Financial Results : Pharmaceutical posts higher net profit at SAR 266.8m at the end of 2013

Pharmaceutical posts higher net profit at SAR 266.8m at the end of 2013

31/12/2013 Argaam Exclusive

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Saudi Pharmaceutical Indust. & Med. Appliances Company, the largest pharmaceutical products’ producer in Saudi Arabia, reported SAR 266.8m net profit at the end of 2013, a 15% increase compared to last year, as shown in the following table:



Financials (M)

Item 2012 2013 Change‬
Revenues 1,183.15 1,310.50 10.8 %
Gross Income 618.56 708.52 14.5 %
Operating Income 201.06 205.58 2.2 %
Net Income 232.65 266.82 14.7 %
Average Shares 120.00 120.00 -
EPS (Riyals) 1.94 2.22 14.7 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 365.97 382.01 4.4 %
Gross Income 211.16 226.14 7.1 %
Operating Income 63.57 60.19 (5.3 %)
Net Income 53.73 57.01 6.1 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.45 0.48 6.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 170.56 51.8 % 58.50 25.0 % 23.69 19.0 %
Q2 2004 139.75 6.9 % 55.03 37.8 % 17.09 143.9 %
Q3 2004 120.00 (14.6 %) 43.24 24.0 % 12.98 97.1 %
Q4 2004 152.19 (11.7 %) 57.92 9.6 % 8.49 579.4 %
Q1 2005 166.00 (2.7 %) 74.42 27.2 % 34.55 45.8 %
Q2 2005 152.77 9.3 % 59.58 8.3 % 20.33 19.0 %
Q3 2005 141.13 17.6 % 58.99 36.4 % 22.00 69.5 %
Q4 2005 189.00 24.2 % 78.09 34.8 % 25.02 194.6 %
Q1 2006 194.37 17.1 % 91.95 23.6 % 37.75 9.3 %
Q2 2006 185.74 21.6 % 71.43 19.9 % 24.97 22.8 %
Q3 2006 156.57 10.9 % 64.50 9.4 % 23.63 7.4 %
Q4 2006 191.16 1.1 % 80.54 3.1 % 21.73 (13.1 %)
Q1 2007 203.37 4.6 % 91.01 (1.0 %) 40.00 6.0 %
Q2 2007 209.28 12.7 % 66.46 (7.0 %) 3.13 (87.5 %)
Q3 2007 149.40 (4.6 %) 66.84 3.6 % 24.13 2.1 %
Q4 2007 235.70 23.3 % 102.31 27.0 % 30.48 40.3 %
Q1 2008 220.58 8.5 % 99.57 9.4 % 41.61 4.0 %
Q2 2008 211.66 1.1 % 74.78 12.5 % 11.06 253.2 %
Q3 2008 145.45 (2.6 %) 74.34 11.2 % 21.36 (11.5 %)
Q4 2008 294.26 24.8 % 114.28 11.7 % 38.48 26.3 %
Q1 2009 257.88 16.9 % 108.57 9.0 % 46.06 10.7 %
Q2 2009 229.00 8.2 % 81.53 9.0 % 16.76 51.6 %
Q3 2009 171.15 17.7 % 72.49 (2.5 %) 18.81 (11.9 %)
Q4 2009 292.71 (0.5 %) 157.00 37.4 % 64.46 67.5 %
Q1 2010 274.33 6.4 % 118.90 9.5 % 52.94 14.9 %
Q2 2010 252.34 10.2 % 100.50 23.3 % 21.50 28.3 %
Q3 2010 191.40 11.8 % 85.88 18.5 % 20.68 9.9 %
Q4 2010 319.57 9.2 % 181.12 15.4 % 70.70 9.7 %
Q1 2011 252.08 (8.1 %) 123.51 3.9 % 49.79 (6.0 %)
Q2 2011 292.08 15.7 % 123.61 23.0 % 30.59 42.3 %
Q3 2011 209.24 9.3 % 106.76 24.3 % 33.19 60.5 %
Q4 2011 375.82 17.6 % 206.69 14.1 % 76.86 8.7 %
Q1 2012 303.14 20.3 % 153.21 24.0 % 63.10 26.7 %
Q2 2012 286.64 (1.9 %) 140.91 14.0 % 34.78 13.7 %
Q3 2012 227.40 8.7 % 113.28 6.1 % 39.61 19.3 %
Q4 2012 365.97 (2.6 %) 211.16 2.2 % 63.57 (17.3 %)
Q1 2013 361.37 19.2 % 184.62 20.5 % 70.64 11.9 %
Q2 2013 344.22 20.1 % 179.12 27.1 % 40.64 16.8 %
Q3 2013 222.91 (2.0 %) 118.64 4.7 % 35.37 (10.7 %)
Q4 2013 382.01 4.4 % 226.14 7.1 % 60.19 (5.3 %)
2013 1,310.50 10.8 % 708.52 14.5 % 205.58 2.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 23.45 9.7 % 0.23 - 23.45 0.23
Q2 2004 19.02 117.6 % 0.19 - 19.02 0.19
Q3 2004 13.68 93.6 % 0.13 - 13.68 0.13
Q4 2004 9.34 219.4 % 0.09 - 9.34 0.09
Q1 2005 35.38 50.9 % 0.35 - 35.38 0.35
Q2 2005 24.28 27.7 % 0.24 - 24.28 0.24
Q3 2005 20.68 51.2 % 0.20 - 20.68 0.20
Q4 2005 15.80 69.2 % 0.16 - 15.80 0.16
Q1 2006 37.65 6.4 % 0.37 - 37.65 0.37
Q2 2006 19.13 (21.2 %) 0.19 - 19.13 0.19
Q3 2006 23.80 15.1 % 0.23 - 23.80 0.23
Q4 2006 24.46 54.8 % 0.24 - 24.46 0.24
Q1 2007 39.50 4.9 % 0.39 - 39.50 0.39
Q2 2007 22.57 18.0 % 0.22 - 22.57 0.22
Q3 2007 26.53 11.4 % 0.26 - 26.53 0.26
Q4 2007 33.28 36.1 % 0.33 - 33.28 0.33
Q1 2008 40.93 3.6 % 0.40 - 40.93 0.40
Q2 2008 34.24 51.7 % 0.34 (0.45) 34.70 0.34
Q3 2008 15.62 (41.1 %) 0.15 (3.69) 19.83 0.20
Q4 2008 37.48 12.6 % 0.37 - 37.48 0.37
Q1 2009 42.69 4.3 % 0.42 (0.18) 42.87 0.42
Q2 2009 37.81 10.4 % 0.37 0.00 37.81 0.37
Q3 2009 15.84 1.4 % 0.16 0.00 15.84 0.16
Q4 2009 58.48 56.0 % 0.58 (3.12) 61.60 0.61
Q1 2010 45.32 6.2 % 0.38 (3.24) 48.56 0.40
Q2 2010 43.09 14.0 % 0.36 - 43.09 0.36
Q3 2010 18.07 14.1 % 0.15 - 18.07 0.15
Q4 2010 70.04 19.8 % 0.58 - 70.04 0.58
Q1 2011 45.71 0.9 % 0.38 - 45.71 0.38
Q2 2011 60.75 41.0 % 0.51 - 60.75 0.51
Q3 2011 29.75 64.6 % 0.25 - 29.75 0.25
Q4 2011 74.06 5.7 % 0.62 - 74.06 0.62
Q1 2012 56.45 23.5 % 0.47 - 56.45 0.47
Q2 2012 90.14 48.4 % 0.75 - 90.14 0.75
Q3 2012 32.33 8.7 % 0.27 - 32.33 0.27
Q4 2012 53.73 (27.5 %) 0.45 - 53.73 0.45
Q1 2013 63.15 11.9 % 0.53 - 63.15 0.53
Q2 2013 113.71 26.1 % 0.95 - 113.71 0.95
Q3 2013 34.19 5.8 % 0.28 - 34.19 0.28
Q4 2013 57.01 6.1 % 0.48 - 57.01 0.48
2013 266.82 14.7 % 2.22 - 266.82 2.22

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 30.32 % 11.28 % 6.87 %
Q2 2004 32.30 % 12.38 % 8.42 %
Q3 2004 34.79 % 13.47 % 9.80 %
Q4 2004 36.86 % 14.75 % 11.24 %
Q1 2005 39.90 % 16.36 % 13.40 %
Q2 2005 39.79 % 16.55 % 13.99 %
Q3 2005 40.99 % 17.10 % 14.65 %
Q4 2005 41.77 % 18.97 % 14.82 %
Q1 2006 42.61 % 18.61 % 14.53 %
Q2 2006 42.30 % 18.33 % 13.13 %
Q3 2006 42.16 % 18.23 % 13.28 %
Q4 2006 42.37 % 17.65 % 14.43 %
Q1 2007 41.73 % 17.98 % 14.51 %
Q2 2007 39.78 % 14.82 % 14.51 %
Q3 2007 40.47 % 15.48 % 15.01 %
Q4 2007 40.94 % 15.79 % 15.28 %
Q1 2008 41.13 % 15.70 % 15.13 %
Q2 2008 42.03 % 16.67 % 16.57 %
Q3 2008 43.15 % 16.47 % 15.83 %
Q4 2008 41.63 % 16.30 % 15.25 %
Q1 2009 40.91 % 16.13 % 14.83 %
Q2 2009 40.87 % 16.44 % 14.89 %
Q3 2009 39.57 % 15.73 % 14.07 %
Q4 2009 44.13 % 18.49 % 16.63 %
Q1 2010 44.45 % 18.88 % 16.94 %
Q2 2010 45.32 % 18.93 % 17.07 %
Q3 2010 45.73 % 18.73 % 16.95 %
Q4 2010 46.88 % 18.85 % 17.32 %
Q1 2011 48.36 % 18.99 % 17.42 %
Q2 2011 48.73 % 19.12 % 18.44 %
Q3 2011 49.86 % 19.99 % 19.22 %
Q4 2011 49.64 % 19.57 % 18.62 %
Q1 2012 50.01 % 19.86 % 18.73 %
Q2 2012 51.72 % 20.36 % 21.31 %
Q3 2012 51.47 % 20.54 % 21.21 %
Q4 2012 52.28 % 19.56 % 19.66 %
Q1 2013 52.36 % 19.26 % 19.28 %
Q2 2013 52.98 % 18.87 % 20.24 %
Q3 2013 53.58 % 18.66 % 20.45 %
Q4 2013 54.06 % 18.26 % 20.45 %
2013 54.06 % 18.16 % 20.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 101.51 0.42 0.42 11.72
Q2 2004 101.51 0.52 0.52 11.91
Q3 2004 101.51 0.58 0.58 12.04
Q4 2004 101.51 0.65 0.65 15.40
Q1 2005 101.51 0.76 0.76 18.03
Q2 2005 101.51 0.81 0.81 18.64
Q3 2005 101.51 0.88 0.88 20.02
Q4 2005 101.51 0.95 0.95 20.18
Q1 2006 101.51 0.97 0.97 25.43
Q2 2006 101.51 0.92 0.92 21.37
Q3 2006 101.51 0.95 0.95 27.26
Q4 2006 101.51 1.03 1.03 19.65
Q1 2007 101.51 1.05 1.05 19.84
Q2 2007 101.51 1.09 1.09 19.42
Q3 2007 101.51 1.11 1.11 21.04
Q4 2007 101.51 1.20 1.20 28.41
Q1 2008 101.51 1.21 1.21 26.83
Q2 2008 101.51 1.33 1.33 27.74
Q3 2008 101.51 1.22 1.27 21.88
Q4 2008 101.51 1.26 1.31 13.76
Q1 2009 101.51 1.28 1.33 14.17
Q2 2009 101.51 1.32 1.36 17.62
Q3 2009 101.51 1.32 1.32 19.72
Q4 2009 101.51 1.53 1.56 21.46
Q1 2010 120.00 1.31 1.36 22.04
Q2 2010 120.00 1.36 1.41 19.98
Q3 2010 120.00 1.37 1.43 21.69
Q4 2010 120.00 1.47 1.50 24.48
Q1 2011 120.00 1.47 1.47 25.41
Q2 2011 120.00 1.62 1.62 27.29
Q3 2011 120.00 1.72 1.72 25.92
Q4 2011 120.00 1.75 1.75 26.50
Q1 2012 120.00 1.84 1.84 30.26
Q2 2012 120.00 2.09 2.09 25.75
Q3 2012 120.00 2.11 2.11 26.24
Q4 2012 120.00 1.94 1.94 25.28
Q1 2013 120.00 1.99 1.99 27.18
Q2 2013 120.00 2.19 2.19 26.14
Q3 2013 120.00 2.21 2.21 27.35
Q4 2013 120.00 2.23 2.23 32.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 56.73 56.73 2.01
Q2 2004 56.68 56.68 2.46
Q3 2004 58.18 58.18 2.81
Q4 2004 51.34 51.34 2.15
Q1 2005 64.94 64.94 2.75
Q2 2005 95.64 95.64 4.18
Q3 2005 95.14 95.14 4.20
Q4 2005 More than 100 More than 100 6.89
Q1 2006 More than 100 More than 100 4.07
Q2 2006 97.11 97.11 4.18
Q3 2006 89.06 89.06 3.10
Q4 2006 33.13 33.13 1.74
Q1 2007 30.19 30.19 1.60
Q2 2007 28.33 28.33 1.59
Q3 2007 28.70 28.70 1.52
Q4 2007 33.83 33.83 1.43
Q1 2008 27.68 27.68 1.25
Q2 2008 26.79 26.70 1.28
Q3 2008 20.49 19.74 1.14
Q4 2008 12.99 12.53 1.19
Q1 2009 14.92 14.39 1.35
Q2 2009 17.20 16.65 1.28
Q3 2009 18.29 18.26 1.22
Q4 2009 15.25 14.94 1.08
Q1 2010 16.69 16.04 0.99
Q2 2010 14.70 14.15 1.00
Q3 2010 14.64 14.10 0.93
Q4 2010 15.82 15.53 0.95
Q1 2011 17.65 17.65 1.02
Q2 2011 15.68 15.68 0.93
Q3 2011 14.41 14.41 0.96
Q4 2011 15.03 15.03 0.99
Q1 2012 17.92 17.92 1.09
Q2 2012 12.56 12.56 1.02
Q3 2012 13.70 13.70 1.10
Q4 2012 14.74 14.74 1.13
Q1 2013 13.60 13.60 1.00
Q2 2013 15.51 15.51 1.30
Q3 2013 15.70 15.70 1.27
Q4 2013 19.02 19.02 1.32

Business Segments (Million)

Compared With The
Period Medical & Pharmaceutical production segment
Q1 2005 166.00
Q2 2005 152.77
Q3 2005 141.13
Q4 2005 189.00
Q1 2006 194.37
Q2 2006 185.74
Q3 2006 156.57
Q4 2006 191.16
Q1 2007 203.37
Q2 2007 209.28
Q3 2007 149.40
Q4 2007 235.69
Q1 2008 220.58
Q2 2008 211.66
Q3 2008 145.45
Q4 2008 294.25
Q1 2009 257.88
Q2 2009 229.00
Q3 2009 171.15
Q4 2009 292.71
Q1 2010 274.33
Q2 2010 252.34
Q3 2010 191.41
Q4 2010 319.57
Q1 2011 252.08
Q2 2011 292.08
Q3 2011 209.24
Q4 2011 375.82
Q1 2012 303.14
Q2 2012 286.65
Q3 2012 227.40
Q4 2012 365.97
Q1 2013 361.37
Q2 2013 344.22
Q3 2013 222.91
Q4 2013 382.01


Financial Ratios
Current
Market Cap (M Riyal) 3,732.00
Enterprise Value (EV) (M) 5,001.60
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 0.10
Book Value (BV) ( Riyal) 12.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.53
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.8
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Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp.
31.10
(0.05) (0.16 %)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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