Financial Results : SPIMACO net income more than halves in 9M 2016

SPIMACO net income more than halves in 9M 2016

18/10/2016 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corp.’s (SPIMACO) net income declined 55 percent to SAR 164.9 million in the first nine months of 2016. The drop was attributed to one-time gains of SAR 151.3 million from the sale of one of its investment last year, and lower income from investments.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 1,176.27 918.96 (21.9 %)
Gross Income 568.12 518.38 (8.8 %)
Operating Income 164.06 89.87 (45.2 %)
Net Income 366.17 133.28 (63.6 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 3.05 1.11 (63.6 %)

The third quarter profit fell 77 percent to SAR 6.8 million compared to the same quarter last year. Net income fell 87 percent versus the previous quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 308.27 257.21 (16.6 %)
Gross Income 131.32 140.54 7.0 %
Operating Income 24.69 9.14 (63.0 %)
Net Income 29.16 4.76 (83.7 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.24 0.04 (83.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2014 405.21 12.1 % 206.72 12.0 % 76.05 7.7 %
Q2 2014 371.14 7.8 % 193.14 7.8 % 44.90 10.5 %
Q3 2014 266.02 19.3 % 134.45 13.3 % 31.26 (11.6 %)
Q4 2014 431.06 12.8 % 261.80 15.8 % 90.22 49.9 %
Q1 2015 432.20 6.7 % 225.86 9.3 % 91.35 20.1 %
Q2 2015 435.80 17.4 % 210.95 9.2 % 48.02 6.9 %
Q3 2015 308.27 15.9 % 131.32 (2.3 %) 24.69 (21.0 %)
Q4 2015 520.38 20.7 % 266.38 1.7 % 101.91 13.0 %
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 53.22 (41.7 %)
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 27.50 (42.7 %)
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 9.14 (63.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2014 91.17 44.4 % 0.76 - 91.17 0.76
Q2 2014 97.72 (14.1 %) 0.81 - 97.72 0.81
Q3 2014 36.69 7.3 % 0.31 - 36.69 0.31
Q4 2014 91.29 60.1 % 0.76 - 91.29 0.76
Q1 2015 99.39 9.0 % 0.83 - 99.39 0.83
Q2 2015 237.63 143.2 % 1.98 151.31 86.32 0.72
Q3 2015 29.16 (20.5 %) 0.24 - 29.16 0.24
Q4 2015 (9.12) (110.0 %) (0.08) (118.50) 109.38 0.91
Q1 2016 88.91 (10.5 %) 0.74 15.46 73.45 0.61
Q2 2016 39.61 (83.3 %) 0.33 - 39.61 0.33
Q3 2016 4.76 (83.7 %) 0.04 - 4.76 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2014 53.95 % 17.92 % 21.86 %
Q2 2014 53.91 % 17.74 % 20.28 %
Q3 2014 53.39 % 16.79 % 19.84 %
Q4 2014 54.03 % 18.15 % 21.50 %
Q1 2015 54.34 % 18.90 % 21.67 %
Q2 2015 53.23 % 18.31 % 20.04 %
Q3 2015 51.63 % 17.40 % 19.05 %
Q4 2015 49.19 % 17.17 % 19.11 %
Q1 2016 50.60 % 15.90 % 18.80 %
Q2 2016 52.04 % 15.52 % 16.88 %
Q3 2016 54.52 % 15.09 % 15.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2014 120.00 2.47 2.47 32.96
Q2 2014 120.00 2.33 2.33 33.21
Q3 2014 120.00 2.35 2.35 35.74
Q4 2014 120.00 2.64 2.64 28.75
Q1 2015 120.00 2.71 2.71 27.84
Q2 2015 120.00 3.87 2.61 28.72
Q3 2015 120.00 3.81 2.55 24.87
Q4 2015 120.00 2.98 2.70 22.17
Q1 2016 120.00 2.89 2.49 20.84
Q2 2016 120.00 1.24 2.10 20.49
Q3 2016 120.00 1.03 1.89 20.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2014 19.07 19.07 1.43
Q2 2014 19.29 19.29 1.36
Q3 2014 21.41 21.41 1.41
Q4 2014 12.89 12.89 1.18
Q1 2015 14.78 14.78 1.44
Q2 2015 11.59 17.18 1.56
Q3 2015 9.46 14.14 1.45
Q4 2015 11.16 12.29 1.50
Q1 2016 11.15 12.96 1.55
Q2 2016 29.96 17.69 1.81
Q3 2016 30.18 16.49 1.53

Business Segments (Million)

Compared With The
Period Medical & Pharmaceutical production segment Investment activity Eliminations
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 - -
Q1 2014 405.21 - -
Q2 2014 374.14 - -
Q3 2014 266.02 - -
Q4 2014 427.82 - -
Q1 2015 432.29 14.84 -
Q2 2015 436.99 195.93 -
Q3 2015 308.38 9.55 -
Q4 2015 529.24 - -
Q1 2016 513.97 25.27 -
Q2 2016 494.92 9.41 -
Q3 2016 100.39 6.23 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 40.10 4.76 (88.1 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
OSOOL AND BAKHEET 40.10 4.76 (88.1) %


Financial Ratios
Current
Market Cap (M Riyal) 3,810.00
Enterprise Value (EV) (M) 5,079.60
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 2.59
Return on Average Assets (%) (TTM) 0.3
Return on Average Equity (%) (TTM) 0.8
more

Share Price

Saudi Pharmaceutical Industries and Medical Appliances Corp.
31.75
(0.25) (0.78 %)

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

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