Financial Results : Arabian Pipes swings to profit in 9M 2019

Arabian Pipes swings to profit in 9M 2019

05/11/2019 Argaam Exclusive

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Arabian Pipes Co. reported a net profit of SAR 25.4 million for the first nine months of 2019, as compared to a net loss of SAR 33.7 million in the corresponding period, driven by a 22.8 percent increase in sales revenue.

 

The company also bagged several projects over the nine-month period which boosted profitability.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 473.87 581.91 22.8 %
Gross Income 11.95 75.81 534.3 %
Operating Income (10.40) 46.93 551.1 %
Net Income (33.65) 25.37 175.4 %
Average Shares 15.00 15.00 -
EPS (Riyals) (2.24) 1.69 175.4 %

The company’s net profit after zakat and tax for Q3 2019 stood at SAR 9.2 million, versus a net loss of SAR 16.8 million in year-earlier period, due to higher sales revenue, and lower cost of sales.

 

The company also cited production sustainability in Riyadh and Jubail units.

 

On a sequential basis, Q3 2019 net profit rose 13.6 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 186.21 210.35 13.0 %
Gross Income 2.32 28.35 1122.1 %
Operating Income (5.05) 20.54 506.8 %
Net Income (16.85) 9.19 154.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) (1.12) 0.61 154.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 56.18 (57.4 %) 12.72 (59.3 %) 1.48 (90.5 %)
Q2 2010 95.56 9.1 % 10.23 (53.8 %) 6.05 (43.9 %)
Q3 2010 53.58 (47.9 %) 2.62 (91.9 %) (1.63) (108.3 %)
Q4 2010 50.46 (58.5 %) 3.66 (88.2 %) (8.16) (251.5 %)
Q1 2011 59.28 5.5 % 3.00 (76.4 %) (1.42) (196.2 %)
Q2 2011 49.01 (48.7 %) 6.17 (39.7 %) 0.95 (84.3 %)
Q3 2011 87.11 62.6 % 16.42 527.2 % 10.32 732.8 %
Q4 2011 79.28 57.1 % 8.42 129.8 % 2.23 127.3 %
Q1 2012 166.39 180.7 % 16.44 448.9 % 7.20 606.3 %
Q2 2012 161.94 230.4 % 14.96 142.6 % 5.31 460.2 %
Q3 2012 172.68 98.2 % 14.13 (13.9 %) 1.31 (87.3 %)
Q4 2012 178.91 125.7 % 4.05 (51.9 %) (11.94) (635.2 %)
Q1 2013 99.72 (40.1 %) 8.59 (47.8 %) (9.57) (232.9 %)
Q2 2013 110.16 (32.0 %) 11.85 (20.8 %) (4.82) (190.8 %)
Q3 2013 86.61 (49.8 %) 14.73 4.2 % 2.70 106.4 %
Q4 2013 86.75 (51.5 %) 18.07 346.1 % (5.73) 52.0 %
Q1 2014 85.65 (14.1 %) 10.29 19.8 % (0.32) 96.7 %
Q2 2014 111.35 1.1 % 4.32 (63.6 %) (7.34) (52.3 %)
Q3 2014 97.04 12.0 % 8.82 (40.1 %) (4.51) (266.7 %)
Q4 2014 91.22 5.2 % (0.45) (102.5 %) (15.32) (167.3 %)
Q1 2015 161.06 88.0 % 16.03 55.8 % 0.41 229.6 %
Q2 2015 65.06 (41.6 %) 8.39 94.3 % (2.19) 70.1 %
Q3 2015 70.08 (27.8 %) 8.17 (7.4 %) (1.35) 70.1 %
Q4 2015 76.77 (15.8 %) 4.61 1120.4 % (18.19) (18.8 %)
Q1 2016 61.54 (61.8 %) 7.53 (53.0 %) (5.85) (1520.9 %)
Q2 2016 105.45 62.1 % 21.48 156.1 % 11.72 635.3 %
Q3 2016 97.26 38.8 % 16.42 101.0 % 11.03 920.0 %
Q4 2016 100.69 31.2 % 16.69 261.9 % 11.73 164.5 %
Q1 2017 112.62 83.0 % 7.97 5.8 % 2.60 144.5 %
Q2 2017 120.62 14.4 % 15.93 (25.8 %) 9.41 (19.7 %)
Q3 2017 137.86 41.7 % 21.35 30.0 % 14.84 34.5 %
Q4 2017 188.51 87.2 % 7.15 (57.2 %) (0.92) (107.9 %)
Q1 2018 121.95 8.3 % 2.81 (64.7 %) (5.10) (295.9 %)
Q2 2018 165.72 37.4 % 6.82 (57.2 %) (0.26) (102.7 %)
Q3 2018 186.21 35.1 % 2.32 (89.1 %) (5.05) (134.0 %)
Q4 2018 224.44 19.1 % (62.21) (969.9 %) (71.92) (7,709.3 %)
Q1 2019 180.03 47.6 % 22.39 695.7 % 13.99 374.3 %
Q2 2019 191.53 15.6 % 25.06 267.7 % 14.89 5915.6 %
Q3 2019 210.35 13.0 % 28.35 1122.1 % 20.54 506.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 1.16 (79.4 %) 0.08 - 1.16 0.08
Q2 2010 8.32 (21.7 %) 0.55 - 8.32 0.55
Q3 2010 (4.77) (158.2 %) (0.32) - (4.77) (0.32)
Q4 2010 (8.22) (1418.4 %) (0.55) - (8.22) (0.55)
Q1 2011 (0.96) (182.7 %) (0.06) - (0.96) (0.06)
Q2 2011 1.32 (84.2 %) 0.09 - 1.32 0.09
Q3 2011 0.61 112.9 % 0.04 - 0.61 0.04
Q4 2011 (7.67) 6.7 % (0.51) - (7.67) (0.51)
Q1 2012 2.39 349.9 % 0.16 - 2.39 0.16
Q2 2012 3.25 147.1 % 0.22 - 3.25 0.22
Q3 2012 (7.01) (1241.0 %) (0.47) - (7.01) (0.47)
Q4 2012 (24.01) (213.2 %) (1.60) - (24.01) (1.60)
Q1 2013 (17.93) (849.0 %) (1.20) - (17.93) (1.20)
Q2 2013 (5.33) (263.9 %) (0.36) - (5.33) (0.36)
Q3 2013 (4.95) 29.4 % (0.33) - (4.95) (0.33)
Q4 2013 37.87 257.7 % 2.52 - 37.87 2.52
Q1 2014 (6.82) 62.0 % (0.45) - (6.82) (0.45)
Q2 2014 (14.05) (163.8 %) (0.94) - (14.05) (0.94)
Q3 2014 (11.48) (131.9 %) (0.77) - (11.48) (0.77)
Q4 2014 (20.27) (153.5 %) (1.35) - (20.27) (1.35)
Q1 2015 (6.33) 7.2 % (0.42) - (6.33) (0.42)
Q2 2015 (8.40) 40.2 % (0.56) - (8.40) (0.56)
Q3 2015 (8.93) 22.2 % (0.60) - (8.93) (0.60)
Q4 2015 (22.80) (12.5 %) (1.52) - (22.80) (1.52)
Q1 2016 (10.95) (73.0 %) (0.73) - (10.95) (0.73)
Q2 2016 11.17 233.0 % 0.74 - 11.17 0.74
Q3 2016 4.44 149.8 % 0.30 - 4.44 0.30
Q4 2016 (0.36) 98.4 % (0.02) - (0.36) (0.02)
Q1 2017 (2.50) 77.1 % (0.17) - (2.50) (0.17)
Q2 2017 3.12 (72.0 %) 0.21 - 3.12 0.21
Q3 2017 6.64 49.3 % 0.44 - 6.64 0.44
Q4 2017 (1.96) (449.0 %) (0.13) - (1.96) (0.13)
Q1 2018 (8.85) (253.4 %) (0.59) - (8.85) (0.59)
Q2 2018 (7.96) (354.7 %) (0.53) - (7.96) (0.53)
Q3 2018 (16.85) (353.9 %) (1.12) (3.00) (13.85) (0.92)
Q4 2018 (89.05) (4,443.1 %) (5.94) (5.72) (83.33) (5.56)
Q1 2019 8.10 191.6 % 0.54 - 8.10 0.54
Q2 2019 8.09 201.6 % 0.54 - 8.09 0.54
Q3 2019 9.19 154.5 % 0.61 - 9.19 0.61

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 26.69 % 19.22 % 5.59 %
Q2 2010 22.96 % 17.56 % 4.86 %
Q3 2010 17.33 % 14.80 % 1.63 %
Q4 2010 11.43 % 14.47 % (1.37 %)
Q1 2011 7.54 % 13.92 % (2.17 %)
Q2 2011 7.27 % 15.48 % (5.95 %)
Q3 2011 11.89 % 17.51 % (2.95 %)
Q4 2011 12.38 % 19.32 % (2.44 %)
Q1 2012 12.43 % 16.12 % (0.88 %)
Q2 2012 11.37 % 13.27 % (0.28 %)
Q3 2012 9.30 % 9.73 % (1.56 %)
Q4 2012 7.29 % 6.21 % (3.73 %)
Q1 2013 6.80 % 4.15 % (7.45 %)
Q2 2013 6.88 % 2.70 % (9.67 %)
Q3 2013 8.25 % 2.77 % (10.98 %)
Q4 2013 13.89 % 4.19 % 2.52 %
Q1 2014 14.88 % 5.66 % 5.63 %
Q2 2014 12.80 % 3.82 % 3.25 %
Q3 2014 10.90 % 1.66 % 1.45 %
Q4 2014 5.96 % (1.17 %) (13.66 %)
Q1 2015 6.23 % (0.71 %) (11.32 %)
Q2 2015 7.91 % 0.57 % (11.22 %)
Q3 2015 8.29 % 1.48 % (11.34 %)
Q4 2015 9.97 % 0.58 % (12.46 %)
Q1 2016 10.49 % (1.51 %) (18.68 %)
Q2 2016 13.32 % 2.94 % (10.04 %)
Q3 2016 14.68 % 6.25 % (5.32 %)
Q4 2016 17.02 % 14.33 % 1.18 %
Q1 2017 15.04 % 14.57 % 3.07 %
Q2 2017 13.22 % 13.68 % 1.09 %
Q3 2017 13.13 % 13.37 % 1.46 %
Q4 2017 9.36 % 9.13 % 0.95 %
Q1 2018 8.30 % 7.71 % (0.18 %)
Q2 2018 6.21 % 5.61 % (1.98 %)
Q3 2018 2.88 % 2.27 % (4.92 %)
Q4 2018 (7.20 %) (7.97 %) (16.32 %)
Q1 2019 (4.06 %) (4.77 %) (12.83 %)
Q2 2019 (1.59 %) (2.65 %) (10.35 %)
Q3 2019 1.69 % 0.55 % (7.19 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 15.00 1.37 1.37 49.20
Q2 2010 15.00 1.22 1.22 49.75
Q3 2010 15.00 0.36 0.36 49.44
Q4 2010 15.00 (0.23) (0.23) 48.89
Q1 2011 15.00 (0.37) (0.37) 48.82
Q2 2011 15.00 (0.84) (0.84) 48.91
Q3 2011 15.00 (0.48) (0.48) 48.95
Q4 2011 15.00 (0.45) (0.45) 48.44
Q1 2012 15.00 (0.22) (0.22) 48.60
Q2 2012 15.00 (0.09) (0.09) 48.82
Q3 2012 15.00 (0.60) (0.60) 48.35
Q4 2012 15.00 (1.69) (1.69) 46.75
Q1 2013 15.00 (3.05) (3.05) 45.55
Q2 2013 15.00 (3.62) (3.62) 45.20
Q3 2013 15.00 (3.48) (3.48) 44.87
Q4 2013 15.00 0.64 0.64 47.39
Q1 2014 15.00 1.39 1.39 46.94
Q2 2014 15.00 0.80 0.80 46.00
Q3 2014 15.00 0.37 0.37 45.26
Q4 2014 15.00 (3.51) (3.51) 43.90
Q1 2015 15.00 (3.48) (3.48) 43.48
Q2 2015 15.00 (3.10) (3.10) 42.92
Q3 2015 15.00 (2.93) (2.93) 42.33
Q4 2015 15.00 (3.10) (3.10) 40.81
Q1 2016 15.00 (3.40) (3.40) 40.08
Q2 2016 15.00 (2.10) (2.10) 40.82
Q3 2016 15.00 (1.21) (1.21) 41.12
Q4 2016 15.00 0.29 0.29 41.09
Q1 2017 15.00 0.85 0.85 40.93
Q2 2017 15.00 0.31 0.31 41.14
Q3 2017 15.00 0.46 0.46 41.58
Q4 2017 15.00 0.35 0.35 41.45
Q1 2018 15.00 (0.07) (0.07) 40.86
Q2 2018 15.00 (0.81) (0.81) 40.33
Q3 2018 15.00 (2.37) (2.17) 39.20
Q4 2018 15.00 (8.18) (7.60) 33.26
Q1 2019 15.00 (7.05) (6.47) 33.80
Q2 2019 15.00 (5.98) (5.40) 34.34
Q3 2019 15.00 (4.24) (3.86) 34.95

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 54.44 54.44 1.52
Q2 2010 49.43 49.43 1.21
Q3 2010 More than 100 More than 100 1.21
Q4 2010 NEG NEG 1.17
Q1 2011 NEG NEG 1.30
Q2 2011 NEG NEG 1.44
Q3 2011 NEG NEG 1.14
Q4 2011 NEG NEG 1.62
Q1 2012 NEG NEG 1.49
Q2 2012 NEG NEG 1.08
Q3 2012 NEG NEG 1.40
Q4 2012 NEG NEG 1.60
Q1 2013 NEG NEG 1.51
Q2 2013 NEG NEG 1.22
Q3 2013 NEG NEG 1.24
Q4 2013 More than 100 More than 100 1.36
Q1 2014 47.75 47.75 1.41
Q2 2014 86.97 86.97 1.52
Q3 2014 More than 100 More than 100 1.94
Q4 2014 NEG NEG 1.17
Q1 2015 NEG NEG 1.21
Q2 2015 NEG NEG 1.29
Q3 2015 NEG NEG 0.88
Q4 2015 NEG NEG 0.88
Q1 2016 NEG NEG 0.66
Q2 2016 NEG NEG 0.88
Q3 2016 NEG NEG 0.84
Q4 2016 More than 100 More than 100 1.15
Q1 2017 52.85 52.85 1.10
Q2 2017 More than 100 More than 100 0.86
Q3 2017 76.12 76.12 0.84
Q4 2017 92.21 92.21 0.79
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 0.82
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.75
Q1 2019 NEG NEG 0.78
Q2 2019 NEG NEG 0.78
Q3 2019 NEG NEG 0.94

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 12.40 9.19 (25.9 %)

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 12.40 9.19 (25.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,716.00
Enterprise Value (EV) (M) 2,080.24
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 13.09
Book Value (BV) ( Riyal) 25.92
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.61
P/E (TTM) 8.74
Price/book 4.41
Return on Average Assets (%) (TTM) 21.8
Return on Average Equity (%) (TTM) 67.3
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Share Price

Arabian Pipes Co.
114.40
4.40 4.00 %

Arabian Pipes Co. (APC)

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