Saudi Ceramic incurs SAR 32 mln loss in 9M 2017

09/11/2017 Argaam Exclusive

View other reports

 

Saudi Ceramic Co. swung to a net loss of SAR 32.2 million for the first nine months of 2017, compared to a net profit of SAR 29.4 million in the same period last year, impacted by  lower sales amid slowdown in the building materials market due to seasonal factors.

 

Lower profit margins also weighed on the results, as the ceramic producer reduced its selling prices of some products to increase its market share in some markets. 



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 953.09 814.18 (14.6 %)
Gross Income 284.74 170.57 (40.1 %)
Operating Income 82.73 (10.16) (112.3 %)
Net Income 29.40 (34.29) (216.6 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.29 (0.34) (216.6 %)

In the third quarter, the company narrowed net losses by 16.4 percent YoY to SAR 39.2 million, due to a rise in other operating revenue, lower selling, general and administrative expenses .

 

A drop in the company’s net loss share from associates and lower zakat expenses also contributed to reducing the third-quarter net losses. When compared to the previous quarter, Q3 net losses widened from SAR 5,148, on the back of lower sales and higher zakat expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 232.44 224.14 (3.6 %)
Gross Income 54.62 24.26 (55.6 %)
Operating Income (9.63) (29.17) (203.0 %)
Net Income (46.88) (39.91) 14.9 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.47) (0.40) 14.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 199.71 47.8 % 69.83 36.6 % 38.36 50.7 % 0.38
Q2 2008 215.78 42.0 % 85.78 49.5 % 51.73 65.1 % 0.52
Q3 2008 226.11 36.5 % 86.36 39.0 % 49.82 20.2 % 0.50
Q4 2008 215.51 32.9 % 78.59 43.4 % 37.98 29.8 % 0.38
Q1 2009 231.64 16.0 % 82.09 17.6 % 41.11 7.2 % 0.41
Q2 2009 241.57 12.0 % 86.87 1.3 % 52.14 0.8 % 0.52
Q3 2009 237.62 5.1 % 91.51 6.0 % 52.78 5.9 % 0.53
Q4 2009 246.90 14.6 % 92.03 17.1 % 51.17 34.7 % 0.51
Q1 2010 268.19 15.8 % 100.71 22.7 % 58.38 42.0 % 0.58
Q2 2010 277.92 15.0 % 99.01 14.0 % 57.87 11.0 % 0.58
Q3 2010 254.76 7.2 % 90.23 (1.4 %) 46.21 (12.4 %) 0.46
Q4 2010 278.96 13.0 % 103.73 12.7 % 58.13 13.6 % 0.58
Q1 2011 306.36 14.2 % 112.11 11.3 % 59.93 2.7 % 0.60
Q2 2011 320.67 15.4 % 117.77 18.9 % 65.38 13.0 % 0.65
Q3 2011 269.71 5.9 % 107.50 19.1 % 54.15 17.2 % 0.54
Q4 2011 324.61 16.4 % 102.39 (1.3 %) 52.55 (9.6 %) 0.53
Q1 2012 360.16 17.6 % 112.93 0.7 % 62.60 4.5 % 0.63
Q2 2012 369.22 15.1 % 121.61 3.3 % 63.43 (3.0 %) 0.63
Q3 2012 346.18 28.4 % 112.91 5.0 % 55.51 2.5 % 0.56
Q4 2012 371.80 14.5 % 126.83 23.9 % 66.04 25.7 % 0.66
Q1 2013 406.29 12.8 % 152.19 34.8 % 82.21 31.3 % 0.82
Q2 2013 428.89 16.2 % 151.71 24.7 % 82.18 29.6 % 0.82
Q3 2013 383.50 10.8 % 138.68 22.8 % 71.80 29.4 % 0.72
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.25 10.9 % 0.73
Q1 2014 424.02 4.4 % 153.61 0.9 % 87.42 6.3 % 0.87
Q2 2014 437.62 2.0 % 152.06 0.2 % 84.09 2.3 % 0.84
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 78.88 9.9 % 0.79
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 59.83 (18.3 %) 0.60
Q1 2015 447.05 5.4 % 158.46 3.2 % 84.27 (3.6 %) 0.84
Q2 2015 444.31 1.5 % 162.61 6.9 % 81.25 (3.4 %) 0.81
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 62.65 (20.6 %) 0.63
Q4 2015 412.03 10.1 % 135.95 7.5 % 55.65 (7.0 %) 0.56
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 47.68 (43.4 %) 0.48
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 28.60 (64.8 %) 0.29
Q3 2016 232.44 (34.4 %) 54.62 (56.3 %) (46.88) (174.8 %) (0.47)
Q4 2016 350.43 (15.0 %) 73.09 (46.2 %) (9.22) (116.6 %) (0.09)
Q1 2017 315.35 (15.4 %) 81.02 (33.1 %) 11.47 (75.9 %) 0.11
Q2 2017 274.69 (21.0 %) 65.29 (40.1 %) (5.84) (120.4 %) (0.06)
Q3 2017 224.14 (3.6 %) 24.26 (55.6 %) (39.91) 14.9 % (0.40)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 35.92 % 28.11 % 20.66 %
Q2 2008 36.66 % 29.18 % 21.63 %
Q3 2008 36.92 % 29.51 % 21.05 %
Q4 2008 37.40 % 30.27 % 20.76 %
Q1 2009 37.44 % 30.39 % 20.32 %
Q2 2009 36.50 % 29.18 % 19.79 %
Q3 2009 36.60 % 29.14 % 19.86 %
Q4 2009 36.81 % 29.49 % 20.59 %
Q1 2010 37.33 % 30.20 % 21.57 %
Q2 2010 37.19 % 30.61 % 21.37 %
Q3 2010 36.46 % 29.64 % 20.39 %
Q4 2010 36.46 % 29.91 % 20.43 %
Q1 2011 36.23 % 30.00 % 19.87 %
Q2 2011 36.51 % 30.41 % 19.78 %
Q3 2011 37.52 % 31.14 % 20.21 %
Q4 2011 36.01 % 29.85 % 19.00 %
Q1 2012 34.55 % 28.33 % 18.40 %
Q2 2012 33.57 % 26.94 % 17.58 %
Q3 2012 32.13 % 26.07 % 16.72 %
Q4 2012 32.77 % 26.73 % 17.11 %
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %
Q3 2016 30.82 % 22.60 % 7.90 %
Q4 2016 27.45 % 20.51 % 3.47 %
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 100.00 1.40 1.40 5.88
Q2 2008 100.00 1.61 1.61 6.39
Q3 2008 100.00 1.69 1.69 6.88
Q4 2008 100.00 1.78 1.78 7.24
Q1 2009 100.00 1.81 1.81 7.02
Q2 2009 100.00 1.81 1.81 7.54
Q3 2009 100.00 1.84 1.84 8.08
Q4 2009 100.00 1.97 1.97 8.59
Q1 2010 100.00 2.14 2.14 8.41
Q2 2010 100.00 2.20 2.20 8.99
Q3 2010 100.00 2.14 2.14 9.45
Q4 2010 100.00 2.21 2.21 10.04
Q1 2011 100.00 2.22 2.22 9.75
Q2 2011 100.00 2.30 2.30 10.40
Q3 2011 100.00 2.38 2.38 10.94
Q4 2011 100.00 2.32 2.32 11.47
Q1 2012 100.00 2.35 2.35 12.10
Q2 2012 100.00 2.33 2.33 11.84
Q3 2012 100.00 2.34 2.34 12.40
Q4 2012 100.00 2.48 2.48 13.06
Q1 2013 100.00 2.67 2.67 13.88
Q2 2013 100.00 2.86 2.86 13.76
Q3 2013 100.00 3.02 3.02 14.48
Q4 2013 100.00 3.09 3.09 15.21
Q1 2014 100.00 3.15 3.15 16.08
Q2 2014 100.00 3.17 3.14 15.79
Q3 2014 100.00 3.24 2.98 16.58
Q4 2014 100.00 3.10 2.67 17.16
Q1 2015 100.00 3.07 2.63 17.99
Q2 2015 100.00 3.04 2.63 17.80
Q3 2015 100.00 2.88 2.59 18.42
Q4 2015 100.00 2.84 2.70 18.98
Q1 2016 100.00 2.47 2.34 19.46
Q2 2016 100.00 1.95 1.81 18.75
Q3 2016 100.00 0.85 1.08 18.28
Q4 2016 100.00 0.20 0.45 17.75
Q1 2017 100.00 (0.16) 0.04 18.33
Q2 2017 100.00 (0.50) (0.31) 17.77
Q3 2017 100.00 (0.43) (0.49) 17.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 20.18 20.18 4.82
Q2 2008 18.98 18.98 4.77
Q3 2008 17.78 17.78 4.38
Q4 2008 15.01 15.01 3.69
Q1 2009 12.45 12.45 3.21
Q2 2009 18.49 18.49 4.44
Q3 2009 16.76 16.76 3.82
Q4 2009 14.27 14.27 3.28
Q1 2010 14.20 14.20 3.62
Q2 2010 13.55 13.55 3.32
Q3 2010 16.40 16.40 3.71
Q4 2010 16.76 16.76 3.68
Q1 2011 15.43 15.43 3.52
Q2 2011 15.42 15.42 3.40
Q3 2011 14.04 14.04 3.05
Q4 2011 16.10 16.10 3.26
Q1 2012 15.81 15.81 3.07
Q2 2012 14.99 14.99 2.95
Q3 2012 13.82 13.82 2.61
Q4 2012 11.20 11.20 2.12
Q1 2013 11.72 11.72 2.25
Q2 2013 14.60 14.60 3.03
Q3 2013 14.71 14.71 3.07
Q4 2013 13.55 13.55 2.76
Q1 2014 16.31 16.31 3.19
Q2 2014 16.89 17.02 3.39
Q3 2014 16.95 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.75 2.16
Q2 2015 13.05 15.09 2.23
Q3 2015 10.18 11.34 1.59
Q4 2015 8.24 8.66 1.23
Q1 2016 7.71 8.16 0.98
Q2 2016 10.34 11.12 1.07
Q3 2016 15.77 12.43 0.73
Q4 2016 82.44 36.82 0.94
Q1 2017 NEG More than 100 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector
Q1 2008 155.61 44.10
Q2 2008 171.84 43.94
Q3 2008 176.99 49.11
Q4 2008 167.30 48.21
Q1 2009 180.35 51.29
Q2 2009 192.03 49.55
Q3 2009 185.62 52.00
Q4 2009 176.20 70.69
Q1 2010 203.05 65.13
Q2 2010 220.80 57.12
Q3 2010 201.80 52.96
Q4 2010 206.24 72.73
Q1 2011 234.66 71.70
Q2 2011 261.21 59.46
Q3 2011 216.65 53.06
Q4 2011 235.72 88.89
Q1 2012 276.26 83.90
Q2 2012 298.52 70.70
Q3 2012 271.12 75.05
Q4 2012 285.86 85.95
Q1 2013 313.82 92.47
Q2 2013 349.20 79.69
Q3 2013 314.46 69.04
Q4 2013 300.20 81.67
Q1 2014 336.95 87.06
Q2 2014 353.97 83.66
Q3 2014 304.32 81.32
Q4 2014 294.58 79.50
Q1 2015 365.19 81.86
Q2 2015 358.31 86.00
Q3 2015 293.40 61.18
Q4 2015 307.83 104.20
Q1 2016 289.14 83.66
Q2 2016 279.81 68.04
Q3 2016 180.46 51.98
Q4 2016 245.75 104.68
Q1 2017 234.30 81.05
Q2 2017 210.46 64.23
Q3 2017 168.81 55.32

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average (4.00) (39.91) (897.7 %)

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
Riyad Capital (4.00) (39.91) (897.7) %

Current
Market Cap (M Riyal) 2,890.00
Enterprise Value (EV) (M) 3,591.13
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (2.09)
Book Value (BV) ( Riyal) 15.20
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.90
Return on Average Assets (%) (TTM) (6.99 )
Return on Average Equity (%) (TTM) (12.91 )

Share Price

28.90
(0.40) (1.37 %)

Saudi Ceramic Co. (SAUDI CERAMICS)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.