Financial Results : FIPCO’s net profit drops 57% in H1

FIPCO’s net profit drops 57% in H1

07/08/2017 Argaam Exclusive

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Filing and Packing Materials Manufacturing Co. (FIPCO) reported a net profit of SAR 3.6 million in the first half of this year, a 57 percent year-on-year (YoY) drop, on a decrease in sales, rise in general and administrative (G&A) expenses due to the implementation of the International Financial Reporting Standards (IFRS) on financial statements as of Q2 2017, in addition to an increase in zakat provision.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 89.51 81.62 (8.8 %)
Gross Income 18.79 14.66 (22.0 %)
Operating Income 9.29 3.49 (62.5 %)
Net Income 8.44 3.66 (56.6 %)
Average Shares 11.50 11.50 -
EPS (Riyals) 0.73 0.32 (56.6 %)

The second quarter saw a net profit of SAR 0.4 million, a decrease by 90 percent YoY, which was attributed to a decline in sales, fierce competition, higher G&A expenses and an increase in the zakat provision.

 

Net profit in Q2 fell 87.4 percent compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 44.36 40.43 (8.9 %)
Gross Income 9.40 6.92 (26.3 %)
Operating Income 4.54 0.92 (79.8 %)
Net Income 3.90 0.48 (87.7 %)
Average Shares 11.50 11.50 -
EPS (Riyals) 0.34 0.04 (87.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 40.50 17.5 % 6.55 26.7 % 4.49 39.1 %
Q2 2008 45.77 19.9 % 6.52 (4.5 %) 4.57 (4.9 %)
Q3 2008 50.73 46.4 % 9.49 88.8 % 7.33 115.2 %
Q4 2008 40.84 8.2 % 4.77 (21.5 %) 2.91 (37.7 %)
Q1 2009 34.28 (15.4 %) 8.21 25.3 % 5.87 30.6 %
Q2 2009 31.43 (31.3 %) 6.08 (6.7 %) 4.15 (9.2 %)
Q3 2009 37.16 (26.7 %) 7.82 (17.6 %) 4.27 (41.8 %)
Q4 2009 37.73 (7.6 %) 8.29 73.8 % 5.69 95.2 %
Q1 2010 43.53 27.0 % 9.48 15.5 % 6.55 11.6 %
Q2 2010 40.82 29.9 % 7.00 15.1 % 3.84 (7.4 %)
Q3 2010 44.90 20.8 % 8.72 11.5 % 5.32 24.7 %
Q4 2010 41.40 9.7 % 10.45 26.1 % 7.24 27.3 %
Q1 2011 43.67 0.3 % 10.57 11.5 % 7.21 10.1 %
Q2 2011 54.33 33.1 % 7.08 1.1 % 3.74 (2.6 %)
Q3 2011 48.57 8.2 % 4.62 (47.0 %) 1.45 (72.7 %)
Q4 2011 59.27 43.2 % 9.72 (7.0 %) 6.08 (16.0 %)
Q1 2012 52.58 20.4 % 11.62 9.9 % 7.68 6.5 %
Q2 2012 54.80 0.9 % 11.62 64.1 % 7.92 111.7 %
Q3 2012 51.69 6.4 % 9.64 108.7 % 5.99 313.3 %
Q4 2012 47.58 (19.7 %) 10.15 4.4 % 6.28 3.3 %
Q1 2013 56.46 7.4 % 11.90 2.4 % 7.75 0.9 %
Q2 2013 57.13 4.3 % 11.26 (3.1 %) 7.24 (8.5 %)
Q3 2013 52.00 0.6 % 11.02 14.3 % 6.56 9.4 %
Q4 2013 48.75 2.5 % 10.34 1.8 % 6.72 6.9 %
Q1 2014 48.90 (13.4 %) 11.96 0.5 % 7.84 1.1 %
Q2 2014 45.27 (20.8 %) 11.01 (2.2 %) 6.74 (6.9 %)
Q3 2014 50.48 (2.9 %) 10.14 (8.0 %) 6.20 (5.5 %)
Q4 2014 59.90 22.9 % 10.67 3.2 % 6.49 (3.3 %)
Q1 2015 50.37 3.0 % 7.14 (40.3 %) 2.83 (64.0 %)
Q2 2015 51.89 14.6 % 10.90 (1.0 %) 6.21 (7.8 %)
Q3 2015 47.83 (5.3 %) 9.94 (2.0 %) 5.72 (7.7 %)
Q4 2015 41.14 (31.3 %) 7.19 (32.6 %) 2.71 (58.3 %)
Q1 2016 45.15 (10.4 %) 9.39 31.7 % 4.74 67.9 %
Q2 2016 44.36 (14.5 %) 9.40 (13.8 %) 4.54 (26.9 %)
Q3 2016 30.65 (35.9 %) 4.45 (55.3 %) 1.25 (78.1 %)
Q4 2016 44.92 9.2 % 6.59 (8.3 %) 1.88 (30.6 %)
Q1 2017 41.19 (8.8 %) 7.74 (17.6 %) 2.08 (56.1 %)
Q2 2017 40.43 (8.9 %) 6.92 (26.3 %) 0.92 (79.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 4.40 41.2 % 0.38 - 4.40 0.38
Q2 2008 4.03 (10.9 %) 0.35 - 4.03 0.35
Q3 2008 6.91 144.4 % 0.60 - 6.91 0.60
Q4 2008 2.19 (46.0 %) 0.19 - 2.19 0.19
Q1 2009 7.22 64.2 % 0.63 - 7.22 0.63
Q2 2009 4.05 0.4 % 0.35 - 4.05 0.35
Q3 2009 4.01 (41.9 %) 0.35 - 4.01 0.35
Q4 2009 4.51 106.2 % 0.39 - 4.51 0.39
Q1 2010 6.28 (13.1 %) 0.55 - 6.28 0.55
Q2 2010 2.94 (27.3 %) 0.26 - 2.94 0.26
Q3 2010 5.98 49.0 % 0.52 - 5.98 0.52
Q4 2010 6.43 42.5 % 0.56 - 6.43 0.56
Q1 2011 6.59 5.0 % 0.57 - 6.59 0.57
Q2 2011 3.84 30.3 % 0.33 - 3.84 0.33
Q3 2011 0.41 (93.2 %) 0.04 - 0.41 0.04
Q4 2011 4.88 (24.0 %) 0.42 - 4.88 0.42
Q1 2012 7.22 9.4 % 0.63 - 7.22 0.63
Q2 2012 7.24 88.6 % 0.63 - 7.24 0.63
Q3 2012 5.28 1191.7 % 0.46 - 5.28 0.46
Q4 2012 4.96 1.6 % 0.43 - 4.96 0.43
Q1 2013 6.91 (4.2 %) 0.60 - 6.91 0.60
Q2 2013 6.61 (8.6 %) 0.57 - 6.61 0.57
Q3 2013 5.76 9.0 % 0.50 - 5.76 0.50
Q4 2013 6.19 25.0 % 0.54 - 6.19 0.54
Q1 2014 6.93 0.3 % 0.60 - 6.93 0.60
Q2 2014 6.54 (1.1 %) 0.57 - 6.54 0.57
Q3 2014 5.31 (7.9 %) 0.46 - 5.31 0.46
Q4 2014 5.49 (11.3 %) 0.48 - 5.49 0.48
Q1 2015 2.51 (63.8 %) 0.22 - 2.51 0.22
Q2 2015 5.52 (15.6 %) 0.48 - 5.52 0.48
Q3 2015 4.71 (11.2 %) 0.41 - 4.71 0.41
Q4 2015 0.42 (92.4 %) 0.04 (1.50) 1.92 0.17
Q1 2016 4.54 81.0 % 0.39 - 4.54 0.39
Q2 2016 3.90 (29.3 %) 0.34 - 3.90 0.34
Q3 2016 0.14 (97.0 %) 0.01 - 0.14 0.01
Q4 2016 2.60 521.0 % 0.23 - 2.60 0.23
Q1 2017 3.18 (29.9 %) 0.28 - 3.18 0.28
Q2 2017 0.48 (87.7 %) 0.04 - 0.48 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 16.20 % 14.76 % 10.46 %
Q2 2008 15.23 % 14.37 % 9.65 %
Q3 2008 16.38 % 15.30 % 11.10 %
Q4 2008 15.37 % 13.91 % 9.86 %
Q1 2009 16.89 % 15.21 % 11.86 %
Q2 2009 18.15 % 16.36 % 12.95 %
Q3 2009 18.70 % 15.79 % 12.16 %
Q4 2009 21.62 % 18.53 % 14.08 %
Q1 2010 21.13 % 18.10 % 12.58 %
Q2 2010 20.47 % 16.92 % 11.14 %
Q3 2010 20.06 % 17.15 % 11.81 %
Q4 2010 20.89 % 17.78 % 12.67 %
Q1 2011 21.51 % 18.16 % 12.85 %
Q2 2011 19.98 % 16.82 % 12.39 %
Q3 2011 17.41 % 14.31 % 9.18 %
Q4 2011 15.54 % 12.44 % 7.64 %
Q1 2012 15.39 % 12.20 % 7.61 %
Q2 2012 17.46 % 14.20 % 9.17 %
Q3 2012 19.51 % 16.14 % 11.27 %
Q4 2012 20.82 % 17.69 % 11.95 %
Q1 2013 20.57 % 17.59 % 11.58 %
Q2 2013 20.18 % 17.26 % 11.16 %
Q3 2013 20.80 % 17.60 % 11.37 %
Q4 2013 20.77 % 17.38 % 11.88 %
Q1 2014 21.56 % 18.07 % 12.33 %
Q2 2014 22.74 % 18.95 % 13.04 %
Q3 2014 22.46 % 19.12 % 12.91 %
Q4 2014 21.40 % 18.14 % 11.86 %
Q1 2015 18.91 % 15.64 % 9.63 %
Q2 2015 18.27 % 14.88 % 8.85 %
Q3 2015 18.40 % 14.74 % 8.68 %
Q4 2015 18.39 % 14.15 % 7.66 %
Q1 2016 20.12 % 15.73 % 8.97 %
Q2 2016 20.12 % 15.66 % 8.44 %
Q3 2016 18.86 % 14.69 % 6.51 %
Q4 2016 18.07 % 13.92 % 6.77 %
Q1 2017 17.49 % 11.80 % 6.10 %
Q2 2017 16.35 % 9.00 % 4.07 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 11.50 1.37 1.37 8.22
Q2 2008 11.50 1.33 1.33 8.57
Q3 2008 11.50 1.69 1.69 9.17
Q4 2008 11.50 1.52 1.52 9.27
Q1 2009 11.50 1.77 1.77 9.90
Q2 2009 11.50 1.77 1.77 10.25
Q3 2009 11.50 1.52 1.52 10.60
Q4 2009 11.50 1.72 1.72 10.99
Q1 2010 11.50 1.64 1.64 11.44
Q2 2010 11.50 1.54 1.54 11.70
Q3 2010 11.50 1.71 1.71 12.22
Q4 2010 11.50 1.88 1.88 12.76
Q1 2011 11.50 1.91 1.91 13.33
Q2 2011 11.50 1.99 1.99 12.59
Q3 2011 11.50 1.50 1.50 12.63
Q4 2011 11.50 1.37 1.37 13.05
Q1 2012 11.50 1.42 1.42 13.68
Q2 2012 11.50 1.72 1.72 13.17
Q3 2012 11.50 2.14 2.14 13.63
Q4 2012 11.50 2.15 2.15 14.06
Q1 2013 11.50 2.12 2.12 14.57
Q2 2013 11.50 2.07 2.07 14.14
Q3 2013 11.50 2.11 2.11 14.64
Q4 2013 11.50 2.22 2.22 15.14
Q1 2014 11.50 2.22 2.22 15.74
Q2 2014 11.50 2.21 2.21 15.17
Q3 2014 11.50 2.17 2.17 15.63
Q4 2014 11.50 2.11 2.11 16.11
Q1 2015 11.50 1.73 1.73 16.32
Q2 2015 11.50 1.64 1.64 15.68
Q3 2015 11.50 1.58 1.58 16.09
Q4 2015 11.50 1.14 1.27 16.13
Q1 2016 11.50 1.32 1.45 16.54
Q2 2016 11.50 1.18 1.31 16.86
Q3 2016 11.50 0.78 0.91 16.87
Q4 2016 11.50 0.97 0.97 15.97
Q1 2017 11.50 0.85 0.85 16.25
Q2 2017 11.50 0.56 0.56 15.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 28.29 28.29 4.73
Q2 2008 29.99 29.99 4.66
Q3 2008 15.75 15.75 2.90
Q4 2008 17.27 17.27 2.84
Q1 2009 12.40 12.40 2.22
Q2 2009 18.40 18.40 3.18
Q3 2009 24.31 24.31 3.48
Q4 2009 24.23 24.23 3.79
Q1 2010 21.29 21.29 3.05
Q2 2010 17.04 17.04 2.25
Q3 2010 16.16 16.16 2.27
Q4 2010 15.37 15.37 2.26
Q1 2011 14.10 14.10 2.02
Q2 2011 17.02 17.02 2.68
Q3 2011 22.58 22.58 2.68
Q4 2011 36.58 36.58 3.83
Q1 2012 35.19 35.19 3.66
Q2 2012 21.32 21.32 2.78
Q3 2012 18.97 18.97 2.98
Q4 2012 21.52 21.52 3.29
Q1 2013 22.59 22.59 3.29
Q2 2013 22.36 22.36 3.27
Q3 2013 23.49 23.49 3.38
Q4 2013 23.70 23.70 3.47
Q1 2014 25.15 25.15 3.54
Q2 2014 28.41 28.41 4.14
Q3 2014 31.55 31.55 4.38
Q4 2014 21.83 21.83 2.86
Q1 2015 28.72 28.72 3.04
Q2 2015 29.32 29.32 3.06
Q3 2015 23.12 23.12 2.28
Q4 2015 33.08 29.69 2.35
Q1 2016 25.14 22.88 2.01
Q2 2016 38.07 34.28 2.66
Q3 2016 37.83 32.42 1.75
Q4 2016 36.66 36.66 2.23
Q1 2017 41.70 41.70 2.19
Q2 2017 59.63 59.63 2.10


Financial Ratios
Current
Market Cap (M Riyal) 552.00
Enterprise Value (EV) (M) 603.47
Shares Outstanding ((M)) 11.50
EPS ( Riyal) (TTM) 0.91
Book Value (BV) ( Riyal) 12.80
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.75
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 7.4
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Share Price

Filing and Packing Materials Manufacturing Co.
48.00
2.20 4.80 %

Filing and Packing Materials Manufacturing Co. (FIPCO)

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