MEPCO’s net profit falls 28% in FY17
04/03/2018
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Middle East Paper Co. (MEPCO) reported a net profit of SAR 68.1 million for the fiscal year 2017, a drop of 28.2 percent year-on-year, due to recording SAR 91.9 million worth of one-off gains in 2016 from a claim of expropriated land and premises.
In addition, a decline in the fair value of derivatives also weighed on the annual profit, despite lower financial charges.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 634.41 | 771.01 | 21.5 % |
| Gross Income | 131.28 | 186.11 | 41.8 % |
| Operating Income | 32.52 | 95.39 | 193.3 % |
| Net Income | 94.91 | 68.13 | (28.2 %) |
| Average Shares | 66.67 | 66.67 | - |
| Earnings Per Share before unusual items (Riyals) | 0.04 | 1.02 | 2214.2 % |
| EPS (Riyal) | 1.42 | 1.02 | (28.2 %) |
In Q4 2017, the paper manufacturer swung to a net profit of SAR 24.5 million, compared to a net loss of SAR 16.8 million a year earlier.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 144.91 | 205.05 | 41.5 % |
| Gross Income | 25.36 | 53.72 | 111.9 % |
| Operating Income | (1.29) | 30.89 | 2494.7 % |
| Net Income | (12.46) | 24.49 | 296.4 % |
| Average Shares | 66.67 | 66.67 | - |
| Earnings Per Share before unusual items (Riyal) | (0.19) | 0.37 | 296.4 % |
| EPS (Riyal) | (0.19) | 0.37 | 296.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2017 | 3.25 | (80.6 %) | 0.05 | - | 3.25 | 0.05 |
| Q2 2017 | 18.18 | (79.4 %) | 0.27 | - | 18.18 | 0.27 |
| Q3 2017 | 22.22 | 873.6 % | 0.33 | - | 22.22 | 0.33 |
| Q4 2017 | 24.49 | 296.4 % | 0.37 | - | 24.49 | 0.37 |
| 2017 | 68.13 | (28.2 %) | 1.02 | - | 68.13 | 1.02 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 166.50 | (5.7 %) | 31.67 | (35.1 %) | 11.07 | (54.9 %) |
| Q2 2017 | 186.72 | 13.3 % | 45.42 | 60.1 % | 25.51 | 749.0 % |
| Q3 2017 | 212.74 | 43.6 % | 55.30 | 92.3 % | 27.92 | 344.4 % |
| Q4 2017 | 205.05 | 41.5 % | 53.72 | 111.9 % | 30.89 | 2494.7 % |
| 2017 | 771.01 | 21.5 % | 186.11 | 41.8 % | 95.39 | 193.3 % |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 25.93 % | 25.91 % | 7.23 % |
| Q2 2016 | 23.67 % | 22.33 % | 3.90 % |
| Q3 2016 | 22.52 % | 20.72 % | 2.89 % |
| Q4 2016 | 20.69 % | 17.73 % | 0.46 % |
| 2016 | 20.69 % | 17.73 % | 0.46 % |
| Q1 2017 | 18.28 % | 16.26 % | (1.69 %) |
| Q2 2017 | 20.30 % | 19.74 % | 1.74 % |
| Q3 2017 | 22.19 % | 21.31 % | 4.39 % |
| Q4 2017 | 24.14 % | 24.13 % | 8.84 % |
| 2017 | 24.14 % | 24.13 % | 8.84 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2017 | 66.67 | 1.22 | (0.16) | 10.45 |
| Q2 2017 | 66.67 | 0.17 | 0.17 | 10.16 |
| Q3 2017 | 66.67 | 0.47 | 0.47 | 10.49 |
| Q4 2017 | 66.67 | 1.02 | 1.02 | 10.84 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 13.51 | NEG | 1.58 |
| Q2 2017 | 82.07 | 82.07 | 1.36 |
| Q3 2017 | 35.31 | 35.31 | 1.57 |
| Q4 2017 | 18.43 | 18.43 | 1.74 |
Business Segments (Million)
Q4 2017
| Period | The industrial sector | The commercial sector | Disposals |
|---|---|---|---|
| Q1 2017 | 150.79 | 75.52 | (59.81) |
| Q2 2017 | 175.55 | 79.95 | (68.78) |
| Q3 2017 | 204.74 | 81.55 | (73.55) |
| Q4 2017 | 198.50 | 86.34 | (79.79) |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 25.50 | 24.49 | (4.0 %) |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 25.50 | 24.49 | (4.1) % |
| Current | |
| Market Cap (M Riyal) | 2,511.70 |
| Enterprise Value (EV) (M) | 2,666.30 |
| Shares Outstanding ((M)) | 86.67 |
| EPS ( Riyal) (TTM) | (0.62) |
| Book Value (BV) ( Riyal) | 18.60 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| P/E (TTM) | NEG |
| Price/book | 1.56 |
| Return on Average Assets (%) (TTM) | (2.05 ) |
| Return on Average Equity (%) (TTM) | (3.27 ) |
| EV/adj EBITDA | 23.49 |
| EV/Revenues | 2.47 |
Share Price
Middle East Paper Co. (MEPCO)
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