Financial Results : MEPCO’s net profit more than doubled in 9M 2018

MEPCO’s net profit more than doubled in 9M 2018

31/10/2018 Argaam Exclusive

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Middle East Paper Company (MEPCO) reported a net profit after zakat and tax of SAR 87.2 million for the first nine months of 2018, more than double year-on-year (YoY), driven by higher sales revenue, fair value gain on derivative financial instruments, and lower financing costs.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 565.96 659.17 16.5 %
Gross Income 132.39 190.30 43.7 %
Operating Income 64.50 110.06 70.6 %
Net Income 43.65 87.16 99.7 %
Average Shares 66.67 66.67 -
EPS (Riyals) 0.65 1.31 99.7 %

MEPCO’s net profit for the third quarter jumped around 35.8 percent YoY to about SAR 30.2 million due to higher sales revenue, lower general and administrative expenses, and fair value gain on derivative financial instruments.

 

On a sequential basis, Q3 net profit rose 4.3 percent from the previous quarter on lower cost of sales, and lower other expenses, cost of finance and zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 212.74 215.59 1.3 %
Gross Income 55.30 65.08 17.7 %
Operating Income 27.92 38.85 39.1 %
Net Income 22.22 30.17 35.8 %
Average Shares 66.67 66.67 -
EPS (Riyals) 0.33 0.45 35.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 175.85 - 41.28 - 20.60 -
Q2 2013 195.47 - 50.61 - 29.56 -
Q3 2013 200.50 - 61.21 - 41.72 -
Q4 2013 188.35 - 50.81 - 32.76 -
Q1 2014 200.96 14.3 % 52.97 28.3 % 29.65 44.0 %
Q2 2014 203.05 3.9 % 59.04 16.7 % 36.78 24.4 %
Q3 2014 219.60 9.5 % 68.98 12.7 % 43.91 5.3 %
Q4 2014 202.50 7.5 % 53.41 5.1 % 31.88 (2.7 %)
Q1 2015 184.71 (8.1 %) 47.14 (11.0 %) 28.15 (5.1 %)
Q2 2015 184.14 (9.3 %) 48.17 (18.4 %) 26.28 (28.5 %)
Q3 2015 172.83 (21.3 %) 41.85 (39.3 %) 16.89 (61.5 %)
Q4 2015 139.50 (31.1 %) 35.70 (33.2 %) 10.55 (66.9 %)
Q1 2016 176.54 (4.4 %) 48.80 3.5 % 24.52 (12.9 %)
Q2 2016 164.82 (10.5 %) 28.37 (41.1 %) 3.01 (88.6 %)
Q3 2016 148.13 (14.3 %) 28.76 (31.3 %) 6.28 (62.8 %)
Q4 2016 144.91 3.9 % 25.36 (29.0 %) (1.29) (112.2 %)
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 %
Q1 2018 225.01 35.1 % 62.10 96.1 % 35.34 219.3 %
Q2 2018 218.57 17.1 % 63.12 39.0 % 35.88 40.6 %
Q3 2018 215.59 1.3 % 65.08 17.7 % 38.85 39.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 11.26 - 0.17 - 11.26 0.17
Q2 2013 22.76 - 0.34 - 22.76 0.34
Q3 2013 31.50 - 0.47 - 31.50 0.47
Q4 2013 22.56 - 0.34 - 22.56 0.34
Q1 2014 22.83 102.7 % 0.34 - 22.83 0.34
Q2 2014 29.26 28.6 % 0.44 - 29.26 0.44
Q3 2014 36.35 15.4 % 0.55 - 36.35 0.55
Q4 2014 22.91 1.5 % 0.34 - 22.91 0.34
Q1 2015 23.20 1.6 % 0.35 - 23.20 0.35
Q2 2015 19.57 (33.1 %) 0.29 - 19.57 0.29
Q3 2015 9.58 (73.6 %) 0.14 - 9.58 0.14
Q4 2015 2.77 (87.9 %) 0.04 - 2.77 0.04
Q1 2016 16.78 (27.7 %) 0.25 - 16.78 0.25
Q2 2016 88.31 351.3 % 1.32 91.96 (3.65) (0.05)
Q3 2016 2.28 (76.2 %) 0.03 - 2.28 0.03
Q4 2016 (12.46) (550.0 %) (0.19) - (12.46) (0.19)
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
Q1 2018 28.08 763.1 % 0.42 - 28.08 0.42
Q2 2018 28.92 59.1 % 0.43 - 28.92 0.43
Q3 2018 30.17 35.8 % 0.45 - 30.17 0.45

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 26.82 % 26.56 % 11.59 %
Q1 2014 27.46 % 27.05 % 12.69 %
Q2 2014 28.26 % 28.06 % 13.39 %
Q3 2014 28.55 % 28.01 % 13.67 %
Q4 2014 28.37 % 27.86 % 13.48 %
Q1 2015 28.22 % 28.65 % 13.79 %
Q2 2015 27.52 % 28.28 % 12.90 %
Q3 2015 25.61 % 26.90 % 10.11 %
Q4 2015 25.38 % 26.78 % 8.09 %
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 %
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 %
Q1 2018 26.10 % 25.32 % 11.21 %
Q2 2018 27.19 % 25.45 % 12.04 %
Q3 2018 28.24 % 26.54 % 12.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 66.67 - - 6.47
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 66.67 - - 7.04
Q1 2013 66.67 - - 7.21
Q2 2013 66.67 - - 7.55
Q3 2013 66.67 - - 8.02
Q4 2013 66.67 1.32 1.32 7.99
Q1 2014 66.67 1.49 1.49 8.33
Q2 2014 66.67 1.59 1.59 8.15
Q3 2014 66.67 1.66 1.66 8.70
Q4 2014 66.67 1.67 1.67 9.04
Q1 2015 66.67 1.68 1.68 9.39
Q2 2015 66.67 1.53 1.53 9.68
Q3 2015 66.67 1.13 1.13 9.83
Q4 2015 66.67 0.83 0.83 9.87
Q1 2016 66.67 0.73 0.73 9.62
Q2 2016 66.67 1.76 0.38 10.57
Q3 2016 66.67 1.65 0.27 10.59
Q4 2016 66.67 1.42 0.04 10.40
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
Q1 2018 66.67 1.39 1.39 11.26
Q2 2018 66.67 1.56 1.56 11.03
Q3 2018 66.67 1.67 1.67 11.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 26.14 26.14 4.13
Q3 2015 25.29 25.29 2.90
Q4 2015 30.07 30.07 2.52
Q1 2016 24.74 24.74 1.88
Q2 2016 10.23 47.15 1.71
Q3 2016 8.19 49.60 1.28
Q4 2016 11.33 More than 100 1.55
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
Q1 2018 17.27 17.27 2.14
Q2 2018 15.70 15.70 2.22
Q3 2018 12.80 12.80 1.87

Business Segments (Million)

Compared With The
Period The industrial sector The commercial sector Disposals
Q1 2013 158.35 71.46 (53.97)
Q2 2013 178.71 81.47 (64.72)
Q3 2013 185.64 77.94 (63.08)
Q4 2013 178.20 71.61 (61.46)
Q1 2014 189.39 64.27 (52.69)
Q2 2014 186.73 82.23 (65.90)
Q3 2014 204.13 83.05 (67.58)
Q4 2014 190.08 90.98 (78.55)
Q1 2015 149.78 73.94 (39.01)
Q2 2015 170.79 72.52 (59.17)
Q3 2015 171.60 59.18 (57.94)
Q4 2015 142.39 54.31 (57.21)
Q1 2016 167.90 61.40 (52.77)
Q2 2016 147.30 58.38 (40.87)
Q3 2016 137.14 62.02 (51.03)
Q4 2016 139.15 59.06 (53.30)
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)
Q1 2018 219.22 72.35 (66.56)
Q2 2018 212.34 64.57 (58.34)
Q3 2018 210.95 82.60 (77.96)

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 27.70 30.17 8.90 %

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
Sico 29.00 30.17 4.0 %
OSOOL AND BAKHEET 26.40 30.17 14.3 %


Financial Ratios
Current
Market Cap (M Riyal) 3,232.79
Enterprise Value (EV) (M) 3,254.80
Shares Outstanding ((M)) 86.67
EPS ( Riyal) (TTM) (0.79)
Book Value (BV) ( Riyal) 19.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.96
Return on Average Assets (%) (TTM) (3.01 )
Return on Average Equity (%) (TTM) (4.96 )
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Share Price

Middle East Paper Co.
37.30
(0.50) (1.32 %)

Middle East Paper Co. (MEPCO)

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