profit rose eight percent year-on-year to SAR 54.8 million in H1-2015; an improvement mainly attributed to higher sales and lower costs.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	162.99	188.21	15.5 %
Gross Income	64.83	80.67	24.4 %
Operating Income	51.67	64.56	25.0 %
Net Income	50.56	54.78	8.4 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.37	3.65	8.4 %

The company’s Q2 net profit reached SAR 32.8 million, marking an increase of 18 percent compared to SAR 27.9 million recorded in the same quarter last year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	87.35	95.45	9.3 %
Gross Income	34.47	43.78	27.0 %
Operating Income	28.20	34.43	22.1 %
Net Income	27.87	32.80	17.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.86	2.19	17.7 %

Item	Q1 2015	Q2 2015	Change‬
Revenues	92.76	95.45	2.9 %
Gross Income	36.87	43.78	18.7 %
Operating Income	30.10	34.43	14.4 %
Net Income	21.96	32.80	49.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.46	2.19	49.3 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	48.72	-	17.05	-	12.22	-
Q4 2006	51.47	-	14.61	-	11.18	-
2006	211.39	13.9 %	70.22	9.4 %	52.45	5.1 %
Q1 2007	59.59	-	17.36	-	11.64	-
Q2 2007	54.09	-	18.48	-	13.81	-
Q3 2007	51.15	5.0 %	18.15	6.5 %	13.50	10.5 %
Q4 2007	49.96	(2.9 %)	7.72	(47.1 %)	3.88	(65.3 %)
2007	214.79	1.6 %	61.71	(12.1 %)	42.83	(18.3 %)
Q1 2008	61.78	3.7 %	19.63	13.1 %	13.09	12.5 %
Q2 2008	71.86	32.9 %	18.50	0.1 %	13.15	(4.8 %)
Q3 2008	63.70	24.6 %	16.39	(9.7 %)	10.99	(18.6 %)
Q4 2008	60.52	21.1 %	16.80	117.5 %	11.63	199.9 %
2008	257.86	20.1 %	71.33	15.6 %	48.85	14.1 %
Q1 2009	57.86	(6.3 %)	14.40	(26.6 %)	9.36	(28.5 %)
Q2 2009	54.85	(23.7 %)	12.64	(31.7 %)	6.82	(48.1 %)
Q3 2009	54.16	(15.0 %)	18.11	10.5 %	12.00	9.2 %
Q4 2009	58.25	(3.8 %)	20.61	22.7 %	20.45	75.9 %
2009	225.12	(12.7 %)	65.76	(7.8 %)	48.63	(0.5 %)
Q1 2010	60.41	4.4 %	24.20	68.0 %	18.69	99.8 %
Q2 2010	64.28	17.2 %	24.20	91.5 %	19.72	189.1 %
Q3 2010	57.39	6.0 %	23.32	28.7 %	19.16	59.7 %
Q4 2010	62.54	7.4 %	23.84	15.7 %	17.24	(15.7 %)
2010	244.62	8.7 %	95.56	45.3 %	74.81	53.8 %
Q1 2011	63.22	4.7 %	25.95	7.3 %	20.32	8.7 %
Q2 2011	68.17	6.0 %	30.75	27.0 %	24.83	25.9 %
Q3 2011	62.37	8.7 %	26.44	13.4 %	20.11	5.0 %
Q4 2011	67.69	8.2 %	25.82	8.3 %	19.99	15.9 %
2011	261.45	6.9 %	108.96	14.0 %	85.25	14.0 %
Q1 2012	72.31	14.4 %	26.60	2.5 %	20.56	1.2 %
Q2 2012	82.51	21.0 %	28.99	(5.7 %)	22.38	(9.9 %)
Q3 2012	73.69	18.1 %	29.51	11.6 %	23.01	14.4 %
Q4 2012	83.08	22.7 %	31.45	21.8 %	24.50	22.6 %
2012	311.58	19.2 %	116.55	7.0 %	90.45	6.1 %
Q1 2013	78.65	8.8 %	29.40	10.5 %	23.16	12.7 %
Q2 2013	77.44	(6.1 %)	26.40	(8.9 %)	19.68	(12.0 %)
Q3 2013	67.12	(8.9 %)	24.33	(17.6 %)	18.05	(21.6 %)
Q4 2013	80.20	(3.5 %)	29.94	(4.8 %)	24.29	(0.9 %)
2013	303.42	(2.6 %)	110.07	(5.6 %)	85.18	(5.8 %)
Q1 2014	75.65	(3.8 %)	30.35	3.2 %	23.47	1.3 %
Q2 2014	87.35	12.8 %	34.47	30.6 %	28.20	43.3 %
Q3 2014	88.15	31.3 %	33.22	36.6 %	26.23	45.3 %
Q4 2014	91.59	14.2 %	36.81	22.9 %	28.47	17.2 %
2014	342.74	13.0 %	134.85	22.5 %	106.36	24.9 %
Q1 2015	92.76	22.6 %	36.87	21.5 %	30.10	28.2 %
Q2 2015	95.45	9.3 %	43.78	27.0 %	34.43	22.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	185.66	20.5 %	64.17	19.6 %	49.88	22.4 %
2006	211.39	13.9 %	70.22	9.4 %	52.45	5.1 %
2007	214.79	1.6 %	61.71	(12.1 %)	42.83	(18.3 %)
2008	257.86	20.1 %	71.33	15.6 %	48.85	14.1 %
2009	225.12	(12.7 %)	65.76	(7.8 %)	48.63	(0.5 %)
2010	244.62	8.7 %	95.56	45.3 %	74.81	53.8 %
2011	261.45	6.9 %	108.96	14.0 %	85.25	14.0 %
2012	311.58	19.2 %	116.55	7.0 %	90.45	6.1 %
2013	303.42	(2.6 %)	110.07	(5.6 %)	85.18	(5.8 %)
2014	342.74	13.0 %	134.85	22.5 %	106.36	24.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	11.67	-	0.78	-	11.67	0.78
Q4 2006	10.39	-	0.69	-	10.39	0.69
2006	49.53	(8.5 %)	3.30	-	49.53	3.30
Q1 2007	11.54	-	0.77	-	11.54	0.77
Q2 2007	14.63	-	0.98	-	14.63	0.98
Q3 2007	13.11	12.4 %	0.87	-	13.11	0.87
Q4 2007	3.91	(62.4 %)	0.26	-	3.91	0.26
2007	43.19	(12.8 %)	2.88	-	43.19	2.88
Q1 2008	11.85	2.7 %	0.79	-	11.85	0.79
Q2 2008	11.82	(19.2 %)	0.79	-	11.82	0.79
Q3 2008	11.07	(15.6 %)	0.74	-	11.07	0.74
Q4 2008	13.48	244.5 %	0.90	-	13.48	0.90
2008	48.22	11.6 %	3.21	-	48.22	3.21
Q1 2009	9.21	(22.2 %)	0.61	-	9.21	0.61
Q2 2009	4.36	(63.2 %)	0.29	-	4.36	0.29
Q3 2009	10.15	(8.3 %)	0.68	-	10.15	0.68
Q4 2009	18.89	40.2 %	1.26	-	18.89	1.26
2009	42.61	(11.6 %)	2.84	-	42.61	2.84
Q1 2010	19.30	109.5 %	1.29	-	19.30	1.29
Q2 2010	21.66	397.3 %	1.44	-	21.66	1.44
Q3 2010	19.05	87.7 %	1.27	-	19.05	1.27
Q4 2010	16.42	(13.1 %)	1.09	-	16.42	1.09
2010	76.42	79.4 %	5.09	-	76.42	5.09
Q1 2011	19.11	(1.0 %)	1.27	-	19.11	1.27
Q2 2011	24.13	11.4 %	1.61	-	24.13	1.61
Q3 2011	19.44	2.1 %	1.30	-	19.44	1.30
Q4 2011	20.09	22.4 %	1.34	-	20.09	1.34
2011	82.77	8.3 %	5.52	-	82.77	5.52
Q1 2012	19.07	(0.2 %)	1.27	-	19.07	1.27
Q2 2012	21.84	(9.5 %)	1.46	-	21.84	1.46
Q3 2012	22.79	17.2 %	1.52	-	22.79	1.52
Q4 2012	23.74	18.2 %	1.58	-	23.74	1.58
2012	87.44	5.6 %	5.83	-	87.44	5.83
Q1 2013	22.09	15.8 %	1.47	-	22.09	1.47
Q2 2013	20.27	(7.2 %)	1.35	-	20.27	1.35
Q3 2013	17.54	(23.0 %)	1.17	-	17.54	1.17
Q4 2013	24.52	3.3 %	1.63	-	24.52	1.63
2013	84.43	(3.4 %)	5.63	-	84.43	5.63
Q1 2014	22.69	2.7 %	1.51	-	22.69	1.51
Q2 2014	27.87	37.5 %	1.86	-	27.87	1.86
Q3 2014	26.00	48.2 %	1.73	-	26.00	1.73
Q4 2014	24.02	(2.0 %)	1.60	-	24.02	1.60
2014	100.58	19.1 %	6.71	-	100.58	6.71
Q1 2015	21.96	(3.2 %)	1.46	-	21.96	1.46
Q2 2015	32.80	17.7 %	2.19	-	32.80	2.19

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	54.14	31.8 %	3.61	-	54.14	3.61
2006	49.53	(8.5 %)	3.30	-	49.53	3.30
2007	43.19	(12.8 %)	2.88	-	43.19	2.88
2008	48.22	11.6 %	3.21	-	48.22	3.21
2009	42.61	(11.6 %)	2.84	-	42.61	2.84
2010	76.42	79.4 %	5.09	-	76.42	5.09
2011	82.77	8.3 %	5.52	-	82.77	5.52
2012	87.44	5.6 %	5.83	-	87.44	5.83
2013	84.43	(3.4 %)	5.63	-	84.43	5.63
2014	100.58	19.1 %	6.71	-	100.58	6.71

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	33.22 %	26.38 %	23.43 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	34.57 %	28.71 %	29.16 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	34.99 %	26.79 %	23.95 %
Q4 2006	28.38 %	23.34 %	20.19 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	15.00	-	-	6.81
Q4 2006	15.00	-	-	10.33
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	15.00	3.61	3.61	4.33
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
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

Financial Ratios

	Current
Market Cap (M Riyal)	583.50
Enterprise Value (EV) (M)	593.84
Shares Outstanding ((M))	15.00
EPS ( Riyal) (TTM)	(8.65)
Book Value (BV) ( Riyal)	8.83
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	4.41
Return on Average Assets (%) (TTM)	(54.71 )
Return on Average Equity (%) (TTM)	(65.83 )

Saudi Vitrified Clay Pipes Co. (SVCP)

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SVCP's H1 net profit rises 8% to SAR 55 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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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SVCP's H1 net profit rises 8% to SAR 55 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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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