Saudi Steel Pipe posts SAR 46 mln loss in FY16

19/01/2017 Argaam Exclusive

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Saudi Steel Pipe Co. posted a net loss of SAR 46 million for fiscal year 2016, compared to a net profit of SAR 33 million for the same period in 2015.  

 

The company attributed losses this year to an impairment in an associate investment, the disposal of fixed assets, the write-down of raw materials and finished goods inventory, an increase in depreciation, as well as a decrease in demand for products.



Financials (M)

Item 2015 2016 Change‬
Revenues 852.09 604.77 (29.0 %)
Gross Income 95.78 53.85 (43.8 %)
Operating Income 41.09 2.33 (94.3 %)
Net Income 33.38 (45.13) (235.2 %)
Average Shares 51.00 51.00 -
EPS (Riyals) 0.65 (0.88) (235.2 %)

Q4-2016 losses surged to SAR 65.5 million, compared to a loss of SAR 1.3 million from the same quarter in 2015. In Q3-2016, the company had posted a net profit of SAR 5.77 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 143.55 136.47 (4.9 %)
Gross Income 11.55 (1.56) (113.5 %)
Operating Income (1.11) (14.30) (1,191.7 %)
Net Income (1.30) (61.90) (4,650.5 %)
Average Shares 51.00 51.00 -
EPS (Riyals) (0.03) (1.21) (4,650.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2015 179.88 (25.6 %) 21.52 (9.0 %) 8.34 (15.0 %)
Q4 2015 143.55 1.3 % 11.55 (40.4 %) (1.11) (115.8 %)
Q1 2016 194.34 (21.8 %) 28.94 (1.0 %) 13.57 (7.1 %)
Q2 2016 151.35 (45.9 %) 16.01 (58.8 %) 3.29 (86.7 %)
Q3 2016 122.61 (31.8 %) 10.46 (51.4 %) (0.23) (102.8 %)
Q4 2016 136.47 (4.9 %) (1.56) (113.5 %) (14.30) (1,191.7 %)
2016 604.77 (29.0 %) 53.85 (43.8 %) 2.33 (94.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2015 8.02 21.6 % 0.16 - 9.04 0.18
Q4 2015 (1.30) (124.6 %) (0.03) - (1.30) (0.03)
Q1 2016 8.52 (25.4 %) 0.17 - 8.52 0.17
Q2 2016 3.04 (87.0 %) 0.06 - 3.04 0.06
Q3 2016 5.21 (35.0 %) 0.10 - 7.21 0.14
Q4 2016 (61.90) (4,650.5 %) (1.21) - (18.87) (0.37)
2016 (45.13) (235.2 %) (0.88) - (0.10) 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2015 12.82 % 10.81 % 5.79 %
Q4 2015 11.88 % 10.12 % 5.00 %
Q1 2016 12.65 % 10.74 % 4.98 %
Q2 2016 11.66 % 9.63 % 2.88 %
Q3 2016 10.94 % 9.23 % 2.85 %
Q4 2016 8.90 % 7.52 % (0.02 %)
2016 8.90 % 7.52 % (0.02 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2015 51.00 0.94 0.96 15.44
Q4 2015 51.00 0.82 0.84 15.23
Q1 2016 51.00 0.76 0.78 15.38
Q2 2016 51.00 0.36 0.38 15.47
Q3 2016 51.00 0.30 0.34 15.56
Q4 2016 51.00 (0.88) 0.00 13.95

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 22.33 21.87 1.37
Q4 2015 26.67 26.03 1.43
Q1 2016 23.24 22.64 1.15
Q2 2016 50.51 47.84 1.17
Q3 2016 44.18 39.13 0.86
Q4 2016 NEG NEG 1.37

Business Segments (Million)

Compared With The
Period Steele Pipes Process equipment
Q1 2016 189.38 4.96
Q2 2016 142.38 8.96
Q3 2016 108.37 14.24
Q4 2016 117.56 18.91

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 5.90 (61.90) (1149.1 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
SNB Capital 5.90 (61.90) (1149.1) %

Current
Market Cap (M Riyal) 3,621.00
Enterprise Value (EV) (M) 4,163.28
Shares Outstanding ((M)) 51.00
EPS ( Riyal) (TTM) 4.37
Book Value (BV) ( Riyal) 15.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.85
P/E (TTM) 16.25
Price/book 4.65
Return on Average Assets (%) (TTM) 15.6
Return on Average Equity (%) (TTM) 33.4

Share Price

71.00
2.20 3.20 %

Saudi Steel Pipe Co. (SSP)


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