Financial Results : Glass posts lower net profit at SAR 35.1m in I3 of 2013

Glass posts lower net profit at SAR 35.1m in I3 of 2013

30/09/2013 Argaam Exclusive

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The National Co. for Glass Industries (Zoujaj), a manufacturer of glass bottles and float glass, reported SAR 35.1m net profit in I3 of 2013, a 22% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 82.10 77.38 (5.7 %)
Gross Income 31.80 28.62 (10.0 %)
Operating Income 22.73 19.46 (14.4 %)
Net Income 45.24 35.11 (22.4 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.51 1.17 (22.4 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 26.47 24.22 (8.5 %)
Gross Income 9.84 8.47 (13.9 %)
Operating Income 6.90 5.88 (14.7 %)
Net Income 11.67 13.40 14.8 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.39 0.45 14.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 15.97 39.8 % 4.15 63.4 % 2.20 172.6 %
Q2 2004 20.80 28.1 % 5.84 44.3 % 3.25 67.5 %
Q3 2004 23.80 16.2 % 6.84 65.4 % 4.66 99.3 %
Q4 2004 23.56 33.7 % 6.15 68.3 % 3.65 117.9 %
Q1 2005 19.47 21.9 % 6.90 66.3 % 4.40 100.1 %
Q2 2005 23.68 13.8 % 8.78 50.4 % 6.43 98.0 %
Q3 2005 23.03 (3.2 %) 8.21 19.9 % 6.07 30.1 %
Q4 2005 21.56 (8.5 %) 7.22 17.4 % 4.62 26.6 %
Q1 2006 21.42 10.0 % 9.76 41.4 % 7.34 66.8 %
Q2 2006 20.15 (14.9 %) 7.35 (16.3 %) 4.89 (23.9 %)
Q3 2006 10.63 (53.8 %) 1.01 (87.7 %) (0.93) (115.4 %)
Q4 2006 24.66 14.4 % 9.42 30.4 % 6.85 48.2 %
Q1 2007 25.39 18.5 % 10.26 5.2 % 7.71 4.9 %
Q2 2007 27.76 37.8 % 10.12 37.6 % 7.33 49.8 %
Q3 2007 27.74 160.9 % 10.64 954.1 % 8.17 974.3 %
Q4 2007 25.39 2.9 % 10.50 11.5 % 7.87 14.9 %
Q1 2008 26.65 5.0 % 12.11 18.0 % 9.39 21.9 %
Q2 2008 27.80 0.1 % 10.24 1.2 % 7.31 (0.2 %)
Q3 2008 28.17 1.6 % 10.83 1.8 % 7.68 (5.9 %)
Q4 2008 25.89 2.0 % 9.40 (10.5 %) 6.09 (22.6 %)
Q1 2009 36.12 35.5 % 19.03 57.1 % 16.23 72.8 %
Q2 2009 31.76 14.2 % 15.76 53.9 % 13.46 84.0 %
Q3 2009 26.74 (5.1 %) 13.68 26.4 % 11.28 46.8 %
Q4 2009 27.70 7.0 % 12.65 34.5 % 10.48 72.0 %
Q1 2010 30.22 (16.3 %) 13.88 (27.0 %) 11.27 (30.6 %)
Q2 2010 28.29 (10.9 %) 12.22 (22.4 %) 9.85 (26.8 %)
Q3 2010 24.67 (7.7 %) 10.72 (21.7 %) 7.93 (29.7 %)
Q4 2010 27.62 (0.3 %) 13.15 3.9 % 11.06 5.5 %
Q1 2011 31.66 4.7 % 13.19 (5.0 %) 9.89 (12.3 %)
Q2 2011 32.76 15.8 % 12.16 (0.5 %) 9.52 (3.4 %)
Q3 2011 27.17 10.1 % 9.45 (11.9 %) 7.10 (10.5 %)
Q4 2011 26.39 (4.5 %) 8.84 (32.8 %) 6.16 (44.3 %)
Q1 2012 25.58 (19.2 %) 9.82 (25.5 %) 6.69 (32.3 %)
Q2 2012 30.06 (8.2 %) 12.14 (0.1 %) 9.14 (3.9 %)
Q3 2012 26.47 (2.6 %) 9.84 4.1 % 6.90 (2.8 %)
Q4 2012 30.65 16.1 % 10.04 13.6 % 6.80 10.5 %
Q1 2013 24.21 (5.4 %) 8.59 (12.6 %) 5.23 (21.9 %)
Q2 2013 28.96 (3.7 %) 11.56 (4.8 %) 8.35 (8.7 %)
Q3 2013 24.22 (8.5 %) 8.47 (13.9 %) 5.88 (14.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 10.21 72.5 % 0.34 - 10.21 0.34
Q2 2004 12.84 54.3 % 0.43 - 12.84 0.43
Q3 2004 15.73 68.3 % 0.52 - 15.73 0.52
Q4 2004 17.13 69.7 % 0.57 - 17.13 0.57
Q1 2005 14.74 44.3 % 0.49 - 14.74 0.49
Q2 2005 40.07 212.0 % 1.34 - 40.07 1.34
Q3 2005 23.38 48.6 % 0.78 - 23.38 0.78
Q4 2005 51.64 201.4 % 1.72 - 51.64 1.72
Q1 2006 48.73 230.6 % 1.62 - 48.73 1.62
Q2 2006 16.13 (59.7 %) 0.54 - 16.13 0.54
Q3 2006 8.88 (62.0 %) 0.30 - 8.88 0.30
Q4 2006 (25.43) (149.2 %) (0.85) - (25.43) (0.85)
Q1 2007 21.04 (56.8 %) 0.70 - 21.04 0.70
Q2 2007 19.28 19.6 % 0.64 - 19.28 0.64
Q3 2007 21.17 138.4 % 0.71 - 21.17 0.71
Q4 2007 18.89 174.3 % 0.63 - 18.89 0.63
Q1 2008 25.34 20.4 % 0.84 - 25.34 0.84
Q2 2008 19.77 2.5 % 0.66 - 19.77 0.66
Q3 2008 22.07 4.2 % 0.74 - 22.07 0.74
Q4 2008 0.52 (97.2 %) 0.02 - 0.52 0.02
Q1 2009 20.61 (18.7 %) 0.69 - 20.61 0.69
Q2 2009 10.35 (47.6 %) 0.35 - 10.35 0.35
Q3 2009 9.95 (54.9 %) 0.33 - 9.95 0.33
Q4 2009 4.60 780.3 % 0.15 - 4.60 0.15
Q1 2010 17.43 (15.4 %) 0.58 - 17.43 0.58
Q2 2010 18.96 83.2 % 0.63 - 18.96 0.63
Q3 2010 20.20 102.9 % 0.67 - 20.20 0.67
Q4 2010 14.46 214.1 % 0.48 - 14.46 0.48
Q1 2011 24.96 43.2 % 0.83 - 24.96 0.83
Q2 2011 29.70 56.7 % 0.99 - 29.70 0.99
Q3 2011 21.15 4.7 % 0.70 - 21.15 0.70
Q4 2011 5.32 (63.3 %) 0.18 - 5.32 0.18
Q1 2012 17.71 (29.1 %) 0.59 - 17.71 0.59
Q2 2012 15.86 (46.6 %) 0.53 - 15.86 0.53
Q3 2012 11.67 (44.8 %) 0.39 - 11.67 0.39
Q4 2012 (1.58) (129.7 %) (0.05) - (1.58) (0.05)
Q1 2013 8.62 (51.3 %) 0.29 - 8.62 0.29
Q2 2013 13.08 (17.5 %) 0.44 - 13.08 0.44
Q3 2013 13.40 14.8 % 0.45 - 13.40 0.45

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 22.74 % 41.38 % 54.02 %
Q2 2004 23.75 % 40.12 % 56.77 %
Q3 2004 26.20 % 40.20 % 62.51 %
Q4 2004 27.32 % 37.91 % 66.46 %
Q1 2005 29.36 % 36.74 % 68.97 %
Q2 2005 31.68 % 38.06 % 96.85 %
Q3 2005 33.47 % 39.04 % 106.21 %
Q4 2005 35.46 % 40.70 % 147.96 %
Q1 2006 37.87 % 42.23 % 182.64 %
Q2 2006 37.76 % 40.84 % 162.32 %
Q3 2006 34.35 % 38.66 % 169.96 %
Q4 2006 35.82 % 40.80 % 62.85 %
Q1 2007 34.69 % 40.98 % 25.51 %
Q2 2007 34.83 % 42.21 % 26.89 %
Q3 2007 38.31 % 44.18 % 34.17 %
Q4 2007 39.06 % 43.62 % 75.64 %
Q1 2008 40.32 % 43.64 % 78.74 %
Q2 2008 40.42 % 42.88 % 79.16 %
Q3 2008 40.44 % 42.01 % 79.68 %
Q4 2008 39.24 % 40.58 % 62.38 %
Q1 2009 41.95 % 43.47 % 53.37 %
Q2 2009 45.11 % 47.00 % 43.91 %
Q3 2009 48.02 % 50.27 % 34.38 %
Q4 2009 49.96 % 53.12 % 37.21 %
Q1 2010 48.08 % 51.21 % 36.37 %
Q2 2010 46.43 % 49.59 % 45.10 %
Q3 2010 44.62 % 47.25 % 55.19 %
Q4 2010 45.10 % 47.36 % 64.12 %
Q1 2011 43.90 % 45.40 % 70.02 %
Q2 2011 42.16 % 43.31 % 76.54 %
Q3 2011 40.21 % 41.73 % 75.73 %
Q4 2011 36.98 % 38.01 % 68.76 %
Q1 2012 35.98 % 37.57 % 66.02 %
Q2 2012 36.86 % 38.30 % 54.97 %
Q3 2012 37.46 % 38.40 % 46.60 %
Q4 2012 37.10 % 37.23 % 38.72 %
Q1 2013 36.45 % 36.00 % 31.04 %
Q2 2013 36.29 % 35.14 % 28.84 %
Q3 2013 35.78 % 34.67 % 31.03 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 30.00 1.27 1.27 8.13
Q2 2004 30.00 1.42 1.42 8.20
Q3 2004 30.00 1.63 1.63 8.72
Q4 2004 30.00 1.86 1.86 9.29
Q1 2005 30.00 2.01 2.01 9.79
Q2 2005 30.00 2.92 2.92 10.40
Q3 2005 30.00 3.18 3.18 11.18
Q4 2005 30.00 4.33 4.33 12.90
Q1 2006 30.00 5.46 5.46 14.53
Q2 2006 30.00 4.66 4.66 13.42
Q3 2006 30.00 4.18 4.18 12.81
Q4 2006 30.00 1.61 1.61 12.23
Q1 2007 30.00 0.69 0.69 12.45
Q2 2007 30.00 0.79 0.79 12.06
Q3 2007 30.00 1.20 1.20 13.27
Q4 2007 30.00 2.68 2.68 14.76
Q1 2008 30.00 2.82 2.82 14.69
Q2 2008 30.00 2.84 2.84 14.14
Q3 2008 30.00 2.87 2.87 14.52
Q4 2008 30.00 2.26 2.26 14.27
Q1 2009 30.00 2.10 2.10 14.87
Q2 2009 30.00 1.79 1.79 14.36
Q3 2009 30.00 1.38 1.38 14.80
Q4 2009 30.00 1.52 1.52 15.15
Q1 2010 30.00 1.41 1.41 15.94
Q2 2010 30.00 1.70 1.70 15.78
Q3 2010 30.00 2.04 2.04 16.58
Q4 2010 30.00 2.37 2.37 17.50
Q1 2011 30.00 2.62 2.62 18.66
Q2 2011 30.00 2.98 2.98 18.06
Q3 2011 30.00 3.01 3.01 18.60
Q4 2011 30.00 2.70 2.70 19.12
Q1 2012 30.00 2.46 2.46 20.12
Q2 2012 30.00 2.00 2.00 18.25
Q3 2012 30.00 1.69 1.69 18.51
Q4 2012 30.00 1.46 1.46 18.81
Q1 2013 30.00 1.15 1.15 19.08
Q2 2013 30.00 1.06 1.06 18.35
Q3 2013 30.00 1.12 1.12 19.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 19.29 19.29 3.01
Q2 2004 21.58 21.58 3.73
Q3 2004 22.93 22.93 4.28
Q4 2004 18.99 18.99 3.81
Q1 2005 21.92 21.92 4.51
Q2 2005 23.62 23.62 6.64
Q3 2005 29.45 29.45 8.37
Q4 2005 24.13 24.13 8.09
Q1 2006 14.70 14.70 5.53
Q2 2006 23.52 23.52 8.17
Q3 2006 21.83 21.83 7.12
Q4 2006 25.08 25.08 3.30
Q1 2007 57.50 57.50 3.17
Q2 2007 43.24 43.24 2.84
Q3 2007 37.63 37.63 3.41
Q4 2007 22.00 22.00 3.99
Q1 2008 19.02 19.02 3.65
Q2 2008 23.66 23.66 4.75
Q3 2008 17.12 17.12 3.38
Q4 2008 11.75 11.75 1.86
Q1 2009 12.32 12.32 1.74
Q2 2009 17.00 17.00 2.11
Q3 2009 21.77 21.77 2.03
Q4 2009 18.37 18.37 1.84
Q1 2010 20.40 20.40 1.81
Q2 2010 14.53 14.53 1.56
Q3 2010 13.44 13.44 1.65
Q4 2010 12.87 12.87 1.74
Q1 2011 12.48 12.48 1.75
Q2 2011 12.41 12.41 2.05
Q3 2011 12.83 12.83 2.08
Q4 2011 14.48 14.48 2.05
Q1 2012 18.13 18.13 2.22
Q2 2012 15.35 15.35 1.68
Q3 2012 18.42 18.42 1.68
Q4 2012 19.29 19.29 1.49
Q1 2013 24.93 24.93 1.51
Q2 2013 25.66 25.66 1.48
Q3 2013 30.42 30.42 1.79

Current
Market Cap (M Riyal) 1,786.47
Enterprise Value (EV) (M) 1,777.90
Shares Outstanding ((M)) 32.90
EPS ( Riyal) (TTM) 3.07
Book Value (BV) ( Riyal) 23.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.68
P/E (TTM) 17.68
Price/book 2.35
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 13.9

Share Price

The National Company for Glass Industries (ZOUJAJ)


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