Financial Results : SPPC’s H1 net profit plunges 89%

SPPC’s H1 net profit plunges 89%

28/07/2016 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) reported a net profit of SAR 4.4 million for the first half of 2016, an 89 percent year-on-year drop on lower sales due to economic conditions in some external markets. The company also cited lower selling price and a drop in raw costs of raw materials, which directly linked to international oil prices.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 574.57 513.77 (10.6 %)
Gross Income 130.02 111.11 (14.5 %)
Operating Income 38.09 22.32 (41.4 %)
Net Income 39.82 4.20 (89.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.66 0.07 (89.4 %)

The company’s second-quarter net profit of SAR 0.5 million fell 98 percent compared to the same quarter last year. 

 

Q2 net profit plunged 87 percent when compared to the previous quarter. The company in Q1-2016 had recorded in other income an insurance claim of a fire incident at one of its subsidiaries in Jeddah City.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 291.81 259.38 (11.1 %)
Gross Income 68.07 55.65 (18.2 %)
Operating Income 25.06 11.82 (52.8 %)
Net Income 28.21 0.39 (98.6 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.47 0.01 (98.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 80.93 - 31.17 - 24.25 -
Q2 2007 83.87 - 28.94 - 21.98 -
Q3 2007 74.64 29.4 % 22.89 34.2 % 14.13 47.3 %
Q4 2007 130.60 96.0 % 51.08 148.5 % 41.10 130.3 %
Q1 2008 115.15 42.3 % 31.65 1.5 % 21.99 (9.3 %)
Q2 2008 115.27 37.4 % 36.90 27.5 % 27.51 25.1 %
Q3 2008 98.40 31.8 % 33.51 46.4 % 23.91 69.2 %
Q4 2008 136.10 4.2 % 36.69 (28.2 %) 31.87 (22.5 %)
Q1 2009 100.38 (12.8 %) 25.16 (20.5 %) 14.97 (31.9 %)
Q2 2009 79.51 (31.0 %) 25.07 (32.1 %) 14.91 (45.8 %)
Q3 2009 84.01 (14.6 %) 29.08 (13.2 %) 19.93 (16.6 %)
Q4 2009 93.42 (31.4 %) (11.27) (130.7 %) (23.21) (172.8 %)
Q1 2010 102.60 2.2 % 19.04 (24.3 %) 8.94 (40.3 %)
Q2 2010 112.17 41.1 % 24.72 (1.4 %) 13.96 (6.4 %)
Q3 2010 102.21 21.7 % 17.71 (39.1 %) 8.69 (56.4 %)
Q4 2010 85.42 (8.6 %) 13.49 219.7 % 0.62 102.7 %
Q1 2011 98.16 (4.3 %) 18.90 (0.7 %) 9.69 8.4 %
Q2 2011 118.84 5.9 % 23.50 (4.9 %) 15.10 8.1 %
Q3 2011 92.80 (9.2 %) 17.46 (1.4 %) 8.01 (7.8 %)
Q4 2011 91.18 6.7 % 15.75 16.7 % 6.15 896.6 %
Q1 2012 102.60 4.5 % 19.78 4.6 % 10.53 8.7 %
Q2 2012 111.50 (6.2 %) 21.50 (8.5 %) 12.18 (19.3 %)
Q3 2012 277.42 198.9 % 56.49 223.5 % 28.13 251.3 %
Q4 2012 274.38 200.9 % 53.01 236.6 % 16.38 166.4 %
Q1 2013 272.94 166.0 % 57.72 191.8 % 26.51 151.7 %
Q2 2013 279.63 150.8 % 63.34 194.6 % 30.56 151.0 %
Q3 2013 293.68 5.9 % 60.32 6.8 % 25.82 (8.2 %)
Q4 2013 295.51 7.7 % 53.46 0.9 % 13.62 (16.8 %)
Q1 2014 285.53 4.6 % 59.64 3.3 % 21.44 (19.1 %)
Q2 2014 327.40 17.1 % 68.59 8.3 % 23.11 (24.4 %)
Q3 2014 316.65 7.8 % 57.85 (4.1 %) 14.86 (42.4 %)
Q4 2014 303.01 2.5 % 58.66 9.7 % 9.25 (32.1 %)
Q1 2015 282.77 (1.0 %) 61.95 3.9 % 13.03 (39.2 %)
Q2 2015 291.81 (10.9 %) 68.07 (0.8 %) 25.06 8.4 %
Q3 2015 257.88 (18.6 %) 55.98 (3.2 %) 8.61 (42.0 %)
Q4 2015 275.30 (9.1 %) 46.35 (21.0 %) (9.96) (207.7 %)
Q1 2016 254.40 (10.0 %) 55.46 (10.5 %) 10.50 (19.4 %)
Q2 2016 259.38 (11.1 %) 55.65 (18.2 %) 11.82 (52.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 34.69 - 0.58 9.62 25.07 0.42
Q2 2007 30.93 - 0.52 9.62 21.31 0.36
Q3 2007 22.71 18.6 % 0.38 9.62 13.09 0.22
Q4 2007 49.11 92.5 % 0.82 9.62 39.49 0.66
Q1 2008 30.26 (12.8 %) 0.50 9.62 20.64 0.34
Q2 2008 36.10 16.7 % 0.60 9.62 26.47 0.44
Q3 2008 45.49 100.3 % 0.76 9.62 35.87 0.60
Q4 2008 38.68 (21.2 %) 0.64 9.62 29.06 0.48
Q1 2009 15.70 (48.1 %) 0.26 3.21 12.49 0.21
Q2 2009 11.37 (68.5 %) 0.19 (0.95) 12.32 0.21
Q3 2009 17.61 (61.3 %) 0.29 4.87 12.74 0.21
Q4 2009 20.36 (47.4 %) 0.34 56.31 (35.95) (0.60)
Q1 2010 7.17 (54.3 %) 0.12 - 7.17 0.12
Q2 2010 16.83 48.0 % 0.28 - 16.83 0.28
Q3 2010 6.87 (61.0 %) 0.11 - 6.87 0.11
Q4 2010 4.33 (78.7 %) 0.07 - 4.33 0.07
Q1 2011 7.63 6.4 % 0.13 - 7.63 0.13
Q2 2011 12.53 (25.5 %) 0.21 - 12.53 0.21
Q3 2011 6.20 (9.7 %) 0.10 - 6.20 0.10
Q4 2011 9.64 122.4 % 0.16 - 9.64 0.16
Q1 2012 8.13 6.5 % 0.14 - 8.13 0.14
Q2 2012 10.38 (17.2 %) 0.17 - 10.38 0.17
Q3 2012 20.03 222.9 % 0.33 - 20.03 0.33
Q4 2012 86.02 792.6 % 1.43 77.00 9.02 0.15
Q1 2013 13.71 68.6 % 0.23 - 13.71 0.23
Q2 2013 20.19 94.5 % 0.34 - 20.19 0.34
Q3 2013 14.42 (28.0 %) 0.24 - 14.42 0.24
Q4 2013 0.64 (99.3 %) 0.01 - 0.64 0.01
Q1 2014 9.46 (31.0 %) 0.16 0.40 9.06 0.15
Q2 2014 12.50 (38.1 %) 0.21 - 12.50 0.21
Q3 2014 12.07 (16.3 %) 0.20 - 12.07 0.20
Q4 2014 4.85 659.7 % 0.08 25.13 (20.28) (0.34)
Q1 2015 11.61 22.7 % 0.19 10.30 1.31 0.02
Q2 2015 28.21 125.7 % 0.47 14.68 13.53 0.23
Q3 2015 10.89 (9.8 %) 0.18 16.47 (5.58) (0.09)
Q4 2015 (29.74) (713.7 %) (0.50) (13.20) (16.54) (0.28)
Q1 2016 3.82 (67.1 %) 0.06 5.71 (1.89) (0.03)
Q2 2016 0.39 (98.6 %) 0.01 1.41 (1.02) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 33.80 % 32.01 % 31.49 %
Q3 2007 33.83 % 29.31 % 27.76 %
Q4 2007 36.23 % 31.30 % 26.74 %
Q1 2008 33.28 % 28.23 % 23.38 %
Q2 2008 32.71 % 27.80 % 22.88 %
Q3 2008 33.33 % 28.35 % 26.66 %
Q4 2008 29.84 % 26.72 % 24.10 %
Q1 2009 29.38 % 26.39 % 23.08 %
Q2 2009 29.06 % 26.12 % 21.65 %
Q3 2009 29.00 % 27.14 % 16.65 %
Q4 2009 19.04 % 14.25 % 0.45 %
Q1 2010 17.22 % 12.76 % (1.03 %)
Q2 2010 15.70 % 11.45 % 0.20 %
Q3 2010 12.23 % 8.32 % (1.24 %)
Q4 2010 18.63 % 14.20 % 8.75 %
Q1 2011 18.80 % 14.71 % 8.96 %
Q2 2011 18.19 % 15.05 % 7.75 %
Q3 2011 18.56 % 15.40 % 7.77 %
Q4 2011 18.86 % 16.66 % 8.98 %
Q1 2012 18.87 % 16.72 % 9.00 %
Q2 2012 18.71 % 16.48 % 8.63 %
Q3 2012 19.48 % 16.02 % 8.27 %
Q4 2012 19.69 % 14.73 % 6.21 %
Q1 2013 20.16 % 14.67 % 5.68 %
Q2 2013 20.88 % 14.87 % 5.70 %
Q3 2013 20.91 % 14.56 % 5.12 %
Q4 2013 20.57 % 14.15 % 4.29 %
Q1 2014 20.51 % 13.73 % 3.84 %
Q2 2014 20.13 % 12.73 % 3.05 %
Q3 2014 19.55 % 11.82 % 2.80 %
Q4 2014 19.86 % 11.55 % 1.08 %
Q1 2015 20.09 % 10.94 % 0.46 %
Q2 2015 20.64 % 11.57 % 0.56 %
Q3 2015 21.55 % 11.40 % (0.97 %)
Q4 2015 20.98 % 10.00 % (0.66 %)
Q1 2016 20.93 % 10.03 % (0.97 %)
Q2 2016 20.39 % 9.10 % (2.39 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 60.00 - - 10.78
Q2 2007 60.00 1.84 1.52 10.49
Q3 2007 60.00 1.90 1.42 10.87
Q4 2007 60.00 2.29 1.65 11.69
Q1 2008 60.00 2.22 1.58 11.19
Q2 2008 60.00 2.30 1.66 11.80
Q3 2008 60.00 2.68 2.04 12.55
Q4 2008 60.00 2.51 1.87 13.20
Q1 2009 60.00 2.27 1.73 11.96
Q2 2009 60.00 1.85 1.50 12.12
Q3 2009 60.00 1.39 1.11 12.41
Q4 2009 60.00 1.08 0.03 12.75
Q1 2010 60.00 0.94 (0.06) 12.87
Q2 2010 60.00 1.03 0.01 13.15
Q3 2010 60.00 0.85 (0.08) 13.27
Q4 2010 60.00 0.59 0.59 12.50
Q1 2011 60.00 0.59 0.59 13.53
Q2 2011 60.00 0.52 0.52 13.22
Q3 2011 60.00 0.51 0.51 13.32
Q4 2011 60.00 0.60 0.60 12.58
Q1 2012 60.00 0.61 0.61 12.19
Q2 2012 60.00 0.57 0.57 12.36
Q3 2012 60.00 0.80 0.80 12.69
Q4 2012 60.00 2.08 0.79 14.13
Q1 2013 60.00 2.17 0.89 13.82
Q2 2013 60.00 2.33 1.05 14.17
Q3 2013 60.00 2.24 0.96 14.41
Q4 2013 60.00 0.82 0.82 14.44
Q1 2014 60.00 0.75 0.74 14.59
Q2 2014 60.00 0.62 0.61 14.80
Q3 2014 60.00 0.58 0.57 15.00
Q4 2014 60.00 0.65 0.22 15.20
Q1 2015 60.00 0.68 0.09 15.39
Q2 2015 60.00 0.95 0.11 15.86
Q3 2015 60.00 0.93 (0.18) 16.04
Q4 2015 60.00 0.35 (0.12) 15.56
Q1 2016 60.00 0.22 (0.17) 15.49
Q2 2016 60.00 (0.24) (0.42) 15.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 21.21 28.42 3.70
Q4 2007 18.01 25.01 3.53
Q1 2008 12.52 17.61 2.48
Q2 2008 12.05 16.70 2.35
Q3 2008 7.46 9.80 1.59
Q4 2008 5.58 7.50 1.06
Q1 2009 8.83 11.55 1.67
Q2 2009 9.17 11.37 1.40
Q3 2009 12.20 15.27 1.37
Q4 2009 15.22 More than 100 1.29
Q1 2010 16.77 NEG 1.23
Q2 2010 12.59 More than 100 0.99
Q3 2010 15.40 NEG 0.99
Q4 2010 21.90 21.90 1.03
Q1 2011 19.85 19.85 0.87
Q2 2011 26.21 26.21 1.04
Q3 2011 26.19 26.19 1.01
Q4 2011 32.50 32.50 1.55
Q1 2012 48.16 48.16 2.40
Q2 2012 46.46 46.46 2.15
Q3 2012 44.09 44.09 2.79
Q4 2012 17.82 46.68 2.62
Q1 2013 16.60 40.65 2.60
Q2 2013 16.34 36.32 2.69
Q3 2013 10.27 24.07 1.60
Q4 2013 29.23 29.23 1.65
Q1 2014 31.88 32.16 1.63
Q2 2014 41.25 41.71 1.72
Q3 2014 45.67 46.21 1.76
Q4 2014 28.86 84.04 1.23
Q1 2015 26.70 More than 100 1.19
Q2 2015 18.93 More than 100 1.13
Q3 2015 15.64 NEG 0.90
Q4 2015 75.25 NEG 1.69
Q1 2016 92.58 NEG 1.31
Q2 2016 NEG NEG 1.25

Business Segments (Million)

Compared With The
Period packing and packaging Printing Other sectors & Investment activities elimination
Q1 2007 - 91.80 1.85 -
Q2 2007 - 94.79 939.96 -
Q3 2007 - 85.53 0.88 -
Q4 2007 - 140.23 1.30 -
Q1 2008 - 125.90 0.86 -
Q2 2008 - 123.76 3.49 -
Q3 2008 - 108.02 19.79 -
Q4 2008 - 145.65 - -
Q1 2009 - 103.59 - -
Q2 2009 - 82.89 - -
Q3 2009 - 94.15 - -
Q4 2009 - 161.09 - -
Q1 2010 - 102.60 - -
Q2 2010 - 112.17 - -
Q3 2010 - 102.21 - -
Q4 2010 - 85.42 - -
Q1 2011 - 98.16 - -
Q2 2011 - 118.84 - -
Q3 2011 - 92.80 - -
Q4 2011 - (9.66) - -
Q1 2012 29.69 72.91 - -
Q2 2012 30.51 80.99 - -
Q3 2012 206.27 71.15 - -
Q4 2012 216.41 57.98 - -
Q1 2013 216.79 56.15 - -
Q2 2013 222.49 57.14 - -
Q3 2013 242.49 51.19 - -
Q4 2013 242.09 53.41 - -
Q1 2014 235.63 49.90 - -
Q2 2014 269.22 58.18 - -
Q3 2014 262.24 54.42 - -
Q4 2014 244.76 57.97 - -
Q1 2015 235.46 47.31 - -
Q2 2015 236.52 55.29 - -
Q3 2015 221.53 36.35 - -
Q4 2015 204.76 70.54 - -
Q1 2016 208.55 47.30 - (1.45)
Q2 2016 214.83 47.79 - (3.25)


Financial Ratios
Current
Market Cap (M Riyal) 735.60
Enterprise Value (EV) (M) 1,483.11
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (3.44)
Book Value (BV) ( Riyal) 6.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.99
Return on Average Assets (%) (TTM) (13.54 )
Return on Average Equity (%) (TTM) (43.41 )
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Share Price

Saudi Printing and Packaging Co.
12.24
0.04 0.33 %

Saudi Printing and Packaging Co. (SPPC)

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