Financial Results : Saudi Paper swings to SAR 12 mln net loss in H1

Saudi Paper swings to SAR 12 mln net loss in H1

28/07/2016 Argaam Exclusive

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Saudi Paper Manufacturing Co. swung to a net loss of SAR 12.3 million in the first half of 2016, compared to a profit of SAR 1.5 million in the same period last year. The drop in earnings was attributed to lower sales.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 350.83 270.33 (22.9 %)
Gross Income 85.15 59.95 (29.6 %)
Operating Income 21.04 2.44 (88.4 %)
Net Income 1.47 (14.57) (1088.1 %)
Average Shares 29.08 29.08 -
EPS (Riyals) 0.05 (0.50) (1088.1 %)

During the second quarter, the company widened its net loss to SAR 6.1 million from a loss of SAR 3.40 million in the same quarter last year due to higher financial charges and lower sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 165.36 130.25 (21.2 %)
Gross Income 38.39 30.69 (20.1 %)
Operating Income 5.76 2.21 (61.7 %)
Net Income (3.39) (7.34) (116.6 %)
Average Shares 29.08 29.08 -
EPS (Riyals) (0.12) (0.25) (116.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 98.36 22.9 % 29.93 9.9 % 20.40 7.5 %
Q2 2007 111.70 24.5 % 36.81 23.2 % 24.77 25.7 %
Q3 2007 111.89 19.6 % 33.02 16.4 % 20.50 5.1 %
Q4 2007 121.66 18.9 % 36.43 47.2 % 17.68 27.4 %
Q1 2008 125.22 27.3 % 39.35 31.5 % 25.07 22.9 %
Q2 2008 136.40 22.1 % 41.58 13.0 % 25.82 4.2 %
Q3 2008 117.86 5.3 % 35.21 6.6 % 18.76 (8.5 %)
Q4 2008 126.43 3.9 % 36.41 (0.1 %) 21.78 23.2 %
Q1 2009 110.05 (12.1 %) 42.59 8.2 % 25.44 1.4 %
Q2 2009 141.44 3.7 % 43.01 3.4 % 22.12 (14.3 %)
Q3 2009 140.32 19.1 % 46.21 31.2 % 27.67 47.5 %
Q4 2009 166.02 31.3 % 54.40 49.4 % 31.14 43.0 %
Q1 2010 198.66 80.5 % 55.79 31.0 % 33.23 30.6 %
Q2 2010 209.51 48.1 % 59.42 38.1 % 35.26 59.4 %
Q3 2010 196.70 40.2 % 55.64 20.4 % 32.73 18.3 %
Q4 2010 198.71 19.7 % 61.01 12.2 % 33.33 7.0 %
Q1 2011 201.89 1.6 % 57.80 3.6 % 32.75 (1.5 %)
Q2 2011 230.53 10.0 % 52.33 (11.9 %) 26.44 (25.0 %)
Q3 2011 201.97 2.7 % 50.84 (8.6 %) 27.22 (16.8 %)
Q4 2011 201.28 1.3 % 49.77 (18.4 %) 25.63 (23.1 %)
Q1 2012 212.05 5.0 % 57.14 (1.1 %) 29.55 (9.8 %)
Q2 2012 204.51 (11.3 %) 59.37 13.4 % 30.57 15.6 %
Q3 2012 182.44 (9.7 %) 52.62 3.5 % 28.86 6.0 %
Q4 2012 194.87 (3.2 %) 38.32 (23.0 %) 12.99 (49.3 %)
Q1 2013 206.67 (2.5 %) 36.26 (36.5 %) 6.06 (79.5 %)
Q2 2013 212.77 4.0 % 54.49 (8.2 %) 24.00 (21.5 %)
Q3 2013 194.61 6.7 % 45.46 (13.6 %) 20.91 (27.6 %)
Q4 2013 205.69 5.6 % 33.86 (11.7 %) 4.70 (63.8 %)
Q1 2014 205.50 (0.6 %) 46.17 27.3 % 16.20 167.4 %
Q2 2014 204.50 (3.9 %) 53.10 (2.5 %) 21.00 (12.5 %)
Q3 2014 179.76 (7.6 %) 41.62 (8.4 %) 13.44 (35.7 %)
Q4 2014 167.96 (18.3 %) 38.38 13.4 % 4.28 (9.0 %)
Q1 2015 185.48 (9.7 %) 46.76 1.3 % 15.28 (5.7 %)
Q2 2015 165.36 (19.1 %) 38.39 (27.7 %) 5.76 (72.6 %)
Q3 2015 112.79 (37.3 %) 18.07 (56.6 %) (29.56) (319.9 %)
Q4 2015 137.23 (18.3 %) 18.17 (52.7 %) (31.76) (842.4 %)
Q1 2016 140.09 (24.5 %) 29.26 (37.4 %) 0.23 (98.5 %)
Q2 2016 130.25 (21.2 %) 30.69 (20.1 %) 2.21 (61.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 18.61 6.7 % 0.64 - 18.61 0.64
Q2 2007 22.28 25.2 % 0.77 - 22.28 0.77
Q3 2007 20.59 14.8 % 0.71 - 20.59 0.71
Q4 2007 21.16 35.6 % 0.73 - 21.16 0.73
Q1 2008 22.51 21.0 % 0.77 - 22.51 0.77
Q2 2008 23.55 5.7 % 0.81 - 23.55 0.81
Q3 2008 16.51 (19.8 %) 0.57 - 16.51 0.57
Q4 2008 21.86 3.3 % 0.75 - 21.86 0.75
Q1 2009 22.63 0.5 % 0.78 - 22.63 0.78
Q2 2009 19.15 (18.7 %) 0.66 - 19.15 0.66
Q3 2009 24.68 49.5 % 0.85 - 24.68 0.85
Q4 2009 27.56 26.1 % 0.95 - 27.56 0.95
Q1 2010 29.83 31.9 % 1.03 - 29.83 1.03
Q2 2010 31.95 66.8 % 1.10 - 31.95 1.10
Q3 2010 30.17 22.2 % 1.04 - 30.17 1.04
Q4 2010 30.62 11.1 % 1.05 - 30.62 1.05
Q1 2011 30.04 0.7 % 1.03 - 30.04 1.03
Q2 2011 23.32 (27.0 %) 0.80 - 23.32 0.80
Q3 2011 24.12 (20.1 %) 0.83 - 24.12 0.83
Q4 2011 22.94 (25.1 %) 0.79 - 22.94 0.79
Q1 2012 25.42 (15.4 %) 0.87 - 25.42 0.87
Q2 2012 26.29 12.8 % 0.90 - 26.29 0.90
Q3 2012 24.06 (0.3 %) 0.83 - 24.06 0.83
Q4 2012 26.35 14.9 % 0.91 13.96 12.39 0.43
Q1 2013 0.70 (97.3 %) 0.02 - 0.70 0.02
Q2 2013 9.34 (64.5 %) 0.32 - 9.34 0.32
Q3 2013 14.43 (40.0 %) 0.50 - 14.43 0.50
Q4 2013 (4.24) (116.1 %) (0.15) - (4.24) (0.15)
Q1 2014 8.13 1069.9 % 0.28 - 8.13 0.28
Q2 2014 12.05 29.1 % 0.41 - 12.05 0.41
Q3 2014 2.78 (80.7 %) 0.10 - 2.78 0.10
Q4 2014 2.10 149.5 % 0.07 - 2.11 0.07
Q1 2015 4.86 (40.2 %) 0.17 - 4.86 0.17
Q2 2015 (3.39) (128.1 %) (0.12) (2.00) (1.39) (0.05)
Q3 2015 (71.13) (2654.9 %) (2.45) (20.28) (50.85) (1.75)
Q4 2015 (44.37) (2212.9 %) (1.53) (6.28) (38.09) (1.31)
Q1 2016 (7.23) (248.6 %) (0.25) - (7.23) (0.25)
Q2 2016 (7.34) (116.6 %) (0.25) - (7.34) (0.25)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 29.41 % 26.61 % 18.22 %
Q2 2007 29.53 % 26.33 % 18.34 %
Q3 2007 29.35 % 25.78 % 18.17 %
Q4 2007 30.70 % 25.92 % 18.63 %
Q1 2008 30.95 % 25.81 % 18.39 %
Q2 2008 30.37 % 25.03 % 17.73 %
Q3 2008 30.44 % 24.41 % 16.71 %
Q4 2008 30.15 % 24.40 % 16.69 %
Q1 2009 31.75 % 25.08 % 17.23 %
Q2 2009 31.71 % 23.75 % 16.17 %
Q3 2009 32.46 % 25.35 % 17.04 %
Q4 2009 33.38 % 26.48 % 16.85 %
Q1 2010 30.85 % 24.27 % 15.66 %
Q2 2010 30.21 % 24.79 % 15.96 %
Q3 2010 29.22 % 23.62 % 15.50 %
Q4 2010 28.85 % 22.97 % 15.25 %
Q1 2011 28.99 % 23.10 % 15.22 %
Q2 2011 27.39 % 21.54 % 13.79 %
Q3 2011 26.65 % 20.50 % 12.98 %
Q4 2011 25.22 % 18.16 % 12.02 %
Q1 2012 24.84 % 17.58 % 11.32 %
Q2 2012 26.48 % 18.32 % 12.05 %
Q3 2012 27.35 % 19.10 % 12.33 %
Q4 2012 26.13 % 19.15 % 11.10 %
Q1 2013 23.66 % 16.30 % 8.04 %
Q2 2013 22.80 % 15.28 % 5.83 %
Q3 2013 21.57 % 13.89 % 4.56 %
Q4 2013 20.75 % 12.92 % 2.47 %
Q1 2014 21.99 % 14.07 % 3.38 %
Q2 2014 22.04 % 13.78 % 3.75 %
Q3 2014 21.97 % 13.29 % 2.35 %
Q4 2014 23.66 % 13.85 % 3.31 %
Q1 2015 24.38 % 14.04 % 2.96 %
Q2 2015 23.64 % 12.84 % 1.20 %
Q3 2015 22.42 % 7.20 % (7.17 %)
Q4 2015 20.20 % 2.44 % (14.22 %)
Q1 2016 18.70 % 0.57 % (17.56 %)
Q2 2016 18.48 % (0.58 %) (19.89 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 29.08 2.41 2.41 11.26
Q2 2007 29.08 2.56 2.56 11.69
Q3 2007 29.08 2.65 2.65 12.33
Q4 2007 29.08 2.84 2.84 13.13
Q1 2008 29.08 2.98 2.98 13.88
Q2 2008 29.08 3.02 3.02 14.10
Q3 2008 29.08 2.88 2.88 14.68
Q4 2008 29.08 2.90 2.90 15.37
Q1 2009 29.08 2.91 2.91 16.14
Q2 2009 29.08 2.76 2.76 15.76
Q3 2009 29.08 3.04 3.04 16.61
Q4 2009 29.08 3.23 3.23 17.56
Q1 2010 29.08 3.48 3.48 18.57
Q2 2010 29.08 3.92 3.92 18.37
Q3 2010 29.08 4.11 4.11 19.44
Q4 2010 29.08 4.21 4.21 20.46
Q1 2011 29.08 4.22 4.22 21.51
Q2 2011 29.08 3.93 3.93 20.75
Q3 2011 29.08 3.72 3.72 21.58
Q4 2011 29.08 3.45 3.45 22.38
Q1 2012 29.08 3.29 3.29 23.26
Q2 2012 29.08 3.40 3.40 22.33
Q3 2012 29.08 3.39 3.39 23.17
Q4 2012 29.08 3.51 3.03 24.10
Q1 2013 29.08 2.66 2.18 22.15
Q2 2013 29.08 2.08 1.60 22.53
Q3 2013 29.08 1.75 1.27 22.96
Q4 2013 29.08 0.70 0.70 21.80
Q1 2014 29.08 0.95 0.95 22.10
Q2 2014 29.08 1.04 1.04 22.39
Q3 2014 29.08 0.64 0.64 22.49
Q4 2014 29.08 0.86 0.86 22.64
Q1 2015 29.08 0.75 0.75 22.79
Q2 2015 29.08 0.22 0.29 22.85
Q3 2015 29.08 (2.32) (1.56) 20.21
Q4 2015 29.08 (3.92) (2.94) 18.16
Q1 2016 29.08 (4.34) (3.35) 13.92
Q2 2016 29.08 (4.47) (3.56) 13.63

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 27.79 27.79 5.93
Q2 2007 24.58 24.58 5.38
Q3 2007 25.32 25.32 5.44
Q4 2007 28.15 28.15 6.09
Q1 2008 22.55 22.55 4.84
Q2 2008 27.78 27.78 5.95
Q3 2008 30.28 30.28 5.94
Q4 2008 33.65 33.65 6.35
Q1 2009 23.88 23.88 4.30
Q2 2009 26.85 26.85 4.69
Q3 2009 23.83 23.83 4.36
Q4 2009 21.98 21.98 4.05
Q1 2010 20.60 20.60 3.86
Q2 2010 17.70 17.70 3.78
Q3 2010 16.57 16.57 3.50
Q4 2010 16.23 16.23 3.34
Q1 2011 13.40 13.40 2.63
Q2 2011 13.91 13.91 2.63
Q3 2011 12.92 12.92 2.22
Q4 2011 15.58 15.58 2.40
Q1 2012 19.73 19.73 2.79
Q2 2012 14.48 14.48 2.20
Q3 2012 15.16 15.16 2.22
Q4 2012 13.96 16.17 2.03
Q1 2013 17.18 20.96 2.06
Q2 2013 31.50 40.96 2.91
Q3 2013 34.54 47.62 2.63
Q4 2013 79.70 79.70 2.54
Q1 2014 85.25 85.25 3.67
Q2 2014 77.37 77.37 3.61
Q3 2014 More than 100 More than 100 3.57
Q4 2014 54.30 54.28 2.07
Q1 2015 61.85 61.82 2.03
Q2 2015 More than 100 More than 100 2.09
Q3 2015 NEG NEG 1.62
Q4 2015 NEG NEG 2.02
Q1 2016 NEG NEG 1.92
Q2 2016 NEG NEG 1.75

Business Segments (Million)

Compared With The
Period Transformative Industries Trade and Others Disposals
Q1 2014 199.39 6.11 -
Q2 2014 150.92 53.58 -
Q3 2014 159.67 20.09 -
Q4 2014 146.82 21.15 -
Q1 2015 165.51 19.97 -
Q2 2015 149.60 15.76 -
Q3 2015 102.66 10.13 -
Q4 2015 80.26 56.69 -
Q1 2016 130.83 9.25 -
Q2 2016 123.39 6.85 -


Financial Ratios
Current
Market Cap (M Riyal) 2,342.82
Enterprise Value (EV) (M) 2,812.02
Shares Outstanding ((M)) 37.07
EPS ( Riyal) (TTM) 2.80
Book Value (BV) ( Riyal) 13.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.67
P/E (TTM) 22.60
Price/book 4.58
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 21.5
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Share Price

Saudi Paper Manufacturing Co.
63.20
(0.50) (0.78 %)

Saudi Paper Manufacturing Co. (SPM)

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