Financial Results : Saudi Steel Pipe H1 net profit soars 78% to SAR 35 mln

Saudi Steel Pipe H1 net profit soars 78% to SAR 35 mln

14/07/2015 Argaam Exclusive

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Saudi Steel Pipe (SSP), a manufacturer of welded steel pipes, reported a net profit of SAR 34.87 million for H1-2015, 78.09 percent higher compared to the same period in 2014.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 474.37 528.46 11.4 %
Gross Income 54.34 68.12 25.4 %
Operating Income 28.96 39.30 35.7 %
Net Income 19.58 34.87 78.1 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.38 0.68 78.1 %

 

The second-quarter net profit came in at SAR 23.46 million, more than double the previous quarter’s net profit.   

 

When compared to the second quarter of 2014, the profit for the period rose 50.87 percent, the company said in a statement to Tadawul.

 

Increases for all periods were mainly driven by launch of operations on the OCTG threading line factory, higher sales and deliveries as well as the improved financial performance of the subsidiary, Global Pipe Co.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 249.65 279.97 12.1 %
Gross Income 32.69 38.88 18.9 %
Operating Income 19.91 24.70 24.1 %
Net Income 15.55 23.46 50.8 %
Average Shares 51.00 51.00 -
EPS (Riyals) 0.30 0.46 50.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 155.80 - 40.80 - 34.46 -
Q2 2009 145.28 - 40.19 - 34.20 -
Q3 2009 130.83 - 36.93 - 30.80 -
Q4 2009 106.74 - 21.69 - 14.17 -
Q1 2010 153.44 (1.5 %) 28.11 (31.1 %) 19.93 (42.2 %)
Q2 2010 168.86 16.2 % 33.00 (17.9 %) 25.27 (26.1 %)
Q3 2010 104.11 (20.4 %) 13.27 (64.1 %) 6.79 (77.9 %)
Q4 2010 166.87 56.3 % 34.15 57.4 % 25.63 80.8 %
Q1 2011 163.11 6.3 % 28.75 2.3 % 21.04 5.6 %
Q2 2011 153.83 (8.9 %) 29.74 (9.9 %) 21.17 (16.2 %)
Q3 2011 140.14 34.6 % 17.97 35.3 % 10.02 47.4 %
Q4 2011 172.27 3.2 % 23.03 (32.6 %) 13.91 (45.7 %)
Q1 2012 206.85 26.8 % 29.13 1.3 % 19.36 (8.0 %)
Q2 2012 187.48 21.9 % 22.88 (23.1 %) 13.33 (37.1 %)
Q3 2012 152.16 8.6 % 19.39 7.9 % 9.87 (1.5 %)
Q4 2012 179.87 4.4 % 26.57 15.4 % 15.12 8.7 %
Q1 2013 248.48 20.1 % 37.91 30.2 % 24.63 27.3 %
Q2 2013 249.13 32.9 % 39.45 72.5 % 26.51 98.9 %
Q3 2013 172.98 13.7 % 27.95 44.1 % 18.02 82.6 %
Q4 2013 168.76 (6.2 %) 25.76 (3.0 %) 14.09 (6.8 %)
Q1 2014 224.73 (9.6 %) 21.65 (42.9 %) 9.05 (63.2 %)
Q2 2014 249.65 0.2 % 32.69 (17.1 %) 19.91 (24.9 %)
Q3 2014 241.88 39.8 % 23.65 (15.4 %) 9.81 (45.6 %)
Q4 2014 141.74 (16.0 %) 19.38 (24.8 %) 7.03 (50.1 %)
Q1 2015 248.49 10.6 % 29.24 35.0 % 14.61 61.3 %
Q2 2015 279.97 12.1 % 38.88 18.9 % 24.70 24.1 %


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 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 33.61 - 0.96 - 33.61 0.96
Q2 2009 35.85 - 1.02 - 35.85 1.02
Q3 2009 30.17 - 0.59 - 30.17 0.59
Q4 2009 13.19 - 0.26 - 13.19 0.26
Q1 2010 20.02 (40.4 %) 0.39 - 20.02 0.39
Q2 2010 25.16 (29.8 %) 0.49 - 25.16 0.49
Q3 2010 6.54 (78.3 %) 0.13 - 6.54 0.13
Q4 2010 21.23 60.9 % 0.42 - 21.23 0.42
Q1 2011 21.01 5.0 % 0.41 - 21.01 0.41
Q2 2011 21.34 (15.2 %) 0.42 - 21.34 0.42
Q3 2011 9.40 43.7 % 0.18 - 9.40 0.18
Q4 2011 13.37 (37.0 %) 0.26 - 13.37 0.26
Q1 2012 18.32 (12.8 %) 0.36 - 18.32 0.36
Q2 2012 12.38 (42.0 %) 0.24 - 12.38 0.24
Q3 2012 8.92 (5.1 %) 0.17 - 8.92 0.17
Q4 2012 14.09 5.4 % 0.28 - 14.09 0.28
Q1 2013 23.11 26.2 % 0.45 - 23.11 0.45
Q2 2013 25.11 102.7 % 0.49 - 25.11 0.49
Q3 2013 16.37 83.5 % 0.32 - 16.37 0.32
Q4 2013 14.86 5.4 % 0.29 - 14.86 0.29
Q1 2014 4.03 (82.6 %) 0.08 - 4.03 0.08
Q2 2014 15.55 (38.1 %) 0.30 - 15.55 0.30
Q3 2014 6.59 (59.7 %) 0.13 - 6.59 0.13
Q4 2014 5.30 (64.3 %) 0.10 - 5.30 0.10
Q1 2015 11.41 183.3 % 0.22 - 11.41 0.22
Q2 2015 23.46 50.8 % 0.46 - 23.46 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 25.92 % 23.89 % 20.95 %
Q1 2010 23.67 % 21.51 % 18.50 %
Q2 2010 21.38 % 19.23 % 15.81 %
Q3 2010 18.02 % 15.98 % 12.18 %
Q4 2010 18.29 % 16.59 % 12.30 %
Q1 2011 18.11 % 16.61 % 12.26 %
Q2 2011 18.02 % 16.41 % 11.93 %
Q3 2011 17.73 % 16.01 % 11.70 %
Q4 2011 15.81 % 13.97 % 10.35 %
Q1 2012 14.84 % 12.84 % 9.27 %
Q2 2012 13.16 % 11.16 % 7.57 %
Q3 2012 13.14 % 10.99 % 7.37 %
Q4 2012 13.49 % 11.08 % 7.39 %
Q1 2013 13.90 % 11.20 % 7.62 %
Q2 2013 14.86 % 11.98 % 8.59 %
Q3 2013 15.51 % 12.68 % 9.25 %
Q4 2013 15.62 % 12.78 % 9.47 %
Q1 2014 14.08 % 11.55 % 7.40 %
Q2 2014 13.24 % 11.01 % 6.23 %
Q3 2014 11.72 % 9.50 % 4.64 %
Q4 2014 11.35 % 9.10 % 3.67 %
Q1 2015 11.90 % 9.69 % 4.41 %
Q2 2015 12.19 % 10.10 % 5.13 %


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 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 35.00 - - 13.16
Q2 2009 35.00 - - 14.04
Q3 2009 51.00 - - 17.29
Q4 2009 51.00 2.21 2.21 17.55
Q1 2010 51.00 1.95 1.95 15.88
Q2 2010 51.00 1.74 1.74 16.33
Q3 2010 51.00 1.27 1.27 15.92
Q4 2010 51.00 1.43 1.43 16.31
Q1 2011 51.00 1.45 1.45 15.67
Q2 2011 51.00 1.37 1.37 16.03
Q3 2011 51.00 1.43 1.43 15.43
Q4 2011 51.00 1.28 1.28 15.55
Q1 2012 51.00 1.22 1.22 15.04
Q2 2012 51.00 1.05 1.05 15.24
Q3 2012 51.00 1.04 1.04 15.38
Q4 2012 51.00 1.05 1.05 15.56
Q1 2013 51.00 1.15 1.15 15.95
Q2 2013 51.00 1.40 1.40 15.66
Q3 2013 51.00 1.54 1.54 15.19
Q4 2013 51.00 1.56 1.56 15.39
Q1 2014 51.00 1.18 1.18 15.41
Q2 2014 51.00 1.00 1.00 15.66
Q3 2014 51.00 0.80 0.80 15.75
Q4 2014 51.00 0.62 0.62 15.75
Q1 2015 51.00 0.76 0.76 15.93
Q2 2015 51.00 0.92 0.92 15.82

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 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - 1.80
Q4 2009 15.41 15.41 1.94
Q1 2010 16.96 16.96 2.08
Q2 2010 15.61 15.61 1.66
Q3 2010 19.09 19.09 1.53
Q4 2010 16.85 16.85 1.48
Q1 2011 16.10 16.10 1.49
Q2 2011 19.35 19.35 1.66
Q3 2011 16.49 16.49 1.53
Q4 2011 22.87 22.87 1.88
Q1 2012 23.04 23.04 1.87
Q2 2012 20.84 20.84 1.43
Q3 2012 23.10 23.10 1.56
Q4 2012 24.02 24.02 1.63
Q1 2013 22.49 22.49 1.62
Q2 2013 18.54 18.54 1.65
Q3 2013 19.45 19.45 1.97
Q4 2013 22.79 22.79 2.31
Q1 2014 31.68 31.68 2.43
Q2 2014 33.82 33.82 2.15
Q3 2014 47.24 47.24 2.41
Q4 2014 38.95 38.95 1.53
Q1 2015 37.18 37.18 1.78
Q2 2015 31.20 31.20 1.81

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 10.00 23.46 134.57 %

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
SNB Capital 10.00 23.46 134.6 %


Financial Ratios
Current
Market Cap (M Riyal) 3,483.30
Enterprise Value (EV) (M) 4,028.11
Shares Outstanding ((M)) 51.00
EPS ( Riyal) (TTM) 4.22
Book Value (BV) ( Riyal) 16.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.18
P/E (TTM) 16.18
Price/book 4.14
Return on Average Assets (%) (TTM) 11.1
Return on Average Equity (%) (TTM) 28.6
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Share Price

Saudi Steel Pipe Co.
68.30
1.10 1.64 %

Saudi Steel Pipe Co. (SSP)

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